Caseware UK (AP4) 2024.0.164 2024.0.164 2023-12-312023-12-31false32023-01-0118falseResearch and experimental development on biotechnologytruetrue 14042800 2023-01-01 2023-12-31 14042800 2022-04-12 2022-12-31 14042800 2023-12-31 14042800 2022-12-31 14042800 2 2023-01-01 2023-12-31 14042800 3 2023-01-01 2023-12-31 14042800 3 2022-04-12 2022-12-31 14042800 d:Director1 2023-01-01 2023-12-31 14042800 e:PlantMachinery 2023-01-01 2023-12-31 14042800 e:PlantMachinery 2023-12-31 14042800 e:PlantMachinery 2022-12-31 14042800 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 14042800 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 14042800 e:FurnitureFittings 2023-01-01 2023-12-31 14042800 e:FurnitureFittings 2023-12-31 14042800 e:FurnitureFittings 2022-12-31 14042800 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 14042800 e:FurnitureFittings e:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 14042800 e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 14042800 e:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 14042800 e:CurrentFinancialInstruments 2023-12-31 14042800 e:CurrentFinancialInstruments 2022-12-31 14042800 e:Non-currentFinancialInstruments 2023-12-31 14042800 e:Non-currentFinancialInstruments 2022-12-31 14042800 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 14042800 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 14042800 e:Non-currentFinancialInstruments e:AfterOneYear 2023-12-31 14042800 e:Non-currentFinancialInstruments e:AfterOneYear 2022-12-31 14042800 e:ShareCapital 2023-01-01 2023-12-31 14042800 e:ShareCapital 2023-12-31 14042800 e:ShareCapital 2022-04-12 2022-12-31 14042800 e:ShareCapital 2022-12-31 14042800 e:OtherMiscellaneousReserve 2023-01-01 2023-12-31 14042800 e:OtherMiscellaneousReserve 2023-12-31 14042800 e:OtherMiscellaneousReserve 2 2023-01-01 2023-12-31 14042800 e:OtherMiscellaneousReserve 3 2023-01-01 2023-12-31 14042800 e:OtherMiscellaneousReserve 2022-04-12 2022-12-31 14042800 e:OtherMiscellaneousReserve 2022-12-31 14042800 e:OtherMiscellaneousReserve 3 2022-04-12 2022-12-31 14042800 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 14042800 e:RetainedEarningsAccumulatedLosses 2023-12-31 14042800 e:RetainedEarningsAccumulatedLosses 2 2023-01-01 2023-12-31 14042800 e:RetainedEarningsAccumulatedLosses 3 2023-01-01 2023-12-31 14042800 e:RetainedEarningsAccumulatedLosses 2022-04-12 2022-12-31 14042800 e:RetainedEarningsAccumulatedLosses 2022-12-31 14042800 e:RetainedEarningsAccumulatedLosses 3 2022-04-12 2022-12-31 14042800 d:FRS102 2023-01-01 2023-12-31 14042800 d:Audited 2023-01-01 2023-12-31 14042800 d:FullAccounts 2023-01-01 2023-12-31 14042800 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 14042800 e:WithinOneYear 2023-12-31 14042800 e:WithinOneYear 2022-12-31 14042800 e:BetweenOneFiveYears 2023-12-31 14042800 e:BetweenOneFiveYears 2022-12-31 14042800 e:HirePurchaseContracts e:WithinOneYear 2023-12-31 14042800 e:HirePurchaseContracts e:WithinOneYear 2022-12-31 14042800 e:HirePurchaseContracts e:BetweenOneFiveYears 2023-12-31 14042800 e:HirePurchaseContracts e:BetweenOneFiveYears 2022-12-31 14042800 d:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 14042800 2 2023-01-01 2023-12-31 14042800 e:ShareCapital 2 2023-01-01 2023-12-31 14042800 e:ShareCapital 3 2023-01-01 2023-12-31 14042800 e:ShareCapital 3 2022-04-12 2022-12-31 14042800 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2023-12-31 14042800 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2022-12-31 14042800 f:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 14042800









QUOTIENT THERAPEUTICS LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
QUOTIENT THERAPEUTICS LIMITED
REGISTERED NUMBER: 14042800

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
691,040
-

Current assets
  

Debtors: amounts falling due after more than one year
 5 
183,286
-

Debtors: amounts falling due within one year
 5 
2,018,028
166,417

Cash at bank and in hand
 6 
738,817
438,840

  
2,940,131
605,257

Creditors: amounts falling due within one year
 7 
(1,170,249)
(177,720)

Net current assets
  
 
 
1,769,882
 
 
427,537

Total assets less current liabilities
  
2,460,922
427,537

Creditors: amounts falling due after more than one year
 8 
(351,982)
-

Provisions for liabilities
  

Deferred tax
  
(168,055)
-

Net assets
  
1,940,885
427,537


Capital and reserves
  

Called up share capital 
  
1
1

Other reserves
 10 
985,229
407,581

Profit and loss account
 10 
955,655
19,955

  
1,940,885
427,537


Page 1

 
QUOTIENT THERAPEUTICS LIMITED
REGISTERED NUMBER: 14042800
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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: 



................................................
M A Chapman
Director

Date: 28 February 2025

The notes on pages 4 to 12 form part of these financial statements.

