Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-312024-01-01falsefalse82truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 14207521 2024-01-01 2024-12-31 14207521 2023-01-01 2023-12-31 14207521 2024-12-31 14207521 2023-12-31 14207521 2023-01-01 14207521 2 2024-01-01 2024-12-31 14207521 d:Director1 2024-01-01 2024-12-31 14207521 e:PlantMachinery 2024-01-01 2024-12-31 14207521 e:PlantMachinery 2024-12-31 14207521 e:PlantMachinery 2023-12-31 14207521 e:PlantMachinery e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 14207521 e:ComputerEquipment 2024-01-01 2024-12-31 14207521 e:ComputerEquipment 2024-12-31 14207521 e:ComputerEquipment 2023-12-31 14207521 e:ComputerEquipment e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 14207521 e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 14207521 e:CurrentFinancialInstruments 2024-12-31 14207521 e:CurrentFinancialInstruments 2023-12-31 14207521 e:CurrentFinancialInstruments e:WithinOneYear 2024-12-31 14207521 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 14207521 e:ShareCapital 2024-12-31 14207521 e:ShareCapital 2023-12-31 14207521 e:ShareCapital 2023-01-01 14207521 e:OtherMiscellaneousReserve 2024-12-31 14207521 e:OtherMiscellaneousReserve 2 2024-01-01 2024-12-31 14207521 e:OtherMiscellaneousReserve 2023-12-31 14207521 e:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 14207521 e:RetainedEarningsAccumulatedLosses 2024-12-31 14207521 e:RetainedEarningsAccumulatedLosses 2 2024-01-01 2024-12-31 14207521 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 14207521 e:RetainedEarningsAccumulatedLosses 2023-12-31 14207521 e:RetainedEarningsAccumulatedLosses 2023-01-01 14207521 d:OrdinaryShareClass1 2024-01-01 2024-12-31 14207521 d:OrdinaryShareClass1 2024-12-31 14207521 d:OrdinaryShareClass1 2023-12-31 14207521 d:FRS102 2024-01-01 2024-12-31 14207521 d:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 14207521 d:FullAccounts 2024-01-01 2024-12-31 14207521 d:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 14207521 2 2024-01-01 2024-12-31 14207521 e:ShareCapital 2 2024-01-01 2024-12-31 14207521 f:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 14207521









RIDE THERAPEUTICS LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

 
RIDE THERAPEUTICS LIMITED
REGISTERED NUMBER: 14207521

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
202,746
90,904

Current assets
  

Debtors: amounts falling due within one year
 5 
362,582
49,173

Cash at bank
  
255,848
91,178

  
618,430
140,351

Current liabilities
  

Creditors: amounts falling due within one year
 6 
(2,168,234)
(600,499)

Net current liabilities
  
 
 
(1,549,804)
 
 
(460,148)

  

Net liabilities
  
(1,347,058)
(369,244)


Capital and reserves
  

Called up share capital 
 7 
1
1

Capital contribution reserve
 8 
13
-

Profit and loss account
  
(1,347,072)
(369,245)

  
(1,347,058)
(369,244)


Page 1

 
RIDE THERAPEUTICS LIMITED
REGISTERED NUMBER: 14207521

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

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 statement of income and retained earnings 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: 




................................................
Mr S Cohen
Director

Date: 3 March 2025

The notes on pages 4 to 9 form part of these financial statements.

Page 2

 
RIDE THERAPEUTICS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Capital contribution reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2024
1
-
(369,245)
(369,244)


Comprehensive income for the year

Loss for the year
-
-
(977,827)
(977,827)


Contributions by and distributions to owners

EMI Share options
-
13
-
13


At 31 December 2024
1
13
(1,347,072)
(1,347,058)


The notes on pages 4 to 9 form part of these financial statements.


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
1
-
1


Comprehensive income for the year

Loss for the year
-
(369,245)
(369,245)


At 31 December 2023
1
(369,245)
(369,244)


The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
RIDE THERAPEUTICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Ride Therapeutics Limited is a private Company limited by shares, incorporated in England and Wales within the United Kingdom. The address of the registered office is 3rd Floor 1 Ashley Road, Altrincham, Cheshire, WA14 2DT. This Company is part of a group.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company is only able to trade with the continuing support of the parent Company. The directors have indicated that this support will not be withdrawn. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from the withdrawal of this support.

 
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 that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

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.

 
2.5

Interest income

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

Page 4

 
RIDE THERAPEUTICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.6

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.

 
2.7

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

 
2.8

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.

 
2.9

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 corporation 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.


Page 5

 
RIDE THERAPEUTICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.10

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:

Lab equipment
-
20%
straight line basis
Computer equipment
-
25%
straight line basis

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.

 
2.11

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.

 
2.12

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.

 
2.13

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 8 (2023 - 2).

Page 6

 
RIDE THERAPEUTICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Tangible fixed assets





Lab equipment
Computer equipment
Total

£
£
£



Cost 


At 1 January 2024
80,885
12,335
93,220


Additions
133,932
7,074
141,006



At 31 December 2024

214,817
19,409
234,226



Depreciation


At 1 January 2024
1,440
876
2,316


Charge for the year on owned assets
25,402
3,762
29,164



At 31 December 2024

26,842
4,638
31,480



Net book value



At 31 December 2024
187,975
14,771
202,746



At 31 December 2023
79,445
11,459
90,904


5.


Debtors

2024
2023
£
£


Other debtors
331,400
49,173

Prepayments
31,182
-

362,582
49,173


Page 7

 
RIDE THERAPEUTICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
170,829
137,345

Amounts owed to group undertakings
1,796,839
425,372

Other taxation and social security
19,887
10,807

Other creditors
-
2,960

Accruals
180,679
24,015

2,168,234
600,499



7.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £0.01 each
1
1



8.


Share-based payments

During the year, 759,406 (2023 - Nil) options were granted over shares in Ride Therapeutics Inc, the parent company of Ride Therapeutics Limited. No options were exercised during the year. The vesting period is 4 years, with the settlement in equity of Ride Therapeutics Inc. 
The fair value of the options was measured by the Company using a Black Scholes model as it was considered that this approach would result in a materially accurate estimate of the fair value of options granted.
As at the year end, a charge totalling £13 (2023 - £Nil) was recognised within the profit and loss account.
Weighted average exercise price (US cents)
2024
Number
2024
Weighted average exercise price (US cents)
2023
Number
2023

Granted during the year

0.001

759,406

-
 
-
 
Outstanding at the end of the year
0.001

759,406

-
 
-
 




Page 8

 
RIDE THERAPEUTICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £14,328 (2023 - £5,182). Contributions totalling £Nil (2023 - £2,960) were payable to the fund at the balance sheet date and are included in creditors.


10.


Related party transactions

The Company has taken advantage of the exemptions in FRS 102 section 1A whereby it has not disclosed transactions with its parent Company as it is a wholly owned subsidiary undertaking.


11.


Controlling party

The Company is a wholly owned subsidiary of Ride Therapeutics Inc, a Company registered in the United States of America. The registered office of the parent company is One Mifflin Place, Cambridge, MA 02138.


Page 9