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31/12/2022
2022-12-31
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No description of principal activities is disclosed
2022-01-01
Sage Accounts Production 21.0 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
09912795
2022-01-01
2022-12-31
09912795
2022-12-31
09912795
2021-12-31
09912795
2021-01-01
2021-12-31
09912795
2021-12-31
09912795
2020-12-31
09912795
core:Subsidiary1
2022-01-01
2022-12-31
09912795
core:FurnitureFittingsToolsEquipment
2022-01-01
2022-12-31
09912795
bus:RegisteredOffice
2022-01-01
2022-12-31
09912795
bus:LeadAgentIfApplicable
2022-01-01
2022-12-31
09912795
bus:Director2
2022-01-01
2022-12-31
09912795
bus:Director3
2022-01-01
2022-12-31
09912795
bus:Director4
2022-01-01
2022-12-31
09912795
bus:Director5
2022-01-01
2022-12-31
09912795
core:WithinOneYear
2022-12-31
09912795
core:WithinOneYear
2021-12-31
09912795
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2021-12-31
09912795
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2022-12-31
09912795
core:FurnitureFittingsToolsEquipment
2021-12-31
09912795
core:FurnitureFittingsToolsEquipment
2022-12-31
09912795
core:AfterOneYear
2022-12-31
09912795
core:AfterOneYear
2021-12-31
09912795
core:RetainedEarningsAccumulatedLosses
2021-01-01
2021-12-31
09912795
core:RetainedEarningsAccumulatedLosses
2022-01-01
2022-12-31
09912795
core:ShareCapital
2022-12-31
09912795
core:ShareCapital
2021-12-31
09912795
core:RetainedEarningsAccumulatedLosses
2022-12-31
09912795
core:RetainedEarningsAccumulatedLosses
2021-12-31
09912795
core:ShareCapital
2020-12-31
09912795
core:RetainedEarningsAccumulatedLosses
2020-12-31
09912795
core:BetweenOneFiveYears
2021-12-31
09912795
core:DevelopmentCostsCapitalisedDevelopmentExpenditure
2021-12-31
09912795
core:CostValuation
core:Non-currentFinancialInstruments
2022-12-31
09912795
core:Non-currentFinancialInstruments
2022-12-31
09912795
core:Non-currentFinancialInstruments
2021-12-31
09912795
core:FurnitureFittingsToolsEquipment
2021-12-31
09912795
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2022-01-01
2022-12-31
09912795
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2022-01-01
2022-12-31
09912795
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2022-01-01
2022-12-31
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09912795
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2022-12-31
Company registration number:
09912795
Zista Pharma Limited
Unaudited filleted financial statements
31 December 2022
Zista Pharma Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Zista Pharma Limited
Directors and other information
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Directors |
Mr Jayakumar Ramamoorthy |
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Mr Brijesh Kumar |
(Resigned 1 October 2023) |
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Mr Senthil Kumar Pachaiyappan |
(Resigned 1 October 2023) |
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Mr Srinivasan Seshan |
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Company number |
09912795 |
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Registered office |
The Business & Technology Center |
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Bessemer Drive |
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Stevenage |
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Herts |
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SG1 2DX |
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Accountants |
Nagle James Associates Limited |
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15 College Road |
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Harrow |
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Middlesex |
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HA1 1BA |
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Zista Pharma Limited
Statement of financial position
31 December 2022
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2022 |
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2021 |
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Note |
£ |
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£ |
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£ |
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£ |
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Fixed assets |
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Intangible assets |
|
6 |
412,456 |
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386,400 |
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Tangible assets |
|
7 |
2,240 |
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|
1,052 |
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Investments |
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8 |
26,875,993 |
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26,875,993 |
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_______ |
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_______ |
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27,290,689 |
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27,263,445 |
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Current assets |
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Stocks |
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9 |
134,172 |
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262,583 |
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Debtors: |
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Amounts falling due after more than one year |
10 |
7,111,638 |
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4,361,776 |
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Amounts falling due within one year |
10 |
44,472 |
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303,120 |
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Cash at bank and in hand |
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5,499 |
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5,420 |
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_______ |
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_______ |
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7,295,781 |
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4,932,899 |
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Creditors: amounts falling due |
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within one year |
|
11 |
(
350,029) |
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(
408,866) |
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_______ |
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_______ |
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Net current assets |
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6,945,752 |
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4,524,033 |
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_______ |
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_______ |
Total assets less current liabilities |
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34,236,441 |
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31,787,478 |
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Creditors: amounts falling due |
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after more than one year |
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12 |
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(
18,734,547) |
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(
14,512,903) |
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Provisions for liabilities |
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(
425) |
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(
199) |
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_______ |
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_______ |
Net assets |
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15,501,469 |
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17,274,376 |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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19,583,292 |
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19,583,292 |
Profit and loss account |
|
13 |
|
|
(
4,081,823) |
|
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(
2,308,916) |
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_______ |
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_______ |
Shareholders funds |
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15,501,469 |
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17,274,376 |
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_______ |
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_______ |
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For the year ending 31 December 2022 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 have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
23 December 2023
, and are signed on behalf of the board by:
Mr Jayakumar Ramamoorthy
Director
Company registration number:
09912795
Zista Pharma Limited
Statement of changes in equity
Year ended 31 December 2022
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Called up share capital |
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Profit and loss account |
Total |
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£ |
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£ |
£ |
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At 1 January 2021 |
|
19,583,292 |
|
(
1,234,633) |
18,348,659 |
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Loss for the year |
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|
(
1,074,283) |
(
1,074,283) |
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_______ |
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_______ |
_______ |
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Total comprehensive income for the year |
|
- |
|
(
1,074,283) |
(
1,074,283) |
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_______ |
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_______ |
_______ |
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At 31 December 2021 and 1 January 2022 |
|
19,583,292 |
|
(
2,308,916) |
17,274,376 |
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Loss for the year |
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|
(
1,772,907) |
(
1,772,907) |
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_______ |
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_______ |
_______ |
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Total comprehensive income for the year |
|
- |
|
(
1,772,907) |
(
1,772,907) |
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_______ |
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_______ |
_______ |
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At 31 December 2022 |
|
19,583,292 |
|
(
4,081,823) |
15,501,469 |
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_______ |
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_______ |
_______ |
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Zista Pharma Limited
Notes to the financial statements
Year ended 31 December 2022
1.
