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Registered number: 10895764










MOA TECHNOLOGY LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
MOA TECHNOLOGY LIMITED
 

COMPANY INFORMATION


Directors
L Dolan 
M G Fiennes 
D K Lawrence 
Parkwalk Advisors Ltd 
H V Lengerich (appointed 1 January 2024)
H Parry (resigned 1 January 2024)
A Yoder (appointed 1 April 2024)




Company secretary
Pennsec Limited



Registered number
10895764



Registered office
The Bellhouse Building
The Magdalen Centre

The Oxford Science Park

1 Robert Robinson Avenue

Oxford

OX4 4GA




Independent auditor
James Cowper Kreston Audit
Chartered Accountants and Statutory Auditor

201 Cumnor Hill

Cumnor Hill

Oxford

Oxfordshire

OX2 9GG





 
MOA TECHNOLOGY LIMITED
 

CONTENTS



Page
Strategic report
1 - 4
Directors' report
5 - 6
Independent auditor's report
7 - 9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Statement of cash flows
13
Analysis of net debt
14
Notes to the financial statements
15 - 29

 
MOA TECHNOLOGY LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The directors present the Strategic Report for the year ended 31 December 2024. 

Business review
 
The principal activity of Moa Technology Limited ("the Company") is the research and development of new agricultural herbicides.
The Company’s purpose is to discover and develop safe, effective and affordable herbicides to help farmers globally to protect their harvests, with the goal of becoming the leading innovator for the crop protection industry.  The key factor determining the Company’s success is its ability to discover multiple molecules which have novel herbicidal modes of action, meaning that they can impede weed growth in ways that are completely different to existing commercial herbicides and are thus capable of breaking herbicide resistance.
Spun out of Oxford University in 2017, the Company has developed a significant body of IP, including its GALAXY platform which carries out high-throughput screening of synthetic and naturally occurring chemical compounds to identify those with potential novel herbicidal mode of action. Having screened to date over 750,000 synthetic and naturally occurring compounds, GALAXY has identified 70 novel mode of action areas.   Three of these modes of action have already successfully progressed through further evaluation by the Company’s other platforms in its Oxford laboratories and testing at the Company’s glasshouse facility.  In H2 2024, all three advanced programmes entered their first season of field trials in the US, UK, Spain and France, in which strong and consistent evidence of herbicidal effectiveness was recorded. Further rounds of international field trials are planned for 2025.
In July 2024, the Company entered into its first major commercial agreement, with Nufarm, a leading global manufacturer and distributor of agricultural products. The deal provides Nufarm with exclusive access to a new mode of action product in one of the Company's advanced programmes. Moa will receive upfront payments, milestone development payments and eventual royalties from sales of the herbicide. Nufarm will also exclusively retain the option to commercialise other Moa compounds from the same mode of action area. Nufarm and the Company will be jointly responsible for steering the new mode of action through the research phase, expected to take around two years.
   
The Company’s management believes that a licensing model, in which the Company receives a combination of upfront payments, milestone payments and royalty payments from commercial partners in exchange for the rights to develop and commercialise its new modes of action, represents the most profitable and capital efficient route to market. The Company has also seen significant interest from potential commercial partners wishing to collaborate on product development at an even earlier stage, leveraging the Company’s proprietary platforms, data and R&D expertise, which could lead to additional revenue streams in the short to mid-term.    

Principal risks and uncertainties
 
Regulatory risk
The agricultural crop protection industry is highly regulated and appropriate regulatory approvals must be gained before new products can be launched into the market. New product registration processes require extensive human and environmental safety studies and can take several years. While the Company rigorously screens its products for toxicity from a very early stage in the R&D process, long term studies are essential to ensure that farmers and consumers have complete confidence in the safety of the products, and that the environmental impact is minimal.
Intellectual Property (IP) risk
Safeguarding proprietary discoveries is crucial. Moa has implemented robust IP protection strategies to maintain its competitive advantage through a combination of patents, trade secrets and know how.
Economic and Financial risks 
The Company will require periodic capital investment to support its R&D activities until it is cash flow positive. 
Financial risk management 
The principal financial risks to which the Company are exposed are discussed below. 
 
