Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-12-312023-01-01Research and experimental development on biotechnology16false14falsefalsefalse 10649320 2023-01-01 2023-12-31 10649320 2022-04-01 2022-12-31 10649320 2023-12-31 10649320 2022-12-31 10649320 2022-04-01 10649320 2 2022-04-01 2022-12-31 10649320 3 2023-01-01 2023-12-31 10649320 3 2022-04-01 2022-12-31 10649320 d:Director1 2023-01-01 2023-12-31 10649320 d:Director2 2023-01-01 2023-12-31 10649320 d:Director3 2023-01-01 2023-12-31 10649320 d:Director4 2023-01-01 2023-12-31 10649320 d:Director5 2023-01-01 2023-12-31 10649320 d:Director6 2023-01-01 2023-12-31 10649320 d:RegisteredOffice 2023-01-01 2023-12-31 10649320 e:Buildings e:LongLeaseholdAssets 2023-01-01 2023-12-31 10649320 e:PlantMachinery 2023-01-01 2023-12-31 10649320 e:OfficeEquipment 2023-01-01 2023-12-31 10649320 e:ComputerEquipment 2023-01-01 2023-12-31 10649320 e:CurrentFinancialInstruments 2023-12-31 10649320 e:CurrentFinancialInstruments 2022-12-31 10649320 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 10649320 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 10649320 e:ShareCapital 2023-01-01 2023-12-31 10649320 e:ShareCapital 2023-12-31 10649320 e:ShareCapital 2022-04-01 2022-12-31 10649320 e:ShareCapital 2022-12-31 10649320 e:ShareCapital 2022-04-01 10649320 e:SharePremium 2023-01-01 2023-12-31 10649320 e:SharePremium 2023-12-31 10649320 e:SharePremium 3 2023-01-01 2023-12-31 10649320 e:SharePremium 2022-04-01 2022-12-31 10649320 e:SharePremium 2022-12-31 10649320 e:SharePremium 2022-04-01 10649320 e:SharePremium 2 2022-04-01 2022-12-31 10649320 e:SharePremium 3 2022-04-01 2022-12-31 10649320 e:ForeignCurrencyTranslationReserve 2023-01-01 2023-12-31 10649320 e:OtherMiscellaneousReserve 2023-01-01 2023-12-31 10649320 e:OtherMiscellaneousReserve 2023-12-31 10649320 e:OtherMiscellaneousReserve 3 2023-01-01 2023-12-31 10649320 e:OtherMiscellaneousReserve 2022-04-01 2022-12-31 10649320 e:OtherMiscellaneousReserve 2022-12-31 10649320 e:OtherMiscellaneousReserve 2022-04-01 10649320 e:OtherMiscellaneousReserve 2 2022-04-01 2022-12-31 10649320 e:OtherMiscellaneousReserve 3 2022-04-01 2022-12-31 10649320 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 10649320 e:RetainedEarningsAccumulatedLosses 2023-12-31 10649320 e:RetainedEarningsAccumulatedLosses 3 2023-01-01 2023-12-31 10649320 e:RetainedEarningsAccumulatedLosses 2022-04-01 2022-12-31 10649320 e:RetainedEarningsAccumulatedLosses 2022-12-31 10649320 e:RetainedEarningsAccumulatedLosses 2022-04-01 10649320 e:RetainedEarningsAccumulatedLosses 2 2022-04-01 2022-12-31 10649320 e:RetainedEarningsAccumulatedLosses 3 2022-04-01 2022-12-31 10649320 d:OrdinaryShareClass1 2023-01-01 2023-12-31 10649320 d:OrdinaryShareClass1 2023-12-31 10649320 d:OrdinaryShareClass1 2022-12-31 10649320 d:OrdinaryShareClass2 2023-01-01 2023-12-31 10649320 d:OrdinaryShareClass2 2023-12-31 10649320 d:OrdinaryShareClass2 2022-12-31 10649320 d:OrdinaryShareClass3 2023-01-01 2023-12-31 10649320 d:OrdinaryShareClass3 2023-12-31 10649320 d:OrdinaryShareClass3 2022-12-31 10649320 d:OrdinaryShareClass4 2023-01-01 2023-12-31 10649320 d:OrdinaryShareClass4 2023-12-31 10649320 d:OrdinaryShareClass4 2022-12-31 10649320 d:FRS102 2023-01-01 2023-12-31 10649320 d:Audited 2023-01-01 2023-12-31 10649320 d:FullAccounts 2023-01-01 2023-12-31 10649320 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10649320 e:Subsidiary1 2023-01-01 2023-12-31 10649320 e:Subsidiary1 1 2023-01-01 2023-12-31 10649320 e:WithinOneYear 2023-12-31 10649320 e:WithinOneYear 2022-12-31 10649320 e:BetweenOneFiveYears 2023-12-31 10649320 e:BetweenOneFiveYears 2022-12-31 10649320 d:Consolidated 2023-12-31 10649320 d:ConsolidatedGroupCompanyAccounts 2023-01-01 2023-12-31 10649320 2 2023-01-01 2023-12-31 10649320 6 2023-01-01 2023-12-31 10649320 e:ShareCapital 3 2023-01-01 2023-12-31 10649320 e:ShareCapital 2 2022-04-01 2022-12-31 10649320 e:ShareCapital 3 2022-04-01 2022-12-31 10649320 f:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 10649320