General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Suite # G 19,, The Business & Technology Center, Bessemer Drive, Stevenage, Herts, SG1 2DX.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Going concern
The directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. The directors continue to adopt the going concern basis in preparing its financial statements.
Disclosure exemptions
The individual accounts of Zista Pharma Limited have also adopted the following disclosure exemptions: - the requirement to present a statement of cash flows and related notes - financial instrument disclosures, including: - categories of financial instruments, - items of income, expenses, gains or losses relating to financial instruments, and - exposure to and management of financial risks.
Consolidation
The company's financial statements present information about it as an individual undertaking and not about its group because during the period the company was 100% owned by EYWA Pharma Pte Limited.The company has taken advantage of the exemption from preparing consolidated financial statements contained in Section 401 of the Companies Act 2006 on the basis that it is a subsidiary undertaking and its immediate parent undertaking is not established under the law of an EEA State.The company's financial statement will be consolidated in EYWA Pharma Pte Limited.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets acquired separately are measured initially at cost. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment losses.Any development expenditure incurred by the Group from the development phase are capitalised when these expenditure directly attributable to the internally generated Intellectual Property can be reliably measured before the regulatory filing is made.Development expenditure are transferred to work-in-progress under intangible assets when a regulatory filing has been made in a major market and approval is considered highly probable.Work-in-progress are transferred to Intellectual Property under intangible assets when the regulatory filing made in a major market has been approved.Intellectual property is amortised on a straight-line basis over the estimated economic useful life of 8 years, from the time they are available for use. The amortisation period and the amortisation method are reviewed at each financial year-end. No amortisation is charged to profit and loss unless the intellectual property is ready for its intended use.The useful life of intangible assets is assessed to be either finite or indefinite. Intangible assets with finite life are amortised on a straight-line basis over the estimated economic useful life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisationperiod and the amortisation method for an intangible asset with a finite useful life is reviewed at least at each financial year-end. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset is accounted for by changing the amortisation period or method, as appropriate, and are treated as changes in accounting estimates. The amortisationexpenses on intangible assets with finite useful life is recognised in profit or loss.Gain or losses arising from derecognition of an intangible asset is measured at the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in profit or loss when the asset is derecognised.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
8 years over estimated economic useful- life
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
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Fixtures fittings and equipment |
- |
33.33 % |
reducing balance |
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are stated at the lower of cost and net realisable value. Cost is determined using the weighted-average method and includes all costs of purchase and other costs incurred in bringing the stocks to their present location and condition. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs to completion and selling expenses.Where necessary, allowance is made for obsolete and slow-moving stocks to adjust the carrying value of those stocks to the lower of cost and net realisable value.Where the possession of the goods has been passed to the Company and the goods are yet to reach the designated warehouse, such goods will be treated as Stock in Transit.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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 in finance costs 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
4
(2021:
4
).
5.
Administrative expenses
Administrative expenses of £1,659,648 includes net exchange loss of £1,182,737.
6.
