Company registration number 12744781 (England and Wales)
DRF Althea (UK) Limited
Audited Financial Statements
For the year ended
31 March 2023
Pages for filing with registrar
DRF Althea (UK) Limited
Contents
Page
Directors' report
1
Statement of financial position
2
Notes to the financial statements
3 - 5
DRF Althea (UK) Limited
Directors' Report
For the year ended 31 March 2023
- 1 -

The directors present their annual report and financial statements for the year ended 31 March 2023.

Principal activities

The principal activity of the company is that of research and experimental development on natural sciences and engineering.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

A.C. Burman
P.A. Robertson
P.A. Webb
Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
P.A. Robertson
Director
29 August 2023
DRF Althea (UK) Limited
Statement Of Financial Position
As at 31 March 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
4
740,576
740,576
Current assets
Debtors
5
305,022
17,007
Cash at bank and in hand
29,260
100,414
334,282
117,421
Creditors: amounts falling due within one year
6
(1,394,836)
(1,016,410)
Net current liabilities
(1,060,554)
(898,989)
Net liabilities
(319,978)
(158,413)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(320,078)
(158,513)
Total equity
(319,978)
(158,413)

The notes on pages 3 to 5 form part of these financial statements.

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 29 August 2023 and are signed on its behalf by:
P.A. Robertson
Director
Company Registration No. 12744781
DRF Althea (UK) Limited
Notes To The Financial Statements
For the year ended 31 March 2023
- 3 -
1
General information

DRF Althea (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Dixcart House, Addlestone Road, Bourne Business Park, Addlestone, Surrey, KT15 2LE.

2
Accounting policies
2.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.

2.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors expect the continued support of the company's parent undertaking, which has confirmed that it will support the company for all third party liabilities arising in a period of at least twelve months from the date of signing of the financial statements. The directors also understand the the parent company does not intend to recall the loans, amounting to £1,050,000 (2022 - £950,000) included in Creditors: amounts falling due within one year, in this period. The directors therefore consider the adoption of the going concern basis in preparing the financial statements to be appropriate.

2.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for product development and scientific research services, net of VAT.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated in reference to the completion of a physical proportion of the service contract.

2.4
Fixed asset investments

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss. Where market value cannot be reliably measured, such investments are measured at cost less any accumulated impairment losses.

2.5
Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

 

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

DRF Althea (UK) Limited
Notes To The Financial Statements (Continued)
For the year ended 31 March 2023
2
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, loans from fellow group companies, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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.

2.6
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

2.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
1
4
Fixed asset investments
2023
2022
£
£
Other investments other than loans
740,576
740,576
DRF Althea (UK) Limited
Notes To The Financial Statements (Continued)
For the year ended 31 March 2023
- 5 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
227,738
-
0
Other debtors
77,284
17,007
305,022
17,007
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
156,635
34,269
Amounts owed to group undertakings
1,134,197
964,636
Taxation and social security
7,380
6,261
Other creditors
96,624
11,244
1,394,836
1,016,410
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Emphasis of matter

In forming our opinion on the financial statements, which is not qualified, we have considered the adequacy of the disclosures made in note 2.2 to the financial statements, concerning the company’s ability to continue as a going concern. The company is reliant on the support of its parent undertaking.

 

In consequence of this parent support the company remains a going concern and therefore the accounts have been prepared on this basis.

Senior Statutory Auditor:
Frank Harling FCCA
Statutory Auditor:
Ward Williams
8
Controlling party

The parent company is Althea DRF Lifesciences Limited, incorporated in India with registered office at First Floor, 19, ASHI Bhavan, Rouse Avenue, Institutional Area, New Delhi 110002. It is also the parent of the smallest group for which consolidated accounts including DRF Althea (UK) Limited are drawn up, and copies of these accounts can be obtained from its registered office.

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