Caseware UK (AP4) 2022.0.179 2022.0.179 2023-07-312023-07-312022-08-01falseNo description of principal activity22falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 09406643 2022-08-01 2023-07-31 09406643 2021-08-01 2022-07-31 09406643 2023-07-31 09406643 2022-07-31 09406643 2021-08-01 09406643 c:Director2 2022-08-01 2023-07-31 09406643 d:OfficeEquipment 2022-08-01 2023-07-31 09406643 d:OfficeEquipment 2023-07-31 09406643 d:OfficeEquipment 2022-07-31 09406643 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 09406643 d:ComputerEquipment 2022-08-01 2023-07-31 09406643 d:ComputerEquipment 2023-07-31 09406643 d:ComputerEquipment 2022-07-31 09406643 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 09406643 d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 09406643 d:CurrentFinancialInstruments 2023-07-31 09406643 d:CurrentFinancialInstruments 2022-07-31 09406643 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 09406643 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 09406643 d:ShareCapital 2023-07-31 09406643 d:ShareCapital 2022-07-31 09406643 d:RetainedEarningsAccumulatedLosses 2023-07-31 09406643 d:RetainedEarningsAccumulatedLosses 2022-07-31 09406643 c:FRS102 2022-08-01 2023-07-31 09406643 c:AuditExempt-NoAccountantsReport 2022-08-01 2023-07-31 09406643 c:FullAccounts 2022-08-01 2023-07-31 09406643 c:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 09406643 2 2022-08-01 2023-07-31 09406643 d:AcceleratedTaxDepreciationDeferredTax 2023-07-31 09406643 d:AcceleratedTaxDepreciationDeferredTax 2022-07-31 09406643 e:PoundSterling 2022-08-01 2023-07-31 iso4217:GBP xbrli:pure

Registered number: 09406643










MOMENTUM PHARMA LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

 
MOMENTUM PHARMA LIMITED
REGISTERED NUMBER: 09406643

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
5,601
3,410

Current assets
  

Debtors: amounts falling due within one year
 5 
365,145
392,490

Cash at bank and in hand
 6 
219,381
34,896

  
584,526
427,386

Creditors: amounts falling due within one year
 7 
(598,289)
(389,739)

Net current (liabilities)/assets
  
 
 
(13,763)
 
 
37,647

Total assets less current liabilities
  
(8,162)
41,057

Provisions for liabilities
  

Deferred tax
 8 
(1,400)
(853)

Net (liabilities)/assets
  
(9,562)
40,204


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(9,662)
40,104

  
(9,562)
40,204


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


J D Melton
Director

Date: 10 April 2024
Page 1

 
MOMENTUM PHARMA LIMITED
REGISTERED NUMBER: 09406643
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2023


The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
MOMENTUM PHARMA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


General information

Momentum Pharma Limited is a private company, limited by shares, registered in England and Wales. The Company's registration number is 09406643. The registered office and principal place of business is 10 Queen Street Place, London EC4R 1AG. 
The principal activity is providing consultancy services to clients to enrich their research programmes. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
MOMENTUM PHARMA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
MOMENTUM PHARMA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
25%
straight-line
Computer equipment
-
25%
straight-line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 5

 
MOMENTUM PHARMA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 6

 
MOMENTUM PHARMA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 August 2022
916
10,829
11,745


Additions
183
4,428
4,611



At 31 July 2023

1,099
15,257
16,356



Depreciation


At 1 August 2022
273
8,062
8,335


Charge for the year on owned assets
256
2,164
2,420



At 31 July 2023

529
10,226
10,755



Net book value



At 31 July 2023
570
5,031
5,601



At 31 July 2022
643
2,767
3,410

Page 7

 
MOMENTUM PHARMA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

5.


Debtors

2023
2022
£
£


Trade debtors
71,009
126,881

Amounts owed by joint ventures and associated undertakings
804
804

Other debtors
293,332
264,805

365,145
392,490



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
219,381
34,896

Less: bank overdrafts
-
(14,263)

219,381
20,633



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
14,263

Trade creditors
306,564
179,166

Amounts owed to group undertakings
100,939
31,732

Corporation tax
25,097
21,778

Other creditors
165,689
142,800

598,289
389,739


Page 8

 
MOMENTUM PHARMA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

8.


Deferred taxation




2023
2022


£

£






At beginning of year
(853)
(1,401)


Charged to profit or loss
(547)
548



At end of year
(1,400)
(853)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(1,400)
(853)


9.


Controlling party

The Company’s ultimate parent company and ultimate controlling party is PT Enterprises Europe Limited, a company incorporated in England and Wales, with the registered office 10 Queen Street Place, London EC4R 1AG.

 
Page 9