Page 1

 
MOA TECHNOLOGY LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Currency risks 
The Company’s revenue to date has been in US Dollars and future equity raises may also be in US Dollars but we pay for goods and services in a variety of currencies, mainly pound sterling, US Dollar, Euro and Australian Dollar. The Company mitigates the risk by holding cash in a variety of currencies and by monitoring the fluctuations in the exchange rates, taking advantage of favourable market conditions.  
Liquidity risks 
The Company holds some cash in term deposit accounts. Management monitors rolling forecasts of the Company's expected cash flows with the objective of ensuring that the Company has sufficient cash on hand to meet all its future obligations. As of 31 December 2024, the Company has net cash of £11.4m. 
Credit risk 
Investments of cash surpluses are made through banks which must fulfil credit rating criteria approved by the board. All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary. 
Competition risks 
There is a risk that new entrants could enter the market and reduce future profit potential for the Company. To reduce this risk the Company has patented its GALAXY and TARGET platforms and remains firmly focused on its commercial goals. 
Supply Chain risks 
The Company has a procurement system in place to ensure that product levels are monitored and remain at a consistent level. Key consumables are managed through a preferred supplier list to help ensure the Company can benefit from stable prices and economies of scale. The risk is further reduced by setting up standing orders with companies and putting in place contracts with suppliers which are most critical to our operations. This ensures our supply remains stable and as per the agreed terms of the contract.
Compliance risks
The Company uses a variety of resources to ensure compliance regulations are adhered to. The Company is required to appoint a Biological Safety Officer (BSO), conduct, and review regular risk assessments, appoint a Health and Safety and a GM Safety Committee, and to hold health and safety and GM safety review sessions. We also work with an experienced Health and Safety organisation to help with our approval requirements and conduct external audits of our processes, procedures and facilities. The Company is required to follow the HSE GMO Contained Regulations 2014 and has plant phytosanitary requirements from APHA and Defra to adhere to.    
Product Pipeline 
There is a risk that anticipated income from our platform and pipeline technology could be delayed. The Company has established clear goals to ensure the transition to a commercial Company is successful. The Company has invested in people and created new roles to facilitate this. 
Government risks 
There is a risk that the Government could reduce the scope or revoke the R&D tax credit scheme that the Company currently benefits from. This is regularly monitored so that any changes can be managed.

Financial key performance indicators
 
The main financial KPIs are revenue and cost tracking versus budget, whilst the main non-financial KPI's are progress tracking regarding completion of Company strategic milestones.
Revenue for FY24 was £1.9m due to our first major commercial deal, signed with Nufarm in July 2024. Moa received $4m (USD) in FY24 from Nufarm and recognised revenue of £1.9m, with the balance of £1.2m recognised as deferred income, to be recognised as revenue in FY25. 
Costs are tracked continuously over time (full monthly closing) to be able to identify any deviations early. The directors consider the results for the year ended 31 December 2024 as expected and in line with budget expectations. The Company utilised 96% of its annual budget in 2024 with 84% being spent on research and development expenses. The remainder of the costs were spent on general and administrative expenses. The Company's loss for the year, after taxation, amounted to £10.8m (FY23: £12.3m). The net assets of the Company total £12.2m (FY23: £22.2m). 
 
Page 2

 
MOA TECHNOLOGY LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


The Company broadly achieved all its strategic milestones for FY24, signing a first major commercial deal, bringing three novel mode-of-action herbicides through successful international field trials and expanding the capabilities of our herbicide discovery platform.
Section 172(1) Companies Act 2006 
The directors confirm that they have acted in good faith in the way they consider what would be most likely to promote the success of the Company for the benefit of its members. In doing so they have considered, among other matters, those set out in section 172(1) (a) to (f) of the Companies Act 2006: the likely consequences of any decision in the long term; the interests of the Company's employees; the need to foster the Company's business relationships with suppliers, customers and others; the impact of the Company's operations on the community and the environment; the desirability of the Company maintaining a reputation for high standards of business conduct; and the need to act fairly as between members of the Company. This statement applies equally to the directors individually and when acting collectively as the board. In discharging their duties in relation to section 172 (1), careful consideration is given to the matters set out above. The stakeholders we consider in this regard are primarily employees, suppliers and customers, the communities we operate in, the wider world and environment. Engagement with our shareholders and all stakeholders is of fundamental importance across the business and the directors are focused on building these relationships on a continuous basis. 
Communities 
Our purpose is to support the agricultural community by empowering farmers to protect their harvests.  In doing so, the Company will support the wider community by helping ensure affordable food security for all.   The Company also provides skilled employment at different levels of experience and qualification, offering opportunities to individuals from a wide diversity of backgrounds to develop to their full potential.  These include year-long industry sandwich placements and summer internships to give university students experience of working in a professional research laboratory, and short work experience placements to school-age children.    
Environment 
The Company aims to make its biggest impact on the environment by helping farmers meet rising global food demand by increasing yield from their existing land, rather than converting more land to agricultural use.   The Company estimates that avoided land use change from future Moa herbicides could annually save as much as 600 million tonnes of CO2e and over 2 million hectares of nature loss.
The Company also aims to reduce the impact of its own business operations on the environment.  It set up an internal Green Team in 2024 which has partnered with the MyGreenLab scheme to benchmark and help reduce the impact of our laboratories on the environment, achieving Gold certification in our first year of participation.   In 2024 the Company also measured its CO2e emissions for the 1st time, working with Positive Planet. In 2024 we recorded no Scope 1 or Scope 2 emissions and 2,325 tonnes CO2e in Scope 3 emissions (32 tonnes per FTE). We are formulating a plan to reduce our emissions intensity and will set out longer term targets during 2025. 
Engagement with employees 
Our employees are critical to the success of our business, and we are committed to helping them develop their full potential while working together to fulfil the Company’s purpose.  The Company encourages two-way participation from all personnel and conducts quarterly anonymous workplace surveys to gather feedback and measure employee sentiment so that any concerns can be quickly addressed.
Employee development
Continuous learning is essential to achieving the Company’s goals, and to that end the Company encourages all employees to develop their professional skills, whether by studying for advanced degrees, on the job practical training, attendance at academic and industry conferences, or participating in the Company’s mentorship programme.

