IRIS Accounts Production v23.2.0.158 12291897 Board of Directors 1.1.22 31.12.22 31.12.22 29.3.23 false true false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure122918972021-12-31122918972022-12-31122918972022-01-012022-12-31122918972020-12-31122918972021-01-012021-12-31122918972021-12-3112291897ns16:EnglandWales2022-01-012022-12-3112291897ns15:PoundSterling2022-01-012022-12-3112291897ns11:Director12022-01-012022-12-3112291897ns11:PrivateLimitedCompanyLtd2022-01-012022-12-3112291897ns11:SmallEntities2022-01-012022-12-3112291897ns11:Audited2022-01-012022-12-3112291897ns11:SmallCompaniesRegimeForDirectorsReport2022-01-012022-12-3112291897ns11:SmallCompaniesRegimeForAccounts2022-01-012022-12-3112291897ns11:FullAccounts2022-01-012022-12-3112291897ns11:Director22022-01-012022-12-3112291897ns11:Director32022-01-012022-12-3112291897ns11:RegisteredOffice2022-01-012022-12-3112291897ns6:CurrentFinancialInstruments2022-12-3112291897ns6:CurrentFinancialInstruments2021-12-3112291897ns6:ShareCapital2022-12-3112291897ns6:ShareCapital2021-12-3112291897ns6:RetainedEarningsAccumulatedLosses2022-12-3112291897ns6:RetainedEarningsAccumulatedLosses2021-12-3112291897ns6:PlantMachinery2021-12-3112291897ns6:PlantMachinery2022-01-012022-12-3112291897ns6:PlantMachinery2022-12-3112291897ns6:PlantMachinery2021-12-3112291897ns6:WithinOneYearns6:CurrentFinancialInstruments2022-12-3112291897ns6:WithinOneYearns6:CurrentFinancialInstruments2021-12-31
REGISTERED NUMBER: 12291897 (England and Wales)















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: R J Branch
M Farag
J McBrayer



REGISTERED OFFICE: Moore
6th Floor
Whitefriars
Lewins Mead
Bristol
BS1 2NT



REGISTERED NUMBER: 12291897 (England and Wales)



SENIOR STATUTORY AUDITOR: Roger Weston



AUDITORS: Saffery Champness LLP
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 9,751 10,910

CURRENT ASSETS
Stocks 55,656 94,607
Debtors 5 511,680 343,691
Prepayments and accrued income 1,253 1,253
568,589 439,551
CREDITORS
Amounts falling due within one year 6 836,837 618,427
NET CURRENT LIABILITIES (268,248 ) (178,876 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(258,497

)

(167,966

)

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (258,597 ) (168,066 )
SHAREHOLDERS' FUNDS (258,497 ) (167,966 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 29 March 2023 and were signed on its behalf by:





M Farag - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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 2 (2021 - 2 ) .

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 11,586
DEPRECIATION
At 1 January 2022 676
Charge for year 1,159
At 31 December 2022 1,835
NET BOOK VALUE
At 31 December 2022 9,751
At 31 December 2021 10,910

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
as restated
£    £   
Trade debtors 136,086 110,928
Other debtors 375,594 232,763
511,680 343,691

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 30,913 4,317
Amounts owed to group undertakings 665,685 497,804
Taxation and social security 74,518 78,969
Other creditors 65,721 37,337
836,837 618,427

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.