Notes to the Company Financial Statements

Continued

For the year ended 31 March 2023

I. Debtors

All amounts are short term. The carrying values of debtors are considered reasonable approximations to fair value. All of the debtors have been reviewed for indicators of impairment.

J. Creditors: amounts falling due within one year

All creditors are unsecured, interest free and payable on demand. The carrying values of creditors are all in pounds sterling and are considered reasonable approximations to fair value.

K. Deferred tax

There were no deferred tax assets or liabilities recognised by the Company during the year (2022: £nil). A deferred tax asset would be recognised only when sufficient taxable profits are expected to be generated to relieve the trading losses.

The Company may also benefit from a tax deduction when the outstanding options over ordinary shares of the Company are exercised. Such a benefit would create an additional tax deductible expense.

The Company’s trading tax losses at 31 March 2023 were approximately £nil (2022: £nil).

L. Called-up share capital

Allotted, called-up and fully paid Special share of £0.0001

Ordinary shares of £0.0001 each

The Company has issued one special share to the University of Cambridge that: entitles the University of Cambridge to be issued ordinary shares for no consideration if, on the issue of ordinary or class A commitment shares to third parties, its founding shareholding falls below 5% of the then in issue ordinary and class A commitment shares;

• carries no right to participate in the income of the Company; carries no right to receive notice of, or to attend, speak or vote at, any General Meeting of the Company; entitles the holder to the nominal value of the special share on a return of assets on liquidation or capital reduction or otherwise; and is not transferable.

At 31 March 2023, the Cambridge Innovation Capital Limited Employee Benefit Trust held ordinary shares of £0.0001 each.

During the year ended 31 March 2022, the Company: issued 28,324,079 class B commitment shares at a subscription price of £0.88495 each that immediately paired up with the same amount of class A commitment shares, with each pair of class A and class B commitment shares converting into one new ordinary share; completed a capital reduction whereby the share premium account and the capital redemption reserve were cancelled and the amount arising from such cancellation was credited to retained earnings; and bought back at £1.29 each, and subsequently cancelled, 35,033,253 ordinary shares.