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Company No: 09559611 (England and Wales)

ORIGIN PRIMARY LIMITED

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

ORIGIN PRIMARY LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

ORIGIN PRIMARY LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2024
ORIGIN PRIMARY LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2024
DIRECTORS A Delestienne
M A Fuchs (Appointed 05 August 2024)
P R Palaniappan
R K Taylor
G Wille (Resigned 05 August 2024)
SECRETARY Mbm Secretarial Services Limited
REGISTERED OFFICE 164-180 Union Street
Unit 311
London
SE1 0LH
United Kingdom
COMPANY NUMBER 09559611 (England and Wales)
ACCOUNTANT Gravita Essex Limited
Treviot House
186-192 High Road
Ilford
Essex
IG1 1LR
United Kingdom
ORIGIN PRIMARY LIMITED

BALANCE SHEET

As at 31 December 2024
ORIGIN PRIMARY LIMITED

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 8,138 24,101
8,138 24,101
Current assets
Debtors 5 458,582 554,387
Cash at bank and in hand 211,230 1,098,276
669,812 1,652,663
Creditors: amounts falling due within one year 6 ( 745,741) ( 792,177)
Net current (liabilities)/assets (75,929) 860,486
Total assets less current liabilities (67,791) 884,587
Net (liabilities)/assets ( 67,791) 884,587
Capital and reserves
Called-up share capital 38 37
Share premium account 7,793,159 7,790,224
Other reserves 34,696 31,354
Profit and loss account ( 7,895,684 ) ( 6,937,028 )
Total shareholders' (deficit)/funds ( 67,791) 884,587

For the financial year ending 31 December 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 Origin Primary Limited (registered number: 09559611) were approved and authorised for issue by the Board of Directors on 06 March 2025. They were signed on its behalf by:

P R Palaniappan
Director
ORIGIN PRIMARY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
ORIGIN PRIMARY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 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

Origin Primary Limited (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 164-180 Union Street, Unit 311, London, SE1 0LH, 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 directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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.

Turnover

Turnover represents the total invoice value, excluding value added tax, of sales relating to the year.

Share-based payment

The grant date fair value of share-based payments awards granted to employees is recognised as an employee expense, with a corresponding increase in equity, over the period in which the employees become unconditionally entitled to the awards. The fair value of the awards granted is measured using an option valuation model, taking into account the terms and conditions upon which the awards were granted. The amount recognised as an expense is adjusted to reflect the actual number of awards for which the related service and non-market vesting conditions are expected to be met, such that the amount ultimately recognised as an expense is based on the number of awards that do meet the related service and non-market performance conditions at the vesting date.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

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 etc. 3 years straight line

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 17 27

3. Share-based payments

Equity-settled share-based payment schemes

The company operates an equity settled Enterprise Management Incentive (EMI) Share Option Scheme. The options are B Ordinary shares granted with a fixed exercise price determined at the grant of the option. The majority of the options vest over a period of up to 4 years following the date of the grant with the remainder vesting as performance milestones are achieved. The options are exercisable until up to the 10th anniversary from the date of grant. Employees are not entitled to dividends until the shares are exercised. Vesting of options is subject to continued employment with the company.

The company also operates an Unapproved Share Option Scheme. The options are B Ordinary shares granted with a fixed exercise price determined at the grant of the option. The majority of the options vest immediately with the remainder vesting as performance milestones are achieved. The options are exercisable until up to the 10th anniversary from the date of grant.

Details of the share options outstanding during the financial year are as follows:

2024 2023
Weighted Average Weighted Average
Number of share options Average exercise price (£) Number of share options Average exercise price (£)
Outstanding at beginning of period 42,277 1.2100 42,994 1.3000
Granted during the period 2,900 2.8100 1,365 0.0001
Forfeited during the period ( 1,739) 1.7600 ( 1,320) 0.0001
Exercised during the period ( 1,422) 2.0600 ( 762) 0.0001
Outstanding at the end of the period 42,016 1.2700 42,277 1.2100
Exercisable at the end of the period 29,280 1.3100 0 0

The fair value of the share options at the grant date was calculated using the Black Scholes model, which is considered to be the most appropriate generally accepted valuation method of measuring fair value.

The Company recognised total expenses of £4,151 and £5,625 related to equity-settled share-based payment transactions in 2024 and 2023 respectively.

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 January 2024 98,824 98,824
At 31 December 2024 98,824 98,824
Accumulated depreciation
At 01 January 2024 74,723 74,723
Charge for the financial year 15,963 15,963
At 31 December 2024 90,686 90,686
Net book value
At 31 December 2024 8,138 8,138
At 31 December 2023 24,101 24,101

5. Debtors

2024 2023
£ £
Trade debtors 247,793 48,638
Corporation tax 71,723 162,125
Other debtors 139,066 343,624
458,582 554,387

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 12,132 23,564
Other taxation and social security 39,362 65,095
Other creditors 694,247 703,518
745,741 792,177

7. Financial commitments

Other financial commitments

The total financial lease commitments for the company is £137,950 (2023 : £122,879)