Caseware UK (AP4) 2024.0.164 2024.0.164 2025-03-312025-03-312025-05-2425true2024-04-01false31falseresearch and development on biotechnologytrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09851144 2024-04-01 2025-03-31 09851144 2023-04-01 2024-03-31 09851144 2025-03-31 09851144 2024-03-31 09851144 2023-04-01 09851144 c:Director2 2024-04-01 2025-03-31 09851144 d:MotorVehicles 2024-04-01 2025-03-31 09851144 d:MotorVehicles 2025-03-31 09851144 d:MotorVehicles 2024-03-31 09851144 d:MotorVehicles d:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 09851144 d:FurnitureFittings 2024-04-01 2025-03-31 09851144 d:FurnitureFittings 2025-03-31 09851144 d:FurnitureFittings 2024-03-31 09851144 d:FurnitureFittings d:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 09851144 d:OtherPropertyPlantEquipment 2024-04-01 2025-03-31 09851144 d:OtherPropertyPlantEquipment 2025-03-31 09851144 d:OtherPropertyPlantEquipment 2024-03-31 09851144 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 09851144 d:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 09851144 d:PatentsTrademarksLicencesConcessionsSimilar 2024-04-01 2025-03-31 09851144 d:PatentsTrademarksLicencesConcessionsSimilar 2025-03-31 09851144 d:PatentsTrademarksLicencesConcessionsSimilar 2024-03-31 09851144 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-04-01 2025-03-31 09851144 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2025-03-31 09851144 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-03-31 09851144 d:CurrentFinancialInstruments 2025-03-31 09851144 d:CurrentFinancialInstruments 2024-03-31 09851144 d:Non-currentFinancialInstruments 2025-03-31 09851144 d:Non-currentFinancialInstruments 2024-03-31 09851144 d:CurrentFinancialInstruments d:WithinOneYear 2025-03-31 09851144 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 09851144 d:Non-currentFinancialInstruments d:AfterOneYear 2025-03-31 09851144 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 09851144 d:ShareCapital 2025-03-31 09851144 d:ShareCapital 2024-03-31 09851144 d:SharePremium 2025-03-31 09851144 d:SharePremium 2024-03-31 09851144 d:CapitalRedemptionReserve 2025-03-31 09851144 d:CapitalRedemptionReserve 2024-03-31 09851144 d:OtherMiscellaneousReserve 2025-03-31 09851144 d:OtherMiscellaneousReserve 2024-03-31 09851144 d:RetainedEarningsAccumulatedLosses 2025-03-31 09851144 d:RetainedEarningsAccumulatedLosses 2024-03-31 09851144 c:OrdinaryShareClass1 2024-04-01 2025-03-31 09851144 c:OrdinaryShareClass1 2025-03-31 09851144 c:OrdinaryShareClass1 2024-03-31 09851144 c:OrdinaryShareClass2 2024-04-01 2025-03-31 09851144 c:OrdinaryShareClass2 2025-03-31 09851144 c:OrdinaryShareClass2 2024-03-31 09851144 c:OrdinaryShareClass3 2024-04-01 2025-03-31 09851144 c:OrdinaryShareClass3 2025-03-31 09851144 c:OrdinaryShareClass3 2024-03-31 09851144 c:FRS102 2024-04-01 2025-03-31 09851144 c:AuditExempt-NoAccountantsReport 2024-04-01 2025-03-31 09851144 c:FullAccounts 2024-04-01 2025-03-31 09851144 c:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 09851144 d:WithinOneYear 2025-03-31 09851144 d:WithinOneYear 2024-03-31 09851144 d:BetweenOneFiveYears 2025-03-31 09851144 d:BetweenOneFiveYears 2024-03-31 09851144 2 2024-04-01 2025-03-31 09851144 6 2024-04-01 2025-03-31 09851144 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2024-04-01 2025-03-31 09851144 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2024-04-01 2025-03-31 09851144 e:PoundSterling 2024-04-01 2025-03-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 09851144









