Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-31true2024-01-01falseResearch and experimental development on biotechnology1312trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 11175710 2024-01-01 2024-12-31 11175710 2023-01-01 2023-12-31 11175710 2024-12-31 11175710 2023-12-31 11175710 c:Director2 2024-01-01 2024-12-31 11175710 d:PlantMachinery 2024-01-01 2024-12-31 11175710 d:PlantMachinery 2024-12-31 11175710 d:PlantMachinery 2023-12-31 11175710 d:PlantMachinery d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 11175710 d:FurnitureFittings 2024-01-01 2024-12-31 11175710 d:FurnitureFittings 2024-12-31 11175710 d:FurnitureFittings 2023-12-31 11175710 d:FurnitureFittings d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 11175710 d:OfficeEquipment 2024-01-01 2024-12-31 11175710 d:OfficeEquipment 2024-12-31 11175710 d:OfficeEquipment 2023-12-31 11175710 d:OfficeEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 11175710 d:ComputerEquipment 2024-01-01 2024-12-31 11175710 d:ComputerEquipment 2024-12-31 11175710 d:ComputerEquipment 2023-12-31 11175710 d:ComputerEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 11175710 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 11175710 d:PatentsTrademarksLicencesConcessionsSimilar 2024-12-31 11175710 d:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 11175710 d:CurrentFinancialInstruments 2024-12-31 11175710 d:CurrentFinancialInstruments 2023-12-31 11175710 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 11175710 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 11175710 d:ShareCapital 2024-12-31 11175710 d:ShareCapital 2023-12-31 11175710 d:SharePremium 2024-12-31 11175710 d:SharePremium 2023-12-31 11175710 d:RetainedEarningsAccumulatedLosses 2024-12-31 11175710 d:RetainedEarningsAccumulatedLosses 2023-12-31 11175710 c:OrdinaryShareClass2 2024-01-01 2024-12-31 11175710 c:OrdinaryShareClass2 2024-12-31 11175710 c:OrdinaryShareClass2 2023-12-31 11175710 c:OrdinaryShareClass3 2024-01-01 2024-12-31 11175710 c:OrdinaryShareClass3 2024-12-31 11175710 c:OrdinaryShareClass3 2023-12-31 11175710 c:OrdinaryShareClass4 2024-01-01 2024-12-31 11175710 c:OrdinaryShareClass4 2024-12-31 11175710 c:OrdinaryShareClass4 2023-12-31 11175710 c:OrdinaryShareClass5 2024-01-01 2024-12-31 11175710 c:OrdinaryShareClass5 2024-12-31 11175710 c:OrdinaryShareClass5 2023-12-31 11175710 c:FRS102 2024-01-01 2024-12-31 11175710 c:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 11175710 c:FullAccounts 2024-01-01 2024-12-31 11175710 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 11175710 d:PatentsTrademarksLicencesConcessionsSimilar d:ExternallyAcquiredIntangibleAssets 2024-01-01 2024-12-31 11175710 2 2024-01-01 2024-12-31 11175710 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2024-01-01 2024-12-31 11175710 e:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 11175710









SMI DRUG DISCOVERY LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
SMI DRUG DISCOVERY LIMITED
REGISTERED NUMBER: 11175710

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Intangible assets
 4 
116,592
84,515

Tangible assets
 5 
25,791
21,739

  
142,383
106,254

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 6 
407,112
304,350

Bank and cash balances
  
668,805
484,095

  
1,075,917
788,445

Creditors: amounts falling due within one year
 7 
(86,614)
(80,186)

NET CURRENT ASSETS
  
 
 
989,303
 
 
708,259

NET ASSETS
  
1,131,686
814,513


CAPITAL AND RESERVES
  

Called up share capital 
 8 
8,845
8,159

Share premium account
  
4,945,162
3,129,202

Profit and loss account
  
(3,822,321)
(2,322,848)

  
1,131,686
814,513


Page 1

 
SMI DRUG DISCOVERY LIMITED
REGISTERED NUMBER: 11175710
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 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: 




J Clark
Director

Date: 10 April 2025

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
SMI DRUG DISCOVERY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


GENERAL INFORMATION

The Company is a private company limited by shares and incorporated in England and Wales. The
registered office address is 23 Longmeadow, Lode, Cambridge, United Kingdom, CB25 9HA.

