REGISTERED NUMBER: |
Audited Financial Statements for the Year Ended 31 December 2022 |
for |
Neurofenix Limited |
REGISTERED NUMBER: |
Audited Financial Statements for the Year Ended 31 December 2022 |
for |
Neurofenix Limited |
Neurofenix Limited (Registered number: 10194513) |
Contents of the Financial Statements |
for the Year Ended 31 December 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Neurofenix Limited |
Company Information |
for the Year Ended 31 December 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Registered Auditors |
8 Pendeford Place |
Pendeford Business Park |
Wobaston Road |
Wolverhampton |
WV9 5HD |
Neurofenix Limited (Registered number: 10194513) |
Balance Sheet |
31 December 2022 |
31.12.22 | 31.12.21 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Share premium |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Neurofenix Limited (Registered number: 10194513) |
Notes to the Financial Statements |
for the Year Ended 31 December 2022 |
1. | STATUTORY INFORMATION |
Neurofenix Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. |
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. |
These financial statements are prepared in Sterling, which is the functional currency of the company. All monetary amounts are rounded to the nearest £. |
Going concern |
The financial statements have been prepared on a going concern basis. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery etc | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Neurofenix Limited (Registered number: 10194513) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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. |
Current or deferred taxation assets and liabilities are not discounted. |
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. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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. |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Trade debtors and amounts owed by group undertakings |
Trade debtors amounts owed by group undertakings are recognised initially at transaction price. They are subsequently measured and amortised at cost using the effective interest method, less provision for impairment. A provision for impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due, according to the original terms of the receivable. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Neurofenix Limited (Registered number: 10194513) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2022 |
Additions |
At 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2022 |
and 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
The company owns 100% share capital of Neurofenix Inc. registered at 3350 Riverwood Pkwy, Suite 1900, Atlanta, GA 30339, United States. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.12.21 |
as | restated |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Neurofenix Limited (Registered number: 10194513) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.12.21 |
as | restated |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.22 | 31.12.21 |
as | restated |
£ | £ |
Within one year |
Between one and five years |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.22 | 31.12.21 |
value: | as restated |
£ | £ |
Ordinary | 0.00001 | 195 | 195 |
Ordinary A | 0.00001 | 8 | 8 |
B Ordinary | 0.00001 | 157 | - |
360 | 203 |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
Neurofenix Limited (Registered number: 10194513) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
11. | PENSION COMMITMENTS |
The company provides a Workplace Pension Scheme via the provider "The People's Pension" |
2022 | 2021 |
£ | £ |
Unpaid contributions due to the fund are included in other |
creditors and amounted to: | 1,127 | 996 |
12. | PRIOR YEAR ADJUSTMENTS |
The balance sheet for the year ended 31 December 2021 has been restated to reflect the correct treatment of: |
The investment purchase of 100% share capital in Neurofenix Inc. for $10 on the 16th March 2020. As a result of the restatement, in the balance sheet at 31 December 2021, the fixed asset investment account been increased by £9 and the intercompany account has reduced by £9. |
The trade creditors at 31st December 2021 has been understated by £16,849. As a result of the restatement, in the balance sheet at 31 December 2021, the trade creditors has been increased by £16,849. and the retained earnings have reduced by £16,849. |
The share premium account has been understated by £10,000 in relation to the A Ordinary shares. As a result of the restatement, in the balance sheet at 31 December 2021, the share premium account has been increased by £10,000. and the retained earnings have reduced by £10,000. |