REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2022 |
for |
Life Science Communications Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2022 |
for |
Life Science Communications Limited |
Life Science Communications Limited (Registered number: 01270433) |
Contents of the Financial Statements |
for the year ended 31 December 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Life Science Communications Limited |
Company Information |
for the year ended 31 December 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
1st Floor |
Healthaid House |
Marlborough Hill |
Harrow |
Middlesex |
HA1 1UD |
Life Science Communications Limited (Registered number: 01270433) |
Balance Sheet |
31 December 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Life Science Communications Limited (Registered number: 01270433) |
Balance Sheet - continued |
31 December 2022 |
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 |
Life Science Communications Limited (Registered number: 01270433) |
Notes to the Financial Statements |
for the year ended 31 December 2022 |
1. | STATUTORY INFORMATION |
Life Science Communications Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
At the balance sheet date and at the time of signing these accounts, the directors have considered the the going concern position, and are satisfied that the company can continue to trade for a period of at least 12 months from the date of signing these accounts. |
Therefore, the directors have prepared these financial statements on a going concern basis. |
Significant judgements and estimates |
The preparation of the financial statements in conformity with generally accepted accounting principles requires the directors to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results in the future could differ from those estimates. In this regard, the directors believe that the critical accounting policies where judgements or estimations are necessarily applied are summarised below. |
- Intercompany recharges |
The directors review the expenditure of the company each year for recharges to other connected companies. The precise amounts of the recharges are determined using consistent policies, but the proper application to the amount chargeable to each company and the policies themselves rely on judgements according to circumstances. |
- Depreciation and residual value |
The directors have reviewed the asset lives and associated residual values of all fixed assets, and have concluded that asset lives and residual values are appropriate. |
- Goodwill and intangible assets |
The group establishes a reliable estimate of the useful life of goodwill and intangible assets arising on business combinations. This estimate is based on a variety of factors such as the expected use of the acquired business, the expected usual life of the cash generating units to which the goodwill is attributed, any legal, regulatory or contractual provisions that can limit useful life and assumptions that market participants would consider in respect of similar businesses. |
Turnover |
Turnover represents income recognised by the company in respect of central administrative services supplied during the year, net of value added tax and trade discounts. It is recognised in the period to which it relates. |
Goodwill |
Life Science Communications Limited (Registered number: 01270433) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Land and buildings | - |
Plant and machinery etc | - |
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; however, 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. |
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. |
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset. |
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. |
Preference shares |
Under FRS 102, the preference shares have been shown at cost and have not been discounted at the relevant interest rate as they are not considered to be loans and therefore there is no interest. Preference share capital is treated as long-term debt. |
Going concern |
The financial statements have been prepared under the going concern basis which assumes that the company has sufficient resources to enable it to continue to operate for the foreseeable future. |
The main form of funding for the company's operations is through preference shares. The preference shares are treated as debt, in accordance with FRS102 (see note above), but are not capable of being redeemed otherwise than out of profits available for distribution. In addition, the ultimate controlling party has, without creating a contractual obligation, indicated his intention to continue providing such additional funding as may be required to enable the company to meet its liabilities as they fall due and to continue to operate for the foreseeable future. |
The directors, who include the aforementioned ultimate controlling party, are therefore satisfied that the going concern basis is appropriate for the preparation of these financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Life Science Communications Limited (Registered number: 01270433) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2022 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 January 2022 |
Disposals | ( |
) |
At 31 December 2022 |
AMORTISATION |
At 1 January 2022 |
Eliminated on disposal | ( |
) |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 January 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Other debtors |
Life Science Communications Limited (Registered number: 01270433) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2022 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
Trade creditors | ( |
) |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Other creditors |
Included within the other creditors balance is £1,338,378 owed to a director (2021 - £1,314,263) and £200,000 (2021 - £200,000) of preference share capital held by a company under common control of that director. |
9. | PENSION COMMITMENTS |
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £5,825 (2021 - 46,912). At the balance sheet date contributions owed amounted to £NIL (2021 - £1,044). |
10. | RELATED PARTY DISCLOSURES |
At the year end Life Science Communications Limited owed £1,338,378 (2021: £1,314,205) to Vitek Tracz a director of the company and the ultimate owner of the group of companies. This amount is included in Other creditors due after one year. |
During the year the company recharged expenses amounting to £261,653 (2021: £677,922) to Faculty Opinions Limited, £353,787 (2021: £677,922) to Sciwheel Limited & £28,445 (2021: £33,639.35) to Web Of Stories Limited. |
Life Science Communications Limited acts as a central services company and property manager for a number of connected companies. The whole of the turnover and other operating income arises from the recharge of costs incurred by the company and recharged in a fair and consistent manner to connected companies under similar ultimate control. |