Acorah Software Products - Accounts Production 16.4.660 false true true 31 December 2023 1 January 2023 false 1 January 2024 31 December 2024 31 December 2024 09957823 Mr Ignacio Willats Dr Ali Afshar true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 09957823 2023-12-31 09957823 2024-12-31 09957823 2024-01-01 2024-12-31 09957823 frs-core:CurrentFinancialInstruments 2024-12-31 09957823 frs-core:Non-currentFinancialInstruments 2024-12-31 09957823 frs-core:ComputerEquipment 2024-12-31 09957823 frs-core:ComputerEquipment 2024-01-01 2024-12-31 09957823 frs-core:ComputerEquipment 2023-12-31 09957823 frs-core:FurnitureFittings 2024-12-31 09957823 frs-core:FurnitureFittings 2024-01-01 2024-12-31 09957823 frs-core:FurnitureFittings 2023-12-31 09957823 frs-core:PlantMachinery 2024-12-31 09957823 frs-core:PlantMachinery 2024-01-01 2024-12-31 09957823 frs-core:PlantMachinery 2023-12-31 09957823 frs-core:SharePremium 2024-12-31 09957823 frs-core:ShareCapital 2024-12-31 09957823 frs-core:RetainedEarningsAccumulatedLosses 2024-12-31 09957823 frs-bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 09957823 frs-bus:FilletedAccounts 2024-01-01 2024-12-31 09957823 frs-bus:SmallEntities 2024-01-01 2024-12-31 09957823 frs-bus:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 09957823 frs-bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 09957823 frs-bus:OrdinaryShareClass1 2024-01-01 2024-12-31 09957823 frs-bus:OrdinaryShareClass1 2024-12-31 09957823 1 2024-01-01 2024-12-31 09957823 frs-bus:Director1 2024-01-01 2024-12-31 09957823 frs-bus:Director2 2024-01-01 2024-12-31 09957823 frs-countries:EnglandWales 2024-01-01 2024-12-31 09957823 2022-12-31 09957823 2023-12-31 09957823 2023-01-01 2023-12-31 09957823 frs-core:CurrentFinancialInstruments 2023-12-31 09957823 frs-core:Non-currentFinancialInstruments 2023-12-31 09957823 frs-core:SharePremium 2023-12-31 09957823 frs-core:ShareCapital 2023-12-31 09957823 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 09957823 frs-bus:OrdinaryShareClass1 2023-01-01 2023-12-31
Registered number: 09957823
Mytos Bio Limited
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—6
Page 1
Balance Sheet
Registered number: 09957823
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 298,703 302,203
298,703 302,203
CURRENT ASSETS
Stocks 5 208,014 32,638
Debtors 6 813,403 901,043
Cash at bank and in hand 2,306,413 101,303
3,327,830 1,034,984
Creditors: Amounts Falling Due Within One Year 7 (736,374 ) (899,402 )
NET CURRENT ASSETS (LIABILITIES) 2,591,456 135,582
TOTAL ASSETS LESS CURRENT LIABILITIES 2,890,159 437,785
Creditors: Amounts Falling Due After More Than One Year 8 (1,046,725 ) (1,672,243 )
NET ASSETS/(LIABILITIES) 1,843,434 (1,234,458 )
CAPITAL AND RESERVES
Called up share capital 9 4 3
Share premium account 13,235,114 6,424,123
Profit and Loss Account (11,391,684 ) (7,658,584 )
SHAREHOLDERS' FUNDS 1,843,434 (1,234,458)
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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
Dr Ali Afshar
Director
26th June 2025
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Mytos Bio Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09957823 . The registered office is Translation And Innovation Hub , 84 Wood Lane, London, 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 Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The financial statements have therefore been prepared on the going concern basis.
The Company incurred a loss during the year of £3,733,100  (2023: £2,174,509), which has been funded by the company's parent company,  Mytos Inc.  During the year a loan of £6,699,387 was converted to equity by the issue of new shares in the company to Mytos Inc.
Mytos Inc will continue to provide further financial support to the Company for the foreseeable future and at least for 12 months from the approval of these financial statements.
The Directors having assessed the current financial position of Mytos Inc. and the overall group and have a reasonable expectation that the Company will have adequate resources to continue as going concern and pay its liabilities as they fall due for the foreseeable future being a period of at least one year from the date of approval of these accounts by the board of directors.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
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:
Plant & Machinery 20% Reducing Balance Basis
Fixtures & Fittings 20% Reducing Balance Basis
Computer Equipment 20% Straight Line Basis
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. 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.
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2.7. Taxation
The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable and when the realisation of tax repayment claim is probable.
Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting date.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.9. Research and development
Expenditure on research and development is written off in the year in which it is incurred.
2.10. Share-based payments
The company operates an EMI qualifying share option scheme over shares to be issued in the parent company, Mytos Inc.
The Company reflects the economic cost of awarding share options to employees by recording an expense in the Profit
and Loss Account equal to the estimated fair value of the benefit awarded at the time of the award. The expense is
recognised in the Profit and Loss Account on a straight line basis over the vesting period.
The amounts charged to Profit and Loss are reflected in reserves as the options are equity settled.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 30 (2023: 26)
30 26
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2024 372,073 9,862 57,469 439,404
Additions 61,335 727 14,944 77,006
Transfers (19,202 ) 16,987 2,215 -
As at 31 December 2024 414,206 27,576 74,628 516,410
Depreciation
As at 1 January 2024 102,198 9,561 25,442 137,201
Provided during the period 63,570 5,091 11,845 80,506
As at 31 December 2024 165,768 14,652 37,287 217,707
Net Book Value
As at 31 December 2024 248,438 12,924 37,341 298,703
As at 1 January 2024 269,875 301 32,027 302,203
5. Stocks
2024 2023
£ £
Inventory 208,014 32,638
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6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 53,881 633,090
Prepayments and accrued income 182,361 55,153
Other debtors 87,768 98,392
Corporation tax recoverable assets 420,355 -
VAT 69,038 114,408
813,403 901,043
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 83,932 192,993
Other taxes and social security 57,724 62,830
Accruals and deferred income 99,223 204,322
Innovate UK Loan (Creditors < 1 year) 495,495 439,257
736,374 899,402
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Innovate UK Loan 990,989 1,275,000
Amounts owed to group undertakings 55,736 397,243
1,046,725 1,672,243
The Innovate UK loan is secured by a fixed and floating charge on the company's assets. The Loan is repayable over 3 years from December 2024.
9. Share Capital
2024 2023
Allotted, called up and fully paid £ £
19,181,969 Ordinary Shares of £ 0.0000002 each 4 3
Shares issued during the period: £
6,810,991 Ordinary Shares of £ 0.0000002 each 1
Share Capital comprises 19,181,969 Ordinary shares and 160,200 B Ordinary shares.
10. Related Party Transactions
The company is 100% owned by Mytos Inc. At the year end, Mytos Inc was owed £55,736 (2023 :£397,243) by the company.
During the year loan advances from Mytos Inc. totalling £6,699,387 were converted to share capital by means of the issue of new ordinary shares in the company.
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11. Ultimate Controlling Party

The immediate and ultimate parent undertaking is Mytos Inc., a company incorporated in the United States of America and with a registered office address at 251 Little Falls Drive, Wilmington, New Castle, Delaware 19808, United States. The directors consider there to be no ultimate controlling party.

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