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REGISTERED NUMBER: 15044207 (England and Wales)















Unaudited Financial Statements

for the Period 2 August 2023 to 31 December 2024

for

FUNCTION RX LIMITED

FUNCTION RX LIMITED (REGISTERED NUMBER: 15044207)

Contents of the Financial Statements
FOR THE PERIOD 2 AUGUST 2023 TO 31 DECEMBER 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FUNCTION RX LIMITED

Company Information
FOR THE PERIOD 2 AUGUST 2023 TO 31 DECEMBER 2024







DIRECTORS: Prof. G Balmus
Dr C Muller





REGISTERED OFFICE: C/o Function Rx Limited, Babraham Moneta
Babraham Research Campus
Cambridge
United Kingdom
CB22 3AT





REGISTERED NUMBER: 15044207 (England and Wales)






FUNCTION RX LIMITED (REGISTERED NUMBER: 15044207)

Balance Sheet
31 DECEMBER 2024

Notes £    £   
FIXED ASSETS
Tangible assets 4 2,592

CURRENT ASSETS
Debtors 5 553,503
Cash at bank 7,116,280
7,669,783
CREDITORS
Amounts falling due within one year 6 440,449
NET CURRENT ASSETS 7,229,334
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,231,926

CAPITAL AND RESERVES
Called up share capital 7 103
Other reserves 8 9,395,840
Retained earnings 8 (2,164,017 )
SHAREHOLDERS' FUNDS 7,231,926

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

FUNCTION RX LIMITED (REGISTERED NUMBER: 15044207)

Balance Sheet - continued
31 DECEMBER 2024


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 30 April 2025 and were signed on its behalf by:





Prof. G Balmus - Director


FUNCTION RX LIMITED (REGISTERED NUMBER: 15044207)

Notes to the Financial Statements
FOR THE PERIOD 2 AUGUST 2023 TO 31 DECEMBER 2024


1. STATUTORY INFORMATION

Function Rx Limited is a private company, limited by shares , registered in England and Wales. 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. ACCOUNTING POLICIES

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

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 - 33% on cost

Taxation
Taxation for the period 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 period 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.


FUNCTION RX LIMITED (REGISTERED NUMBER: 15044207)

Notes to the Financial Statements - continued
FOR THE PERIOD 2 AUGUST 2023 TO 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

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.

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.

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.

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

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

Going concern
The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for a period of at least twelve months from the date of signing this report.
The Company relies on the continued support from its investors which have confirmed that it will continue to provide this for the foreseeable future. On that basis, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 2 .

FUNCTION RX LIMITED (REGISTERED NUMBER: 15044207)

Notes to the Financial Statements - continued
FOR THE PERIOD 2 AUGUST 2023 TO 31 DECEMBER 2024


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
Additions 3,778
At 31 December 2024 3,778
DEPRECIATION
Charge for period 1,186
At 31 December 2024 1,186
NET BOOK VALUE
At 31 December 2024 2,592

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Other debtors 5,112
Tax 404,058
Prepayments 144,333
553,503

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Trade creditors 285,422
Other creditors 257
Accrued expenses 154,770
440,449

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal
value: £   
1,030,928 Ordinary 0.000 1 103

FUNCTION RX LIMITED (REGISTERED NUMBER: 15044207)

Notes to the Financial Statements - continued
FOR THE PERIOD 2 AUGUST 2023 TO 31 DECEMBER 2024


8. RESERVES
Retained Other
earnings reserves Totals
£    £    £   

Deficit for the period (2,164,017 ) (2,164,017 )
Capital introduced - 9,395,840 9,395,840
At 31 December 2024 (2,164,017 ) 9,395,840 7,231,823

9. ULTIMATE CONTROLLING PARTY

The company is owned by a number of private shareholders and companies, none of whom own more than 50% of the issued share capital of the company.
Accordingly there is no parent entity nor ultimate controlling party.