SPYBIOTECH LIMITED










DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
SPYBIOTECH LIMITED
 

COMPANY INFORMATION


Directors
Sumi Biswas 
Andre Crawford-Brunt 
Edward James Gray 
Mark Leuchtenberger 
Daniel Menichella 
Ekaterina Smirnyagina 




Registered number
10649320



Registered office
7600 The Quorum
Alec Issigonis Way

Oxford Business Park North

Oxford

Oxfordshire

OX4 2JZ




Independent auditors
Ernst & Young LLP

2 Blagrave Street

Reading

RG1 1AZ





 
SPYBIOTECH LIMITED
 

CONTENTS



Page
Directors' Report
1 - 2
Independent Auditors' Report
3 - 6
Consolidated Statement of Comprehensive Income
7
Consolidated Balance Sheet
8
Company Balance Sheet
9
Consolidated Statement of Changes in Equity
10
Company Statement of Changes in Equity
11
Notes to the Financial Statements
12 - 27


 
SPYBIOTECH LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Directors

The directors who served during the year were:

Sumi Biswas 
Andre Crawford-Brunt 
Edward James Gray 
Mark Leuchtenberger 
Daniel Menichella 
Ekaterina Smirnyagina 

Going concern
The Directors have adopted the going concern basis in preparing the financial statements. In assessing whether the going concern assumption is appropriate the Directors have taken into account all relevant information about the existing status of the company and future potential scenarios up to the end of September 2025 (the “going concern review period”).
At this time, the Directors have a reasonable expectation that current funding will allow the group and company to continue as a going concern during the going concern review period based on the current operating plan and cash on hand.  The Directors are seeking additional funding to further support the development of the business and expect such funding will be received during the going concern review period.  However, the going concern basis is not dependent upon receipt of this additional funding and as such the directors have concluded that the company will be able to continue in operation for the foreseeable future. The directors have therefore concluded that it is appropriate to prepare these financial statements on a going concern basis. Accordingly, these financial statements do not include any adjustments to the classification of assets and liabilities that would result if the group was unable to continue as a going concern.

Page 1

 
SPYBIOTECH LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsErnst & Young LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





Mark Leuchtenberger
Director

Date: 13 September 2024

Page 2

 
SPYBIOTECH LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SPYBIOTECH LIMITED
 

Opinion


We have audited the financial statements of SpyBiotech Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes 1 to 24, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. 
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent company’s ability to continue as a going concern for the period to 30 September 2025.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.  However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the group’s ability to continue as a going concern.


Page 3

 
SPYBIOTECH LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SPYBIOTECH LIMITED (CONTINUED)


Other information


The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon.  The directors are responsible for the other information contained within the annual report.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in this report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of the other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
    the directors were not entitled to take advantage of the small companies’ exemption in preparing the
    directors report and from the requirements to prepare a strategic report.

Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 4

 
SPYBIOTECH LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SPYBIOTECH LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud 


Irregularities, including fraud, are instances of non compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud.  The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. 