 
Page 3

 
MOA TECHNOLOGY LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


This report was approved by the board and signed on its behalf.



H V Lengerich
Director

Date: 2 April 2025
Page 4

 
MOA TECHNOLOGY LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The Directors present their report and the financial statements for the year ended 31 December 2024.

Directors

The Directors who served during the year were:

L Dolan 
M G Fiennes 
D K Lawrence 
Parkwalk Advisors Ltd 
H V Lengerich (appointed 1 January 2024)
H Parry (resigned 1 January 2024)
A Yoder (appointed 1 April 2024)

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the Directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditor

Each of the persons who are Directors at the time when this Directors' report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Page 5

 
MOA TECHNOLOGY LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Auditor

The auditor, James Cowper Kreston Auditwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Results and dividends

The loss for the year, after taxation, amounted to £10,769,678 (2023 - loss £12,288,997).


This report was approved by the board and signed on its behalf.
 





H V Lengerich
Director
Date: 2 April 2025
Page 6

 
MOA TECHNOLOGY LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MOA TECHNOLOGY LIMITED
 

Opinion


We have audited the financial statements of MoA Technology Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The Directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 7

 
MOA TECHNOLOGY LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MOA TECHNOLOGY LIMITED (CONTINUED)


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 5, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 8

 
MOA TECHNOLOGY LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MOA TECHNOLOGY LIMITED (CONTINUED)


Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:

Enquiry of management and those charged with governance around actual and potential litigation and claims;
Enquiry of management and those charged with governance to identify any material instances of non compliance with laws and regulations;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.
Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.


Sue Staunton MA FCA CF (Senior statutory auditor)
  
for and on behalf of
James Cowper Kreston Audit
 
Chartered Accountants and Statutory Auditor
  
201 Cumnor Hill
Cumnor Hill
Oxford
Oxfordshire
OX2 9GG

2 April 2025
Page 9

 
MOA TECHNOLOGY LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

12 month period
31 December
16 month period
31 December
2024
2023
£
£

  

Turnover
  
1,900,244
10,000

Cost of sales
  
(22,000)
-

Gross profit
  
1,878,244
10,000

R&D expenses
  
(12,922,143)
(13,010,462)

Other operating income
  
152,177
-

Administrative expenses
  
(2,461,361)
(2,866,153)

Operating loss
  
(13,353,083)
(15,866,615)

Interest receivable and similar income
  
682,029
987,698

Interest payable and similar expenses
  
(450)
(3,163)

Loss before tax
  
(12,671,504)
(14,882,080)

Tax on loss
  
1,901,826
2,593,083

Loss for the financial year
  
(10,769,678)
(12,288,997)

Other comprehensive income for the year
  

Total comprehensive income for the year
  
(10,769,678)
(12,288,997)

The notes on pages 15 to 29 form part of these financial statements.
Page 10

 
MOA TECHNOLOGY LIMITED
REGISTERED NUMBER: 10895764

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
42,848
28,622

Tangible assets
 13 
1,128,481
1,279,521

  
1,171,329
1,308,143

Current assets
  

Debtors
 14 
2,409,357
3,120,335

Cash at bank and in hand
 15 
11,424,689
18,945,033

  
13,834,046
22,065,368

Creditors: amounts falling due within one year
 16 
(2,846,978)
(1,208,772)

