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REGISTERED NUMBER: 03739750 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2022

for

Sciwheel Limited

Sciwheel Limited (Registered number: 03739750)






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


Sciwheel Limited

Company Information
for the year ended 31 December 2022







DIRECTORS: V Tracz
A G Crompton





SECRETARY: A G Crompton





REGISTERED OFFICE: First Floor
Healthaid House
Marlborough Hill
Harrow
Middlesex
HA1 1UD





REGISTERED NUMBER: 03739750 (England and Wales)





ACCOUNTANTS: Grant Harrod Lerman Davis LLP
Chartered Accountants
1st Floor
Healthaid House
Marlborough Hill
Harrow
Middlesex
HA1 1UD

Sciwheel Limited (Registered number: 03739750)

Balance Sheet
31 December 2022

2022 2021
Notes £    £   
CURRENT ASSETS
Debtors 4 99 202,098
Cash at bank 28,468 7,676
28,567 209,774
CREDITORS
Amounts falling due within one year 5 1,305,983 1,102,674
NET CURRENT LIABILITIES (1,277,416 ) (892,900 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(1,277,416

)

(892,900

)

CREDITORS
Amounts falling due after more than one
year

6

22,675,000

22,675,000
NET LIABILITIES (23,952,416 ) (23,567,900 )

CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings (23,952,616 ) (23,568,100 )
(23,952,416 ) (23,567,900 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

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.

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

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 27 September 2023 and were signed on its behalf by:



A G Crompton - Director


Sciwheel Limited (Registered number: 03739750)

Notes to the Financial Statements
for the year ended 31 December 2022

1. STATUTORY INFORMATION

Sciwheel Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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. The financial statements have been prepared under the historical cost convention.

At the balance sheet date and at the time of signing these accounts, the directors have considered 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.

Turnover
Turnover represents income recognised by the company in respect of publishing services supplied during the year, net of value added tax and trade discounts. It is recognised in the period to which it relates.

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.

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.

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 shares are treated as debt falling due after 1 year.

Sciwheel Limited (Registered number: 03739750)

Notes to the Financial Statements - continued
for the year ended 31 December 2022

2. ACCOUNTING POLICIES - continued

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 2 (2021 - 10 ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors - 191,138
Other debtors 99 10,960
99 202,098

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Other creditors 1,305,983 1,102,674

Included within other creditors is a balance of £1,302,484 owed to a director.

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2021
£    £   
Other creditors 22,675,000 22,675,000

The other creditors figure above relates to preference share capital treated as debt, which is held personally by a director.

7. 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 £9,472 (2021 - £18,550) At the balance sheet date contributions owed amounted to £nil (2021 - £872).

Sciwheel Limited (Registered number: 03739750)

Notes to the Financial Statements - continued
for the year ended 31 December 2022

8. RELATED PARTY TRANSACTIONS

Connected companies referred to in these financial statements are undertakings that share the same ultimate controlling party.

The management and operation of the various group and connected companies is such that each company may incur expenses on behalf of the other such companies which are then recharged. At the balance sheet date, the net amount due to connected companies is £nil (2021 - £NIL).

Life Science Communications Limited (LSC) acts as a central services company and property manager for a number of connected companies including Sciwheel Limited. The expenses of Sciwheel Limited include recharges, which are calculated in a fair and consistent manner by LSC to connected companies under similar ultimate control. During the year the Company was recharged expenses amounting to £39,309 (2021: £353,787) by LSC.

At the year-end the Company owed £nil (2021: £NIL ) to LSC.

9. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is V Tracz.