Silverfin false 31/12/2022 01/01/2022 31/12/2022 Dr James Oliver Patterson 23/12/2016 02 October 2023 The principal activity of the Company during the financial year was developing and improving medical treatments. 10538874 2022-12-31 10538874 bus:Director1 2022-12-31 10538874 2021-12-31 10538874 core:CurrentFinancialInstruments 2022-12-31 10538874 core:CurrentFinancialInstruments 2021-12-31 10538874 core:ShareCapital 2022-12-31 10538874 core:ShareCapital 2021-12-31 10538874 core:RetainedEarningsAccumulatedLosses 2022-12-31 10538874 core:RetainedEarningsAccumulatedLosses 2021-12-31 10538874 core:OtherResidualIntangibleAssets 2021-12-31 10538874 core:OtherResidualIntangibleAssets 2022-12-31 10538874 core:OtherPropertyPlantEquipment 2021-12-31 10538874 core:OtherPropertyPlantEquipment 2022-12-31 10538874 core:CostValuation 2021-12-31 10538874 core:FurtherSpecificIncreaseDecreaseInInvestments1ComponentTotalChangeInInvestments 2022-12-31 10538874 core:CostValuation 2022-12-31 10538874 core:ProvisionsForImpairmentInvestments 2021-12-31 10538874 core:ProvisionsForImpairmentInvestments 2022-12-31 10538874 bus:OrdinaryShareClass1 2022-12-31 10538874 2022-01-01 2022-12-31 10538874 bus:FullAccounts 2022-01-01 2022-12-31 10538874 bus:SmallEntities 2022-01-01 2022-12-31 10538874 bus:AuditExemptWithAccountantsReport 2022-01-01 2022-12-31 10538874 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 10538874 bus:Director1 2022-01-01 2022-12-31 10538874 core:OtherResidualIntangibleAssets core:TopRangeValue 2022-01-01 2022-12-31 10538874 core:OtherPropertyPlantEquipment 2022-01-01 2022-12-31 10538874 2021-01-01 2021-12-31 10538874 core:OtherResidualIntangibleAssets 2022-01-01 2022-12-31 10538874 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 10538874 bus:OrdinaryShareClass1 2021-01-01 2021-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 10538874 (England and Wales)

AUXOLYTIC LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2022
Pages for filing with the registrar

AUXOLYTIC LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2022

Contents

AUXOLYTIC LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2022
AUXOLYTIC LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2022
Note 2022 2021
£ £
Fixed assets
Intangible assets 3 0 228,453
Tangible assets 4 1,675 860
Investments 5 603,639 998,195
605,314 1,227,508
Current assets
Debtors 6 36,955 0
Cash at bank and in hand 68,448 285,841
105,403 285,841
Creditors: amounts falling due within one year 7 ( 73,816) ( 325,132)
Net current assets/(liabilities) 31,587 (39,291)
Total assets less current liabilities 636,901 1,188,217
Net assets 636,901 1,188,217
Capital and reserves
Called-up share capital 8 2 2
Profit and loss account 636,899 1,188,215
Total shareholders' funds 636,901 1,188,217

For the financial year ending 31 December 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Auxolytic Limited (registered number: 10538874) were approved and authorised for issue by the Director. They were signed on its behalf by:

Dr James Oliver Patterson
Director

02 October 2023

AUXOLYTIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2022
AUXOLYTIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2022
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Auxolytic Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 71-75 Shelton Street, London, WC2H 9JQ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 20 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2022 2021
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Intangible assets

Other intangible assets Total
£ £
Cost/Valuation
At 01 January 2022 292,300 292,300
Additions 226,422 226,422
At 31 December 2022 518,722 518,722
Accumulated amortisation
At 01 January 2022 63,847 63,847
Charge for the financial year 25,936 25,936
Impairment losses 428,939 428,939
At 31 December 2022 518,722 518,722
Net book value
At 31 December 2022 0 0
At 31 December 2021 228,453 228,453

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 January 2022 1,529 1,529
Additions 1,099 1,099
At 31 December 2022 2,628 2,628
Accumulated depreciation
At 01 January 2022 669 669
Charge for the financial year 284 284
At 31 December 2022 953 953
Net book value
At 31 December 2022 1,675 1,675
At 31 December 2021 860 860

5. Fixed asset investments

Listed investments Total
£ £
Carrying value before impairment
At 01 January 2022 998,195 998,195
Change in value of loans receivable ( 394,556) ( 394,556)
At 31 December 2022 603,639 603,639
Provisions for impairment
At 01 January 2022 0 0
At 31 December 2022 0 0
Carrying value at 31 December 2022 603,639 603,639
Carrying value at 31 December 2021 998,195 998,195

The fair value of listed investments was determined with reference to the quoted market price at the reporting date. The cost of the shares on acquisition was £761,035.

6. Debtors

2022 2021
£ £
Corporation tax 36,955 0

7. Creditors: amounts falling due within one year

2022 2021
£ £
Taxation and social security 126 222,642
Other creditors 73,690 102,490
73,816 325,132

8. Called-up share capital

2022 2021
£ £
Allotted, called-up and fully-paid
1,540 Ordinary shares of £ 0.001 each 2 2