Page 2

 
QUOTIENT THERAPEUTICS LIMITED
 

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


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

£
£
£
£


Comprehensive income for the period

Profit for the period
-
-
19,955
19,955
Total comprehensive income for the period
-
-
19,955
19,955


Contributions by and distributions to owners

Shares issued during the period
1
-
-
1

Capital contribution
-
407,581
-
407,581


Total transactions with owners
1
407,581
-
407,582



At 1 January 2023
1
407,581
19,955
427,537


Comprehensive income for the year

Profit for the year
-
-
915,731
915,731
Total comprehensive income for the year
-
-
915,731
915,731


Contributions by and distributions to owners

Credit to equity in respect of share based payments
-
-
19,969
19,969

Capital contribution
-
577,648
-
577,648


Total transactions with owners
-
577,648
19,969
597,617


At 31 December 2023
1
985,229
955,655
1,940,885


The notes on pages 4 to 12 form part of these financial statements.

Page 3

 
QUOTIENT THERAPEUTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Quotient Therapeutics Limited (the 'Company') is a company incorporated in the United Kingdom under the Companies Act. The Company is a private company limited by shares and is registered in England and Wales. The registered office is Suite 4, 7th Floor, 50 Broadway, London, SW1H 0DB.
Quotient Therapeutics Limited is a research phase company that is aiming to discover new drug targets with a proprietary technology. The Company's principal activity in the year under review was that of providing research and development services on behalf of its parent company.
The Company was incorporated on 12 April 2022 and commenced trading in June 2022. The first accounting period was shortened to 31 December 2022 to align with that of the Company's parent. The prior year comparative in the financial statements therefore report the period from 12 April 2022 to 31 December 2022.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The directors have received confirmation of continued financial support for the foreseeable future from its main investor Flagship Fund VII L.P., thus the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and continue to adopt the going concern basis of accounting in preparing the annual financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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.

Page 4

 
QUOTIENT THERAPEUTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue represents amount charged to the Company's parent company. Turnover is recognised when costs are incurred. The revenue and profit before taxation are attributable to the one principal activity of the Company

 
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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.7

Research and development

Research and development expenditure is expensed as incurred. 

 
2.8

Interest income

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

 
2.9

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. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

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 5

 
QUOTIENT THERAPEUTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

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 either factors beyond the control of either party (such as a target based on an index) or factors 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.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

 
2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 6

 
QUOTIENT THERAPEUTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
3 -5 years
Fixtures and fittings
-
7 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 7

 
QUOTIENT THERAPEUTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 18 (2022 - 3).

Page 8

 
QUOTIENT THERAPEUTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Total

£
£
£



Cost or valuation


Additions
706,491
91,865
798,356



At 31 December 2023

706,491
91,865
798,356



Depreciation


Charge for the year on owned assets
20,323
9,629
29,952


Charge for the year on financed assets
77,364
-
77,364



At 31 December 2023

97,687
9,629
107,316



Net book value



At 31 December 2023
608,804
82,236
691,040



At 31 December 2022
-
-
-

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
432,264
-

Page 9

 
QUOTIENT THERAPEUTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
183,286
-


2023
2022
£
£

Due within one year

Amounts owed by group undertakings
790,523
160,686

Other debtors
1,044,810
5,731

Prepayments and accrued income
182,695
-

2,018,028
166,417



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
738,817
438,840



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
339,795
37,163

Amounts owed to group undertakings
-
69,847

Corporation tax
-
4,331

Obligations under finance lease and hire purchase contracts
107,772
-

Other creditors
59,574
-

Accruals and deferred income
663,108
66,379

1,170,249
177,720


Page 10

 
QUOTIENT THERAPEUTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
167,880
-

Other creditors
184,102
-

351,982
-



9.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
106,733
-

Between 1-5 years
167,880
-

274,613
-


10.


Reserves

Other reserves

Other reserves represent a capital contribution from the parent company.


11.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £49,582 (2022: £3,747). Contributions totalling £16,138 (2022: £3,747) were payable to the fund at the balance sheet date and are included in creditors.

Page 11

 
QUOTIENT THERAPEUTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


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
610,454
-

Later than 1 year and not later than 5 years
1,723,819
-

2,334,273
-


13.


Controlling party

The immediate parent company is Quotient Therapeutics, Inc., a company incorporated in the United States of America, which is the smallest and largest group to consolidate these financial statements. The registered office of Quotient Therapeutics, Inc. is Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware, 19801, USA.


14.


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 3 March 2025 by Karen Cairns (Senior Statutory Auditor) on behalf of Nortons Assurance Limited.

 
Page 12