ENTOMICS BIOSYSTEMS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

 
ENTOMICS BIOSYSTEMS LIMITED
REGISTERED NUMBER: 09851144

BALANCE SHEET
AS AT 31 MARCH 2025

2025
2024
Note
£
£

FIXED ASSETS
  

Intangible fixed assets
 4 
281,945
361,553

Tangible fixed assets
 5 
893,719
1,628,717

Investments
 6 
86
-

  
1,175,750
1,990,270

CURRENT ASSETS
  

Debtors: amounts falling due after more than one year
 7 
8,634
-

Debtors: amounts falling due within one year
 7 
489,841
751,037

Cash at bank and in hand
  
782,849
2,124,293

  
1,281,324
2,875,330

Creditors: amounts falling due within one year
 8 
(149,157)
(218,193)

NET CURRENT ASSETS
  
 
 
1,132,167
 
 
2,657,137

TOTAL ASSETS LESS CURRENT LIABILITIES
  
2,307,917
4,647,407

Creditors: amounts falling due after more than one year
 9 
(5,562)
(11,643)

  

NET ASSETS
  
2,302,355
4,635,764


CAPITAL AND RESERVES
  

Called up share capital 
 10 
247
247

Share premium account
  
13,011,613
12,611,625

Capital redemption reserve
  
31
31

Other reserves
  
265,473
965,603

Profit and loss account
  
(10,975,009)
(8,941,742)

  
2,302,355
4,635,764


Page 1

 
ENTOMICS BIOSYSTEMS LIMITED
REGISTERED NUMBER: 09851144
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2025

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: 




F Fotiadis
Director

Date: 24 May 2025

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
ENTOMICS BIOSYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

1.


GENERAL INFORMATION

Entomics Biosystems Limited is a private company limited by shares incorporated in England and Wales. Its registered office is Future Business Centre, Kings Hedges Road, Cambridge, Cambridgeshire, United Kingdom, CB4 2HY.

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

GOING CONCERN

The Company incurred further losses during the financial year. The financial statements are prepared on the going concern basis. The Company is involved in research and development activities and is working towards achieving a sustainable revenue generating activity. The directors have considered the basis of the financial statements and are satisfied that a combination of business growth and further investment commitments will enable the Company to meet its liabilities as they fall due.

 
2.3

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'.

Page 3

 
ENTOMICS BIOSYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.ACCOUNTING POLICIES (CONTINUED)

 
2.4

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 

 
2.5

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.

 
2.6

RESEARCH AND DEVELOPMENT

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which has been estimated to be 5 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.7

INTEREST INCOME

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

 
2.8

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.

 
2.9

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

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 other creditors as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
ENTOMICS BIOSYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.ACCOUNTING POLICIES (CONTINUED)

 
2.11

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.

 
2.12

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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 5

 
ENTOMICS BIOSYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.ACCOUNTING POLICIES (CONTINUED)

 
2.13

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.

 The estimated useful lives range as follows:

Patents
-
7
years
Development expenditure
-
5
years

 
2.14

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:

Motor vehicles
-
25%
on cost
Fixtures and fittings
-
25%
on cost
Other fixed assets
-
33%
on cost

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.

 
2.15

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and Loss Account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Page 6

 
ENTOMICS BIOSYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.ACCOUNTING POLICIES (CONTINUED)

 
2.16

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.

 
2.17

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.

 
2.18

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 31 (2024 - 25).

Page 7

 
ENTOMICS BIOSYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

4.


INTANGIBLE ASSETS




Patents
Development expenditure
Total

£
£
£



COST


At 1 April 2024
7,732
398,040
405,772



At 31 March 2025

7,732
398,040
405,772



AMORTISATION


At 1 April 2024
7,732
36,487
44,219


Charge for the year on owned assets
-
79,608
79,608



At 31 March 2025

7,732
116,095
123,827



NET BOOK VALUE



At 31 March 2025
-
281,945
281,945



At 31 March 2024
-
361,553
361,553



Page 8

 
ENTOMICS BIOSYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

5.


TANGIBLE FIXED ASSETS





Motor vehicles
Fixtures and fittings
Other fixed assets
Total

£
£
£
£



COST OR VALUATION


At 1 April 2024
26,740
1,138,842
1,643,596
2,809,178


Additions
3,024
51,878
3,092
57,994


Disposals
(10,895)
-
-
(10,895)



At 31 March 2025

18,869
1,190,720
1,646,688
2,856,277



DEPRECIATION


At 1 April 2024
14,232
568,417
597,812
1,180,461


Charge for the year on owned assets
5,273
238,997
543,392
787,662


Disposals
(5,565)
-
-
(5,565)



At 31 March 2025

13,940
807,414
1,141,204
1,962,558



NET BOOK VALUE



At 31 March 2025
4,929
383,306
505,484
893,719



At 31 March 2024
12,508
570,425
1,045,784
1,628,717


6.


