Company Registration No. 03436808 (England and Wales)
BENITEC LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
BENITEC LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
BENITEC LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
233,760
233,760
Creditors: amounts falling due within one year
4
(44,801)
(44,801)
Net current assets
188,959
188,959
Capital and reserves
Called up share capital
5
68,347
68,347
Share premium account
543,583
543,583
Profit and loss reserves
(422,971)
(422,971)
Total equity
188,959
188,959

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 23 September 2024 and are signed on its behalf by:
Jerel A. Banks
Director
Company Registration No. 03436808
BENITEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Benitec Limited is a private company limited by shares incorporated in England and Wales. The registered office is Acre House, 11-15 William Road, London, United Kingdom, NW1 3ER.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Any costs associated with the company are borne by the parent or other group companies.

1.2
Profit and loss account

The company has not traded during the year or the preceding financial period. During this time, the company received no income and incurred no expenditure and therefore no Profit and Loss account is presented in these financial statements.

1.3
Financial instruments
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including 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 receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.4
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

1.5
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

BENITEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
233,760
233,760
4
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
30,801
30,801
Accruals
14,000
14,000
44,801
44,801
5
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
6,843,706 Ordinary shares of 1p each
68,347
68,347
BENITEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
6
Related party transactions

At the year end, a balance of £233,760 (2022: £233,760) was outstanding from a related company, Benitec Australia Pty Limited. This loan is denominated in Pounds sterling.

At the year end, a balance of £4,578 (2022: £4,578) was payable to a related company, Benitec LLC, which is a wholly owned subsidiary of the company’s parent, Benitec Biopharma Inc (incorporated in Delaware, United States). This loan is denominated in Pounds sterling.

A balance of £26,223 (2022: £26,223) was payable to a related company, Benitec Biopharma Pty Limited (incorporated in Australia). This loan was denominated in Australian dollars but was fixed in Pounds Sterling as of 31 December 2009.

7
Parent company

The ultimate parent company is Benitec Biopharma Inc, a corporation formed under the laws of Delaware, United States on November 22, 2019 and listed on the Nasdaq Capital Market LLC under the symbol BNTC. Benitec Biopharma Inc is the parent entity of a number of subsidiaries including the previous parent entity Benitec Biopharma Limited (incorporated in Australia), a company previously listed on the Australian Securities Exchange. Benitec Biopharma Limited was incorporated under the laws of Australia in 1995 and was listed on the Australian Stock Exchange from 1997 until April 15, 2020. On August 14, 2020, Benitec Biopharma Limited reorganised as a Proprietary Limited company and changed its name to Benitec Biopharma Pty Limited. Group accounts are prepared by Benitec Biopharma Inc and can be requested from the group’s website: www.benitec.com.

 

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