Acorah Software Products - Accounts Production 16.3.350 false true true 31 December 2023 1 January 2023 false 1 January 2024 31 December 2024 31 December 2024 13077801 Irsyad Khairil Anuar true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 13077801 2023-12-31 13077801 2024-12-31 13077801 2024-01-01 2024-12-31 13077801 frs-core:CurrentFinancialInstruments 2024-12-31 13077801 frs-core:BetweenOneFiveYears 2024-12-31 13077801 frs-core:ComputerEquipment 2024-12-31 13077801 frs-core:ComputerEquipment 2024-01-01 2024-12-31 13077801 frs-core:ComputerEquipment 2023-12-31 13077801 frs-core:CopyrightsPatentsTrademarksServiceOperatingRights 2024-01-01 2024-12-31 13077801 frs-core:FurnitureFittings 2024-12-31 13077801 frs-core:FurnitureFittings 2024-01-01 2024-12-31 13077801 frs-core:FurnitureFittings 2023-12-31 13077801 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2024-12-31 13077801 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 13077801 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-12-31 13077801 frs-core:OtherResidualIntangibleAssets 2024-12-31 13077801 frs-core:OtherResidualIntangibleAssets 2024-01-01 2024-12-31 13077801 frs-core:OtherResidualIntangibleAssets 2023-12-31 13077801 frs-core:PlantMachinery 2024-12-31 13077801 frs-core:PlantMachinery 2024-01-01 2024-12-31 13077801 frs-core:PlantMachinery 2023-12-31 13077801 frs-core:WithinOneYear 2024-12-31 13077801 frs-core:SharePremium 2024-12-31 13077801 frs-core:ShareCapital 2024-12-31 13077801 frs-core:RetainedEarningsAccumulatedLosses 2024-12-31 13077801 frs-bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 13077801 frs-bus:FilletedAccounts 2024-01-01 2024-12-31 13077801 frs-bus:SmallEntities 2024-01-01 2024-12-31 13077801 frs-bus:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 13077801 frs-bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 13077801 frs-bus:OrdinaryShareClass1 2024-01-01 2024-12-31 13077801 frs-bus:OrdinaryShareClass1 2024-12-31 13077801 1 2024-01-01 2024-12-31 13077801 frs-bus:Director1 2024-01-01 2024-12-31 13077801 frs-countries:EnglandWales 2024-01-01 2024-12-31 13077801 2022-12-31 13077801 2023-12-31 13077801 2023-01-01 2023-12-31 13077801 frs-core:CurrentFinancialInstruments 2023-12-31 13077801 frs-core:BetweenOneFiveYears 2023-12-31 13077801 frs-core:WithinOneYear 2023-12-31 13077801 frs-core:SharePremium 2023-12-31 13077801 frs-core:ShareCapital 2023-12-31 13077801 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 13077801 frs-bus:OrdinaryShareClass1 2023-01-01 2023-12-31
Registered number: 13077801
Valink Therapeutics Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2024
Daly Accounting
The Cobalt Building
1600 Eureka Park, Lower Pemberton
Ashford
Kent
TN25 4BF
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 13077801
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 68,277 72,349
Tangible Assets 5 542,695 361,245
610,972 433,594
CURRENT ASSETS
Debtors 6 743,473 482,500
Cash at bank and in hand 2,138,375 154,263
2,881,848 636,763
Creditors: Amounts Falling Due Within One Year 7 (4,509,036 ) (226,010 )
NET CURRENT ASSETS (LIABILITIES) (1,627,188 ) 410,753
TOTAL ASSETS LESS CURRENT LIABILITIES (1,016,216 ) 844,347
NET (LIABILITIES)/ASSETS (1,016,216 ) 844,347
CAPITAL AND RESERVES
Called up share capital 8 25,525 25,525
Share premium account 2,527,005 2,527,005
Profit and Loss Account (3,568,746 ) (1,708,183 )
SHAREHOLDERS' FUNDS (1,016,216) 844,347
Page 1
Page 2
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Irsyad Khairil Anuar
Director
2nd June 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Valink Therapeutics Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13077801 . The registered office is Imperial Translation & Innovation Hub , 84 Wood Lane, London, England, W12 0BZ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The Company incurred a loss during the year of £1,860,563 (2023: £973,507) following extensive investment in the company's research and development activities. Historically, these losses were funded by the company's parent company, Valink Therapeutics Inc through a combination of equty investment and intercompany loans. Valink Therapeutics Inc. has indicated it will not be seeking repayment of the intercompany loan of £4,206,222 outstanding at the 31st December 2024. The Directors have concluded it remains appropriate to adopt the going concern basis in preparing these accounts, as the Company expects to have sufficient resources to meet obligations as they fall due for at least 12 months from the date of approval of these accounts.
2.3. Intangible Fixed Assets and Amortisation - Intellectual Property
Intellectual property assets represent patent and licence fees. These are amortised to the profit and loss account over the expected duration of the patent or licence.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold over the term of the lease
Plant & Machinery 20% Straight Line basis
Fixtures & Fittings 20% Straight Line basis
Computer Equipment 33% Straight Line basis
2.5. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.

