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Registered number: 08335008









ISOMERASE THERAPEUTICS LIMITED









FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
ISOMERASE THERAPEUTICS LIMITED
 
 
COMPANY INFORMATION


Directors
Mr R Booth 
Dr M Gregory 
Dr S Moss 
Mr B Wilkinson 




Registered number
08335008



Registered office
First Floor Newnham Building
Chesterford Research Park

Cambridge

CB10 1XL




Independent auditors
Lakin Rose Limited
Chartered Accountants & Statutory Auditors

Cambridge House

Camboro Business Park

Girton

Cambridge

CB3 0QH





 
ISOMERASE THERAPEUTICS LIMITED
 

CONTENTS



Page
Balance Sheet
 
1
Notes to the Financial Statements
 
2 - 8

 
ISOMERASE THERAPEUTICS LIMITED
REGISTERED NUMBER: 08335008

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
                                                                           Note
£
£

Fixed assets
  

Intangible assets
 4 
5,125
6,672

Tangible assets
 5 
501,711
586,442

Current assets
  

Stocks
  
13,835
-

Debtors
 6 
1,485,063
978,726

Cash at bank and in hand
  
1,393,735
1,743,328

  
2,892,633
2,722,054

Creditors: amounts falling due within one year
 7 
(484,583)
(486,901)

Net current assets
  
 
 
2,408,050
 
 
2,235,153

Total assets less current liabilities
  
2,914,886
2,828,267

  

Net assets
  
2,914,886
2,828,267


Capital and reserves
  

Called up share capital 
  
8,985
8,880

Share premium account
  
192,257
185,263

Profit and loss account
  
2,713,644
2,634,124

  
2,914,886
2,828,267


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 statement of comprehensive income 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 on 8 May 2025.





Dr M Gregory
Director

The notes on pages 2 to 8 form part of these financial statements.
Page 1

 
ISOMERASE THERAPEUTICS 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 is incorporated and domiciled in England.  The address of its registered office is First Floor Newnham Building, Chesterford Research Park, Cambridge, CB10 1XL.

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

Turnover

Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.
Revenue is recognised as contract activity progresses and entitlement to consideration arises under the terms of client contracts.

 
2.3

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:

Other intangible fixed assets
-
20%
straight line

 
2.4

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.

Page 2

 
ISOMERASE THERAPEUTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

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:

Short-term leasehold property
-
20%
straight line
Plant and machinery
-
20%
straight line
Office equipment
-
33%
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.

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.6

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.

 
2.7

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.

Page 3

 
ISOMERASE THERAPEUTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

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.

 
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

Research and development

Research and development expenditure is written off in the year in which it is incurred.


3.


Employees

The average monthly number of employees, including directors, during the year was 37 (2023 - 37).

Page 4

 
ISOMERASE THERAPEUTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Intangible assets




Patents

£



Cost


At 1 January 2024
7,736



At 31 December 2024

7,736



Amortisation


At 1 January 2024
1,064


Charge for the year on owned assets
1,547



At 31 December 2024

2,611



Net book value



At 31 December 2024
5,125



At 31 December 2023
6,672



Page 5

 
ISOMERASE THERAPEUTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2024
32,678
1,186,780
84,982
1,304,440


Additions
10,945
96,270
10,759
117,974


Disposals
-
(375)
-
(375)



At 31 December 2024

43,623
1,282,675
95,741
1,422,039



Depreciation


At 1 January 2024
7,027
640,509
70,462
717,998


Charge for the year on owned assets
8,411
184,491
9,803
202,705


Disposals
-
(375)
-
(375)



At 31 December 2024

15,438
824,625
80,265
920,328



Net book value



At 31 December 2024
28,185
458,050
15,476
501,711



At 31 December 2023
25,651
546,271
14,520
586,442
Page 6

 
ISOMERASE THERAPEUTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
21,782
21,782

Due within one year

Trade debtors
1,091,374
426,906

Other debtors
188,545
292,440

Prepayments and accrued income
183,362
237,598

1,485,063
978,726



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
67,800
218,706

Other taxation and social security
72,546
61,411

Other creditors
19,594
17,418

Accruals and deferred income
324,643
189,366

484,583
486,901



8.


Pension commitments

The company operates a defined contribution pension scheme and makes contributions to its employees' personal pension plans. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension charge represents contributions payable by the company which amounted to £188,752 (2023: £169,496). £16,472 (2023: £14,705) of pension contributions were payable at the balance sheet date.

Page 7

 
ISOMERASE THERAPEUTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


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
284,337
284,337

Later than 1 year and not later than 5 years
1,057,175
1,089,477

Later than 5 years
163,281
415,316

1,504,793
1,789,130


10.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 8 May 2025 by Natalie Peacock (Senior Statutory Auditor) on behalf of Lakin Rose Limited.

 
Page 8