LIQMEDS LIMITED |
Notes to the Accounts |
for the period from 1 September 2022 to 31 December 2022 |
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1 |
Accounting policies |
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Basis of preparation |
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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). |
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Going concern |
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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. |
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Turnover |
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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. |
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Research and development |
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Research and development expenditure is written off to the profit and loss account in the year in which it is incurred. |
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Debtors |
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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. |
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Creditors |
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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. |
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Taxation |
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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. |
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2 |
Employees |
31/12/22 |
31/8/22 |
Number |
Number |
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Average number of persons employed by the company |
0 |
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0 |
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3 |
Debtors |
31/12/22 |
31/8/22 |
£ |
£ |
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Trade debtors |
1,553,736 |
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524,671 |
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Other debtors |
3,554,474 |
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4,235,394 |
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5,108,210 |
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4,760,065 |
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4 |
Creditors: amounts falling due within one year |
31/12/22 |
31/8/22 |
£ |
£ |
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Trade creditors |
212,600 |
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432,391 |
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Taxation and social security costs |
331,294 |
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154,101 |
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Other creditors |
4,543,210 |
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4,911,974 |
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Director's loan account |
2,350,000 |
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2,350,000 |
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7,437,104 |
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7,848,466 |
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5 |
Related party transactions |
31/12/2022 |
31/08/2022 |
£ |
£ |
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L M Manufacturing Limited |
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Common directors |
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Included within development cost are amounts invoiced by L M Manufacturing Limited to Liqmeds Limited of: |
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588,333 |
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1,792,383 |
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Included within other debtors is an amount due from L M Manufacturing Limited of: |
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3,271,068 |
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3,995,341 |
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Arise Pharma Ltd |
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Common director |
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Included within other creditors is an amount due payable to Arise Pharma Ltd of: |
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440,000 |
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440,000 |
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Romana Khan |
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Included within directors loan account is an amount due payable to Mrs Romana Khan of: |
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800,000 |
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800,000 |
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Abhaya Limited |
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Common director |
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Included within other creditors is an amount due payable to Abhaya Limited of: |
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1,270,000 |
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1,270,000 |
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Jagjeet Kaur Ahluwalia |
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Director of the company |
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Included within directors loan account is an amount due payable to Mrs Jagjeet Kaur Ahluwalia of: |
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1,550,000 |
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1,550,000 |
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JSM Innovations Limited |
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Common director |
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Included within other creditors is an amount due payable to JSM Innovations Limited of: |
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349,000 |
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349,000 |
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Kinedexe UK Limited |
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Common director |
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Included within other creditors is an amount due payable to Kinedexe UK Limited of: |
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2,146,845 |
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1,996,845 |
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Liqmeds Worldwide Limited |
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Common director |
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Included within other creditors is an amount due payable to Liqmeds Worldwide Limited of: |
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- |
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492,120 |
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Included within trade debtors is an amount receivable from Liqmeds Worldwide Limited of: |
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789,880 |
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- |
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Included within turnover is fee charged to Liqmeds Worldwide Limited of: |
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1,100,000 |
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- |
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UDAJ Limited |
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Common director |
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Included within other creditors is an amount due payable to UDAJ Limited of: |
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200,000 |
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200,000 |
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ACE Laboratories Limited |
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Common director |
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Included within other debtor is an amount receivable from ACE Laboratories Limited: |
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100,152 |
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100,152 |
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6 |
Controlling party |
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The company is not under the common control of any one individual. |
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7 |
Other information |
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LIQMEDS LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
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369 Brunt Oak Broadway |
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Edgware |
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Middlesex |
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HA8 5AW |