Turing Biosystems Ltd

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

Turing Biosystems Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13773831 . The registered office is Senna Building, Gorsuch Pl, Senna Building, Gorsuch Place, London, E2 8JF.

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.

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

2.2. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern. Therefore the financial statements have been prepared on a going concern basis which assumes the Company will continue in operational existence for the foreseeable future.

The Company is involved in research and development activities and is working towards achieving a sustainable revenue generating activity. The directors have considered the basis of the financial statements and are satisfied that a combination of business growth and further investment commitments will enable the Company to meet its liabilities as they fall due.

2.3. Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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:

Computer Equipment

3 years, straight line

2.5. Investments

Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

2.6. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

2.7. Financial Instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

...CONTINUED

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Turing Biosystems Ltd

Notes to the Financial Statements (continued)

For The Year Ended 30 November 2024

2.7. Financial Instruments - continued

Basic financial liabilities, including creditors, are recognised at transaction price including transaction costs.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities.

2.8. Foreign Currencies

Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the profit / loss before taxation.

2.9. Taxation

Tax is recognised in profit or loss except that a charge is attributable to an item of income and expense recognised as other comphrehensive income or to an item recognised directly in equity is also recognised in other comphrehensive income or directly in equity respectively.

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

2.10. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

2.11. Research and Development

In the research phase of an internal project, it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 1 (2023: 1)

4. Tangible Assets

	Computer Equipment
	£
Cost
As at 1 December 2023	2,282

As at 30 November 2024	2,282

Depreciation
As at 1 December 2023	463
Provided during the period	761

As at 30 November 2024	1,224

Net Book Value
As at 30 November 2024	1,058

As at 1 December 2023	1,819

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Turing Biosystems Ltd

Notes to the Financial Statements (continued)

For The Year Ended 30 November 2024

5. Investments

	Subsidiaries
	£
Cost or Valuation
As at 1 December 2023	84

As at 30 November 2024	84

Provision
As at 1 December 2023	-

As at 30 November 2024	-

Net Book Value
As at 30 November 2024	84

As at 1 December 2023	84

Subsidiaries

Details of the company's subsidiaries as at 30 November 2024 are as follows:

Name of undertaking	Registered Office	Class of shares held	Direct holding	Indirect holding
Turing Biosystems SASU	France		100.00%	-

6. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	-	1,036
Corporation tax recoverable assets	30,671	24,488
VAT	12,628	779
Other taxes and social security	20	-
Amounts owed by group undertakings	70,277	70,277

	113,596	96,580

7. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	28,227	4,423
Other taxes and social security	-	771
Other creditors	114	172
Accruals and deferred income	2,150	1,500
Directors' loan accounts	1,215	1,245

	31,706	8,111

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Turing Biosystems Ltd

Notes to the Financial Statements (continued)

For The Year Ended 30 November 2024

8. Share Capital

	2024	2023
Allotted, called up and fully paid	£	£
1,000,000 Ordinary Shares of £ 0.001 each	1,000	1,000
468,766 Series Seed shares of £ 0.001 each	469	257

	1,469	1,257


Shares issued during the period:	£
212,272 Series Seed shares of £ 0.001 each	212

On 30th October 2024, 46,112 Series Seed shares of £0.001 each were allotted and fully paid at a price of £5.118 per share.

On 31st October 2024, 68,386 Series Seed shares of £0.001 each were allotted and fully paid at a price of £5.118 per share.

On 25th November 2024, 19,540 Series Seed shares of £0.001 each were allotted and fully paid at a price of £5.118 per share.

On 27th November 2024, 78,234 Series Seed shares of £0.001 each were allotted and fully paid at a price of £5.118 per share.

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		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		1,058		1,819
Investments	5		84		84

			1,142		1,903
CURRENT ASSETS
Debtors	6	113,596		96,580
Cash at bank and in hand		1,235,679		607,772

		1,349,275		704,352
Creditors: Amounts Falling Due Within One Year	7	(31,706 )		(8,111 )

NET CURRENT ASSETS (LIABILITIES)			1,317,569		696,241

TOTAL ASSETS LESS CURRENT LIABILITIES			1,318,711		698,144

NET ASSETS			1,318,711		698,144

CAPITAL AND RESERVES
Called up share capital	8		1,469		1,257
Share premium account			1,974,948		888,752
Profit and Loss Account			(657,706 )		(191,865 )

SHAREHOLDERS' FUNDS			1,318,711		698,144