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Company No: 12217886 (England and Wales)

IMMUTRIN LTD

Unaudited Financial Statements
For the financial year ended 31 August 2024
Pages for filing with the registrar

IMMUTRIN LTD

Unaudited Financial Statements

For the financial year ended 31 August 2024

Contents

IMMUTRIN LTD

COMPANY INFORMATION

For the financial year ended 31 August 2024
IMMUTRIN LTD

COMPANY INFORMATION (continued)

For the financial year ended 31 August 2024
DIRECTORS M Anstey
M Pepys
M Tuna (Appointed 06 February 2024)
G Winter
REGISTERED OFFICE Cambridge Innovation Capital
22 Station Road
Cambridge
CB1 2JD
United Kingdom
COMPANY NUMBER 12217886 (England and Wales)
CHARTERED ACCOUNTANTS Peters Elworthy & Moore
Salisbury House
Station Road
Cambridge
CB1 2LA
IMMUTRIN LTD

BALANCE SHEET

As at 31 August 2024
IMMUTRIN LTD

BALANCE SHEET (continued)

As at 31 August 2024
Note 2024 2023
£ £
Restated - note 2
Fixed assets
Tangible assets 4 14,418 4,221
14,418 4,221
Current assets
Debtors 5 257,642 192,605
Cash at bank and in hand 730,429 1,600,302
988,071 1,792,907
Creditors: amounts falling due within one year 6 ( 257,534) ( 14,218)
Net current assets 730,537 1,778,689
Total assets less current liabilities 744,955 1,782,910
Net assets 744,955 1,782,910
Capital and reserves
Called-up share capital 7 205 205
Share premium account 2,493,680 2,499,813
Profit and loss account ( 1,748,930 ) ( 717,108 )
Total shareholders' funds 744,955 1,782,910

For the financial year ending 31 August 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Immutrin Ltd (registered number: 12217886) were approved and authorised for issue by the Board of Directors on 28 January 2025. They were signed on its behalf by:

M Anstey
Director
IMMUTRIN LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
IMMUTRIN LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Immutrin Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Cambridge Innovation Capital, 22 Station Road, Cambridge, CB1 2JD, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The company incurred a loss for the year and as at 31 August 2024 had a negative profit and loss reserve mounting to £1,748,930 (2023 - £717,108). After making appropriate enquiries, the directors have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future. The ability of the company to continue or grow its operations from the current level is dependent on the ability of the company to obtain additional funding to meet the working capital requirements. The directors are confident that the company will be able to raise the necessary funding to meet future working capital requirements. In the event that financing is not available the company will maintain its activities and/or put projects on hold until such time that there is future funding available. For this reason they adopt the going concern basis when preparing the financial statements. The financial statements do not include any adjustments in respect of the company not being able to continue as a going concern.

Prior year adjustment

During the year the decision was made to expense the patent costs incurred by the company from 2023 onwards. This led to a restating of the prior year figures such that legal fees increased by £22,269 and the retained earnings reduced accordingly.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 3 years straight line
Fixtures and fittings 25 % reducing balance
Computer equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Prior year adjustment

During the year the decision was made to expense the patent costs incurred by the company from 2023 onwards. This led to a restating of the prior year figures such that legal fees increased by £22,269 and the retained earnings reduced accordingly.

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 6 4

4. Tangible assets

Plant and machinery Fixtures and fittings Computer equipment Total
£ £ £ £
Cost
At 01 September 2023 0 4,336 2,915 7,251
Additions 12,331 0 2,142 14,473
At 31 August 2024 12,331 4,336 5,057 21,724
Accumulated depreciation
At 01 September 2023 0 2,868 162 3,030
Charge for the financial year 2,714 367 1,195 4,276
At 31 August 2024 2,714 3,235 1,357 7,306
Net book value
At 31 August 2024 9,617 1,101 3,700 14,418
At 31 August 2023 0 1,468 2,753 4,221

5. Debtors

2024 2023
£ £
Corporation tax 131,917 0
Other debtors 125,725 192,605
257,642 192,605

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 153,029 8,029
Other taxation and social security ( 419) 0
Other creditors 104,924 6,189
257,534 14,218

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
90,000 Ordinary shares of £ 0.001 each 90 90
30,000 Seed 1 Preferred preference shares of £ 0.001 each 30 30
15,000 Seed 2 Preferred preference shares of £ 0.001 each 15 15
70,446 Seed 3 Preferred preference shares of £ 0.001 each 70 70
115 115
205 205

8. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 11,375 15,925