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COMPANY REGISTRATION NUMBER: 09834676
Foresite MSP Limited
Filleted Unaudited Financial Statements
31 October 2022
Foresite MSP Limited
Financial Statements
Year ended 31 October 2022
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Foresite MSP Limited
Statement of Financial Position
31 October 2022
2022
2021
Note
£
£
£
Current assets
Debtors
5
52,676
33,744
Cash at bank and in hand
95,720
1,951
---------
--------
148,396
35,695
Creditors: amounts falling due within one year
6
1,333,031
1,044,203
------------
------------
Net current liabilities
1,184,635
1,008,508
------------
------------
Total assets less current liabilities
( 1,184,635)
( 1,008,508)
Creditors: amounts falling due after more than one year
7
26,612
36,462
------------
------------
Net liabilities
( 1,211,247)
( 1,044,970)
------------
------------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 1,211,248)
( 1,044,971)
------------
------------
Shareholders deficit
( 1,211,247)
( 1,044,970)
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Foresite MSP Limited
Statement of Financial Position (continued)
31 October 2022
These financial statements were approved by the board of directors and authorised for issue on 17 October 2023 , and are signed on behalf of the board by:
Mr J M Lavelle
Director
Company registration number: 09834676
Foresite MSP Limited
Notes to the Financial Statements
Year ended 31 October 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, United Kingdom, CT1 3DN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared under the going concern basis which assumes the company will continue in existence for at least 12 months following the approval of the accounts. There is a reasonable expectation that the company will be able to meet its liabilities as they fall due based on the ongoing support from the parent company.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Government grants
Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recorded at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2021: 8 ).
5. Debtors
2022
2021
£
£
Trade debtors
50,154
20,168
Other debtors
2,522
13,576
--------
--------
52,676
33,744
--------
--------
6. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
9,852
9,606
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,163,839
905,370
Social security and other taxes
42,588
33,827
Other creditors
116,752
95,400
------------
------------
1,333,031
1,044,203
------------
------------
7. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
26,612
36,462
--------
--------
8. Related party transactions
At the year end the company owed £1,163,839 (2021: £905,370) to a group company.
9. Controlling party
The company is a 100% subsidiary of Foresite MSP LLC a company registered in the United States, whose registered office is Suite 400, 2771 Centerville Road, Wilmington, New Castle De 19808, United States .