Our approach was as follows

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are United Kingdom Generally Accepted Accounting Practice, Companies Act 2006, Data Protection Act 1998, Health and Safety at Work Act 1974, HMRC regulations, UK Bribery Act, Equality Act and AntiMoney Laundering Regulations
We understood how Spybiotech Limited is complying with those frameworks by making enquiries of those charged with governance and management. We understood the potential incentive and ability to override controls. We considered management’s attitude and tone from the top to embed a culture of honesty and ethical behaviour whereby a strong emphasis is placed on fraud prevention which may reduce opportunities for fraud to take place.
We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur by holding enquires of management and those charged with governance. 
Based on this understanding we designed our audit procedures to identify noncompliance with such laws and regulations. Our procedures involved:
°Enquiry of management and those charged with governance around actual and potential litigation and claims
°Reading minutes of meetings of those charged with governance
°Reading financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations
°Auditing the risk of management override of controls, including testing journal entries and other adjustments for appropriateness.
°The use of data analytics to highlight potentially anomalous transaction in the areas of the business which are determined to have an elevated fraud risk
°Challenging judgments made by management. This included corroborating the inputs into these judgments and considering contradictory evidence.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 5

 
SPYBIOTECH LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SPYBIOTECH LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Daniel Dennett (Senior Statutory Auditor)
  
for and on behalf of
Ernst & Young LLP
 
2 Blagrave Street
Reading
RG1 1AZ

13 September 2024
Page 6

 
SPYBIOTECH LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

12 months ended 31 December 2023
9 months ended 31 December 2022
Note
£
£

  

Administrative expenses
  
(7,934,825)
(4,472,734)

Other operating income
 4 
1,105,955
8,738

Operating loss
 5 
(6,828,870)
(4,463,996)

Interest receivable and similar income
  
342,138
134,911

Loss before taxation
  
(6,486,732)
(4,329,085)

Tax on loss
 9 
680,331
656,255

Loss for the financial period
  
(5,806,401)
(3,672,830)

  

Currency translation differences
  
(4,862)
-

Total comprehensive income for the year
  
(5,811,263)
(3,672,830)

  

  

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of comprehensive income.

The notes on pages 12 to 27 form part of these financial statements.

Page 7

 
SPYBIOTECH LIMITED
REGISTERED NUMBER: 10649320

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 11 
282,016
328,429

Tangible assets
 12 
116,841
123,753

  
398,857
452,182

Current assets
  

Debtors: amounts falling due within one year
 14 
1,883,094
1,696,080

Cash at bank and in hand
 15 
12,166,160
16,394,272

  
14,049,254
18,090,352

Creditors: amounts falling due within one year
 16 
(3,590,881)
(2,491,461)

Net current assets
  
 
 
10,458,373
 
 
15,598,891

Total assets less current liabilities
  
10,857,230
16,051,073

Provisions for liabilities
  

Other provisions
 17 
(74,344)
(70,804)

  
 
 
(74,344)
 
 
(70,804)

Net assets
  
10,782,886
15,980,269


Capital and reserves
  

Called up share capital 
  
6,413
6,408

Share premium account
 19 
28,762,998
28,762,853

Foreign exchange reserve
 19 
23,142
-

Share option reserve
 19 
1,128,274
542,548

Profit and loss account
 19 
(19,137,941)
(13,331,540)

Total shareholders funds
  
10,782,886
15,980,269


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mark Leuchtenberger
Director

Date: 13 September 2024

The notes on pages 12 to 27 form part of these financial statements.

Page 8

 
SPYBIOTECH LIMITED
REGISTERED NUMBER: 10649320

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 11 
282,016
328,429

Tangible assets
 12 
116,841
123,753

Investments
 13 
1
1

  
398,858
452,183

Current assets
  

Debtors: amounts falling due within one year
 14 
2,343,751
2,181,252

Cash at bank and in hand
 15 
12,084,817
16,367,262

  
14,428,568
18,548,514

Creditors: amounts falling due within one year
 16 
(3,485,566)
(2,377,635)

Net current assets
  
 
 
10,943,002
 
 
16,170,879

Total assets less current liabilities
  
11,341,860
16,623,062

  

Provisions for liabilities
  

Other provisions
 17 
(74,344)
(70,804)

  
 
 
(74,344)
 
 
(70,804)

Net assets
  
11,267,516
16,552,258


Capital and reserves
  

Called up share capital 
  
6,413
6,408

Share premium account
 19 
28,762,998
28,762,853

Other reserves
 19 
1,128,274
542,548

Profit and loss account carried forward
  
(18,630,169)
(12,759,551)

  
11,267,516
16,552,258


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


Mark Leuchtenberger
Director

Date: 13 September 2024

The notes on pages 12 to 27 form part of these financial statements.