The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by
the end of the reporting period.

Corporation tax credits are recognised as income in the period necessary to match them with the related costs they
are intended to incentivise and when all relevant qualyfing conditions have been met.

2.7. Share Based Payments
The parent company operates an EMI qualifying share option scheme on behalf of the company.
The fair value of the services received in exchange for the grant of the options is recognised as an expense. The total
amount to be expensed over the vesting period is determined by reference to the fair value of the options granted,
excluding the impact of any non-market vesting conditions. At each statement of financial position date, the entity
revises its estimates of the number of options that are expected to vest. It recognises the impact of the revision to
original estimates, if any, in the income statement. The credit entry is taken to reserves because the share options are
equity-settled and then subsequently reclassified to creditors because the equity awards are fulfilled in the shares of
the parent company.
2.8. Critical Estimates and Judgements
Share based payments as set out in the accounts have been made to employees of the company. As disclosed in the Share Based Payments accounting policy note above, the fair value of any vested share options is recognised in the Profit and Loss Account. The fair value has been estimated at the time the options were granted.
Page 3
Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: 13 (2023: 9)
13 9
4. Intangible Assets
Other
£
Cost
As at 1 January 2024 81,450
As at 31 December 2024 81,450
Amortisation
As at 1 January 2024 9,101
Provided during the period 4,072
As at 31 December 2024 13,173
Net Book Value
As at 31 December 2024 68,277
As at 1 January 2024 72,349
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2024 80,806 398,747 5,921 8,869 494,343
Additions - 393,742 2,196 12,718 408,656
Disposals (43,091 ) (102,876 ) (674 ) (502 ) (147,143 )
As at 31 December 2024 37,715 689,613 7,443 21,085 755,856
Depreciation
As at 1 January 2024 45,163 85,867 742 1,326 133,098
Provided during the period 20,167 138,402 1,410 4,507 164,486
Disposals (43,092 ) (40,764 ) (215 ) (352 ) (84,423 )
As at 31 December 2024 22,238 183,505 1,937 5,481 213,161
Net Book Value
As at 31 December 2024 15,477 506,108 5,506 15,604 542,695
As at 1 January 2024 35,643 312,880 5,179 7,543 361,245
Page 4
Page 5
6. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 323,899 202,883
Other debtors 62,270 69,447
Corporation tax recoverable assets 313,127 148,082
VAT 44,177 62,088
743,473 482,500
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 196,400 199,342
Other taxes and social security 39,627 20,403
Accruals and deferred income 66,786 6,265
Amounts owed to group undertakings 4,206,223 -
4,509,036 226,010
A loan has been provided by the company's parent company Valink Thearapeutics Inc. The loan is interest free and under the tearms of the loan agreement, the loan is repayble on 31st December 2025.
8. Share Capital
2024 2023
Allotted, called up and fully paid £ £
2,552,530 Ordinary Shares of £ 0.01 each 25,525 25,525
9. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 241,665 154,703
Later than one year and not later than five years 114,315 274,227
355,980 428,930
10. Ultimate Controlling Party
The company's immediate and ultimate parent undertaking is Valink Therapeutics Inc., a company incorporated in the United States of America.
The directors consider there to be no ultimate controlling party.
11. Share Based Payment
The parent company operates an equity-settled share-based payment scheme. This scheme has been provided to certain employees, contractors, and advisors.
At the date of the financial statements a total of 1,160,567 options had been granted over common stock in the parent company at an average exercise price of $0.01. Vesting periods vary from one to four years in equal instalments. At the date of the financial statements a total of 410,094 options had vested, 75,770 options had been exercised and 76,741 options had lapsed.
As disclosed in the accounting policy notes the fair value of any vested share options are charged to Profit and Loss over the vesting period. 
Page 5