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Registration number: 12556483

Excalibur Medicines Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 March 2023

 

Excalibur Medicines Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Excalibur Medicines Ltd

Company Information

Directors

Mr Martin Charles Walton

Prof Christopher Thomas Evans

Registered office

167-169 Great Portland Street
LONDON
W1W 5PF

Accountants

ReesRussell LLP
37 Market Square
Witney
Oxfordshire
OX28 6RE

 

Excalibur Medicines Ltd

(Registration number: 12556483)
Balance Sheet as at 30 March 2023

Note

2023
£

2022
£

Current assets

 

Debtors

4

2,263

3,460

Cash at bank and in hand

 

608

486

 

2,871

3,946

Creditors: Amounts falling due within one year

5

(133,283)

(301,780)

Net liabilities

 

(130,412)

(297,834)

Capital and reserves

 

Called up share capital

6

2

2

Share premium reserve

2,999,999

2,999,999

Call option reserve

2,300,000

2,300,000

Retained earnings

(5,430,413)

(5,597,835)

Shareholders' deficit

 

(130,412)

(297,834)

For the financial year ending 30 March 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 1 August 2024 and signed on its behalf by:
 

.........................................
Prof Christopher Thomas Evans
Director

 

Excalibur Medicines Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
167-169 Great Portland Street
LONDON
W1W 5PF

These financial statements were authorised for issue by the Board on 1 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The directors have reasonable assurance that the company has adequate resource to support its continued operation for a period of at least 12 months from the signing of the accounts and consider it appropriate therefore to prepare the accounts on a going concern basis.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Excalibur Medicines Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 March 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Debtors

Note

2023
£

2022
£

Amounts owed by group undertakings and undertakings in which the company has a participating interest

7

2,000

3,300

Other debtors

 

263

160

 

2,263

3,460

 

Excalibur Medicines Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 March 2023

5

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

108,483

10,860

Amounts owed to group undertakings and undertakings in which the company has a participating interest

7

20,000

288,620

Accruals and deferred income

 

4,800

2,300

 

133,283

301,780

6

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £0.0001 each

15,351

1.54

15,351

1.54

         

7

Related party transactions

Summary of transactions with parent

International Medical Supplies Ltd
 Made payments to the company of £1,090 (2022 - 969,386) and received payments from the company totalling £30,254 (2022 - £801,000)

At the balance sheet date, the sum of £317,785 (2022 - £288,620) was outstanding to the holding company. This was simultaneously written back with the holding company subsequently going into liquidation and not pursuing the debt owing to it.

 

8

Parent and ultimate parent undertaking

The company's immediate parent is International Medical Supplies Ltd, incorporated in England and Wales.

 The ultimate parent is International Healthcare Supplies Ltd, incorporated in England and Wales.

 

 

Excalibur Medicines Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 March 2023

9

Non adjusting events after the financial period

On 31st March 2023, the parent company International Medical Supplies Limited divested its remaining shareholding. As of this date, the company is no longer part of a group structure