Company Registration No. 12837365 (England and Wales)
STARK PHARMACEUTICALS LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
United Kingdom
PO6 3TH
STARK PHARMACEUTICALS LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2
Notes to the financial statements
3 - 6
STARK PHARMACEUTICALS LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr. G Fraser-Pye
(Appointed 25 August 2020)
Mr C S N Ichiyen
(Appointed 1 December 2020)
Mr C P Reinhardt
(Appointed 1 December 2020)
Company number
12837365
Registered office
Cannon Place
78 Cannon Street
London
EC4N 6AF
Auditor
TC Group
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
United Kingdom
PO6 3TH
STARK PHARMACEUTICALS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 2 -
2021
Notes
£
£
Current assets
Debtors
3
2,162
Cash at bank and in hand
8,204
10,366
Creditors: amounts falling due within one year
4
(336,672)
Net current liabilities
(326,306)
Capital and reserves
Called up share capital
5
100
Profit and loss reserves
(326,406)
Total equity
(326,306)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 19 August 2022 and are signed on its behalf by:
Mr C S N Ichiyen
Director
Company Registration No. 12837365
The notes on pages 3 to 6 form part of these financial statements
STARK PHARMACEUTICALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 3 -
1
Accounting policies
Company information

Stark Pharmaceuticals Limited is a private company limited by shares incorporated in England and Wales. The registered office is Cannon Place, 78 Cannon Street, London, EC4N 6AF.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Reporting period

These financial statements are the first produced by the company and represent the results of the company from it's incorporation on 25th August 2020 to 31st December 2021.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

STARK PHARMACEUTICALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

1.7
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (excluding directors) employed by the company during the Period was:

2021
Number
Total
-
0
STARK PHARMACEUTICALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 5 -
3
Debtors
2021
Amounts falling due within one year:
£
Trade debtors
65
Other debtors
2,097
2,162

The balance included within other debtors represents an amount due from a related party with significant influence over the entity.

4
Creditors: amounts falling due within one year
2021
£
Taxation and social security
11
Other creditors
334,161
Accruals and deferred income
2,500
336,672

Other creditors represent amounts due to related parties with significant influence or joint control over the entity.

 

Within this balance is an unsecured loan totalling £280,000. The loan is repayable on demand and commands an interest rate of 3% per annum which is also accrued within the balance.

5
Called up share capital
2021
2021
Ordinary share capital
Number
£
Issued and fully paid
GF shares of £1 each
30
30
J shares of £1 each
30
30
B shares of £1 each
40
40
100
100

All shares issued in the period rank pari passu and hold equal voting and distribution rights.

STARK PHARMACEUTICALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2021
- 6 -
6
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Graham Figgins FCA.
The auditor was TC Group.
7
Related party transactions
Transactions with related parties

During the Period the company entered into the following transactions with related parties:

Purchases
2020-21
£
Entities with control, joint control or significant influence over the company
252,503
Entities under mutual control or the same significant influence
15,926
2021
Amounts due to related parties
£
Entities with control, joint control or significant influence over the company
141,512
Individuals with control, joint control or significant influence over the entity
141,512
Entities under mutual control or the same significant influence
51,137
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