Caseware UK (AP4) 2021.0.152 2021.0.152 2021-12-312021-12-31true0false2021-01-010No description of principal activitytrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05927397 2021-01-01 2021-12-31 05927397 2020-01-01 2020-12-31 05927397 2021-12-31 05927397 2020-12-31 05927397 c:Director1 2021-01-01 2021-12-31 05927397 d:MotorVehicles 2021-01-01 2021-12-31 05927397 d:MotorVehicles 2021-12-31 05927397 d:MotorVehicles 2020-12-31 05927397 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2021-01-01 2021-12-31 05927397 d:CurrentFinancialInstruments 2021-12-31 05927397 d:CurrentFinancialInstruments 2020-12-31 05927397 d:Non-currentFinancialInstruments 2021-12-31 05927397 d:Non-currentFinancialInstruments 2020-12-31 05927397 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 05927397 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 05927397 d:Non-currentFinancialInstruments d:AfterOneYear 2021-12-31 05927397 d:Non-currentFinancialInstruments d:AfterOneYear 2020-12-31 05927397 d:ShareCapital 2021-12-31 05927397 d:ShareCapital 2020-12-31 05927397 d:RetainedEarningsAccumulatedLosses 2021-12-31 05927397 d:RetainedEarningsAccumulatedLosses 2020-12-31 05927397 c:FRS102 2021-01-01 2021-12-31 05927397 c:AuditExempt-NoAccountantsReport 2021-01-01 2021-12-31 05927397 c:FullAccounts 2021-01-01 2021-12-31 05927397 c:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 05927397 d:Subsidiary1 2021-01-01 2021-12-31 05927397 d:Subsidiary1 1 2021-01-01 2021-12-31 05927397 d:Subsidiary2 2021-01-01 2021-12-31 05927397 d:Subsidiary2 1 2021-01-01 2021-12-31 05927397 d:Subsidiary3 2021-01-01 2021-12-31 05927397 d:Subsidiary3 1 2021-01-01 2021-12-31 05927397 d:HirePurchaseContracts d:WithinOneYear 2021-12-31 05927397 d:HirePurchaseContracts d:WithinOneYear 2020-12-31 05927397 d:HirePurchaseContracts d:BetweenOneFiveYears 2021-12-31 05927397 d:HirePurchaseContracts d:BetweenOneFiveYears 2020-12-31 05927397 6 2021-01-01 2021-12-31 05927397 d:AcceleratedTaxDepreciationDeferredTax 2021-12-31 05927397 d:AcceleratedTaxDepreciationDeferredTax 2020-12-31 05927397 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2021-12-31 05927397 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2020-12-31 05927397 d:LeasedAssetsHeldAsLessee 2021-12-31 05927397 d:LeasedAssetsHeldAsLessee 2020-12-31 iso4217:GBP xbrli:pure

Registered number: 05927397










INTERNATIONAL THERAPEUTIC PROTEINS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2021

 
INTERNATIONAL THERAPEUTIC PROTEINS LIMITED
REGISTERED NUMBER: 05927397

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2021

2021
2020
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,598
8,514

Investments
 5 
2
2

  
1,600
8,516

Current assets
  

Debtors: amounts falling due within one year
 6 
235,039
229,031

  
235,039
229,031

Creditors: amounts falling due within one year
 7 
(110,141)
(100,238)

Net current assets
  
 
 
124,898
 
 
128,793

Total assets less current liabilities
  
126,498
137,309

Creditors: amounts falling due after more than one year
 8 
-
(1,166)

Provisions for liabilities
  

Deferred tax
 10 
(304)
(1,618)

  
 
 
(304)
 
 
(1,618)

Net assets
  
126,194
134,525


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
126,094
134,425

  
126,194
134,525


Page 1

 
INTERNATIONAL THERAPEUTIC PROTEINS LIMITED
REGISTERED NUMBER: 05927397
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2021

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




N G Pope
Director

Date: 28 July 2022

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
INTERNATIONAL THERAPEUTIC PROTEINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1.


General information

International Therapeutic Proteins Limited (05927397), is a private company, limited by shares. It is incorporated in England and its registered office address is Goleigh Farm, Selborne, Alton, Hampshire, GU34 3SE.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The Company is the parent undertaking of a small group and as such is not required by the Companies Act 2006 to prepare group accounts. These financial statements therefore present information about the Company as an individual undertaking and not about its group.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
INTERNATIONAL THERAPEUTIC PROTEINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
20%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

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, loans to related parties and investments in ordinary shares.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
INTERNATIONAL THERAPEUTIC PROTEINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.9

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


3.


Employees

The average monthly number of employees during the year was 0 (2020 - 0).

Page 5

 
INTERNATIONAL THERAPEUTIC PROTEINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

4.


Tangible fixed assets





Motor vehicles

£



Cost or valuation


At 1 January 2021
34,580



At 31 December 2021

34,580



Depreciation


At 1 January 2021
26,066


Charge for the year on financed assets
6,916



At 31 December 2021

32,982



Net book value



At 31 December 2021
1,598



At 31 December 2020
8,514

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2021
2020
£
£



Motor vehicles
1,598
8,514

1,598
8,514

Page 6

 
INTERNATIONAL THERAPEUTIC PROTEINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2021
2



At 31 December 2021
2





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Australian Therapeutic Proteins Pty Ltd
Ordinary
100%
Goleigh Holdings Pty Ltd
Ordinary
100%
Glen Avon Farms Pty Ltd
Ordinary
100%


6.


Debtors

2021
2020
£
£


Amounts owed by group undertakings
175,000
175,000

Other debtors
60,039
54,031

235,039
229,031


Page 7

 
INTERNATIONAL THERAPEUTIC PROTEINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

7.


Creditors: Amounts falling due within one year

2021
2020
£
£

Bank overdrafts
19,298
1,252

Trade creditors
734
2,314

Amounts owed to group undertakings
76,200
73,858

Corporation tax
2,985
3,625

Other taxation and social security
8,409
8,837

Obligations under finance lease and hire purchase contracts
1,165
3,256

Other creditors
600
5,376

Accruals and deferred income
750
1,720

110,141
100,238



8.


Creditors: Amounts falling due after more than one year

2021
2020
£
£

Net obligations under finance leases and hire purchase contracts
-
1,166

-
1,166



9.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2021
2020
£
£


Within one year
1,165
3,256

Between 1-5 years
-
1,166

1,165
4,422

Page 8

 
INTERNATIONAL THERAPEUTIC PROTEINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

10.


Deferred taxation




2021


£






At beginning of year
(1,618)


Charged to profit or loss
1,314



At end of year
(304)

The provision for deferred taxation is made up as follows:

2021
2020
£
£


Accelerated capital allowances
(304)
(1,618)

(304)
(1,618)

 
Page 9