Enterobiotix Limited Filleted accounts for Companies House (small and micro)

ENTEROBIOTIX LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC559230

Enterobiotix Limited

Filleted Financial Statements

31 March 2022

Enterobiotix Limited

Financial Statements

Year ended 31 March 2022

Contents	Page

Officers and professional advisers	1

Directors' responsibilities statement	2

Statement of financial position	3

Notes to the financial statements	4

Enterobiotix Limited

Officers and Professional Advisers

The board of directors	Mr D M Lawrence (Appointed 17 March 2022)
	Dr J McIlroy
	Mr I Baird
	Mr M Bamforth
	Mr D Thomson

Registered office	1 West Regent Street
	Glasgow
	Scotland
	G2 1AP

Auditor	FourM Limited
	Chartered Accountants & Statutory Auditor
	Stannergate House
	41 Dundee Road West
	Broughty Ferry
	Dundee
	DD5 1NB

Enterobiotix Limited

Directors' Responsibilities Statement

Year ended 31 March 2022

The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Enterobiotix Limited

Statement of Financial Position

31 March 2022

	2022		2021
Note	£	£	£

Fixed assets

Tangible assets	6		3,403,857	390,932

Current assets

Debtors	7	1,307,284	937,258
Cash at bank and in hand		5,272,264	5,501,965
		------------	------------
		6,579,548	6,439,223

Creditors: amounts falling due within one year	8	599,511		538,343
		------------		------------
Net current assets			5,980,037	5,900,880
			------------	------------
Total assets less current liabilities			9,383,894	6,291,812
			------------	------------
Net assets			9,383,894	6,291,812
			------------	------------

Capital and reserves

Called up share capital	9	3,446	2,246
Share premium account	10	17,504,309	10,100,526
Profit and loss account	10	( 8,123,861)	( 3,810,960)
		-------------	-------------
Shareholders funds		9,383,894	6,291,812
		-------------	-------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 8 December 2022 , and are signed on behalf of the board by:

Dr J McIlroy

CEO

Company registration number: SC559230

Enterobiotix Limited

Notes to the Financial Statements

Year ended 31 March 2022

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 1 West Regent Street, Glasgow, G2 1AP, Scotland. The principal place of business is Unit 2.3, Western Campus, Strathclyde Business Park, Scotland, ML4 3LJ.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The company made a loss for the year of £4,312,901 (2021 - £2,005,050). The Board of Directors confirms that, after making appropriate enquiries and based on cash flow projections prepared, it has reasonable expectation that the company has adequate cash resources primarily from additional funding from shareholders to continue in operational existence for the foreseeable future. For this reason, it continues to adopt the going concern basis in preparing these financial statements.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Corporation tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Tenants improvements	-	10% straight line
Lab equipment	-	20% straight line
Fixtures and fittings	-	25% straight line
Office equipment	-	33% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 28 (2021: 18 ).

5. Tax on loss

Major components of tax income

	2022	2021
	£	£

Current tax:

R&D tax credit refundable	( 661,243)	( 306,263)
	---------	---------
Tax on loss	( 661,243)	( 306,263)
	---------	---------

6. Tangible assets

	Tenants improvements	Lab equipment	Fixtures and fittings	Office equipment	Total
	£	£	£	£	£
Cost
At 1 April 2021	107,434	320,131	6,485	48,245	482,295
Additions	1,878,876	1,314,047	48,100	61,493	3,302,516
Disposals	–	–	–	( 715)	( 715)
	------------	------------	--------	---------	------------
At 31 March 2022	1,986,310	1,634,178	54,585	109,023	3,784,096
	------------	------------	--------	---------	------------
Depreciation
At 1 April 2021	1,257	74,423	1,697	13,986	91,363
Charge for the year	61,451	198,373	6,505	22,783	289,112
Disposals	–	–	–	( 236)	( 236)
	------------	------------	--------	---------	------------
At 31 March 2022	62,708	272,796	8,202	36,533	380,239
	------------	------------	--------	---------	------------
Carrying amount
At 31 March 2022	1,923,602	1,361,382	46,383	72,490	3,403,857
	------------	------------	--------	---------	------------
At 31 March 2021	106,177	245,708	4,788	34,259	390,932
	------------	------------	--------	---------	------------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Lab equipment
	£
At 31 March 2022	–
	----
At 31 March 2021	16,821
	--------

7. Debtors

	2022	2021
	£	£
Other debtors	1,307,284	937,258
	------------	---------

The debtors above include the following amounts falling due after more than one year:

	2022	2021
	£	£
Other debtors	663,196	308,217
	---------	---------

8. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	459,053	423,297
Accruals and deferred income	86,757	82,345
Social security and other taxes	53,701	27,453
Obligations under finance leases and hire purchase contracts	–	5,248
	---------	---------
	599,511	538,343
	---------	---------

9. Called up share capital

Issued, called up and fully paid

	2022		2021
	No.	£	No.	£
Ordinary shares of £ 0.001 each	3,445,376	3,445	2,244,877	2,245
	------------	-------	------------	-------

10. Reserves

Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Profit and loss account - This reserve records retained earnings and accumulated losses.

11. Capital commitments

Capital expenditure contracted for but not provided for in the financial statements is as follows:

	2022	2021
	£	£
Tangible assets	–	122,545
	----	---------

12. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2022	2021
	£	£
Not later than 1 year	229,634	58,173
Later than 1 year and not later than 5 years	494,554	204,000
Later than 5 years	334,334	402,334
	------------	---------
	1,058,522	664,507
	------------	---------

13. Events after the end of the reporting period

Funding was received, post year end, through the issue of convertible loan notes. This funding round was completed by 2 November 2022, with net amount received being £11.05m.

14. Summary audit opinion

The auditor's report for the year dated 16 December 2022 was unqualified .

The senior statutory auditor was Karen Henderson MCIBS, BA(Hons), CA , for and on behalf of FourM Limited .

15. Controlling party

Directors consider there to be no ultimate controlling party.