Page 9

 

 
SPYBIOTECH LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023



Called up share capital
Share premium account
Foreign exchange reserve
Share option reserve
Profit and loss account
Total shareholders funds


£
£
£
£
£
£



At 1 April 2022
6,312
28,698,889
-
365,657
(9,696,339)
19,374,519





Loss for the period
-
-
-
-
(3,672,830)
(3,672,830)

Total comprehensive income for the period
-
-
-
-
(3,672,830)
(3,672,830)


Shares issued during the period
96
63,964
-
-
-
64,060


Equity share options forfeited
-
-
-
(37,629)
-
(37,629)


Equity share options granted
-
-
-
214,520
37,629
252,149



Total transactions with owners
96
63,964
-
176,891
37,629
278,580





At 1 January 2023
6,408
28,762,853
-
542,548
(13,331,540)
15,980,269





Loss for the year
-
-
-
-
(5,806,401)
(5,806,401)


Currency translation differences
-
-
23,142
-
-
23,142

Total comprehensive income for the year
-
-
23,142
-
(5,806,401)
(5,783,259)


Shares issued during the year
5
145
-
-
-
150


Equity share options granted
-
-
-
585,726
-
585,726



Total transactions with owners
5
145
-
585,726
-
585,876



At 31 December 2023
6,413
28,762,998
23,142
1,128,274
(19,137,941)
10,782,886



The notes on pages 12 to 27 form part of these financial statements.

Page 10

 

 
SPYBIOTECH LIMITED


 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023



Called up share capital
Share premium account
Share option reserve
Profit and loss account
Total equity


£
£
£
£
£



At 1 April 2022
6,312
28,698,889
365,657
(9,696,339)
19,374,519





Loss for the period
-
-
-
(3,100,841)
(3,100,841)

Total comprehensive income for the period
-
-
-
(3,100,841)
(3,100,841)


Shares issued during the period
96
63,964
-
-
64,060


Equity share options forfeited
-
-
(37,629)
-
(37,629)


Equity share options granted
-
-
214,520
37,629
252,149



Total transactions with owners
96
63,964
176,891
37,629
278,580





At 1 January 2023
6,408
28,762,853
542,548
(12,759,551)
16,552,258





Loss for the year
-
-
-
(5,870,618)
(5,870,618)

Total comprehensive income for the year
-
-
-
(5,870,618)
(5,870,618)


Shares issued during the year
5
145
-
-
150


Equity share options granted
-
-
585,726
-
585,726



Total transactions with owners
5
145
585,726
-
585,876



At 31 December 2023
6,413
28,762,998
1,128,274
(18,630,169)
11,267,516



The notes on pages 12 to 27 form part of these financial statements.

Page 11

 
SPYBIOTECH LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Spybiotech Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10649320. The registered office is 7600 The Quorum, Alec Issigonis Way, Oxford Business Park North, Oxford, OX4 2JZ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

The Directors have adopted the going concern basis in preparing the financial statements. In assessing whether the going concern assumption is appropriate the Directors have taken into account all relevant information about the existing status of the company and future potential scenarios up to the end of September 2025 (the “going concern review period”).
At this time, the Directors have a reasonable expectation that current funding will allow the group and company to continue as a going concern during the going concern review period based on the current operating plan and cash on hand.  The Directors are seeking additional funding to further support the development of the business and expect such funding will be received during the going concern review period.  However, the going concern basis is not dependent upon receipt of this additional funding and as such the directors have concluded that the company will be able to continue in operation for the foreseeable future. The directors have therefore concluded that it is appropriate to prepare these financial statements on a going concern basis. Accordingly, these financial statements do not include any adjustments to the classification of assets and liabilities that would result if the group was unable to continue as a going concern

