REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2022 |
for |
Cyclomedica United Kingdom Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2022 |
for |
Cyclomedica United Kingdom Limited |
Cyclomedica United Kingdom Limited (Registered number: 12291897) |
Contents of the Financial Statements |
for the Year Ended 31 December 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Cyclomedica United Kingdom Limited |
Company Information |
for the Year Ended 31 December 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
71 Queen Victoria Street |
London |
EC4V 4BE |
Cyclomedica United Kingdom Limited (Registered number: 12291897) |
Balance Sheet |
31 December 2022 |
31.12.22 | 31.12.21 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Prepayments and accrued income |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Cyclomedica United Kingdom Limited (Registered number: 12291897) |
Notes to the Financial Statements |
for the Year Ended 31 December 2022 |
1. | STATUTORY INFORMATION |
Cyclomedica United Kingdom Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Cyclomedica United Kingdom Limited (Registered number: 12291897) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern |
The directors believe that, after making enquiries of their ultimate parent company Cyclopharm Limited and immediate parent company Cyclomedica Europe Limited, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company has obtained a letter from both the ultimate and immediate parent undertaking confirming that they will continue to provide financial support, as required, for a period of at least 12 months from the date of signing these financial statements. |
In addition to this, the immediate parent undertaking has confirmed the loans will not be recalled unless the company are in a position to make repayments, not to the detriment of third party creditors or threatening the going concern position of the company. |
The company has prepared cash flow forecasts covering a period greater than 12 months from the date of approval of these financial statements. In preparing these forecasts, the company has considered the principal areas of uncertainty within the forecasts and underlying assumptions. These forecasts show that the company continues to have sufficient levels of cash for the forecast period with the ongoing financial support from its ultimate and immediate parent undertaking. Accordingly, the directors considers it appropriate to prepare the financial statements on the going concern basis. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Cyclomedica United Kingdom Limited (Registered number: 12291897) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
£ |
COST |
At 1 January 2022 |
and 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.12.21 |
as | restated |
£ | £ |
Trade debtors |
Other debtors |
Included within Other debtors is £368,100 (2021 - £225,269) owed from a connected company. |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.12.21 |
as | restated |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
Cyclomedica United Kingdom Limited (Registered number: 12291897) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified |
Emphasis of Matter |
We draw attention to Note 2 in the financial statements, which indicates that the company's going concern assessment for the 12 months from the date of approval of the financial statements is reliant on continued financial support from both its ultimate and immediate parent companies. |
This indicates that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter. |
Other Matters |
The financial statements for the prior year were unaudited. We have obtained sufficient, appropriate audit evidence that the opening balances do not contain a misstatement that materially impact the current period financial statements. |
Roger Weston (Senior Statutory Auditor) |
for and on behalf of Saffery Champness LLP |
8. | RELATED PARTY DISCLOSURES |
The company is taking exemption from disclosing related party transactions due to it being a wholly owned subsidiary. The related party balances are disclosed in the notes to the accounts under creditors: amounts falling due within one year. |
During the year, the company transacted with Cyclomedica Pharmaceuticals Limited, being a connected company due to common directorship. At the end of the year, the company was owed £368,100 (2021-£225,269) by Cyclomedica Pharmaceuticals Limited. The company's cash management requirements are dealt with by this connected entity. |
9. | ULTIMATE CONTROLLING PARTY |
The company recognises that its immediate parent company, due to being a wholly owned subsidiary, is Cyclomedica Europe Limited, a company registered in Ireland. |
Consolidated accounts are produced by the ultimate parent entity, Cyclopharm Limited, a company registered in Australia. |