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Registered number: 13277632












ATAI LIFE SCIENCES UK LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


 
REGISTERED NUMBER:13277632
ATAI LIFE SCIENCES UK LTD

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Current assets
  

Debtors
 4 
575,755
555,229

Cash at bank and in hand
 5 
271,360
130,184

  
847,115
685,413

Creditors: amounts falling due within one year
 6 
(458,319)
(482,924)

Net current assets
  
 
 
388,796
 
 
202,489

Net assets
  
388,796
202,489


Capital and reserves
  

Called up share capital 
 8 
1
1

Other reserves
 9 
4,459,821
2,748,942

Profit and loss account
 9 
(4,071,026)
(2,546,454)

  
388,796
202,489


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 have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the profit and loss account in accordance with 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: 




R Barrett
Director

Date: 19 September 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 1

 

ATAI LIFE SCIENCES UK LTD

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


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
1
893,420
(643,520)
249,901


Comprehensive income for the year

Loss for the year
-
-
(1,902,934)
(1,902,934)
Total comprehensive income for the year
-
-
(1,902,934)
(1,902,934)


Contributions by and distributions to owners

Share based payments
-
1,855,522
-
1,855,522


Total transactions with owners
-
1,855,522
-
1,855,522



At 1 January 2023
1
2,748,942
(2,546,454)
202,489


Comprehensive income for the year

Loss for the year
-
-
(1,524,572)
(1,524,572)
Total comprehensive income for the year
-
-
(1,524,572)
(1,524,572)


Contributions by and distributions to owners

Share based payments
-
1,710,879
-
1,710,879


Total transactions with owners
-
1,710,879
-
1,710,879


At 31 December 2023
1
4,459,821
(4,071,026)
388,796


Page 2

 

ATAI LIFE SCIENCES UK LTD

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

1.


General information

ATAI Life Sciences UK Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is One Fleet Place, London, England, EC4M 7WS.
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. 
The principal activities of the company were to provide adminstrative and business support to the parent company.

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 management to exercise judgement in applying the company's accounting policies.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102:

Section 3 Financial Statement Presentation paragraph 3.17(d) (inclusion of statement of cash flows);
Section 7 Statement of Cash Flows (inclusion of statement of cash flows);
Section 11 Financial Instruments paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c) (disclosures relating to financial instruments);
Section 26 Share based payments (disclosure of share based payments);
Section 33 Related Party Disclosures paragraph 33.7 (disclosures of key management personnel compensation).
;
The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis notwithstanding the fact that the company generated a loss during the year and is reliant on its group undertakings for all revenue. The directors consider this basis to be appropriate as the company has received a letter of financial support from its parent company confirming financial support for a period of at least 12 months from the date of approval if the financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

 
2.3

Revenue

Revenue from contracts to provide services to the parent company is recognised in the period in which the services are provided. Revenue is recognised to the extent that is probable that the company will receive the consideration due under the contract and the amount of revenue can be measured reliably. Revenue is measured as the fair value of the consideration received or receivable, excluding value added tax.

Page 3

 

ATAI LIFE SCIENCES UK LTD

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 Sterling (£).

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 profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.5

Operating leases: the company as lessee

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

 
2.6

Interest income

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

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. 

 
2.8

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company 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 company in independently administered funds.

Page 4

 

ATAI LIFE SCIENCES UK LTD

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

2.Accounting policies (continued)

 
2.9

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 which are within the control of one or other of the parties (such as the company 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.

 
2.10

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 operates and generates income.


2.11

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. 
 
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 

Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Page 5

 

ATAI LIFE SCIENCES UK LTD

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

2.Accounting policies (continued)





Financial instruments (continued)

Financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Impairment of financial assets
Financial assets 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 profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 6

 

ATAI LIFE SCIENCES UK LTD

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

2.Accounting policies (continued)

 
2.12

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.

  
2.13

Share capital

Ordinary shares are classified as equity.


3.


Employees

2023
2022
£
£

Wages and salaries
1,810,570
2,119,971

Social security costs
221,758
359,369

Pension scheme contributions
83,380
68,150

2,115,708
2,547,490


The directors are employed by another member of the group and did not receive any remuneration in this company.

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


        2023
        2022
            No.
            No.







Employees
16
17



Directors
3
3

19
20


4.


Debtors

2023
2022
£
£



Amounts owed by group companies
459,189
422,145

Other debtors
-
27,600

Prepayments
20,272
39,525

Tax recoverable
96,294
65,959

575,755
555,229

Page 7

 

ATAI LIFE SCIENCES UK LTD

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

5.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
271,360
130,184



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
5,316
14,214

Amounts owed to group undertakings
14,966
42,568

Corporation tax
58,197
41,866

Accruals and deferred income
379,840
384,276

458,319
482,924


7.
Related party transactions

The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures"  from disclosing transactions with entities which are a wholly owned part of the group.

Transactions with (other) related parties are as follows:




Relationship

Transaction

Amount
Amount due (to)/from related parties




2023
 
2022 
2023 
2022 




£
 
£ 
£ 
£ 



ATAI Life Sciences AG 
Sales
2,876,801
3,266,092
459,189
421,782


(Parent)
Loan
-
(1,000,000)
-
-



Interest
(1,557)
(54,839)
-
-



Recharged interest
-
54,839
-
-



ATAI Life Sciences US, Inc.
(Fellow group member)
Intercompany working capital
-
-
(14,966)
(42,568)



ATAI Life Sciences NV
(Utlimate parent company)
Intercompany working capital
-
-
-
363


The intercompany loan was unsecured, bears interest at 5% and is due for repayment within one year. All other balances are unsecured, interest free and repayable on demand.


8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



Page 8

 

ATAI LIFE SCIENCES UK LTD

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

8.Share capital (continued)

1 (2022 - 1) Ordinary share of £1
1
1

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.



9.


Reserves

Other reserves

Other reserves have arisen from the share-based payment charge. The shares over which the options were issued are that of the parent company.
The parent company has a share option scheme for all employees. Options are exercisable at a price equal to the average market price of the company's share on the date of the grant. The vesting period is usually 4 years. Vesting of the options is subject to continued employment within the group. If the options remain unexercised after a period of 10 years from the date of grant, the options expire. Options are forfeited if the employee leaves the company before the options vest.
During the period, the parent company introduced restricted stock units as part of equity award plans. The vesting period is over 2 years. The RSUs are subject to continued employment within the group, and are forefeited if the employee leaves the company before the RSUs vest.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.


10.


Commitments under operating leases

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

2023
2022
£
£


Not later than 1 year
-
56,337


11.


Ultimate parent undertaking and controlling party

The immediate parent undertaking is ATAI Life Sciences AG.
The ultimate parent undertaking, and the parent of the smallest group of undertakings for which group financial statements are drawn up and of which the company is a member, is ATAI Life Sciences NV, whose registered office is at Wallstraße 16, 10179 Berlin, Germany. Copies of these group financial statements are available to the public from its website: https://ir.atai.life /.
In the opinion of the directors there is no ultimate controlling party.

Page 9

 

ATAI LIFE SCIENCES UK LTD

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

12.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 20 September 2024 by Mahmood Ramji (senior statutory auditor) on behalf of Blick Rothenberg Audit LLP.

 
Page 10