Page 12

 
SPYBIOTECH LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.5

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 13

 
SPYBIOTECH LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.10

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Group keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

 
2.11

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

 
2.12

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 14

 
SPYBIOTECH LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
Over the period of the lease
Plant and machinery
-
25%
Furniture and fittings
-
33%
Computer equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 15

 
SPYBIOTECH LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.18

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
 
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.19

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated Statement of Comprehensive Income.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements requires management to make judgements, estimates and assumptions which affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for expenses during the period. However, the nature of estimation means that actual outcomes could differ from those estimates. In preparing these financial statements, the directors have made the following key judgements:
Research and development tax credit claim
The company has prepared a research and development claim for the year ending 31 December 2023. The expected value of the tax refund relating to this claim has been provided for within these financial statements. The claim is still subject to review and acceptance by HM Revenue and Customs.
Fair value calculations
Management believe that the estimates used to establish a fair value for share based payments, using the Black Scholes pricing model are a key source of estimation uncertainty. The inputs to the fair value model reflect management’s best estimate.

Page 16

 
SPYBIOTECH LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Other operating income

12 months ended 31 December 2023
9 months ended 31 December 2022
£
£

Grants receivable
1,062,746
8,738

Research and Development expenditure credit
43,209
-

1,105,955
8,738



5.


Operating loss

The operating loss is stated after charging:

12 months ended 31 December 2023
9 months ended 31 December 2022
£
£

Exchange differences
16,438
(218,807)

Amortisation
46,413
34,810

Depreciation
49,603
32,108

Other operating lease rentals
122,961
88,586

Share based payment
585,726
214,520


6.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


12 months ended 31 December 2023
9 months ended 31 December 2022
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
65,750
62,750

Page 17

 
SPYBIOTECH LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Employees

Group
Group
Company
Company
12 months ended 31 December 2023
9 months ended 31 December 2022
12 months ended 31 December 2023
9 months ended 31 December 2022
£
£
£
£


Wages and salaries
1,654,632
1,143,580
1,154,422
821,883

Social security costs
134,064
82,813
134,064
82,813

Cost of defined contribution scheme
87,241
55,116
87,241
55,116

1,875,937
1,281,509
1,375,727
959,812


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
12 months ended 31 December 2023
9 months ended 31 December 2022
12 months ended 31 December 2023
9 months ended 31 December 2022
            No.
            No.
            No.
            No.









Research and development
12
11
12
11



General and administration
5
4
4
3

17
15
16
14

Page 18

 
SPYBIOTECH LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Directors' remuneration

12 months ended 31 December 2023
9 months ended 31 December 2022
£
£

Directors' emoluments
896,647
935,425

896,647
935,425


The highest paid director received remuneration of £522,058 (2022: £314,285).

The value of share options received were £500,165 (2022: £187,112).


9.


Taxation


12 months ended 31 December 2023
9 months ended 31 December 2022
£
£

Corporation tax


Current tax on profits for the year
(512,778)
(623,728)

Adjustments in respect of previous periods
(167,553)
(32,527)

(680,331)
(656,255)


Total current tax
(680,331)
(656,255)

Deferred tax

Total deferred tax
-
-


Taxation on loss on ordinary activities
(680,331)
(656,255)
Page 19

 
SPYBIOTECH LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
9.Taxation (continued)


Factors affecting tax charge for the year/period

The tax assessed for the year varies from the small company rate of corporation tax as explained below:

12 months ended 31 December 2023
9 months ended 31 December 2022
£
£


Loss on ordinary activities before tax
(6,486,732)
(4,329,085)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (December 2022: 22.19%)
(1,525,679)
(822,526)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,226
175

Difference in overseas tax rates
2,287
(11,755)

Tax losses for which a deferred tax asset has not been recognised
814,796
246,158

Enhanced research and development relief
58,037
(268,905)

Share based payments
136,555
233,125

Prior year adjustment for research and development tax credit
(167,553)
(32,527)

Total tax charge for the year/period
(680,331)
(656,255)

