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Registered number: 12392992
Genome Therapeutics Ltd
Financial Statements
For The Year Ended 30 June 2025
Genome Therapeutics Ltd
Contents
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—7
Page 1
Genome Therapeutics Ltd
Statement of Financial Position
As At 30 June 2025
Statement of Financial Position
Registered number: 12392992
2025 2024
as restated
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 5 41,000 47,000
Tangible Assets 6 24,800 37,397
65,800 84,397
CURRENT ASSETS
Debtors 7 214,114 471,242
Cash at bank and in hand 362,941 1,473,887
577,055 1,945,129
Creditors: Amounts Falling Due Within One Year 8 (278,020 ) (322,472 )
NET CURRENT ASSETS (LIABILITIES) 299,035 1,622,657
TOTAL ASSETS LESS CURRENT LIABILITIES 364,835 1,707,054
NET ASSETS 364,835 1,707,054
CAPITAL AND RESERVES
Called up share capital 9 120 114
Share premium account 5,465,562 4,699,365
Other reserves 344,259 205,834
Income Statement (5,445,106 ) (3,198,259 )
SHAREHOLDERS' FUNDS 364,835 1,707,054
Page 1
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Genome Therapeutics Ltd
Statement of Financial Position (continued)
As At 30 June 2025
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Dr Bobby Yerramilli-Rao
Director
06/10/2025
The notes on pages 3 to 7 form part of these financial statements.
Page 2
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Genome Therapeutics Ltd
Notes to the Financial Statements
For The Year Ended 30 June 2025
Notes to the Financial Statements
1. General Information
Genome Therapeutics Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12392992 . The registered office is Regent House, 316 Beulah Hill, London, SE19 3HF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The financial statements have been prepared on a going concern basis. The directors have assessed the company’s financial position and future cash flow requirements and have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
In making this assessment, the directors have considered all available information about the future, including the successful completion of an equity funding round after the year end, as disclosed in Note 10. Accordingly, the financial statements do not include any adjustments that would result from the going concern basis of preparation being inappropriate.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are patents and licences. It is amortised to income statement over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery: 5 years straight line
Computer Equipment: 3 years straight line
Plant & Machinery 5 years straight line
Computer Equipment 3 years straight line
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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Genome Therapeutics Ltd
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2025
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.7. Share-based Payments
The company provides share-based payment arrangements to certain employees. Equity-settled arrangements are measured at fair value (excluding the effect of non-market based vesting conditions) at the date of the grant. The fair value is expensed on a straightline basis over the vesting period. The amount recognised as an expense is adjusted to reflect the actual number of shares or options that will vest.
2.8. Cash and Cash Equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2024: 6)
6 6
4. Prior Period Adjustment
During the year ended 30 June 2025, the company identified that the share-based payment charge recognised in the financial statements for the year ended 30 June 2024 was overstated due to an error in the calculation of the vesting period on one of share options.
In accordance with FRS 102 Section 10 Accounting Policies, Estimates and Errors, this has been treated as a prior period error. The comparative figures have been restated to reflect the correction of this error.
The impact of the restatement is that the share-based payment expense for the year ended 30 June 2024 has been reduced by £275,243, from £481,075 to £205,832. A corresponding credit of £275,243 has been recognised in the share option reserve within equity as at 30 June 2024.
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Genome Therapeutics Ltd
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2025
5. Intangible Assets
Other
£
Cost
As at 1 July 2024 60,000
As at 30 June 2025 60,000
Amortisation
As at 1 July 2024 13,000
Provided during the period 6,000
As at 30 June 2025 19,000
Net Book Value
As at 30 June 2025 41,000
As at 1 July 2024 47,000
6. Tangible Assets
Plant & Machinery
£
Cost
As at 1 July 2024 56,552
As at 30 June 2025 56,552
Depreciation
As at 1 July 2024 19,155
Provided during the period 12,597
As at 30 June 2025 31,752
Net Book Value
As at 30 June 2025 24,800
As at 1 July 2024 37,397
7. Debtors
2025 2024
as restated
£ £
Due within one year
Other debtors 214,114 471,242
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Genome Therapeutics Ltd
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2025
8. Creditors: Amounts Falling Due Within One Year
2025 2024
as restated
£ £
Trade creditors 63,796 225,748
Other creditors 202,492 69,220
Taxation and social security 11,732 27,504
278,020 322,472
9. Share Capital
2025 2024
as restated
£ £
Allotted, Called up and fully paid 120 114
10. Post Balance Sheet Events
On 8 August 2025, Genome Therapeutics Ltd issued 369,822 Series A2 preference shares for cash consideration for the sum of £10.5 million. As the transaction occurred after the balance sheet date and does not relate to conditions existing at that date, it has not been recognised in the financial statements for the year ended 30 June 2025. This event is considered a non-adjusting post balance sheet event and is disclosed in accordance with Section 32 of FRS 102. No further events have occurred since the balance sheet date that would require adjustment or additional disclosure in these financial statements.
11. Related Party Transactions
There were no transactions with related parties and therefore no disclosure is required under Financial Reporting Standard 102 1a.
12. Share-based payments
The Company has a Share Option Plan. Share Options are offered to employees and consultants at an exercise price specified by the Directors at date of grant.
The exercise price and vesting conditions of the Share Options is subject to approval by the Board of Directors. Share Options are subject to good leaver/bad leaver provisions. All share options and growth shares vest over four years apart from shares in the Unapproved Share Options Scheme which vest over one year. 
As at 30 June 2025 the Company had issued 184,392 (2024: 119,500) Share Options and Growth Shares to its employees, directors and consultants of which 42,840 (2024: nil) had lapsed and 118,697 (2024: 55,342) had vested. 
Each share has an exercise price of £0.0001. The fair value of Share Options and Growth Shares issued was measured using the Black-Scholes valuation model. The expected volatility of the Share Options and Growth Shares was assessed at 50% and a risk-free rate of 0.5% due to comparison with other similar stage investment backed enterprises. As a result of the fair value exercise performed, a profit and loss credit of £136,818 (2024: charge of £481,075) was recorded in the accounts, with corresponding entry to equity.
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Genome Therapeutics Ltd
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2025
13. Audit Information
The auditor's report on the accounts of Genome Therapeutics Ltd for the year ended 30 June 2025 was unqualified.
The auditor's report was signed by Jayson Lawson (Senior Statutory Auditor) for and on behalf of Ensors , Statutory Auditor.
Ensors
Victory House
Vision Park, Chivers Way
Histon
Cambridge
CB24 9ZR
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