Company registration number 10687784 (England and Wales)
SIXFOLD BIOSCIENCE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
SIXFOLD BIOSCIENCE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
SIXFOLD BIOSCIENCE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
220,471
275,504
Current assets
Debtors
4
127,821
352,449
Cash at bank and in hand
203,436
542,200
331,257
894,649
Creditors: amounts falling due within one year
5
(66,511)
(365,403)
Net current assets
264,746
529,246
Total assets less current liabilities
485,217
804,750
Creditors: amounts falling due after more than one year
6
(8,143)
Net assets
485,217
796,607
Capital and reserves
Called up share capital
3
3
Other reserves
8
9,490,666
7,560,666
Profit and loss reserves
(9,005,452)
(6,764,062)
Total equity
485,217
796,607
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 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small 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.
SIXFOLD BIOSCIENCE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 4 March 2025 and are signed on its behalf by:
Dr G W Foot
Director
Company Registration No. 10687784
SIXFOLD BIOSCIENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information
Sixfold Bioscience Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Imperial College, White City Incubator, Translation And Innovation Hub, London, United Kingdom, W12 0BZ.
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.
1.2
Tangible fixed assets
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% reducing balance
Fixtures and fittings
33% on cost
Computers
33% on cost
1.3
Retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged as an expense as they fall due.
1.4
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. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period.
The company accounts for forfeitures of employee awards as they occur. If an employee forfeits an award because they fail to complete the requisite service period, the company will reverse compensation cost previously recognised in the period the award is forfeited.
1.5
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.6
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.
SIXFOLD BIOSCIENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
23
26
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 January 2024
429,654
469
28,416
458,539
Additions
17,776
2,930
20,706
Disposals
(29,500)
(375)
(1,625)
(31,500)
At 31 December 2024
417,930
94
29,721
447,745
Depreciation and impairment
At 1 January 2024
157,829
229
24,977
183,035
Depreciation charged in the year
53,649
81
3,394
57,124
Eliminated in respect of disposals
(12,172)
(216)
(497)
(12,885)
At 31 December 2024
199,306
94
27,874
227,274
Carrying amount
At 31 December 2024
218,624
1,847
220,471
At 31 December 2023
271,825
240
3,439
275,504
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
127,821
352,449
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
44,945
105,323
Taxation and social security
45,769
Other creditors
21,566
214,311
66,511
365,403
SIXFOLD BIOSCIENCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
8,143
7
Share-based payment transactions
Prior issuances of equity for cash have been at very low prices that do not indicate fair value for equity-settled option awards. Because of this, management do not believe that standard methods such as the Black-Scholes Pricing model are appropriate. In Sixfold Bioscience Inc, SAFE financing has been received in relation to agreements for pre and post-money equity caps, but no equity has yet been issued. Therefore, management have used best estimates to calculate a fair value for prior awards, including discounts (where applicable) for non-marketability, and for lack of control. The fair values for options granted range between $0.23 and $0.91.
Under the Sixfold Bioscience Inc 2021 Stock Incentive Plan, equity-based compensation awards are granted to certain of our employees eligible to participate in the 2021 Plan. Stock options permit a recipient to purchase Sixfold Bioscience Inc common stock upon vesting at the price on the date the option was granted.
All stock options granted to eligible employees primarily vest ratably over a period of 4 years. Vesting of stock option awards issued is conditional based on continuous service by the employee. Stock option awards have a contractual expiration term of 10 years from the date of grant.
8
Other reserves
Other reserves consists of a capital contribution reserve and a share based redemption reserve.
The capital contribution reserve of £5,750,293 (2023 : £4,780,293) represents a capital contribution from the parent company deemed not distributable currently.
The share based redemption reserve is £3,740,373 at 31 December 2024 (2023 : £2,780,373).
9
Parent company
The company was controlled throughout the year by its immediate parent company, Sixfold Bioscience Inc, a company incorporated in the state of Delaware, USA.