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COMPANY REGISTRATION NUMBER: 06279987
IOTA Pharmaceuticals Limited
Unaudited Financial Statements
30 June 2023
IOTA Pharmaceuticals Limited
Financial Statements
Year ended 30 June 2023
Contents
Page
Directors' report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the financial statements
4
IOTA Pharmaceuticals Limited
Directors' Report
Year ended 30 June 2023
The directors present their report and the unaudited financial statements of the company for the year ended 30 June 2023 .
Directors
The directors who served the company during the year were as follows:
D Bailey
S Boyd
P England
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 26 January 2024 and signed on behalf of the board by:
D Bailey
P England
Director
Director
Registered office:
St Johns Innovation Centre
Cowley Road
Cambridge
Cambridgeshire
United Kingdom
CB40WS
IOTA Pharmaceuticals Limited
Statement of Income and Retained Earnings
Year ended 30 June 2023
Period from
Year to
1 Jul 21 to
30 Jun 23
29 Jun 22
Note
£
£
Administrative expenses
1,974
28,173
Other operating income
22,164
-------
--------
Operating loss
( 1,974)
( 6,009)
-------
--------
Loss before taxation
( 1,974)
( 6,009)
Tax on loss
-------
-------
Loss for the financial year and total comprehensive income
( 1,974)
( 6,009)
-------
-------
Retained losses at the start of the year
( 61,897)
( 55,888)
--------
--------
Retained losses at the end of the year
( 63,871)
( 61,897)
--------
--------
All the activities of the company are from continuing operations.
IOTA Pharmaceuticals Limited
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
Current assets
Debtors
5
7,859
19,924
Cash at bank and in hand
100,499
93,675
---------
---------
108,358
113,599
Creditors: amounts falling due within one year
6
122,383
125,650
---------
---------
Net current liabilities
14,025
12,051
--------
--------
Total assets less current liabilities
( 14,025)
( 12,051)
--------
--------
Net liabilities
( 14,025)
( 12,051)
--------
--------
Capital and reserves
Called up share capital
350
350
Share premium account
7
49,496
49,496
Profit and loss account
7
( 63,871)
( 61,897)
--------
--------
Shareholders deficit
( 14,025)
( 12,051)
--------
--------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 26 January 2024 , and are signed on behalf of the board by:
D Bailey
P England
Director
Director
Company registration number: 06279987
IOTA Pharmaceuticals Limited
Notes to the Financial Statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is St Johns Innovation Centre, Cowley Road, Cambridge, Cambridgeshire, CB40WS, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Debtors
2023
2022
£
£
Corporation Tax recoverable
3,250
Other debtors
7,859
16,674
-------
--------
7,859
19,924
-------
--------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
315
Section 455 charge
3,250
Other creditors
122,383
122,085
---------
---------
122,383
125,650
---------
---------
7. Reserves
Profit and loss account - this reserve record retained earnings and accumulated losses.
8. Directors' advances, credits and guarantees
Directors loan account balance £5,449 is included within note "Debtors" (Other debtors).