The standard rate of UK corporation tax increased to 25% from 19% with effect from 1 April 2023.
In the 2022 Autumn Statement, HMRC announced a change to the R&D Tax Relief rates from 1 April 2023. In this announcement the SME additional deduction decreased from 130% to 86% and the SME credit decreased from 14.5% to 10%. 
To mitigate the effect on research intensive companies, in the Spring 2023 budget, HMRC then announced a more generous rate of relief for loss-making research intensive companies. If companies met the threshold of qualifying R&D being at least 40% of all expenses incurred by the group, they could claim a credit of 14.5% rather than the 10% rate from 1 April 2023. As the Finance bill was substantively enacted on 23 February 2024, which is after the balance sheet date, the R&D credit has been recognised at the 10% rate for expenditure incurred from 1 April 2023. 
The Group has accumulated losses available to carry forward against future trading profits of £10.1m (2022: £7.1m).  No deferred tax asset has been recognised in respect of tax losses since it is uncertain at the balance sheet date as to whether future profits will be available against which the unused tax losses can be utilised due to the uncertainty of availability of future taxable profits.
The estimated value of the deferred tax asset not recognised at 31 December 2023 is £2.5m,  measured at a standard rate of 25%  (2022: £1.8m at 25%). 

Page 20

 
SPYBIOTECH LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The loss after tax of the parent Company for the year/period was £5,870,618 (2022: loss £3,100,841).


11.


Intangible assets

Group and Company





Patents

£



Cost


At 1 January 2023
463,814



At 31 December 2023

463,814



Amortisation


At 1 January 2023
135,385


Charge for the year on owned assets
46,413



At 31 December 2023

181,798



Net book value



At 31 December 2023
282,016



At 31 December 2022
328,429



Page 21

 
SPYBIOTECH LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Tangible fixed assets

Group and Company






Short-term leasehold property
Plant and machinery
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
29,630
1,105,211
33,545
57,708
1,226,094


Additions
-
20,261
-
22,430
42,691



At 31 December 2023

29,630
1,125,472
33,545
80,138
1,268,785



Depreciation


At 1 January 2023
14,585
1,011,484
26,347
49,925
1,102,341


Charge for the year on owned assets
3,105
34,540
4,897
7,061
49,603



At 31 December 2023

17,690
1,046,024
31,244
56,986
1,151,944



Net book value



At 31 December 2023
11,940
79,448
2,301
23,152
116,841



At 31 December 2022
15,045
93,727
7,198
7,783
123,753

Page 22

 
SPYBIOTECH LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
1



At 31 December 2023
1





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Spybiotech Inc
The Corporation Trust Company, Corporation Trust Center, 1209 Orange St., Wilmington, DE 19801
Ordinary
100%


14.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Amounts owed by group undertakings
-
-
461,772
485,173

Other debtors
309,429
1,552,809
309,429
1,552,809

Prepayments and accrued income
222,353
143,271
221,238
143,270

Tax recoverable
1,351,312
-
1,351,312
-

1,883,094
1,696,080
2,343,751
2,181,252



15.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank and cash balances
12,166,160
16,394,272
12,084,817
16,367,262

12,166,160
16,394,272
12,084,817
16,367,262


Page 23

 
SPYBIOTECH LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Credit cards
3,157
1,434
3,157
1,434

Trade creditors
428,643
335,836
428,643
314,340

Other taxation and social security
34,387
31,548
34,386
31,548

Other creditors
27,584
11,821
27,584
11,821

Accruals and deferred income
3,097,110
2,110,822
2,991,796
2,018,492

3,590,881
2,491,461
3,485,566
2,377,635



17.


Provisions


Group and Company






Dilapidation provision

£





At 1 January 2023
70,804


Charged to profit or loss
3,540



At 31 December 2023
74,344

During the year, the Company added an additional £3,540 to the dilapidation reserve of the rented property. The lease on this property expires in 2027.

