Registered number: 11732923
HARLEY STREET (CPC) LIMITED
UNAUDITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2022
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HARLEY STREET (CPC) LIMITED
REGISTERED NUMBER: 11732923
BALANCE SHEET
AS AT 31 DECEMBER 2022
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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The members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The Company's financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
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HARLEY STREET (CPC) LIMITED
REGISTERED NUMBER: 11732923
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 October 2023.
The notes on pages 3 to 9 form part of these financial statements.
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HARLEY STREET (CPC) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Harley Street (CPC) Limited is a private company, limited by shares, incorporated in England. The registered office is The Walbrook Building, 25 Walbrook, London, England, EC4N 8AF. The company registration number is 11732923. The principal activity of the company is the provision of specialist medical practices.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework' and the Companies Act 2006.
Information on the impact of first-time adoption of FRS 101 is given in note 13.
First time application of FRS 101
In the financial year the company has prepared its accounts in accordance with the Financial Reporting Standard 101. In the previous financial year, the financial statements were prepared in accordance with the Financial Reporting Standard 102, section 1A. The impact of this first-time adoption is given in note 14.
The following principal accounting policies have been applied:
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Financial Reporting Standard 101 - reduced disclosure exemptions
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The Company has taken advantage of the following disclosure exemptions under FRS 101:
∙the requirements of IFRS 7 Financial Instruments: Disclosures
∙the requirements of IAS 7 Statement of Cash Flows
∙the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
This information is included in the consolidated financial statements of Celadon Pharmaceuticals Plc as at 31 December 2022 and these financial statements may be obtained from Companies House.
At the date of the financial statements, the directors have assessed the company’s situation with regards to the negative reserves, which have arisen due to the company not generating any revenues. The Directors have prepared cash flow forecasts for the Company for a period of 12 months from the date of the approval of the financial statements. These forecasts reflect an assessment of the current and future market conditions and their impact on the Company. On this basis, the Directors have reasonable expectation that the Company has adequate resources and working capital to continue in its operational existence for the foreseeable future, and thus continue to adopt the going concern basis of accounting in preparing the financial statements.
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HARLEY STREET (CPC) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP. Monetary amounts in these financial statements are rounded to the nearest £.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from providing services is recognised in the accounting period in which the services are rendered.
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.
All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred.
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HARLEY STREET (CPC) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid, the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in an independent administered fund.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
The estimated useful lives range as follows:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of comprehensive income.
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HARLEY STREET (CPC) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Short-term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Creditors are measured at the transaction price.
Trade and inter-company payables are classified as current liabilities if payment is due within one year (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities.
The Company only enters into basic financial instrument 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 related parties and investment in ordinary shares.
The financial statements present information about the Company as an individual undertaking and not about its Group. The Company has not prepared group accounts as it is fully exempt from the requirement to do so by section 400 of the Companies Act 2006 as it is a subsidiary undertaking of Celadon Pharmaceuticals Plc, a company incorporated in England and Wales, and is included in the consolidated accounts of that Company.
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The average monthly number of employees, including the directors, during the year was as follows:
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No Director received any emoluments for qualifying services provided to the Company during the current or proceeding financial year.
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HARLEY STREET (CPC) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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HARLEY STREET (CPC) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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Raw materials and consumables
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Secured creditors
Other loans are secured by a fixed and floating charge over the assets of the company, which was satisfied on 24 April 2023.
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HARLEY STREET (CPC) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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Authorised, allotted, called up and fully paid
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85 (2021 -85) A Ordinary shares of £0.01 each
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115 (2021 - 115) B Ordinary shares of £0.01 each
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Profit and loss account
This reserve records all current and prior period retained profit and losses.
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 £1,550 (2021 - £nil) . Contributions totaling £2,550 (2021 - £nil) were payable to the fund at the balance sheet date and are included in creditors.
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Parent company and controlling party
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The Company's immediate parent undertaking at 31 December 2022 was, Celadon Property Co Limited (formerly Vertigrow Technology Ltd), a company incorporated in England and Wales. At 31 December 2022, the Company's ultimate parent company was Celadon Pharmaceuticals Plc, a company incorporated in England and Wales.
The largest group of undertakings for which group accounts are drawn up and of which the company is included is the ultimate group headed by Celadon Pharmaceuticals Plc. The smallest such group is Celadon Property Co Limited. The registered office address of both companies is 32-33 Cowcross Street, London, England, EC1M 6DF.
Copies of the financial statements of Celadon Pharmaceuticals Plc, are available from Companies House.
The ultimate controlling party at 31 December 2022 was J Short by virtue of his shareholding and directorship in the parent Company. J Short is also considered to be key management personnel.
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First time adoption of FRS 101
The policies applied under the entity's previous accounting framework are not materially different to FRS 101 and have not impacted on equity or profit or loss.
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