REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
PERTINAX PHARMA LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
PERTINAX PHARMA LIMITED |
PERTINAX PHARMA LIMITED (REGISTERED NUMBER: 09557364) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
PERTINAX PHARMA LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Unit 1, Cambridge House |
Camboro Business Park |
Oakington Road, Girton |
CAMBRIDGE |
Cambridgeshire |
CB3 0QH |
SOLICITORS: |
100 Victoria Embankment |
London |
EC4Y 0DH |
PERTINAX PHARMA LIMITED (REGISTERED NUMBER: 09557364) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 6 | 33 | 33 |
Share premium | 7 | 2,195,757 | 2,195,757 |
Retained earnings | 7 | (2,138,354 | ) | (2,118,201 | ) |
SHAREHOLDERS' FUNDS | 57,436 | 77,589 |
The directors acknowledge their 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. |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
PERTINAX PHARMA LIMITED (REGISTERED NUMBER: 09557364) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Pertinax Pharma Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The company will require additional funding from investors to support the continued growth of the company and the Directors are confident this will be achieved. |
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. |
PERTINAX PHARMA LIMITED (REGISTERED NUMBER: 09557364) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Going concern |
In determining the appropriate basis of preparation of the financial statements, the directors are required to consider whether the company can continue in operational existence for the foreseeable future. |
The Company is currently in the early stages of commercialising its technology and has, to date, been in the pre revenue phase of its development. Significant investment has been made in research, development and protection of the company's intellectual property with a proportion of this investment being through grant funding. This grant funding has now been fully utilised and further operating losses are anticipated in the future as this investment continues. |
As at 31 December 2023, the Company had a cash balance of £58,424. However, the Company has taken measures to reduce costs to preserve cash and as at the date of approval of these financial statements, the company is considering options for fundraising with both investors and commercial partners. There is however no contractual certainty at this stage that any further funding will occur. |
It is on this basis that the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include the adjustments that would result if the company was unable to continue as a going concern. |
Income recognition |
Income is recognised when the amount can be reliably measured and it is probable that the amount |
will be received. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Other creditors |
PERTINAX PHARMA LIMITED (REGISTERED NUMBER: 09557364) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
6. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary 0.0001 | 0.01p | 10 | 10 |
A Ordinary | 0.01p | 16 | 16 |
B Ordinary | 0.01p | 3 | 3 |
C Ordinary | 0.01p | 4 | 4 |
33 | 33 |
7. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 January 2023 | (2,118,201 | ) |
Deficit for the year | ( | ) | - | ( | ) |
At 31 December 2023 | ( | ) | 57,403 |
8. | RELATED PARTY DISCLOSURES |
There were no materials related party transactions which were not concluded under normal market conditions |