Net current assets
  
 
 
10,987,068
 
 
20,856,596

Total assets less current liabilities
  
12,158,397
22,164,739

  

Net assets
  
12,158,397
22,164,739


Capital and reserves
  

Called up share capital 
 17 
12,066
12,066

Share premium account
  
48,156,558
48,156,558

Other reserves
  
2,252,254
1,488,918

Profit and loss account
  
(38,262,481)
(27,492,803)

  
12,158,397
22,164,739


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




H V Lengerich
Director

Date: 2 April 2025

The notes on pages 15 to 29 form part of these financial statements.
Page 11

 
MOA TECHNOLOGY LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Share premium account
Share based payment reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 September 2022
12,066
48,156,558
931,115
(15,203,806)
33,895,933


Comprehensive income for the period

Loss for the period

-
-
-
(12,288,997)
(12,288,997)

Share based payment charge
-
-
557,803
-
557,803


Other comprehensive income for the period
-
-
557,803
-
557,803


Total comprehensive income for the period
-
-
557,803
(12,288,997)
(11,731,194)



At 1 January 2024
12,066
48,156,558
1,488,918
(27,492,803)
22,164,739


Comprehensive income for the year

Loss for the year

-
-
-
(10,769,678)
(10,769,678)

Share based payment charge
-
-
763,336
-
763,336


Other comprehensive income for the year
-
-
763,336
-
763,336


Total comprehensive income for the year
-
-
763,336
(10,769,678)
(10,006,342)


Total transactions with owners
-
-
-
-
-


At 31 December 2024
12,066
48,156,558
2,252,254
(38,262,481)
12,158,397


The notes on pages 15 to 29 form part of these financial statements.
Page 12

 
MOA TECHNOLOGY LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Loss for the financial year
(10,769,678)
(12,288,997)

Adjustments for:

Amortisation of intangible assets
21,801
13,312

Depreciation of tangible assets
525,809
640,336

Interest paid
450
3,163

Interest received
(682,029)
(984,535)

Taxation charge
(2,013,022)
(2,593,083)

Research and development expenditure credit
111,196
-

Decrease/(increase) in debtors
130,917
(17,602)

Increase in creditors
1,638,206
71,776

Net fair value losses recognised in P&L
726,247
557,803

Corporation tax received
2,481,887
1,380,040

Interest and R&D tax operating credit correction
(47,559)
-

Net cash generated from operating activities

(7,875,775)
(13,217,787)


Cash flows from investing activities

Purchase of intangible fixed assets
(36,027)
(33,495)

Purchase of tangible fixed assets
(374,769)
(861,366)

Interest received
766,677
984,535

Net cash from investing activities

355,881
89,674

Cash flows from financing activities

Interest paid
(450)
(3,163)

Net cash used in financing activities
(450)
(3,163)

Net (decrease) in cash and cash equivalents
(7,520,344)
(13,131,276)

Cash and cash equivalents at beginning of year
18,945,033
32,076,309

Cash and cash equivalents at the end of year
11,424,689
18,945,033


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
11,424,689
18,945,033

11,424,689
18,945,033


The notes on pages 15 to 29 form part of these financial statements.

Page 13

 
MOA TECHNOLOGY LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

18,945,033

(7,520,344)

11,424,689

Finance leases

(15,512)

15,512

-


18,929,521
(7,504,832)
11,424,689

The notes on pages 15 to 29 form part of these financial statements.
Page 14

 
MOA TECHNOLOGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

MOA Technology Limited is a private company limited by share capital and incorporated in England and
Wales.
The Company's registered office is The Bellhouse Building, The Magdalen Centre, The Oxford Science Park, 1 Robert Robinson Avenue, Oxford, United Kingdom, OX4 4GA
The Company's principal activity is Research and Development in the field of sustainable herbicides.
The comparative figures are for a 16 month period and are therefore not comparable.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

During the year Moa Technology Limited made a pre tax loss of £12,671,504 (2023: £14,882,080) and had net assets at 31 December 2024 of £12,158,397 (2023: £22,164,739) including cash and cash equivalents of £11,424,689 (2023: £18,945,033).
The Company is several years away from profitability and will rely on equity funding in the period prior to profitability. The Company last raised equity financing in a Series B financing round closed in May 2022. The Directors intend to raise further equity financing through a Series C round in 2025.
 
