NANNA THERAPEUTICS LIMITED

NANNA THERAPEUTICS LIMITED

NANNA THERAPEUTICS LIMITED - Company Information

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NANNA THERAPEUTICS LIMITED

Company Registration Number:
08328823 (England and Wales)

Unaudited abridged accounts for the year ended 31 March 2020

Period of accounts

Start date: 01 January 2019

End date: 31 March 2020

NANNA THERAPEUTICS LIMITED

Contents of the Financial Statements

for the Period Ended 31 March 2020

Balance sheet
Notes

NANNA THERAPEUTICS LIMITED

Balance sheet

As at 31 March 2020


Notes
15 months to 31 March 2020
2018


£
£
Fixed assets
Intangible assets:   0 0
Tangible assets: 3 139,687 360,918
Investments:   0 0
Total fixed assets: 139,687 360,918
Current assets
Stocks: 0 0
Debtors:   133,366 37,355
Cash at bank and in hand: 378,052 655,532
Investments:   0 0
Total current assets: 511,418 692,887
Creditors: amounts falling due within one year:   (338,947) (461,294)
Net current assets (liabilities): 172,471 231,593
Total assets less current liabilities: 312,158 592,511
Creditors: amounts falling due after more than one year:   0 0
Provision for liabilities: 0 0
Total net assets (liabilities): 312,158 592,511
Capital and reserves
Called up share capital: 4,524 2,580
Share premium account: 771,864 601,806
Other reserves: 500,000 0
Profit and loss account: (964,230) (11,875)
Shareholders funds: 312,158 592,511

The notes form part of these financial statements

NANNA THERAPEUTICS LIMITED

Balance sheet statements

For the year ending 31 March 2020 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 10 March 2021
and signed on behalf of the board by:

Name: David Williams
Status: Director

The notes form part of these financial statements

NANNA THERAPEUTICS LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2020

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the company and value added taxes. The company recognises revenue when (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the company retains no continuing involvement or control over the goods; (c) the amount of revenue can be measured reliably; and (d) it is probable that future economic benefits will flow to the entity. The company provide services to other pharmaceutical companies. Revenue is recognised in the accounting period in which the services are rendered when the outcome of contract can be estimated reliably. Government Grant Income The company receives grant income for UK business develop new products, processes and services with commercial potential from Innovate UK R&D Grants in relation to proprietary products which are being designed by the company. The Grant Income is recognised on an accruals basis in accordance with the substance of the relevant agreement.

Tangible fixed assets and depreciation policy

Depreciation is provided, after taking account of any grants receivable, at the following annual rates in order to write off each asset over its estimated useful life: Laboratory Equipment - 33.33% of cost Office Equipment - 33.33% of cost

Other accounting policies

Research and Development:Expenditure on research is written off against profits in the year in which it is incurred. Development expenditure is capitalised and amortised over its useful life. Tax credits on Research and Development:The tax credits within the financial statement are recognised on a cash basis once no uncertainty remains regarding their recoverability Other accounting policies:Deferred taxation is only provided in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. Deferred taxation is calculated at the rates of tax that are expected to apply in the periods when the timing differences will reverse and has not been discounted. Deferred taxation is provided only if it can be assessed with reasonable certainty that future taxable profits will arise to crystalise the tax benefit.

NANNA THERAPEUTICS LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2020

2. Employees

15 months to 31 March 2020 2018
Average number of employees during the period 14 11

NANNA THERAPEUTICS LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2020

3. Tangible Assets

Total
Cost £
At 01 January 2019 980,313
Additions 43,938
At 31 March 2020 1,024,251
Depreciation
At 01 January 2019 619,395
Charge for year 265,169
At 31 March 2020 884,564
Net book value
At 31 March 2020 139,687
At 31 December 2018 360,918

NANNA THERAPEUTICS LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2020

4. Post balance sheet events

On the 18th April 2020 Astellas Pharma Europe Limited acquired 100% of the share capital of Nanna Therapeutics. In March 2020, Astellas Pharma Europe Limited paid Nanna Therapeutics Limited £500,000 for right to pursue a transaction of acquiring Nanna Therapeutics on an exclusive basis. Per the Exclusivity Agreement, the exclusivity payment of £500,000 would be deducted from the final consideration, which has therefore been recorded as a Capital Contribution for the period ending 31st March 2020.