Drug Development Company Limited
Unaudited Financial Statements
For the year ended 30 November 2022
For Filing with Registrar
Company Registration No. 10795275 (England and Wales)
Drug Development Company Limited
Company Information
Directors
S Webster
S Sood
Company number
10795275
Registered office
2nd Floor Godfree Court
Apex Yard
29 Long Lane
London
SE1 4PL
Drug Development Company Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 4
Drug Development Company Limited
Balance Sheet
As at 30 November 2022
Page 1
2022
2021
Notes
£
£
£
£
Current assets
Debtors
4
2,905
1,542
Cash at bank and in hand
40,385
65,629
43,290
67,171
Creditors: amounts falling due within one year
5
(36,905)
(52,672)
Net current assets
6,385
14,499
Creditors: amounts falling due after more than one year
6
(579,537)
(548,381)
Net liabilities
(573,152)
(533,882)
Capital and reserves
Called up share capital
7
112
112
Profit and loss reserves
(573,264)
(533,994)
Total equity
(573,152)
(533,882)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 November 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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 2 November 2023 and are signed on its behalf by:
S Webster
S Sood
Director
Director
Company Registration No. 10795275
Drug Development Company Limited
Notes to the Financial Statements
For the year ended 30 November 2022
Page 2
1
Accounting policies
Company information
Drug Development Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor Godfree Court, Apex Yard, 29 Long Lane, London, SE1 4PL.
1.1
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 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.
1.2
Going concern
The company relies on the continued support of its shareholders and third party debt to meet its day to day working capital requirements. The shareholders and third party are owed £579,537 (2021: £548,381) at the year end, which is included in long term creditors, and have confirmed their continued support. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis.
1.3
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
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 recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
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.
Drug Development Company Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2022
Page 3
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
2
2
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
2,905
1,542
5
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
29,930
32,760
Other creditors
6,975
19,912
36,905
52,672
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Other creditors
579,537
548,381
Drug Development Company Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2022
Page 4
7
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary shares of £1 each
112
112
112
112
8
Related party transactions
During the year, Kavnish Limited, a company with significant control by virtue of its shared directorship, charged the company £nil (2021: £600) for services provided. At the balance sheet date, the company owed Kavnish Limited £30,000 (2021: £30,000) which is included in creditors due within one year.
At the balance sheet date, the company owed Kavnish Limited, a company with significant control by virtue of its shared directorship, £128,732 (2021: £128,732). This amount is included other creditors due after more than one year. Interest of £2,971 (2021: £3,570) has been charged in the period.
At the balance sheet date, the company owed S. London Limited, a company with significant control by virtue of its shareholding and shared directorship, £128,732 (2021: £128,732). This amount is included other creditors due after more than one year. Interest of £2,968 (2021: £3,570) has been charged in the period.