The Directors have prepared budgets and forecasts assessing the required resources to continue in operational existence for the foreseeable future. The Directors consider these budgets and forecasts to be achievable, however, the Directors have considered alternative scenarios which continue to demonstrate the Company remaining cash positive for a period of at least 12 months from the approval of these financial statements.
The Directors, therefore, continue to prepare the financial statements on the going concern basis.

Page 15

 
MOA TECHNOLOGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP, rounded to the nearest pound.

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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Income generated as a result of collaboration research agreements is included in revenue.

 
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.

Page 16

 
MOA TECHNOLOGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Costs associated with collaboration research agreements are included within research and development costs.

 
2.7

Interest income

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

 
2.8

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.

 
2.9

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.

Page 17

 
MOA TECHNOLOGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.10

Taxation

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.


 
2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 Amortisation is provided on the following bases:

Computer software
-
33%
Straight-line


 
2.12

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:

Leasehold improvements
-
33%
Straight-line
Office equipment
-
33%
Straight-line
Computer equipment
-
33%
Straight-line
Laboratory equipment
-
20%
Straight-line

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.

 
2.13

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.

Page 18

 
MOA TECHNOLOGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.14

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.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.15

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.


 
2.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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 the deduction of all its liabilities.
Page 19

 
MOA TECHNOLOGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.16
Financial instruments (continued)


Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

MoA Technology Limited  make  estimates  and  assumptions  concerning  the  future  and  judgements  in  applying  their accounting policies. The resulting accounting estimates will, by definition, seldom equal the actual results. There were no estimates or assumptions that have caused a significant risk of causing a material adjustment to the carrying value of assets and liabilities within the next financial year.
Tangible fixed assets
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessments consider issues such as the remaining life of the assets and projected disposal values.
Share based payment
The fair value of the share options at the date of grant is determined using the Black-Scholes model. This model uses key assumptions including the risk free rate, share price and volatility of the share price. The fair  value  of  the  options  at  the  date  of  grant  is  then  charged  to  the  Consolidated  Statement  of Comprehensive Income 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.
Stage of completion
The Company makes an assessment of its future performance obligations and the extent to which the costs incurred represent the value attributable to revenue. Due to the early stage of contracts, there is some uncertainty as to the stage of progress towards satisfaction of the performance obligations. 

Page 20

 
MOA TECHNOLOGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


12 month period
31 December
16 month period
31 December
2024
2023
£
£

Turnover
1,900,244
10,000

1,900,244
10,000


Analysis of turnover by country of destination:

12 month period
31 December
16 month period
31 December
2024
2023
£
£

United Kingdom
1,900,244
10,000

1,900,244
10,000



5.


Other operating income

12 month period
31 December
16 month period
31 December
2024
2023
£
£

Research and development expenditure credit
111,196
-

Foreign exchange gains
40,981
-

152,177
-


Page 21

 
MOA TECHNOLOGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Operating loss

The operating loss is stated after charging:

12 month period
31 December
16 month period
31 December
2024
2023
£
£

Research & development charged as an expense
4,684,872
5,261,232

Exchange differences
32,348
(17,269)


7.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


12 month period
31 December
16 month period
31 December
2024
2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
14,150
13,500
Page 22

 
MOA TECHNOLOGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Employees

Staff costs, including Directors' remuneration, were as follows:


12 month period
31 December
16 month period
31 December
2024
2023
£
£

Wages and salaries
5,045,541
4,764,711

Social security costs
506,217
449,703

Cost of defined contribution scheme
280,424
199,202

5,832,182
5,413,616


The average monthly number of employees, including the Directors, during the year was as follows:


  12 month period
     31 December
   16 month period
      31 December
        2024
        2023
            No.
            No.







Staff
75
57



Directors
6
5

81
62


9.


Directors' remuneration

12 month period
31 December
16 month period
31 December
2024
2023
£
£

Directors' emoluments
168,000
161,334

168,000
161,334


Page 23

 
MOA TECHNOLOGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Interest receivable

12 month period
31 December
16 month period
31 December
2024
2023
£
£


Other interest receivable
682,029
987,698

682,029
987,698


11.


