REGISTERED NUMBER: 10227584 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2024

FOR

ELEUSIS THERAPEUTICS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M J Norris

C B F Mellen

REGISTERED OFFICE:

6th Floor

25 Farringdon Street

London

EC4A 4AB

REGISTERED NUMBER:

10227584 (England and Wales)

ACCOUNTANTS:

George Hay & Company

Chartered Accountants

83 Cambridge Street

London

SW1V 4PS

CURRENT ASSETS

Debtors

4

1,745,507

2,425,262

Cash at bank

69,559

14,970

1,815,066

2,440,232

CREDITORS

Amounts falling due within one year

5

12,890,136

11,576,115

NET CURRENT LIABILITIES

(11,075,070

)

(9,135,883

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(11,075,070

)

(9,135,883

)

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(11,075,071

)

(9,135,884

)

(11,075,070

)

(9,135,883

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18th September 2025 and were signed on its behalf by:

M J Norris - Director

1.	STATUTORY INFORMATION

Eleusis Therapeutics Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company has obtained confirmations and assurances from its group undertakings that they will continue to support the company for at least twelve months from the signing of these financial statements and meet all third party liabilities as they become due. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Research and development

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Foreign currencies

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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Research and development tax credits

The company may be entitled to claim special tax allowances in relation to qualifying research and development expenditure (e.g. R&D tax credits). The company accounts for such allowances as tax credits, which means that they are recognised when it is probable that benefit will flow to the company and that benefit can be reliably measured. As there is no guarantee that a claim will be approved, the credit will be recognised on the cash receipt basis, and any prior tax allowances are amended accordingly.

As a company that carries out extensive research and development activities, the company benefits from the UK research and development tax credit regime under the scheme for small or medium-sized enterprises. Under the SME regime, the company is able to surrender some of its trading losses that arise from qualifying research and development activities for a cash rebate applicable to such qualifying gross research and development expenditure. A large portion of costs relating to research and development, clinical trials and manufacturing activities are eligible for inclusion within these tax credit cash rebate claims.

The UK research and development tax credit is fully refundable to the company and is not dependent on current or future taxable income. The company has recorded the entire benefit from the UK research and development tax credit as a benefit which is included in the company taxes line and accordingly, reflected as part of the company tax provision.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 7 ) .

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Amounts owed by group undertakings

5,311

2,738

Amounts owed by associates

2,613

1,269

Tax

1,237,490

1,583,015

VAT

41,012

138,410

Prepayments

459,081

699,830

1,745,507

2,425,262

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

29,334

55,099

Amounts owed to group undertakings

12,816,514

11,470,495

Social security and other taxes

-

16,054

Pension

-

938

Accrued expenses

44,288

33,529

12,890,136

11,576,115

6.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Beckley Psytech Limited.

On 20 October 2022, the company's parent undertaking Eleusis Therapeutics Holdings Ltd was acquired by Beckley Psytech Limited, a company incorporated in England and Wales. It's registered office is Beckley Park, Beckley, Oxford, OX3 9SY.