Hone Bio Limited

(Registration number: 11076788)
Balance Sheet as at 31 July 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	111,178	107,152
Current assets
Debtors	5	163,361	104,646
Cash at bank and in hand		285,969	227,676
		449,330	332,322
Creditors: Amounts falling due within one year	6	(49,009)	(67,891)
Net current assets		400,321	264,431
Net assets		511,499	371,583
Capital and reserves
Called up share capital	7	6,101	5,628
Share premium reserve		5,727,142	5,477,723
Share options reserve		8,319	4,780
Profit and loss account		(5,230,063)	(5,116,548)
Total equity		511,499	371,583

Hone Bio Limited

(Registration number: 11076788)
Balance Sheet as at 31 July 2025

For the financial year ending 31 July 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 Board on 31 July 2026 and signed on its behalf by:
 

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

Dr B M Carter
Director

Hone Bio Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

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:
Science Creates Old Market
Midland Road
Bristol
BS2 0JZ

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 £.

Hone Bio Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

Going concern

The financial statements have been prepared on a going concern basis. The company incurred a loss after taxation in the year and the balance sheet reports net assets of £511,499 at the year-end (2024: £371,583 net assets).

In assessing the appropriateness of this basis, the directors have assessed the company's ability to continue as a going concern for a period of at least twelve months from the date of approval of these financial statements. The directors acknowledge that the company will require additional funding in order to meet its liabilities as they fall due and continue its planned activities.

The directors are currently engaged in an investment fundraising process and expect a further investment round to complete during the third quarter of 2026. In the period since the year end, the company's activities have been supported through a combination of contract income generated from short-term commercial projects and funding provided by the directors.

At the date of approval of these financial statements, the proposed investment has not yet been contractually committed.

Accordingly, a material uncertainty exists on the company's ability to continue as a going concern. However, the directors remain confident that the planned investment round will be successfully completed and that sufficient funding will be available to enable the company to meet its obligations as they fall due for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Government grants

Government grants are recognised, using the performance 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 fixed 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 fixed 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:

Hone Bio Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

Office equipment	4 years straight line
Plant and machinery	4 years straight line

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.

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 has issued options over its unissued shares to certain employees. The cost of equity-settled transactions is measured by reference to the fair value of the equity instruments granted at the date at which they are granted and is recognised as an expense over the vesting period, which ends on the date on which the option holder becomes fully entitled to the award. Fair value is determined using the Black Scholes pricing model.

At each balance sheet date before vesting, the cumulative expense is calculated, representing the extent to which the vesting period has expired and management’s best estimate of the achievement or otherwise of non-market conditions and of the number of equity instruments that will ultimately vest. The movement in cumulative expense since the previous balance sheet date is recognised in the profit and loss account, with a corresponding entry in equity.

Hone Bio Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2024 - 6).

4	Tangible fixed assets

	Office Equipment  £	Plant and Machinery £	Total £
Cost
At 1 August 2024	6,201	411,613	417,814
Additions	-	72,681	72,681
At 31 July 2025	6,201	484,294	490,495
Depreciation
At 1 August 2024	4,036	306,626	310,662
Charge for the year	1,047	67,608	68,655
At 31 July 2025	5,083	374,234	379,317
Carrying amount
At 31 July 2025	1,118	110,060	111,178
At 31 July 2024	4,310	102,842	107,152

Hone Bio Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

5	Debtors: amounts falling due within one year

	2025 £	2024 £
Other debtors	6,783	6,060
VAT	32,389	30,107
Prepayments and accrued income	124,189	68,479
	163,361	104,646

6

Creditors

	2025 £	2024 £
Trade creditors	20,693	18,803
Taxation and social security	4,917	14,833
Other creditors	14,723	20,059
Accruals and deferred income	8,676	14,196
	49,009	67,891

7	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary shares of £0.01 each	175,170	1,751.70	175,170	1,751.70
B Ordinary shares of £0.01 each	325,400	3,254.00	325,400	3,254.00
B-1 Ordinary shares of £0.01 each	109,558	1,095.58	62,194	621.94
	610,128	6,101	562,764	5,628