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Registration number: 11372447

Empyrean Therapeutics Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2024

 

Empyrean Therapeutics Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Empyrean Therapeutics Limited

Company Information

Director

Dr Thomas William Henley

Registered office

5 High Green
Great Shelford
Cambridge
Cambridgeshire
CB22 5EG

Accountants

Tayabali & White 5 High Green
Great Shelford
Cambridge
CB22 5EG

 

Empyrean Therapeutics Limited

(Registration number: 11372447)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

159,823

247,502

Current assets

 

Debtors

5

319,821

273,108

Cash at bank and in hand

 

303,593

2,628,436

 

623,414

2,901,544

Creditors: Amounts falling due within one year

6

(131,963)

(2,548,523)

Net current assets

 

491,451

353,021

Total assets less current liabilities

 

651,274

600,523

Creditors: Amounts falling due after more than one year

6

-

(457)

Provisions for liabilities

(30,310)

(59,969)

Net assets

 

620,964

540,097

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

620,963

540,096

Shareholders' funds

 

620,964

540,097

For the financial year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 31 August 2025
 

 

Empyrean Therapeutics Limited

(Registration number: 11372447)
Balance Sheet as at 30 November 2024

.........................................
Dr Thomas William Henley
Director

 

Empyrean Therapeutics Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The company's registered number is 11372447.

The address of its registered office is:
5 High Green
Great Shelford
Cambridge
Cambridgeshire
CB22 5EG

These financial statements were authorised for issue by the director on 31 August 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Empyrean Therapeutics Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

33% straight line

Plant and machinery

20% straight line

Office equipment

33% straight line

Motor vehicles

20% reducing balance

Borrowings

 

Empyrean Therapeutics Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2023 - 6).

 

Empyrean Therapeutics Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2023

76,282

289,817

77,468

175,667

619,234

Additions

6,891

-

15,376

-

22,267

At 30 November 2024

83,173

289,817

92,844

175,667

641,501

Depreciation

At 1 December 2023

45,882

186,517

62,679

76,654

371,732

Charge for the year

21,600

47,833

20,710

19,803

109,946

At 30 November 2024

67,482

234,350

83,389

96,457

481,678

Carrying amount

At 30 November 2024

15,691

55,467

9,455

79,210

159,823

At 30 November 2023

30,400

103,300

14,789

99,013

247,502

 

Empyrean Therapeutics Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

5

Debtors

Current

2024
£

2023
£

Trade debtors

42,039

116,169

Amounts owed by related parties

183,717

39,858

Prepayments

41,609

24,256

Other debtors

52,456

92,825

 

319,821

273,108

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

-

9,348

Trade creditors

 

11,651

49,998

Taxation and social security

 

111,189

16,944

Accruals and deferred income

 

5,767

9,615

Other creditors

 

3,356

67,026

Amounts due to related parties

 

-

2,395,592

 

131,963

2,548,523

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

-

457

 

Empyrean Therapeutics Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £0.01 each

100

1

100

1

       

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

-

457

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

-

9,348