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

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.

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

 
2.3

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.

 
2.4

RESEARCH AND DEVELOPMENT

Research and development expenditure is recognised in the Profit and Loss Account in the period in which the expenditure is incurred.

Page 3

 
SMI DRUG DISCOVERY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.5

GOVERNMENT GRANTS

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Profit and Loss Account in the same period as the related expenditure.

 
2.6

INTEREST INCOME

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

 
2.7

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.

 
2.8

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.

 
2.9

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.


 
2.10

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.

Page 4

 
SMI DRUG DISCOVERY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.11

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
-
5 years
Fixtures and fittings
-
5 years
Office equipment
-
5 years
Computer equipment
-
3  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.

 
2.12

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.

 
2.13

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.

 
2.14

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.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 13 (2023 - 12).

Page 5

 
SMI DRUG DISCOVERY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


INTANGIBLE ASSETS




Patents

£



COST


At 1 January 2024
84,999


Additions
33,411



At 31 December 2024

118,410



AMORTISATION


At 1 January 2024
484


Charge for the year on owned assets
1,334



At 31 December 2024

1,818



NET BOOK VALUE



At 31 December 2024
116,592



At 31 December 2023
84,515



Page 6

 
SMI DRUG DISCOVERY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


TANGIBLE FIXED ASSETS





Plant and machinery
Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£
£



COST OR VALUATION


At 1 January 2024
-
-
13,856
36,845
50,701


Additions
14,501
387
727
1,739
17,354



At 31 December 2024

14,501
387
14,583
38,584
68,055



DEPRECIATION


At 1 January 2024
-
-
4,966
23,996
28,962


Charge for the year on owned assets
767
61
2,869
9,605
13,302



At 31 December 2024

767
61
7,835
33,601
42,264



NET BOOK VALUE



At 31 December 2024
13,734
326
6,748
4,983
25,791



At 31 December 2023
-
-
8,890
12,849
21,739


6.


DEBTORS

2024
2023
£
£


Amounts owed by group undertakings
17,311
51,624

Other debtors
360,947
224,202

Prepayments and accrued income
28,854
28,524

407,112
304,350


Page 7

 
SMI DRUG DISCOVERY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Trade creditors
15,624
15,428

Other taxation and social security
20,611
22,024

Other creditors
31,309
30,292

Accruals and deferred income
19,070
12,442

86,614
80,186


Other creditors include £11,989 (2023: £10,939) payable to the Company's defined contribution pension scheme.


8.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



4,274,973 (2023 - 3,638,820) Class A1 shares of £0.001 each
4,275
3,639
3,960,000 (2023 - 3,960,000) Class A2 shares of £0.001 each
3,960
3,960
450,000 (2023 - 400,000) Class B shares of £0.001 each
450
400
120,000 (2023 - 120,000) Class C shares of £0.001 each
120
120

8,805

8,119

ALLOTTED, CALLED UP AND PARTLY PAID



40,000 (2023 - 40,000) Class A2 shares of £0.001 each
40
40


On 18 July 2024, the Company issued 50,000 ordinary Class B £0.001 shares for a consideration of £0.001 per share.
On 6 September 2024, the Company issued 478,920 ordinary Class A1 £0.001 shares for a consideration of £3.07 per share.
On 28 November 2024, the Company issued 157,233 ordinary Class A1 £0.001 shares for a consideration of £3.18 per share.

Page 8

 
SMI DRUG DISCOVERY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


SHARE-BASED PAYMENTS

Weighted average exercise price (pence)
2024
Number
2024

Outstanding at the beginning of the year

0.1

710,000

Granted during the year


-

OUTSTANDING AT THE END OF THE YEAR

710,000


2024

Option pricing model used


Fair value

Weighted average share price (pence)


53

Exercise price (pence)


0.1

Weighted average contractual life (years)


8.57

Expected volatility


51.48%

Expected dividend growth rate


0%

Risk-free interest rate


3.36% - 4.91%


2024
£


Equity-settled schemes
114,226

114,226

 
Page 9