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Registered number: 11243383
Uncommon Bio Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Max Accountants Ltd
Ketton Suite
The King Centre
Oakham
Rutland
LE15 7WD
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 11243383
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 142,974 161,620
Tangible Assets 5 4,893,235 6,036,277
5,036,209 6,197,897
CURRENT ASSETS
Debtors 6 2,753,352 2,348,604
Cash at bank and in hand 4,092,858 3,139,421
6,846,210 5,488,025
Creditors: Amounts Falling Due Within One Year 7 (1,101,213 ) (16,348,834 )
NET CURRENT ASSETS (LIABILITIES) 5,744,997 (10,860,809 )
TOTAL ASSETS LESS CURRENT LIABILITIES 10,781,206 (4,662,912 )
NET ASSETS/(LIABILITIES) 10,781,206 (4,662,912 )
CAPITAL AND RESERVES
Called up share capital 8 41,177 28,727
Share premium account 28,735,379 4,258,403
Other Reserves 1,038,506 18,273
Profit and Loss Account (19,033,856 ) (8,968,315 )
SHAREHOLDERS' FUNDS 10,781,206 (4,662,912)
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Ms Benjamina Aure Bollag
Director
24 December 2024
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Uncommon Bio Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11243383 . The registered office is Unit 2 Cambridge Technopark, Newmarket Road, Cambridge, Cambridgeshire, CB5 8PB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
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 £.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern. Therefore the financial statements have been prepared on a going concern basis which assumes the Company will continue in operational existence for the foreseeable future. 
The Company is involved in research and development activities and is working towards achieving a sustainable revenue generating activity. The directors have considered the basis of the financial statements and are satisfied that a combination of business growth and further investment commitments will enable the Company to meet its liabilities as they fall due.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Other intangible assets are Patents. It is amortised to profit and loss account over its estimated economic life of 7 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Improvements 20% straight line
Leasehold 10% straight line
Plant & Machinery 25% straight line
Fixtures & Fittings 20% straight line
Computer Equipment 33.33% straight line
2.5. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
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2.6. Financial Instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price including transaction costs.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities.
2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the profit / loss before taxation.
2.8. Taxation
Tax is recognised in profit or loss except that a charge is attributable to an item of income and expense recognised as other comphrehensive income or to an item recognised directly in equity is also recognised in other comphrehensive 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.
2.9. Employee Benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock of fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2.10. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.11. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
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Page 5
2.12. Research and Development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific cirteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
2.13. Share Based Payments
The company operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the entity. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The estimated fair value of the option granted is calculated using the Black Scholes option pricing model. The total amount expensed is
recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.
The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.
2.14. Convertible Debt
Compound financial instruments issued by the Company comprise convertible loan notes that can be converted to share capital at the option of the holder. The interest on the loan notes is compounding annually and as such the number of shares to be issued will vary with changes in the fair value.
Due to the varying number of shares to be issued the loan notes are treated as liabilities and not split between equity and liabilities. The liability is initially and subsequently measured at fair value, with the fair value movements recognised in the Profit & Loss.
Transaction costs that relate to the issue of the instrument are expensed to the Profit & Loss.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 60 (2023: 41)
60 41
4. Intangible Assets
Trademarks, patents and licenses
£
Cost
As at 1 April 2023 177,755
Additions 30,373
As at 31 March 2024 208,128
Amortisation
As at 1 April 2023 16,135
Provided during the period 49,019
As at 31 March 2024 65,154
Net Book Value
As at 31 March 2024 142,974
As at 1 April 2023 161,620
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5. Tangible Assets
Land & Property
Improvements Leasehold Plant & Machinery Fixtures & Fittings
£ £ £ £
Cost
As at 1 April 2023 3,960,993 54,162 2,843,735 54,110
Additions 43,810 - 380,948 8,370
As at 31 March 2024 4,004,803 54,162 3,224,683 62,480
Depreciation
As at 1 April 2023 620,757 8,066 306,318 11,797
Provided during the period 792,534 5,416 756,498 11,485
As at 31 March 2024 1,413,291 13,482 1,062,816 23,282
Net Book Value
As at 31 March 2024 2,591,512 40,680 2,161,867 39,198
As at 1 April 2023 3,340,236 46,096 2,537,417 42,313
Computer Equipment Total
£ £
Cost
As at 1 April 2023 105,492 7,018,492
Additions 29,539 462,667
As at 31 March 2024 135,031 7,481,159
Depreciation
As at 1 April 2023 35,277 982,215
Provided during the period 39,776 1,605,709
As at 31 March 2024 75,053 2,587,924
Net Book Value
As at 31 March 2024 59,978 4,893,235
As at 1 April 2023 70,215 6,036,277
Included within the net book value of land and buildings above is £40,680 (2023 - £46,096) in respect of long leasehold land and buildings.
6. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 390,352 574,230
Other debtors 413,100 339,239
Corporation tax recoverable assets 1,645,439 1,020,634
VAT 304,461 414,501
2,753,352 2,348,604
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 740,433 951,353
Other taxes and social security 152,630 108,239
Other creditors 82,110 19,061
Convertible loan - 15,000,000
Accruals and deferred income 126,040 270,181
1,101,213 16,348,834
8. Share Capital
2024 2023
Allotted, called up and fully paid £ £
1,384,242 Ordinary A shares of £ 0.01 each 13,842 13,842
2,758 Deferred shares of £ 0.01 each 28 28
1,485,691 Seed shares of £ 0.01 each 14,857 14,857
1,245,014 Series A shares of £ 0.01 each 12,450 -
41,177 28,727
Shares issued during the period: £
1,245,014 Series A shares of £ 0.01 each 12,450
On 6th April 2023, 1,245,014 Series A shares of £0.01 each were allotted and fully paid at a price of £19.67 per share.
9. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 224,608 224,608
Later than one year and not later than five years 308,836 589,596
533,444 814,204
The amount of non-cancellable operating lease payments recognised as an expense during the year was £230,640 (2023 - £227,990).
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