Registered number
09999367
LIQMEDS LIMITED
Filleted Accounts
31 December 2022
LIQMEDS LIMITED
Registered number: 09999367
Balance Sheet
as at 31 December 2022
Notes 31/12/22 31/8/22
£ £
Current assets
Debtors 3 5,108,210 4,760,065
Cash at bank and in hand 9,832 12,415
5,118,042 4,772,480
Creditors: amounts falling due within one year 4 (7,437,104) (7,848,466)
Net current liabilities (2,319,062) (3,075,986)
Net liabilities (2,319,062) (3,075,986)
Capital and reserves
Called up share capital 100,000 100,000
Profit and loss account (2,419,062) (3,175,986)
Shareholders' funds (2,319,062) (3,075,986)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Anil Kumar Sharma Mohammad Arsalaan Khan Jaykumar Pradyuman Jani
Director Director Director
Approved by the board on 24 October 2023
LIQMEDS LIMITED
Notes to the Accounts
for the period from 1 September 2022 to 31 December 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Going concern
The company has adequate financial support from the shareholders to continue in operational existence for the foreseeable future. The directors believe that the going concern basis of accounting is appropriate in preparing these financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Research and development
Research and development expenditure is written off to the profit and loss account in the year in which it is incurred.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 31/12/22 31/8/22
Number Number
Average number of persons employed by the company 0 0
3 Debtors 31/12/22 31/8/22
£ £
Trade debtors 1,553,736 524,671
Other debtors 3,554,474 4,235,394
5,108,210 4,760,065
4 Creditors: amounts falling due within one year 31/12/22 31/8/22
£ £
Trade creditors 212,600 432,391
Taxation and social security costs 331,294 154,101
Other creditors 4,543,210 4,911,974
Director's loan account 2,350,000 2,350,000
7,437,104 7,848,466
5 Related party transactions 31/12/2022 31/08/2022
£ £
L M Manufacturing Limited
Common directors
Included within development cost are amounts invoiced by L M Manufacturing Limited to Liqmeds Limited of: 588,333 1,792,383
Included within other debtors is an amount due from L M Manufacturing Limited of: 3,271,068 3,995,341
Arise Pharma Ltd
Common director
Included within other creditors is an amount due payable to Arise Pharma Ltd of: 440,000 440,000
Romana Khan
Included within directors loan account is an amount due payable to Mrs Romana Khan of: 800,000 800,000
Abhaya Limited
Common director
Included within other creditors is an amount due payable to Abhaya Limited of: 1,270,000 1,270,000
Jagjeet Kaur Ahluwalia
Director of the company
Included within directors loan account is an amount due payable to Mrs Jagjeet Kaur Ahluwalia of: 1,550,000 1,550,000
JSM Innovations Limited
Common director
Included within other creditors is an amount due payable to JSM
Innovations Limited of:
349,000 349,000
Kinedexe UK Limited
Common director
Included within other creditors is an amount due payable to Kinedexe UK Limited of: 2,146,845 1,996,845
Liqmeds Worldwide Limited
Common director
Included within other creditors is an amount due payable to Liqmeds Worldwide Limited of: - 492,120
Included within trade debtors is an amount receivable from Liqmeds Worldwide Limited of: 789,880 -
Included within turnover is fee charged to Liqmeds Worldwide Limited of: 1,100,000 -
UDAJ Limited
Common director
Included within other creditors is an amount due payable to UDAJ Limited of: 200,000 200,000
ACE Laboratories Limited
Common director
Included within other debtor is an amount receivable from ACE Laboratories Limited: 100,152 100,152
6 Controlling party
The company is not under the common control of any one individual.
7 Other information
LIQMEDS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
369 Brunt Oak Broadway
Edgware
Middlesex
HA8 5AW
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