Oncorps Limited

(Registration number: 10418882)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	-	482
Current assets
Debtors	5	939,456	972,792
Cash at bank and in hand		24,404	12,184
		963,860	984,976
Creditors: Amounts falling due within one year	6	(19,532)	(75,681)
Net current assets		944,328	909,295
Net assets		944,328	909,777
Capital and reserves
Called up share capital		1,000	1,000
Share option reserve		50,698	38,864
Profit and loss account		892,630	869,913
Total equity		944,328	909,777

Oncorps Limited

(Registration number: 10418882)
Balance Sheet as at 31 December 2024

For the financial year ending 31 December 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 in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised for issue by the director on 29 September 2025
 

.........................................

R Suh

Director

Oncorps Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1	Statutory information

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

The address of its registered office is:
Runway East 1 Victoria Street
Redcliffe
Bristol
BS1 6AA

2	Accounting policies

Summary of significant accounting policies

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The directors have prepared the financial statements on a going concern basis, which assumes that the company will have sufficient financial resources in order to meet its short and medium term liability requirements. The company relies on the support of its ultimate parent company OnCorps, Inc., who have confirmed that it will continue to provide this for the foreseeable future.

Based on the support provided by the parent and taking into consideration the current position of the company, the current trading performance and future forecasts, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Oncorps Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of 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.

Government grants

Government grants are recognised, using the accrual model, at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

Tax

The tax expense for the period comprises current 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.

Tangible fixed assets

Tangible assets are stated in the statement of financial position 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 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:

Furniture and fittings	20% on cost

Research and development costs

Research and development costs are written off to profit or loss in the year incurred.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade creditors

Trade creditors are recognised at the transaction price.

Oncorps Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

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.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.

Share based payments

The company operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the entity. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The estimated fair value of the option granted is calculated using the Black Scholes option pricing model. The total amount expensed is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.

The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2023 - 10).

Oncorps Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4	Tangible fixed assets

	Furniture, fittings and equipment  £
Cost
At 1 January 2024	4,138
At 31 December 2024	4,138
Depreciation
At 1 January 2024	3,656
Charge for the year	482
At 31 December 2024	4,138
Carrying amount
At 31 December 2024	-
At 31 December 2023	482

5	Debtors: amounts falling due within one year

	2024 £	2023 £
Amounts owed by group undertakings	914,681	946,697
Other debtors	13,884	15,227
Prepayments	10,891	10,868
	939,456	972,792

Oncorps Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

6

Creditors

	2024 £	2023 £
Trade creditors	674	9,183
Corporation tax	11,079	36,573
Social security and other taxes	-	23,759
Other creditors	3,779	3,066
Accruals	4,000	3,100
	19,532	75,681

7	Related party transactions

FRS 102 does not require disclosure of transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly-owned by such a member.

8	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary shares of £1 each	1,000	1,000	1,000	1,000

Oncorps Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

9	Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

	2024 £	2023 £
Total lease commitments	30,840	37,800

10	Parent and ultimate parent undertaking

The company's immediate parent is Oncorps Inc., incorporated in Delaware, USA.

Relationship between entity and parents

The parent of the largest and smallest group in which these financial statements are consolidated is Oncorps Inc, incorporated in USA.

The address of Oncorps Inc is:
116 Huntington Avenue, 9th Floor, Boston, USA, MA 02116

11	Share-based payments

Share options

Scheme details and movements

The company has issued options over the unissued shares of its parent company Oncorps Inc. to employees. The options vest at monthly intervals ranging from 1 to 4 years from the date of grant, and vesting may also be conditional upon other criteria such as the option holder's continuing employment by the company.

The term of the options are 10 years from the date of grant.

In May 2021, the Company effected a five-for-one stock split of common stock. In accordance with the Company's Certificate of Amendments of the Fourth Amended and Restated Certificate of Incorporation dated 19 May 2021, the authorised shares of common stock was increased to 10,000,000 shares. Effective upon the effectiveness of the stock split, the Company's 2017 Equity Incentive Plan is amended to increase the number of common stock reserved under the plan to 1,128,750 shares.

Oncorps Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

11 Share based payments (continued)