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REGISTERED NUMBER: 03537475 (England and Wales)









Financial Statements

for the Year Ended 31 December 2022

for

KNOELL ANIMAL HEALTH LIMITED

PREVIOUSLY KNOWN AS
CYTON BIOSCIENCES LIMITED

KNOELL ANIMAL HEALTH LIMITED (REGISTERED NUMBER: 03537475)

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


KNOELL ANIMAL HEALTH LIMITED

Company Information
FOR THE YEAR ENDED 31 DECEMBER 2022







DIRECTORS: Dr K E Bate
Mr F Knoell





SECRETARY: Mrs D C Woodward





REGISTERED OFFICE: Bath House
6 - 8 Bath Street
Bristol
BS1 6HL





REGISTERED NUMBER: 03537475 (England and Wales)





AUDITORS: Shorts
Chartered Accountants & Statutory Auditor
Cedar House
63 Napier Street
Sheffield
S11 8HA

KNOELL ANIMAL HEALTH LIMITED (REGISTERED NUMBER: 03537475)

Balance Sheet
31 DECEMBER 2022

2022 2021
Notes £    £   
FIXED ASSETS
Tangible assets 4 38,406 26,234
Investments 5 21,878 21,878
60,284 48,112

CURRENT ASSETS
Debtors 6 1,154,024 604,115
Cash at bank and in hand 427,520 208,000
1,581,544 812,115
CREDITORS
Amounts falling due within one year 7 (816,447 ) (334,198 )
NET CURRENT ASSETS 765,097 477,917
TOTAL ASSETS LESS CURRENT
LIABILITIES

825,381

526,029

CREDITORS
Amounts falling due after more than one
year

8

(238,807

)

(22,879

)

PROVISIONS FOR LIABILITIES (8,459 ) (1,652 )
NET ASSETS 578,115 501,498

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 578,015 501,398
SHAREHOLDERS' FUNDS 578,115 501,498

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 Profit and loss account has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 25 October 2023 and were signed on its behalf by:




Dr K E Bate - Director


KNOELL ANIMAL HEALTH LIMITED (REGISTERED NUMBER: 03537475)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2022


1. COMPANY INFORMATION

Knoell Animal Health 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.

The company's principal activities and nature of its operations are disclosed in the Directors' Report.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.The financial statements contain information about Knoell Animal Health Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company has taken the option under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.

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 on the historical cost convention. The principal accounting policies adopted are set out below.

Going concern
The directors have, at the time of approving the financial statements, a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services in the ordinary nature of the business providing technical expertise in the product development of veterinary medicines. Turnover is shown net of VAT, of goods sold and services provided to customers.

Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Improvements to property - 10% on cost
Equipment - 33% on cost
Fixtures and fittings - 25% on reducing balance

KNOELL ANIMAL HEALTH LIMITED (REGISTERED NUMBER: 03537475)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


2. ACCOUNTING POLICIES - continued

Cash and cash equivalents
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 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.

Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

KNOELL ANIMAL HEALTH LIMITED (REGISTERED NUMBER: 03537475)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


2. ACCOUNTING POLICIES - continued

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.

Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease. Any premium or discount on the acquisition of a lease is spread over the life of the lease on a straight-line basis.

Investments
Investments in subsidiaries are measured at costs less accumulated impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2021 - 15 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and
property Equipment fittings Totals
£    £    £    £   
COST
At 1 January 2022 72,740 96,355 22,622 191,717
Additions 4,106 1,648 31,529 37,283
Disposals (72,740 ) (94,247 ) (16,136 ) (183,123 )
At 31 December 2022 4,106 3,756 38,015 45,877
DEPRECIATION
At 1 January 2022 50,918 95,108 19,457 165,483
Charge for year - 795 945 1,740
Eliminated on disposal (50,918 ) (94,247 ) (14,587 ) (159,752 )
At 31 December 2022 - 1,656 5,815 7,471
NET BOOK VALUE
At 31 December 2022 4,106 2,100 32,200 38,406
At 31 December 2021 21,822 1,247 3,165 26,234

KNOELL ANIMAL HEALTH LIMITED (REGISTERED NUMBER: 03537475)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2022
and 31 December 2022 21,878
NET BOOK VALUE
At 31 December 2022 21,878
At 31 December 2021 21,878

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 355,922 227,196
Amounts owed by group undertakings 655,405 294,675
Other debtors 77,597 82,244
VAT 12,474 -
Prepayments and accrued income 52,626 -
1,154,024 604,115

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade creditors 45,483 35,063
Amounts owed to group undertakings 281,241 24,629
Corporation tax 59,548 59,548
Social security and other taxes 25,659 19,387
Other creditors 98,585 117,609
Interco loan due < 1 year 70,000 -
Accrued expenses 235,931 77,962
816,447 334,198

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2021
£    £   
Dilapidations provision - 22,879
Interco loan due > 1 year 238,807 -
238,807 22,879

KNOELL ANIMAL HEALTH LIMITED (REGISTERED NUMBER: 03537475)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2022 2021
£    £   
Within one year 12,000 25,718
Between one and five years - 55,722
12,000 81,440

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was qualified on the following basis:

Basis for disclaimer of opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. We have been unable to place appropriate reliance on the adequacy of the audit work undertaken by the predecessor auditors of the company's financial statements for the year ended 31 December 2021. Our audit opinion on the current period's financial statements is therefore modified because of the pervasive effect this matter has both on the comparability and accuracy of the reported results for the current period's figures and the corresponding figures.

Matters required to report by exception
Notwithstanding our disclaimer of an opinion on the financial statements, in the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Director's report.

Arising from the limitation of our work referred to above:
- we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and
- we were unable to determine whether adequate accounting records have been kept.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of Director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Andrew Irvine (Senior Statutory Auditor)
for and on behalf of Shorts

KNOELL ANIMAL HEALTH LIMITED (REGISTERED NUMBER: 03537475)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2022


12. PARENT COMPANY

The company is a 100% subsidiary of Knoell UK Holdings Limited, a company incorporated in England and Wales. The company's registered office is 68 Macrae Road, Eden Office Park, Ham Green, Bristol, BS20 0DD, which is also its principal place of business.

Knoell Germany GmbH, a company incorporated in Germany, is the parent company of the group for which consolidated financial statements are drawn up of which the company is a member. The parent company's registered office is Eastsite XII, Konrad-Zuse-Ring 25, 68163 Mannheim, Germany.