Intangible assets
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Development costs |
Intellectual Property |
Total |
|
|
|
|
|
£ |
£ |
£ |
|
Cost |
|
|
|
|
|
|
|
At 1 January 2022 |
|
|
|
143,415 |
258,846 |
402,261 |
|
Additions |
|
|
|
50,771 |
- |
50,771 |
|
|
|
|
|
_______ |
_______ |
_______ |
|
At 31 December 2022 |
|
|
|
194,186 |
258,846 |
453,032 |
|
|
|
|
|
_______ |
_______ |
_______ |
|
Amortisation |
|
|
|
|
|
|
|
At 1 January 2022 |
|
|
|
- |
15,861 |
15,861 |
|
Charge for the year |
|
|
|
- |
24,715 |
24,715 |
|
|
|
|
|
_______ |
_______ |
_______ |
|
At 31 December 2022 |
|
|
|
- |
40,576 |
40,576 |
|
|
|
|
|
_______ |
_______ |
_______ |
|
Carrying amount |
|
|
|
|
|
|
|
At 31 December 2022 |
|
|
|
194,186 |
218,270 |
412,456 |
|
|
|
|
|
_______ |
_______ |
_______ |
|
At 31 December 2021 |
|
|
|
143,415 |
242,985 |
386,400 |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
7.
Tangible assets
|
|
Fixtures, fittings and equipment |
Total |
|
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 January 2022 |
12,063 |
12,063 |
|
|
|
|
|
|
Additions |
1,668 |
1,668 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
At 31 December 2022 |
13,731 |
13,731 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 January 2022 |
11,011 |
11,011 |
|
|
|
|
|
|
Charge for the year |
480 |
480 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
At 31 December 2022 |
11,491 |
11,491 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 December 2022 |
2,240 |
2,240 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
At 31 December 2021 |
1,052 |
1,052 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8.
Investments
|
|
Shares in group undertakings and participating interests |
Total |
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 1 January 2022 and 31 December 2022 |
26,875,993 |
26,875,993 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Impairment |
|
|
|
|
|
|
|
At 1 January 2022 and 31 December 2022 |
- |
- |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 31 December 2022 |
26,875,993 |
26,875,993 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 31 December 2021 |
26,875,993 |
26,875,993 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in group undertakings |
|
|
|
|
|
|
|
Registered office |
Class of share |
Percentage of shares held |
|
Subsidiary undertakings |
|
|
|
|
|
EYWA Pharma Inc |
|
108, West 13th Street, Wilmington, Delaware 19801, USA |
Ordinary |
100 |
|
|
|
|
|
|
|
|
|
|
|
|
9.
Stocks
|
|
|
2022 |
2021 |
|
|
|
£ |
£ |
|
Finished goods and goods for resale |
|
133,853 |
262,583 |
|
Stocks - in transit |
|
319 |
- |
|
|
|
_______ |
_______ |
|
|
|
134,172 |
262,583 |
|
|
|
_______ |
_______ |
|
|
|
|
|
10.
Debtors
|
|
|
2022 |
2021 |
|
|
|
£ |
£ |
|
Trade debtors |
|
27,710 |
288,608 |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
7,111,638 |
4,361,776 |
|
Prepayments and accrued income |
|
6,254 |
7,844 |
|
Other debtors |
|
10,508 |
6,668 |
|
|
|
_______ |
_______ |
|
|
|
7,156,110 |
4,664,896 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The debtors above include the following amounts falling due after more than one year:
|
|
|
2022 |
2021 |
|
|
|
£ |
£ |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
7,111,638 |
4,361,776 |
|
|
|
_______ |
_______ |
|
|
|
|
|
11.
Creditors: amounts falling due within one year
|
|
|
2022 |
2021 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
2,530 |
- |
|
Trade creditors |
|
248,150 |
315,753 |
|
Accruals and deferred income |
|
9,788 |
23,000 |
|
Social security and other taxes |
|
86,953 |
50,689 |
|
Other creditors |
|
2,608 |
19,424 |
|
|
|
_______ |
_______ |
|
|
|
350,029 |
408,866 |
|
|
|
_______ |
_______ |
|
|
|
|
|
12.
Creditors: amounts falling due after more than one year
|
|
|
2022 |
2021 |
|
|
|
£ |
£ |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
18,734,547 |
14,512,903 |
|
|
|
_______ |
_______ |
|
|
|
|
|
13.
Reserves
Called-up share capital - represents the nominal value of shares that have been issued.Profit and loss account - includes all current and prior period retained profits and losses.
14.
Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
|
|
|
£ |
£ |
|
|
|
Not later than 1 year |
22,127 |
21,054 |
Later than 1 year and not later than 5 years |
- |
3,549 |
|
_______ |
_______ |
|
22,127 |
24,603 |
|
_______ |
_______ |
|
|
|
Lease recognised as an expense during the year was £21,709.
15.
Related party transactions
The company has taken advantage of the exemption under FRS 102 Section 33.1A not to disclose transactions with parent company and fellow subsidiary entities that are 100% owned within the group .
16.
Controlling party
The company's parent undertaking at the balance sheet date was EYWA Pharma PTE Limited, a company incorporated in Singapore. Consolidated group financial statements of EYWA Pharma PTE Limited are available from the company's corporate address at 30 Cecil Street, #19-08, Prudential Tower, 049712, Singapore
17.
Guarantees and charges
The company has granted a security interest by way of fixed and floating charge, negative pledge over their assets both present and future in favour of MIDCAP FUNDING IV TRUST.