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COMPANY REGISTRATION NUMBER: SC280040
KJW Clinical Research Limited
Filleted Unaudited Financial Statements
For the year ended
31 March 2023
KJW Clinical Research Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
306,148
309,745
Investments
7
290
290
---------
---------
306,438
310,035
Current assets
Debtors
8
105
300,000
Cash at bank and in hand
316,458
48,648
---------
---------
316,563
348,648
Creditors: amounts falling due within one year
9
22,055
56,327
---------
---------
Net current assets
294,508
292,321
---------
---------
Total assets less current liabilities
600,946
602,356
---------
---------
Net assets
600,946
602,356
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
600,945
602,355
---------
---------
Shareholder funds
600,946
602,356
---------
---------
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 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
KJW Clinical Research Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 10 October 2023 , and are signed on behalf of the board by:
Dr K J Williams
Director
Company registration number: SC280040
KJW Clinical Research Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 33 Kittoch Street, East Kilbride, Glasgow, G74 4JW.
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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Library
-
20% reducing balance
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
8,000
-------
Amortisation
At 1 April 2022 and 31 March 2023
8,000
-------
Carrying amount
At 31 March 2023
-------
At 31 March 2022
-------
6. Tangible assets
Land and buildings
Library
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Apr 2022 and 31 Mar 2023
291,155
6,816
52,713
25,037
2,327
378,048
---------
-------
--------
--------
-------
---------
Depreciation
At 1 Apr 2022
6,621
42,302
17,116
2,264
68,303
Charge for the year
39
1,562
1,980
16
3,597
---------
-------
--------
--------
-------
---------
At 31 Mar 2023
6,660
43,864
19,096
2,280
71,900
---------
-------
--------
--------
-------
---------
Carrying amount
At 31 Mar 2023
291,155
156
8,849
5,941
47
306,148
---------
-------
--------
--------
-------
---------
At 31 Mar 2022
291,155
195
10,411
7,921
63
309,745
---------
-------
--------
--------
-------
---------
7. Investments
Shares in group undertakings
£
Cost
At 1 April 2022 and 31 March 2023
290
----
Impairment
At 1 April 2022 and 31 March 2023
----
Carrying amount
At 31 March 2023
290
----
At 31 March 2022
290
----
8. Debtors
2023
2022
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
300,000
Other debtors
105
----
---------
105
300,000
----
---------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
5,497
3,514
Social security and other taxes
33
Other creditors
16,558
52,780
--------
--------
22,055
56,327
--------
--------
10. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2023
2022
2023
2022
£
£
£
£
Karma Oncology Limited
107,000
428,000
300,000
Karma Oncology BV Ltd
89,600
34,219
---------
---------
----
---------
Control:- The company was under the control of Dr K J Williams throughout the current and previous year. Dr K J Williams is the sole director and shareholder. Transactions:- During the year the company provided management services amounting to £61,000 (2022:£65,000) to Karma Oncology Limited, a wholly owned subsidiary company incorporated in Scotland. During the year the company received dividends totalling £46,000 (2022: £363,000) from Karma Oncology Limited. During the year the company provided management services amounting to £34,219 (2022:£34,219) to Karma Oncology BV Limited, a wholly owned subsidiary company incorporated in the Netherlands. During the year the company received dividends totalling £47,600 (2022: £nil) from Karma Oncology BV Limited.