EPIDAREX MANAGEMENT LTD

Company Registration Number:
SC640075 (Scotland)

Unaudited abridged accounts for the year ended 31 December 2021

Period of accounts

Start date: 01 January 2021

End date: 31 December 2021

EPIDAREX MANAGEMENT LTD

Contents of the Financial Statements

for the Period Ended 31 December 2021

Balance sheet
Notes

EPIDAREX MANAGEMENT LTD

Balance sheet

As at 31 December 2021


Notes

2021

16 months to 31 December 2020


£

£
Fixed assets
Tangible assets: 3 4,604 7,187
Total fixed assets: 4,604 7,187
Current assets
Debtors: 4 87,963 22,474
Cash at bank and in hand: 35,744 8,091
Total current assets: 123,707 30,565
Creditors: amounts falling due within one year: 5 (599,854) (392,372)
Net current assets (liabilities): (476,147) (361,807)
Total assets less current liabilities: (471,543) (354,620)
Creditors: amounts falling due after more than one year: 6 (504,107) (512,761)
Total net assets (liabilities): (975,650) (867,381)
Capital and reserves
Called up share capital: 7,500 7,500
Other reserves: (114,583) (62,500)
Profit and loss account: (868,567) (812,381)
Shareholders funds: (975,650) (867,381)

The notes form part of these financial statements

EPIDAREX MANAGEMENT LTD

Balance sheet statements

For the year ending 31 December 2021 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 20 April 2022
and signed on behalf of the board by:

Name: Kyparissia Sirinakis
Status: Director

The notes form part of these financial statements

EPIDAREX MANAGEMENT LTD

Notes to the Financial Statements

for the Period Ended 31 December 2021

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Revenue recognitionRevenue represents income generated by operating as the manager of the Funds. Revenue is recognised at the fair value of the consideration received or receivable on fee income. Fees are recognised when the outcome can be reliably estimated. When the outcome cannot be reliably estimated, fees are recognised to the extent such amounts are recoverable.All operations are conducted in the United Kingdom.

Tangible fixed assets and depreciation policy

Tangible assets are initially recorded at cost and are subsequently stated at the cost less accumulated depreciation and impairment losses. 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:Computer Equipment – 3 yearsFixtures and Fittings - 4 yearsIf there is an indication that there has been a significant change on depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Other accounting policies

Going ConcernThe financial statements are prepared on a going concern basis after consideration of the contractual guaranteed management fees due to the Company.Creditors payable within one yearCreditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

EPIDAREX MANAGEMENT LTD

Notes to the Financial Statements

for the Period Ended 31 December 2021

2. Employees

2021 16 months to 31 December 2020
Average number of employees during the period 7 8

EPIDAREX MANAGEMENT LTD

Notes to the Financial Statements

for the Period Ended 31 December 2021

3. Tangible Assets

Total
Cost £
At 01 January 2021 30,735
Additions 2,919
Disposals (3,820)
At 31 December 2021 29,834
Depreciation
At 01 January 2021 23,548
Charge for year 5,502
On disposals (3,820)
At 31 December 2021 25,230
Net book value
At 31 December 2021 4,604
At 31 December 2020 7,187

EPIDAREX MANAGEMENT LTD

Notes to the Financial Statements

for the Period Ended 31 December 2021

4. Debtors

2021 16 months to 31 December 2020
££
Debtors due after more than one year: 87,963 21,948

EPIDAREX MANAGEMENT LTD

Notes to the Financial Statements

for the Period Ended 31 December 2021

5. Creditors: amounts falling due within one year note

Accounts payable are due to vendors for services received during the year in the ordinary course of business.The Company has a bank loan with GrassHopper Bank N.A. to cover short term cash fluctuations. The loan bears interest at a rate the greater of (i) the Prime Rate plus one quarter of one percent (0.25%) and (ii) three and one half of one percent (3.50%). The bank loan is guaranteed by the Company’s management fee income.

EPIDAREX MANAGEMENT LTD

Notes to the Financial Statements

for the Period Ended 31 December 2021

6. Creditors: amounts falling due after more than one year note

Long term loans were advanced by Mr. Dunlop and Ms. Sirinakis at inception as part of the transfer of assets from Epidarex Capital Management LLP, the prior management company. The loans are payable on demand with interest. The shareholders have waived the repayment for the next twelve months.

EPIDAREX MANAGEMENT LTD

Notes to the Financial Statements

for the Period Ended 31 December 2021

7. Loans to directors

Name of director receiving advance or credit: Elizabeth Roper
Description of the loan: The Company issued a £70,019 loan to one of its Directors on 29 January 2021 to be repaid by 29 January 2026, accruing interest at a rate of 1.08288%. As of 31 December 2021, £698 of interest has accrued on the loan.
£
Balance at 01 January 2021 70,019
Advances or credits made: 698
Advances or credits repaid: 698
Balance at 31 December 2021 70,019

EPIDAREX MANAGEMENT LTD

Notes to the Financial Statements

for the Period Ended 31 December 2021

8. Related party transactions

Name of the related party:
Relationship:
Investment vehicles and related management entities
Description of the Transaction: Amounts owed by Epidarex Capital II LP, Epidarex Capital FP LLP, Epidarex Capital CP LLP, Epidarex Capital Partners Limited, Epidarex Capital III UK GP LP, Epidarex Capital III UK LP, EIF Co-Invest LP, Epidarex Capital UK GP LLP, and EPX II Co-Invest LP are for reimbursement of expenses paid for on behalf of these related entities. The entities are related due to common ownership or management contracts.
£
Balance at 01 January 2021 21,948
Balance at 31 December 2021 17,246