FIXED ASSET INVESTMENTS





Investments in subsidiary companies

£



COST OR VALUATION


Additions
86



At 31 March 2025
86




The Company holds 100% of the ordinary shares in Entomics Biosystems Europe Limited, a company incorporated in Greece. In the opinion of the directors, the aggregate value of the investment in the subsidiary undertaking is not less than the amount included on the balance sheet.

Page 9

 
ENTOMICS BIOSYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

7.


DEBTORS

2025
2024
£
£

DUE AFTER MORE THAN ONE YEAR

Other debtors
8,634
-


Included within other debtors due after more than one year are loans made to directors of £8,634 (2023 - £NIL). The loans are repayable on demand and interest-free.

2025
2024
£
£

DUE WITHIN ONE YEAR

Trade debtors
34,128
149,042

Amounts owed by group undertakings
2,460
-

Other debtors
438,051
595,014

Prepayments and accrued income
15,202
6,981

489,841
751,037



8.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025
2024
£
£

Bank overdrafts
6,947
-

Bank loans
10,000
10,000

Trade creditors
39,312
105,659

Other taxation and social security
39,599
46,887

Obligations under finance lease and hire purchase contracts
1,722
-

Other creditors
10,527
9,564

Accruals and deferred income
41,050
46,083

149,157
218,193


Obligations under hire purchase contracts are secured against the underlying assets within the contracts.
Bank loans relate to a Government backed 'bounceback' loan. This loan is 100% guaranteed by the Government and interest is charged at 2.5% per annum. The loan is repayable in equal instalments until July 2026.
Included within other creditors are amounts due to the Company's defined contribution pension scheme of £10,527 (2024 - £5,558).

Page 10

 
ENTOMICS BIOSYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

9.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025
2024
£
£

Bank loans
3,362
11,643

Net obligations under finance leases and hire purchase contracts
2,200
-

5,562
11,643


Obligations under hire purchase contracts are secured against the underlying assets within the contracts.
Bank loans relate to a Government backed 'bounceback' loan. This loan is 100% guaranteed by the Government and interest is charged at 2.5% per annum. The loan is repayable in equal instalments until July 2026.


10.


SHARE CAPITAL

2025
2024
£
£
ALLOTTED, CALLED UP AND FULLY PAID



623,828 (2024 - 600,619) Series A Preferred shares shares of £0.0001 each
62
62
454,000 (2024 - 454,000) Preferred shares shares of £0.0001 each
45
45
1,399,612 (2024 - 1,399,612) Ordinary shares shares of £0.0001 each
140
140

247

247

On 2 April 2024, 23,209 Series A Preferred shares were allotted at a price per share of £17.2342.


Page 11

 
ENTOMICS BIOSYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

11.


SHARE-BASED PAYMENTS

During the year, the Company recognised a share-based payment credit of £700,130 (2024 - a debit of £146,498)

Weighted average exercise price (pence)
2025
Number
2025
Weighted average exercise price
(pence)
2024
Number
2024

Outstanding at the beginning of the year

0.01

38,309

0.01
 
11,272
 
Granted during the year

0.01

5,221

0.01
 
33,309
 
Forfeited during the year

0.01

(2,561)

0.01
 
-
 
Expired during the year

0.01

(10,874)

0.01
 
(6,272)
 
OUTSTANDING AT THE END OF THE YEAR
0.01

30,095

0.01
 
38,309
 

2025
2024

Option pricing model used


Black Scholes Model

Black Scholes Model
 
Weighted average share price (pence)


1,723.42

1,723.42
 
Exercise price (pence)


667.76 - 825.88

667.76 - 825.88
 
Weighted average contractual life (days)


960

913
 
Expected volatility


50.00%

50.00%
 
Risk-free interest rate


4.44%

4.44%
 



12.


COMMITMENTS UNDER OPERATING LEASES

At 31 March 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2025
2024
£
£


Not later than 1 year
158,517
155,260

Later than 1 year and not later than 5 years
14,520
18,811

173,037
174,071

 
Page 12