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Company No: 10750475 (England and Wales)

PICS THERAPEUTICS LTD

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

PICS THERAPEUTICS LTD

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

PICS THERAPEUTICS LTD

COMPANY INFORMATION

For the financial year ended 31 December 2023
PICS THERAPEUTICS LTD

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTORS Professor Theodosios Alexander
Professor Martin Rothman
REGISTERED OFFICE Londoneast-Uk Business And Technical Park Yewtree Avenue
Dagenham
London
RM10 7FN
England
United Kingdom
COMPANY NUMBER 10750475 (England and Wales)
CHARTERED ACCOUNTANTS Praxis
1 Poultry
London
EC2R 8EJ
United Kingdom
PICS THERAPEUTICS LTD

BALANCE SHEET

As at 31 December 2023
PICS THERAPEUTICS LTD

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 1,350 1,908
1,350 1,908
Current assets
Debtors 4 0 1,443
Cash at bank and in hand 26,189 11,085
26,189 12,528
Creditors: amounts falling due within one year 5 ( 1,253,308) ( 1,074,372)
Net current liabilities (1,227,119) (1,061,844)
Total assets less current liabilities (1,225,769) (1,059,936)
Net liabilities ( 1,225,769) ( 1,059,936)
Capital and reserves
Called-up share capital 6 10 10
Profit and loss account ( 1,225,779 ) ( 1,059,946 )
Total shareholder's deficit ( 1,225,769) ( 1,059,936)

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of PICS Therapeutics Ltd (registered number: 10750475) were approved and authorised for issue by the Board of Directors on 10 May 2024. They were signed on its behalf by:

Professor Theodosios Alexander
Director
PICS THERAPEUTICS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
PICS THERAPEUTICS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

PICS Therapeutics Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Londoneast-Uk Business And Technical Park Yewtree Avenue, Dagenham, London, RM10 7FN, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £1,225,769. The Company is supported through loans from the Parent Company. The directors have received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the Parent Company will continue to support the Company. After making enquiries, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 1 1

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 January 2023 2,234 2,234
At 31 December 2023 2,234 2,234
Accumulated depreciation
At 01 January 2023 326 326
Charge for the financial year 558 558
At 31 December 2023 884 884
Net book value
At 31 December 2023 1,350 1,350
At 31 December 2022 1,908 1,908

4. Debtors

2023 2022
£ £
Other debtors 0 1,443

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 59,477 0
Amounts owed to Parent undertakings 1,138,004 1,032,125
Other creditors 55,827 42,247
1,253,308 1,074,372

There are no amounts included above in respect of which any security has been given by the small entity.

Amounts owed to Parent undertakings are repayable on demand and do not bear interest. The loan is accumulating by virtue of the Parent undertaking funding the operational costs of the Company.

Included within other creditors is a balance due to the directors totalling £29,438 (2021: £25,989). Amounts are repayable on demand and do not bear interest.

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1,000,000 Ordinary shares of £ 0.00001 each 10 10

7. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 0 257

8. Events after the Balance Sheet date

There have been no events after the balance sheet date affecting the Company since the financial year.