REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2022 |
for |
Sciwheel Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
6 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
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. |
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 |
Sciwheel Limited (Registered number: 03739750) |
Notes to the Financial Statements |
for the year ended 31 December 2022 |
1. | STATUTORY INFORMATION |
Sciwheel 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 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 |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Other debtors |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Other creditors |
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 |
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 |