Company Registration No. 12714117 (England and Wales)
DUKE STREET BIO LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
6th Floor, Kings House
9 - 10 Haymarket
London
United Kingdom
SW1Y 4BP
DUKE STREET BIO LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2
Notes to the financial statements
3 - 8
DUKE STREET BIO LIMITED
COMPANY INFORMATION
- 1 -
Directors
Dr P M Cowley
Mr P Trill
Dr A Wise
Mr D Christian
Sir H A McGrath
Company number
12714117
Registered office
2 Duke Street
London
W1U 3EH
Auditor
CLA Evelyn Partners Limited
Onslow House
Onslow Street
Guildford
GU1 4TN
DUKE STREET BIO LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
2,630
2,630
Current assets
Debtors
4
2,897,951
9,968,252
Investments
5
9,859,430
-
0
Cash at bank and in hand
1,698,127
3,662,418
14,455,508
13,630,670
Creditors: amounts falling due within one year
6
(1,043,665)
(915,786)
Net current assets
13,411,843
12,714,884
Net assets
13,414,473
12,717,514
Capital and reserves
Called up share capital
55,462
42,925
Share premium account
33,279,388
15,751,412
Shares to be issued
8
-
0
7,499,610
Profit and loss reserves
(19,920,377)
(10,576,433)
Total equity
13,414,473
12,717,514

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

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 8 July 2024 and are signed on its behalf by:
Mr P Trill
Director
Company Registration No. 12714117
DUKE STREET BIO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information

Duke Street Bio Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 Duke Street, London, W1U 3EH.

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 £.

1.2
Going concern

At the time of approving the financial statements, based on cash flow forecasts to 30 April 2026, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

1.5
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.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

DUKE STREET BIO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
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.

Current asset investments

Current asset investments are those which are held for resale or pending their sale and cash on deposit with a maturity date of less than one year held for short-term investment purposes rather than cashflow. Current asset investments are valued at fair value unless they qualify as ‘basic’ financial assets.

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 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. Financial liabilities classified as payable within one year are not amortised.

 

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

 

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 if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax income represents the sum of the tax currently receivable.

Current tax

The tax currently receivable is based on R&D expenditure for the year. Tax losses differs from net losses as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible.

DUKE STREET BIO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
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 or 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.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

1.11
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.

DUKE STREET BIO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
2
Employees

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

2024
2023
Number
Number
Total
8
5
3
Fixed asset investments
2024
2023
£
£
Shares in subsidiaries
2,630
2,630
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
2,065,842
1,684,293
Other debtors
351,875
7,840,168
Prepayments and accrued income
480,234
443,791
2,897,951
9,968,252

Circa £220,000 (2023 - £nil) of the prepayments are expected to be released after more than one year.

5
Current asset investments
2024
2023
£
£
Other investments
9,859,430
-
0
Current asset investments analysis
Term deposits
2,024,592
-
Government bonds
3,033,648
-
Liquidity instruments
3,578,224
-
Corporate bonds
1,222,966
-
Total
9,859,430
-
0
DUKE STREET BIO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
648,754
408,463
Amounts owed to group undertakings
2,630
2,630
Taxation and social security
21,999
23,135
Other creditors
5,323
35,140
Accruals
364,959
446,418
1,043,665
915,786
7
Share-based payment transactions

During the year the company issued options to employees over 14,577 B shares. This brought the total number of options granted to 25,877. The share options vest over a period of 4 years from the date of issue, or immediately upon an exit event and have a life of 20 years from the date of issue; the strike price is £115 per share.

 

As at the year end, there were 25,877 extant options, of which 23,052 were unvested.

 

The share option charge is immaterial and is not recognised in the financial statements.

8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Peter Key.
The auditor was CLA Evelyn Partners Limited.
The report was signed on 8 July 2024.
9
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
7,834,838
-

The fair value gain recognised in the year in respect of these assets was £212,433 (2023 - £nil).

DUKE STREET BIO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
10
Financial commitments

During the year the company entered into a contract for further research; as at the year end, the remaining commitment under this contract was £5.7 million (2023 - £nil) , which is expected to be incurred over the coming 4 years.

11
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

During the year company was invoiced £339,869 (2023 - £nil) by Duke Street Bio Spain SL for services provided. Duke Street Bio Spain SL is a 100% subsidiary of Duke Street Bio Limited.

2024-04-302023-05-01false08 July 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityThis audit opinion is unqualifiedDr P M CowleyMr P TrillDr A WiseMr D ChristianSir H A McGrathfalsefalse127141172023-05-012024-04-3012714117bus:Director12023-05-012024-04-3012714117bus:Director22023-05-012024-04-3012714117bus:Director32023-05-012024-04-3012714117bus:Director42023-05-012024-04-3012714117bus:Director52023-05-012024-04-3012714117bus:RegisteredOffice2023-05-012024-04-30127141172024-04-30127141172023-04-3012714117core:CurrentFinancialInstrumentscore:WithinOneYear2024-04-3012714117core:CurrentFinancialInstrumentscore:WithinOneYear2023-04-3012714117core:ShareCapital2024-04-3012714117core:ShareCapital2023-04-3012714117core:SharePremium2024-04-3012714117core:SharePremium2023-04-3012714117core:OtherMiscellaneousReserve2024-04-3012714117core:OtherMiscellaneousReserve2023-04-3012714117core:RetainedEarningsAccumulatedLosses2024-04-3012714117core:RetainedEarningsAccumulatedLosses2023-04-30127141172022-05-012023-04-3012714117core:CurrentFinancialInstruments2024-04-3012714117core:CurrentFinancialInstruments2023-04-3012714117bus:PrivateLimitedCompanyLtd2023-05-012024-04-3012714117bus:SmallCompaniesRegimeForAccounts2023-05-012024-04-3012714117bus:FRS1022023-05-012024-04-3012714117bus:Audited2023-05-012024-04-3012714117bus:FullAccounts2023-05-012024-04-30xbrli:purexbrli:sharesiso4217:GBP