Page 24

 
SPYBIOTECH LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



4,000,000 (2022 - 4,000,000) A Ordinary shares £0.0001 each
400
400
5,140,056 (2022 - 5,135,056) Ordinary shares £0.0010 each
5,140
5,135
7,900,387 (2022 - 7,900,387) Series A1 shares £0.0001 each
790
790
833,333 (2022 - 833,333) Series A2 shares £0.0001 each
83
83

6,413

6,408

All shares have full dividend rights irrespective of nominal value and dividends and distributions shall be made among the holders of all classes of shares as if they were one class of shares. On an asset sale, share sale or a distribution of assets the surplus of assets, first, in paying a sum equal to the aggregate issue price on all Series A shares as to 0.001% to the holders of the Ordinary shares and the A Ordinary shares in proportion to the number of held by them respectively; and 99.999% to the holders of the Series A shares, pro rata to the aggregate issue price of the Series A shares held by them, provided that if there are insufficient surplus assets to pay a sum equal to the aggregate issue price on all Series A shares, all remaining surplus assets shall be distributed amongst holders of all classes of shares pro rated to their respective entitlements in the above proportions and second in paying the balance of the surplus assets (if any) to the holders of the Ordinary shares and A Ordinary shares, pro rata to the number of Ordinary and A Ordinary shares held by them (as if they constituted a single share class).


On the 17th July 5,000 Ordinary shares were issued with a nominal value of £0.0010 per share and a price paid of £0.03 per share.


19.


Reserves

Share premium account

The share premium account is used to record the aggregate amount or value of premiums paid when the
Company's shares are issued at an amount in excess of nominal value.

Foreign exchange reserve

This reserve relates to the foreign exchange differences arising on the consolidation of the parent Company and its subsidiaries.

Share options reserve

This reserve relates to the fair value of the options granted which has been charged to the profit and loss
account over the vesting period of the options.

Profit and loss account

This reserve relates to the cumulative retained earnings less amounts distributed to shareholders.

Page 25

 
SPYBIOTECH LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Share-based payments

The Company operates an equity based share option scheme to certain employees which provides additional remuneration for those employees who are key to the company. Options are granted under an approved EMI option plan at an exercise price equalling the value agreed with HMRC and under an unapproved option plan, with the exercise price equalling a value which is compliant with IRC section 409A in the US obtained from an independent valuer. The options expire ten years after the date of the grant. Employees are not entitled to dividends until the shares are exercised. All options granted have performance conditions relating to the relevant employee remaining in the employment of the Company at exercise.
A reconciliation of share option movements during the year ended 31 December 2023 is shown below:

Weighted average exercise price (pence)
2023
Number
2023
Weighted average exercise price
(pence)
2022
Number
2022

Outstanding at the beginning of the year

0.0495

1,440,111

0.128
 
1,648,748
 
Granted during the year

0.999

1,663,979

-
 
-
 
Exercised during the year

0.03

(5,000)

0.67
 
(95,612)
 
Expired during the year

0.03

(15,000)

0.67
 
(113,025)
 
Outstanding at the end of the year
0.562

3,084,090

0.0495
 
1,440,111
 



The Company is unable to directly measure the fair value of the share options. Instead the fair value of the share options granted during the year is determined using the Black Scholes model. The model is internationally recognised as being appropriate to value share option schemes similar to that of the company.

2023
9 Months ended 31 December 2022
£
£


Equity-settled schemes
585,726
214,520

585,726
214,520


21.


Pension commitments

The Company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £87,241 (2022: £55,116).
Contributions totalling £14,131 (2022: £11,821) were payable to the fund at the balance sheet date.

Page 26

 
SPYBIOTECH LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

22.


Commitments under operating leases

At 31 December 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Not later than 1 year
93,067
121,973
93,067
121,973

Later than 1 year and not later than 5 years
277,446
91,480
277,446
91,480

370,513
213,453
370,513
213,453


23.


Related party transactions

The Company has taken advantage of the exemption available under FRS 102 not to disclose related party transactions with wholly owned subsidiaries within the group.
During the year ended 31 December 2023, the Company incurred costs (consisting of both cash and share based payments) of £1,628,137 (9 months ended 31 December 2022: £1,051,057) in respect of fees paid to senior management and Company shareholders who have served as either consultants, suppliers or executive directors to the Company.
During the year ended 31 December 2023, the Company incurred costs (consisting of both cash and share based payments) of £162,077 (9 months ended 31 December 2022: £92,623) in respect of non executive directors' fees. Included within other creditors as at 31 December 2023 are accrued directors fees of £165,519 (31 December 2022: £136,551).


24.


Controlling party

The directors do not consider there to be an ultimate controlling party.

Page 27