Interest payable and similar expenses

12 month period
31 December
16 month period
31 December
2024
2023
£
£


Finance leases and hire purchase contracts
450
3,163

450
3,163

Page 24

 
MOA TECHNOLOGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Intangible assets




Computer software

£



Cost


At 1 January 2024
42,595


Additions
36,027



At 31 December 2024

78,622



Amortisation


At 1 January 2024
13,973


Charge for the year 
21,801



At 31 December 2024

35,774



Net book value



At 31 December 2024
42,848



At 31 December 2023
28,622



Page 25

 
MOA TECHNOLOGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Tangible fixed assets





Leasehold improvements
Office equipment
Computer equipment
Laboratory equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2024
94,514
31,778
572,599
1,927,351
2,626,242


Additions
17,703
4,245
34,101
318,720
374,769



At 31 December 2024

112,217
36,023
606,700
2,246,071
3,001,011



Depreciation


At 1 January 2024
31,272
24,990
229,682
1,060,777
1,346,721


Charge for the year
34,604
6,163
165,909
319,133
525,809



At 31 December 2024

65,876
31,153
395,591
1,379,910
1,872,530



Net book value



At 31 December 2024
46,341
4,870
211,109
866,161
1,128,481



At 31 December 2023
63,242
6,788
342,917
866,574
1,279,521

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


2024
2023
£
£



Laboratory equipment
-
29,690

Page 26

 
MOA TECHNOLOGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Debtors


2024
2023
£
£

Due after more than one year

Other debtors
45,520
45,520

45,520
45,520

Due within one year

Other debtors
158,030
276,427

Prepayments and accrued income
192,785
205,305

Tax recoverable
2,013,022
2,593,083

2,409,357
3,120,335



15.


Cash and cash equivalents

2024
2023
£
£

Cash and cash equivalents
11,424,689
18,945,033



16.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
778,051
800,624

Other taxation and social security
97,439
117,060

Obligations under finance lease and hire purchase contracts
-
15,512

Other creditors
71,886
9,592

Accruals
729,105
265,984

Deferred income
1,170,497
-

2,846,978
1,208,772


Page 27

 
MOA TECHNOLOGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

17.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



669,516 (2023 - 669,516) Ordinary share shares of £0.01 each
6,695
6,695
122,756 (2023 - 122,756) Series B2 shares of £0.01 each
1,228
1,228
414,301 (2023 - 414,301) Series B1 shares of £0.01 each
4,143
4,143

12,066

12,066



18.


Share-based payments

Share options are granted to directors and to selected employees. Options are conditional on the employee completing three years' service (the vesting period) and typically the options become exercisable in three tranches on each anniversary of the vesting commencement date and have a contractual option term of ten years, The Company has no legal or constructive obligation to repurchase or settle the options in cash.

Weighted average exercise price (£)
2024
Number
2024
Weighted average exercise price (£)
2023
Number
2023

Outstanding at the beginning of the year

20.71

148,852

19.85
 
93,135
 
Granted during the year

23.18

45,416

22.16
 
55,717
 
Outstanding at the end of the year
21.29

194,268

20.71
 
148,852
 
2024
2023

Option pricing model used


Black Scholes

Black Scholes
 
Weighted average share price (pounds)


24.20

26.07
 
Exercise price (pounds)


24.20

22.16
 
Weighted average expected term (days)


2190

2,190
 
Expected volatility


73

75
 
Risk-free interest rate


4.52

4.87
 

2024
2023
£
£


Equity-settled schemes
726,247
557,803

Page 28

 
MOA TECHNOLOGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


19.


Pension commitments

The Company operates a defined contributions 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 £266,696 (2023 :£192,202) . Contributions totalling £51,583 (2023: £Nil) were payable to the fund at the balance sheet date and are included in creditors.


20.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
935,498
714,982

Later than 1 year and not later than 5 years
156,877
756,137

1,092,375
1,471,119

The prior accounting period comparative has been restated to correct an error in the operation lease commitments disclosed in the prior accounting period. This has no impact on the profit and loss accounts for the period. 


21.


Related party transactions

During the year consultancy fees for Liam Dolan, a director of the Company, amounted to £48,000 (2023: £44,060). The amount owed to Liam Dolan at the year end was £12,000 (2023: £20,000).
During the year consultancy fees for Parkwalk Advisors Ltd, a major shareholder and investment director of the Company, amounted to £5,000 (2023: £6,250). The amount owed to Parkwalk Advisors Ltd at the year end was £1,500 (2023: £1,500).
During the year consultancy fees for Oxford Science Enterprises plc, a major shareholder and investment director of the Company, amounted to £5,000 (2023: £6,250). The amount owed to Oxford Science Enterprises plc at the year end was £5,250 (2023: £6,250).


22.


Controlling party

In the opinion of the directors, there is no ultimate controlling party. 


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