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REGISTERED NUMBER: SC518335 (Scotland)















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: D S Gilchrist
C M Jones
D Doogan
N W Gibson
G Caldow
A E Pickett





REGISTERED OFFICE: Imaging Centre of Excellence
Queen Elizabeth University Hospital
Glasgow
G51 4TF





REGISTERED NUMBER: SC518335 (Scotland)





AUDITORS: Sharles Audit Limited
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 87,294 207,272
Cash at bank 3,833,468 5,965,399
3,920,762 6,172,671
CREDITORS
Amounts falling due within one year 7 302,474 195,468
NET CURRENT ASSETS 3,618,288 5,977,203
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,618,288

5,977,203

CAPITAL AND RESERVES
Called up share capital 440 440
Share premium 13,132,585 13,132,585
Share based payment reserve 981,572 922,460
Retained earnings (10,496,309 ) (8,078,282 )
SHAREHOLDERS' FUNDS 3,618,288 5,977,203

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 April 2025 and were signed on its behalf by:





D S Gilchrist - Director


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 private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. There were no material departures from that standard.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost

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 11 (2023 - 9 ) .

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 58,683
DEPRECIATION
At 1 November 2023
and 31 October 2024 58,683
NET BOOK VALUE
At 31 October 2024 -

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 87,294 207,272

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 205,063 14,460
Other creditors 97,411 181,008
302,474 195,468

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Keith Edwards (Senior Statutory Auditor)
for and on behalf of Sharles Audit Limited

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.