REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 October 2024 |
for |
Causeway Therapeutics Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 October 2024 |
for |
Causeway Therapeutics Limited |
Causeway Therapeutics Limited (Registered number: SC518335) |
Contents of the Financial Statements |
for the Year Ended 31 October 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Causeway Therapeutics Limited |
Company Information |
for the Year Ended 31 October 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
29 Brandon Street |
Hamilton |
ML3 6DA |
Causeway Therapeutics Limited (Registered number: SC518335) |
Balance Sheet |
31 October 2024 |
2024 | 2023 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Share based payment reserve |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Causeway Therapeutics Limited (Registered number: SC518335) |
Notes to the Financial Statements |
for the Year Ended 31 October 2024 |
1. | STATUTORY INFORMATION |
Causeway Therapeutics Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared on a going concern basis despite the ongoing losses being incurred by the company. These losses relate to the research and development activities of the company that have been funded by the issue of additional share capital to investors or by loans from investors. |
The directors have prepared detailed forecasts covering a period of at least 12 months from the date of signature of these financial statements. |
While these forecasts indicate that company will have spent all its currently available funds by the end of July 2025 the directors are in the process of securing £2.4m of additional funding from existing investors towards ongoing research and development work. |
The directors are confident that this additional funding will be obtained and that the company can continue operating as a going concern. |
The financial statements do not include any adjustments that would arise should additional funding not be obtained. |
Tangible fixed assets |
Plant and machinery etc | - |
Tangible fixed assets held for the companies own use are stated at cost less accumulated depreciation and accumulated impairment loss. |
At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
Expenditure of £500 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the income statement in the period it is incurred. |
Government grants |
Grants considered to be revenue in nature are credited to the profit and loss account in the period to which they relate. Grants of a capital nature are reflected as deferred income in the balance sheet and released to the profit and loss account over the estimated useful life of the assets to which they relate. |
Causeway Therapeutics Limited (Registered number: SC518335) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2024 |
3. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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. |
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 which is determined based on the latest subscription price of £5.82. The fair value determined at the grant date is expensed on a straight line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity. |
When the terms and conditions of equity settled share based payments are subsequently modified, the fair value of the share based payments are determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share based payment. |
Cancellations or settlements are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Causeway Therapeutics Limited (Registered number: SC518335) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2024 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 November 2023 |
and 31 October 2024 |
DEPRECIATION |
At 1 November 2023 |
and 31 October 2024 |
NET BOOK VALUE |
At 31 October 2024 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Other creditors |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
During the year, the company was charged consultancy fees by the following directors: |
Dr Neil Walker Gibson £20,000 (2023 - £23,047) |
Mr Christopher Michael Jones £21,131 (2023 - £23,421) |
Mr Alexander Earl Picket £18,319 (2023 - £16,856) |
Dr Declan Doogan £30,000 (2023 - £20,000) |
These transactions were conducted under normal market terms. |
Causeway Therapeutics Limited (Registered number: SC518335) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2024 |
10. | SHARE BASED PAYMENTS |
The total expense recognised in the profit and loss for the year is as follows: |
2024 | 2023 |
£ | £ |
Equity settled share based payments | 59,112 | 922,460 |
154,000 shares are exercisable at a price of £0.01 at October 2024 (2023 - 154,000) |
20,100 shares are exercisable at a price of £1.50 at October 2024 (2023 - NIL) |
38,700 shares are exercisable at a price of £6.00 at October 2024 (2023 - NIL) |
Options issued under the EMI option scheme are issued to employees, subject to the discretion of the directors for performance related achievements. Options shall be capable of being exercised upon an exit event, or if the directors determine, an earlier potential exercise date. |
Where options have been issued to individuals not eligible to participate in the EMI option scheme, they are issued into the unapproved share option scheme. The exercise of options within the unapproved scheme is not dependent on any performance criteria, and may be exercised in whole or in part at any time, and from time to time following issue. |