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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018 |
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EPSILON-3 BIO LIMITED |
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REGISTERED NUMBER:
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018 |
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FOR |
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EPSILON-3 BIO LIMITED |
EPSILON-3 BIO LIMITED (REGISTERED NUMBER: 07289096) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2018 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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EPSILON-3 BIO LIMITED |
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COMPANY INFORMATION |
for the Year Ended 31 December 2018 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditors |
Bridge House |
25 Fiddlebridge Lane |
Hatfield |
Hertfordshire |
AL10 0SP |
EPSILON-3 BIO LIMITED (REGISTERED NUMBER: 07289096) |
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BALANCE SHEET |
31 December 2018 |
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31.12.18 | 31.12.17 |
as restated |
(Unaudited) |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year (including convertible debt) |
8 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Other reserves |
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Retained earnings | ( |
) | (5,025,840 | ) |
SHAREHOLDERS' FUNDS | ( |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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EPSILON-3 BIO LIMITED (REGISTERED NUMBER: 07289096) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2018 |
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1. | STATUTORY INFORMATION |
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Epsilon-3 Bio Limited is a
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registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Accounting judgements and key sources of estimation uncertainty |
The preparation of the financial statements requires the directors to make judgements, estimates and assumptions |
that can affect the amounts reported for assets and liabilities and the results for the year. |
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The nature of estimation is such that the actual outcomes could differ significantly from those estimates. |
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The following judgements have had the most significant impact on amounts recognised in the financial |
statements: |
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Convertible debt |
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The company has issued convertible loan notes. The loan has been allocated between equity and debt elements |
using the net present value of the future cash flows. The discount rate used reflects the directors estimate of the |
market rate payable on a similar instrument that was not convertible. The rate selected by the directors is |
considered to be reasonable given the inherent risk of a research and development company and the amount of |
loan notes issued. |
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Patents |
Amortisation is provided at varying rates on cost in order to write off each asset over its estimated useful life. |
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Tangible fixed assets |
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Computer equipment | - |
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EPSILON-3 BIO LIMITED (REGISTERED NUMBER: 07289096) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of financial |
assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties. |
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Debt instruments (other than those wholly repayable or receivable within one year), including loans and other |
accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently |
at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one |
year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount |
of the cash or other consideration expected to be paid or received. |
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However, if the arrangements of a short term instrument constitute a financing transaction, like the payment of a |
trade debt deferred beyond normal business terms or in case of an outright short term loan that is not at market |
rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a |
market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a |
loan from a director in the case of a small company, or a public benefit entity concessionary loan. |
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Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for |
objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised |
in the statement of comprehensive income. |
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Basic financial liabilities, which include other creditors, are initially measured at transaction price including |
transaction costs and are subsequently carried at amortised cost using the effective interest rate method as they |
are deemed to not be a financing transaction. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
EPSILON-3 BIO LIMITED (REGISTERED NUMBER: 07289096) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Going concern |
The company is engaged in research and development activities and is reliant upon funding from its investors to |
meet its operational and working capital needs. |
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The company's forecasts and projections taking account of expected expenditure and future investment, show |
that the company should be able to continue these activities within the level of its available facilities for the |
foreseeable future. |
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Therefore these accounts have been prepared on a going concern basis. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2017 -
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4. | INTANGIBLE FIXED ASSETS |
Patents |
and |
licences |
£ |
COST |
At 1 January 2018 |
and 31 December 2018 |
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AMORTISATION |
At 1 January 2018 |
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Amortisation for year |
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At 31 December 2018 |
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NET BOOK VALUE |
At 31 December 2018 |
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At 31 December 2017 |
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5. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 January 2018 |
and 31 December 2018 |
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DEPRECIATION |
At 1 January 2018 |
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Charge for year |
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At 31 December 2018 |
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NET BOOK VALUE |
At 31 December 2018 |
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At 31 December 2017 |
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EPSILON-3 BIO LIMITED (REGISTERED NUMBER: 07289096) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2018 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.18 | 31.12.17 |
as restated |
(Unaudited) |
£ | £ |
Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.18 | 31.12.17 |
as restated |
(Unaudited) |
£ | £ |
Trade creditors |
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Other creditors |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.12.18 | 31.12.17 |
as restated |
(Unaudited) |
£ | £ |
Other creditors |
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The total of other creditors relates to convertible loan notes stated at their present value of future cash flows |
discounted at a market rate of interest that would be payable on a similar debt instrument that was not convertible |
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9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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10. | POST BALANCE SHEET EVENTS |
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The convertible loan notes have been renewed following the year end on the similar terms. |