IRIS Accounts Production v23.3.0.418 12170151 director 1.7.22 30.6.23 30.6.23 false true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh121701512022-06-30121701512023-06-30121701512022-07-012023-06-30121701512021-06-30121701512021-07-012022-06-30121701512022-06-3012170151ns10:Originalns15:EnglandWales2022-07-012023-06-3012170151ns14:PoundSterlingns10:Original2022-07-012023-06-3012170151ns10:Originalns10:Director12022-07-012023-06-3012170151ns10:Original2022-07-012023-06-3012170151ns10:Original2023-06-3012170151ns10:Originalns10:PrivateLimitedCompanyLtd2022-07-012023-06-3012170151ns10:Originalns10:SmallEntities2022-07-012023-06-3012170151ns10:Originalns10:AuditExempt-NoAccountantsReport2022-07-012023-06-3012170151ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-07-012023-06-3012170151ns10:SmallCompaniesRegimeForAccountsns10:Original2022-07-012023-06-3012170151ns10:Originalns10:FullAccounts2022-07-012023-06-3012170151ns10:Originalns10:OrdinaryShareClass12022-07-012023-06-3012170151ns10:Originalns10:RegisteredOffice2022-07-012023-06-3012170151ns10:Original2022-06-3012170151ns10:Originalns5:CurrentFinancialInstruments2023-06-3012170151ns10:Originalns5:CurrentFinancialInstruments2022-06-3012170151ns5:ShareCapitalns10:Original2023-06-3012170151ns5:ShareCapitalns10:Original2022-06-3012170151ns10:Originalns5:CapitalRedemptionReserve2023-06-3012170151ns10:Originalns5:CapitalRedemptionReserve2022-06-3012170151ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-06-3012170151ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-06-3012170151ns10:Originalns5:PlantMachinery2022-07-012023-06-3012170151ns10:Original2021-07-012022-06-3012170151ns10:Originalns5:PlantMachinery2022-06-3012170151ns10:Originalns5:PlantMachinery2023-06-3012170151ns10:Originalns5:PlantMachinery2022-06-3012170151ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-06-3012170151ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-06-3012170151ns10:Originalns10:OrdinaryShareClass12023-06-30
REGISTERED NUMBER: 12170151 (England and Wales)













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

FOR

PAINCHEK UK LIMITED

PAINCHEK UK LIMITED (REGISTERED NUMBER: 12170151)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30 June 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PAINCHEK UK LIMITED

COMPANY INFORMATION
for the Year Ended 30 June 2023







DIRECTOR: P Daffas





REGISTERED OFFICE: 10 John Street
London
United Kingdom
WC1N 2EB





REGISTERED NUMBER: 12170151 (England and Wales)





ACCOUNTANTS: Oury Clark Chartered Accountants
Herschel House
58 Herschel Street
Slough
Berkshire
SL1 1PG

PAINCHEK UK LIMITED (REGISTERED NUMBER: 12170151)

BALANCE SHEET
30 June 2023

30.6.23 30.6.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,376 1,887

CURRENT ASSETS
Debtors 5 51,885 66,917
Cash at bank 60,082 71,030
111,967 137,947
CREDITORS
Amounts falling due within one year 6 1,413,262 939,274
NET CURRENT LIABILITIES (1,301,295 ) (801,327 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(1,299,919

)

(799,440

)

CAPITAL AND RESERVES
Called up share capital 7 100 100
Share option reserve 37,326 -
Retained earnings (1,337,345 ) (799,540 )
SHAREHOLDERS' FUNDS (1,299,919 ) (799,440 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PAINCHEK UK LIMITED (REGISTERED NUMBER: 12170151)

BALANCE SHEET - continued
30 June 2023


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 director and authorised for issue on 13 February 2024 and were signed by:





P Daffas - Director


PAINCHEK UK LIMITED (REGISTERED NUMBER: 12170151)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

PainChek UK 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.

The company is reliant on the continuing financial support from the parent company to remain as a going concern, and in making their assessment, the directors have considered the position of the group and its ability to continue to provide this support. After making enquires the directors have reasonable expectation that the shareholders and company have adequate resources to continue in operational existence and meet its liabilities as they fall due for at least one year and one day from the date of signing of the financial statements dependent upon the group meeting one or more of the following conditions:

- The ability of the consolidated entity to raise sufficient capital when necessary; and
- The successful commercialization of its intellectual property in a manner that generates sufficient operating cash inflows.

The directors believe that the going concern basis of preparation is appropriate due to the groups recent history of raising capital and the significant progress made on exploiting their intellectual property. The directors will be exploring a variety of fundraising options during remaining financial year 2023. Accordingly they continue to adopt the going concern basis in preparing the financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration or receivable, net of discounts and value added taxes. Turnover includes revenue earned from rendering services. Revenue is recognised over the subscription period. Where services have been invoiced but not yet performed, deferred revenue is accounted for within the financial statements.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - Straight line over 3 years

Financial instruments
Basic financial instruments as covered by Section 11 of FRS102 are measured at amortised cost. The company does not have any other financial instruments as covered by Section 12 of FRS102.


PAINCHEK UK LIMITED (REGISTERED NUMBER: 12170151)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2023

2. ACCOUNTING POLICIES - continued
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.

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.

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.

Share-based payments
Equity-settled transactions are awards of shares, or options over shares, that are provided to employees in exchange for the rendering of services.

The cost of equity-settled transactions is measured at fair value on grant date. Fair value is independently determined using the Black-Scholes option pricing model that takes into account the exercise price, the term of the option, the impact of dilution, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield and the risk free interest rate for the term of the option, together with non-vesting conditions that do not determine whether the Group receives the services that entitle the employees to receive payment. No account is taken of any other vesting conditions.

The cost of equity-settled transactions is recognised as an expense with a corresponding increase in equity over the vesting period. The cumulative charge to profit or loss is calculated based on the grant date fair value of the award, the best estimate of the number of awards that are likely to vest and the expired portion of the vesting period. The amount recognised in profit or loss for the period is the cumulative amount calculated at each reporting date less amounts already recognised in previous periods.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 4 ) .

PAINCHEK UK LIMITED (REGISTERED NUMBER: 12170151)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 July 2022 5,145
Additions 1,013
At 30 June 2023 6,158
DEPRECIATION
At 1 July 2022 3,258
Charge for year 1,524
At 30 June 2023 4,782
NET BOOK VALUE
At 30 June 2023 1,376
At 30 June 2022 1,887

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Trade debtors 48,768 61,788
Other debtors 3,117 5,129
51,885 66,917

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Trade creditors 10,459 17,970
Amounts owed to group undertakings 1,312,006 819,480
Taxation and social security 29,184 27,184
Other creditors & accruals 61,613 74,640
1,413,262 939,274

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.23 30.6.22
value: £    £   
100 Ordinary £1 100 100

8. ULTIMATE PARENT COMPANY

The ultimate parent company is Painchek Ltd (incorporated in Australia).

PAINCHEK UK LIMITED (REGISTERED NUMBER: 12170151)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2023

9. ULTIMATE CONTROLLING PARTY

In the opinion of the Director, there is no ultimate controlling party.