Registration number: 13885643

CDT Equity Ltd
(formerly Conduit UK Management Ltd)

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 8

CDT Equity Ltd
(formerly Conduit UK Management Ltd)

Company Information

Director

James Bligh

Registered office

80-83 Long Lane London EC1A 9ET

Accountants

Carbon Accountancy Limited Chartered Accountants and Statutory Auditors80-83 Long Lane London EC1A 9ET

CDT Equity Ltd
(formerly Conduit UK Management Ltd)

(Registration number: 13885643)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Right of use assets	4	207,074	-
Tangible assets	5	31,994	-
		239,068	-
Current assets
Debtors	6	156,813	30,081
Cash at bank and in hand		99,682	253,749
		256,495	283,830
Creditors: Amounts falling due within one year	7	(4,107,986)	(1,016,104)
Net current liabilities		(3,851,491)	(732,274)
Total assets less current liabilities		(3,612,423)	(732,274)
Creditors: Amounts falling due after more than one year	7	(85,422)	-
Net liabilities		(3,697,845)	(732,274)
Capital and reserves
Called up share capital	8	100	100
Retained earnings		(3,697,945)	(732,374)
Shareholders' deficit		(3,697,845)	(732,274)

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 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 30 September 2025
 

......................................... James Bligh Director

CDT Equity Ltd
(formerly Conduit UK Management Ltd)

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

1	General information

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

The company was formerly known as Conduit UK Management Ltd.

The address of its registered office is:
80-83 Long Lane
London
EC1A 9ET
United Kingdom

These financial statements were authorised for issue by the director on 30 September 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.

Going concern

The financial statements have been prepared on a going concern basis.
The compnay has full financial assistance from it's Parent company to enable to continue operating and meeting
it's liabilites as they fall due.

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.

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.

CDT Equity Ltd
(formerly Conduit UK Management Ltd)

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

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:

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

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.

CDT Equity Ltd
(formerly Conduit UK Management Ltd)

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

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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2023 - 3).

CDT Equity Ltd
(formerly Conduit UK Management Ltd)

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

4	Right of use assets

	Land and buildings  £	Total £
Cost or valuation
Additions acquired separately	277,046	277,046
At 31 December 2024	277,046	277,046
Amortisation
Amortisation charge	69,972	69,972
At 31 December 2024	69,972	69,972
Carrying amount
At 31 December 2024	207,074	207,074

5	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Total £
Cost or valuation
Additions	37,338	2,722	40,060
At 31 December 2024	37,338	2,722	40,060
Depreciation
Charge for the year	7,234	832	8,066
At 31 December 2024	7,234	832	8,066
Carrying amount
At 31 December 2024	30,104	1,890	31,994

Included within the net book value of land and buildings above is £30,104 (2023 - £Nil) in respect of short leasehold land and buildings.
 

6

Debtors

Current	2024 £	2023 £
Prepayments	21,355	-
Other debtors	135,458	30,081
	156,813	30,081

CDT Equity Ltd
(formerly Conduit UK Management Ltd)

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

7

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Right of use liability		95,041	-
Trade creditors		346,786	197,145
Amounts owed to group undertakings and undertakings in which the company has a participating interest	9	3,018,939	789,990
Taxation and social security		315,916	38,984
Accruals and deferred income		323,629	(20,582)
Other creditors		7,675	10,567
		4,107,986	1,016,104

Creditors: amounts falling due after more than one year

	Note	2024 £	2023 £
Due after one year
Right of use liability		85,422	-

8	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary of £1 each	100	100	100	100

CDT Equity Ltd
(formerly Conduit UK Management Ltd)

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

9	Related party transactions

Summary of transactions with parent

Conduit Pharmaceuticals Limited
Cayman Islands
(Parent)

Conduit Pharmaceuticals Inc
USA
(Ultimate Parent)

Loans from related parties

2024	Parent £	Other related parties £	Total £
At start of period	718,990	71,000	789,990
Advanced	1,107,317	-	1,107,317
At end of period	1,826,307	71,000	1,897,307

2023	Parent £	Other related parties £	Total £
At start of period	718,990	71,000	789,990
At end of period	718,990	71,000	789,990

10	Parent and ultimate parent undertaking

The company's immediate parent is CONDUIT PHARMACEUTICALS LIMITED, incorporated in Cayman Islands.