Company registration number 11653696 (England and Wales)
APOBEC DISCOVERY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
APOBEC DISCOVERY LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
APOBEC DISCOVERY LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
4
102,956
170,273
Cash at bank and in hand
1,070,696
979,152
1,173,652
1,149,425
Creditors: amounts falling due within one year
5
(15,028)
(65,025)
Net current assets
1,158,624
1,084,400
Capital and reserves
Called up share capital
49
44
Share premium account
2,992,640
2,492,645
Profit and loss reserves
(1,834,065)
(1,408,289)
Total equity
1,158,624
1,084,400
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 24 July 2025 and are signed on its behalf by:
Mr J W Edwards
Director
Company Registration No. 11653696
APOBEC DISCOVERY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
Share capital
Share premium account
Equity reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 November 2022
23
799,307
125,256
(1,054,938)
(130,352)
Year ended 31 October 2023:
Loss and total comprehensive income for the year
-
-
-
(353,351)
(353,351)
Issue of share capital
21
1,693,338
-
-
1,693,359
Other movements
-
-
(125,256)
-
(125,256)
Balance at 31 October 2023
44
2,492,645
(1,408,289)
1,084,400
Year ended 31 October 2024:
Loss and total comprehensive income for the year
-
-
-
(425,776)
(425,776)
Issue of share capital
5
499,995
-
-
500,000
Balance at 31 October 2024
49
2,992,640
(1,834,065)
1,158,624
APOBEC DISCOVERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
1
Accounting policies
Company information
APOBEC Discovery Limited is a private company limited by shares incorporated in England and Wales. The registered office is Compass House, Offices 213 & 213A, Chivers Way, Histon, Cambridge, CB24 9AD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.3
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The Company currently surrenders losses relating to eligible UK research and development expenses for a cash rebate. The cash rebate rate will reduce in respect of qualifying expenditure incurred in accounting periods beginning on, or after, 1 April 2023. The tax credit is recognised within taxation in the profit and loss account in the year in which the corresponding costs were incurred. Amounts not yet received are recognised within debtors in the balance sheet.
1.4
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.5
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.6
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
APOBEC DISCOVERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 4 -
1.7
The company operates a defined contribution plan for its eligible employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once contributions have been paid, the Company has no further payment obligations.
1.8
Research and development tax relief
As the company's principal activity is research and development, the company incurs significant costs that are eligible for tax relief under the HMRC SME and RDEC tax relief programs. Qualifying expenditures largely comprise of employment costs for research staff, consumables, certain other internal costs directly related to research projects and research and development acitivities subcontracted to third parties.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
6
7
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
93,047
149,073
Other debtors
9,876
21,200
Prepayments and accrued income
33
102,956
170,273
APOBEC DISCOVERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 5 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
9,930
48,330
Other creditors
5,098
16,695
15,028
65,025
6
Share options
On the 23 October 2024 the company granted share options to purchase ordinary shares to a number of its employees. A third of the options vested on the date of the grant and the remaining thirds will vest on each of the next two anniversaries of the date of the grant. The option is exercisable from the date of grant and expires on the tenth anniversary of the grant. The settlement option is equity not cash.
In the opinion of the directors, the options will only be exercised if the company's shares can be sold at a price higher than the option exercise price. At the balance sheet date the directors are unable to assess with the reasonable confidence whether this outcome will be reached. On this basis the share options have not been recognised in the financial statements. The position will be reviewed at subsequent company year ends and the share options accounted for as required.