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COMPANY REGISTRATION NUMBER: 12687410
Hothouse Therapeutics Limited
Unaudited financial statements
31 December 2024
Hothouse Therapeutics Limited
Statement of financial position
31 December 2024
31 Dec 24
30 Jun 24
Note
£
£
£
£
Current assets
Debtors
5
169,328
Cash at bank and in hand
1,646,332
525
-----------
----
1,815,660
525
Creditors: Amounts falling due within one year
6
( 82,680)
( 900)
-----------
----
Net current assets/(liabilities)
1,732,980
( 375)
-----------
----
Total assets less current liabilities
1,732,980
( 375)
-----------
----
Net assets/(liabilities)
1,732,980
( 375)
-----------
----
Capital and reserves
Called up share capital
7
232
130
Share premium account
2,089,927
Profit and loss account
( 357,179)
( 505)
-----------
----
Shareholders funds/(deficit)
1,732,980
( 375)
-----------
----
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the period ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 4 June 2025 , and are signed on behalf of the board by:
Dr D W Sheppard
Director
Company registration number: 12687410
Hothouse Therapeutics Limited
Notes to the financial statements
Period from 1 July 2024 to 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Centrum, Norwich Research Park, Colney Lane, Norwich, Norfolk, NR4 7GJ, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Changes in accounting policies
The financial statements for the prior period were prepared in accordance with the micro-entity provisions. The transition to Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' has not resulted in any changes to the reported results of the company.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Defined contribution pension plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of employees during the period was 7 (2024: 1 ).
5. Debtors
31 Dec 24
30 Jun 24
£
£
Called up share capital not paid
22
Prepayments and accrued income
43,514
Corporation tax repayable
74,422
Other debtors
51,370
---------
----
169,328
---------
----
6. Creditors: Amounts falling due within one year
31 Dec 24
30 Jun 24
£
£
Trade creditors
21,352
Accruals and deferred income
29,125
900
Social security and other taxes
22,707
Other creditors
9,496
-------
----
82,680
900
-------
----
7. Called up share capital
Issued, called up and fully paid
31 Dec 24
30 Jun 24
No.
£
No.
£
Ordinary shares of £ 0.0001 (2024 - £ 0.001) each
1,046,747
105
130,000
130
Seed shares of £ 0.0001 each
803,849
80
Deferred shares of £ 0.0001 each
473,253
47
-----------
----
---------
----
2,323,849
232
130,000
130
-----------
----
---------
----
During the period, each ordinary £0.001 share was sub-divided into 10 ordinary £0.0001 share. During the period, 473,253 ordinary shares were re-designated as 473,253 deferred shares. During the period, 220,000 ordinary shares were issued at par and 803,849 seed shares were issued at an amount of £2.60 per share. A further 307,918 seed shares were issued at an amount of £2.60 per share on 6 January 2025. The deferred shares are redeemable and carry no rights in relation to voting or dividends. The holders of deferred shares are paid in preference to all other classes of share on a distribution of assets on liquidation or a return of capital. The ordinary and seed shares are non-redeemable and carry full voting and dividend rights. Seed shares are paid in priority to ordinary shares on a distribution of assets on liquidation or a return of capital.