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Registered number: 13043546









CODING BIO LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2024

 
CODING BIO LIMITED
REGISTERED NUMBER: 13043546

BALANCE SHEET
AS AT 30 NOVEMBER 2024

2024
As restated 2023
Note
£
£

FIXED ASSETS
  

Tangible assets
 4 
59,079
103,526

  
59,079
103,526

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 5 
636,823
56,117

Cash at bank and in hand
  
2,463,234
4,303,472

  
3,100,057
4,359,589

Creditors: amounts falling due within one year
 6 
(132,476)
(55,487)

NET CURRENT ASSETS
  
 
 
2,967,581
 
 
4,304,102

TOTAL ASSETS LESS CURRENT LIABILITIES
  
3,026,660
4,407,628

Creditors: amounts falling due after more than one year
 7 
(3,333,762)
(3,333,762)

  

NET (LIABILITIES)/ASSETS
  
(307,102)
1,073,866


CAPITAL AND RESERVES
  

Called up share capital 
 8 
239
239

Share premium account
  
2,851,938
2,851,938

Profit and loss account
  
(3,159,279)
(1,778,311)

  
(307,102)
1,073,866


Page 1

 
CODING BIO LIMITED
REGISTERED NUMBER: 13043546
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 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 profit and loss account 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: 




S Bornschein
Director

Date: 27 August 2025

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
CODING BIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

1.


GENERAL INFORMATION

Coding Bio Limited is a private company limited by shares and incorporated in England and Wales. Its registered office and principal place of business is Gipsy Lane, Enterprise Centre, Oxford, OX3 0BP.

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 following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The financial statements have been prepared on the going concern basis which assumes that the Company will continue as a going concern for the foreseeable future. The trading losses reported to date are consistent with the Company's business plan as it progresses its research and development activities.
After making appropriate enquiries, the directors have a reasonable expectation that the Company will continue to receive financial support from its shareholders to provide sufficient funds to enable it to meet its liabilities as they fall due. For this reason, they adopt the going concern basis when preparing the financial statements.

 
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 resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
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.

Page 3

 
CODING BIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.5

RESEARCH AND DEVELOPMENT

Research and development expenditure is recognised in the Profit and Loss Account in the period in which the costs are incurred.

 
2.6

GOVERNMENT GRANTS

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Profit and Loss Account in the same period as the related expenditure.

 
2.7

INTEREST INCOME

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

 
2.8

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

Page 4

 
CODING BIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
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 income 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
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:

Fixtures and fittings
-
3 years straight line

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.

Page 5

 
CODING BIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
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 during the year was 17 (2023 - 13).

Page 6

 
CODING BIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

4.


TANGIBLE FIXED ASSETS





Fixtures, fittings & equipment

£



COST OR VALUATION


At 1 December 2023
156,551


Additions
10,833


Disposals
(886)



At 30 November 2024

166,498



DEPRECIATION


At 1 December 2023
53,025


Charge for the year on owned assets
54,689


Disposals
(295)



At 30 November 2024

107,419



NET BOOK VALUE



At 30 November 2024
59,079



At 30 November 2023
103,526


5.


DEBTORS

2024
2023
£
£


Other debtors
453,958
56,117

Prepayments and accrued income
182,865
-

636,823
56,117


Page 7

 
CODING BIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

6.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Trade creditors
71,629
19,409

Other taxation and social security
36,887
25,327

Other creditors
6,990
9,758

Accruals and deferred income
16,970
993

132,476
55,487


Other creditors include contributions of £6,990 (2023 - £9,758) payable to the Company's defined contribution pension scheme at the balance sheet date.


7.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024
As restated 2023
£
£

Other creditors
3,333,762
3,333,762


Other creditors represent amounts received under Simple Agreements for Future Equity.


8.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



1,010,057 (2023 - 1,010,057) Ordinary shares of £0.0001 each
101
101
75,000 (2023 - 80,000) Deferred shares of £0.0001 each
8
8
1,300,813 (2023 - 1,300,813) Seed shares of £0.0001 each
130
130

239

239



9.


PRIOR YEAR ADJUSTMENT

Amounts received under Simple Agreements for Future Equity (2023 - £3,333,762) were previously classified under equity but have now wholly been reclassified to creditors: amounts falling due after more than one year. This reclassification has been made as the agreements include a scenario in which the amounts could be repaid in full upon a liquidity event.

Page 8

 
CODING BIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

10.


COMMITMENTS UNDER OPERATING LEASES

At 30 November 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
17,791
-

17,791
-

 
Page 9