Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31432023-01-01falseresearch, development and sale of pharmaceutical and healthcare productstruetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05717359 2023-01-01 2023-12-31 05717359 2022-01-01 2022-12-31 05717359 2023-12-31 05717359 2022-12-31 05717359 c:Director1 2023-01-01 2023-12-31 05717359 d:PlantMachinery 2023-01-01 2023-12-31 05717359 d:PlantMachinery 2023-12-31 05717359 d:PlantMachinery 2022-12-31 05717359 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05717359 d:FurnitureFittings 2023-01-01 2023-12-31 05717359 d:FurnitureFittings 2023-12-31 05717359 d:FurnitureFittings 2022-12-31 05717359 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05717359 d:OfficeEquipment 2023-01-01 2023-12-31 05717359 d:OfficeEquipment 2023-12-31 05717359 d:OfficeEquipment 2022-12-31 05717359 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05717359 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05717359 d:PatentsTrademarksLicencesConcessionsSimilar 2023-01-01 2023-12-31 05717359 d:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 05717359 d:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 05717359 d:CurrentFinancialInstruments 2023-12-31 05717359 d:CurrentFinancialInstruments 2022-12-31 05717359 d:Non-currentFinancialInstruments 2023-12-31 05717359 d:Non-currentFinancialInstruments 2022-12-31 05717359 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 05717359 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 05717359 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 05717359 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 05717359 d:ShareCapital 2023-12-31 05717359 d:ShareCapital 2022-12-31 05717359 d:RetainedEarningsAccumulatedLosses 2023-12-31 05717359 d:RetainedEarningsAccumulatedLosses 2022-12-31 05717359 c:FRS102 2023-01-01 2023-12-31 05717359 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 05717359 c:FullAccounts 2023-01-01 2023-12-31 05717359 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05717359 d:PatentsTrademarksLicencesConcessionsSimilar d:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 05717359 6 2023-01-01 2023-12-31 05717359 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2023-01-01 2023-12-31 05717359 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 05717359










CITROX BIOSCIENCES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
CITROX BIOSCIENCES LIMITED
REGISTERED NUMBER:05717359

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Intangible assets
 4 
217,269
230,874

Tangible assets
 5 
7,502
9,534

Investments
 6 
26,564
25,004

  
251,335
265,412

Current assets
  

Stocks
  
844,101
851,068

Debtors
 7 
583,763
564,874

Cash at bank and in hand
 8 
103
9,719

  
1,427,967
1,425,661

Creditors: amounts falling due within one year
 9 
(1,343,707)
(1,174,946)

Net current assets
  
 
 
84,260
 
 
250,715

Total assets less current liabilities
  
335,595
516,127

Creditors: amounts falling due after more than one year
 10 
(354,800)
(278,100)

  

Net (liabilities)/assets
  
(19,205)
238,027


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
(20,205)
237,027

  
(19,205)
238,027


Page 1

 
CITROX BIOSCIENCES LIMITED
REGISTERED NUMBER:05717359
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Richard Vaughan Morgan Thomas
Director

Date: 5 August 2024

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
CITROX BIOSCIENCES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Citrox Biosciences Limited is a private limited Company, incorporated in England and Wales.
The registered office and principal place of business is 6 Nene Road, Bicton Industrial Park, Kimbolton, Huntingdon, PE28 0LF.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis as the Directors have
considered the performance of the Company for a period of at least 12 months from the approval of
the financial statements and deem the available cash and other resources sufficient to fund its
activities.

Page 3

 
CITROX BIOSCIENCES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 Amortisation is provided on the following bases:

Trade marks and patents
-
5%
per annum straight line

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
CITROX BIOSCIENCES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.5
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
33.3% per annum
Property improvements
-
10% per annum
Office equipment
-
33.3 % per annum

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 5

 
CITROX BIOSCIENCES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
third parties, loans to related parties and investments in ordinary shares.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.13

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.14

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 6

 
CITROX BIOSCIENCES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.15

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.16

Research and development

Development costs are capitalised within tangible assets where they can be identified with a specific product or project anticipated to produce future benefits, and are amortised on the straight line basis over the anticipated life of the benefit arising from the competed product or project.
Deferred research and development costs are reviewed annually, and where future benefits are deemed to have ceased or to be in doubt, the balance of any related research and development is written off to the Statement of Income and Retained Earnings.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 4).

Page 7

 
CITROX BIOSCIENCES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets




Trade marks & patents

£



Cost


At 1 January 2023
323,576


Additions
9,832



At 31 December 2023

333,408



Amortisation


At 1 January 2023
92,702


Charge for the year on owned assets
23,437



At 31 December 2023

116,139



Net book value



At 31 December 2023
217,269



At 31 December 2022
230,874



Page 8

 
CITROX BIOSCIENCES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Plant and machinery
Property improvements
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
3,312
9,078
3,446
15,836



At 31 December 2023

3,312
9,078
3,446
15,836



Depreciation


At 1 January 2023
3,312
984
2,006
6,302


Charge for the year on owned assets
-
908
1,124
2,032



At 31 December 2023

3,312
1,892
3,130
8,334



Net book value



At 31 December 2023
-
7,186
316
7,502



At 31 December 2022
-
8,094
1,440
9,534


6.


Fixed asset investments





Other fixed asset investments

£



Cost or valuation


At 1 January 2023
25,004


Additions
1,560



At 31 December 2023
26,564




Page 9

 
CITROX BIOSCIENCES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Debtors


2023
2022
£
£

Due after more than one year

Amounts owed by joint ventures and associated undertakings
6,000
6,000

Due within one year

Trade debtors
90,790
99,719

Other debtors
461,275
416,449

Prepayments and accrued income
25,698
8,052

Tax recoverable
-
34,654

583,763
564,874



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
103
9,719



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
817,292
774,230

Corporation tax
177
-

Other taxation and social security
14,929
6,086

Other creditors
389,546
285,517

Accruals and deferred income
121,763
109,113

1,343,707
1,174,946


2023
2022
£
£

Other taxation and social security

PAYE/NI control
11,376
6,086

VAT control
3,553
-

14,929
6,086


Page 10

 
CITROX BIOSCIENCES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans
222,900
146,200

Amounts owed to associates
50,000
50,000

Other creditors
81,900
81,900

354,800
278,100



11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held seperately from those of the Company in an independently administered fund. The pension cost charge represents contributions paid by the Company to the fund and amounted to £9,391 (2022: £15,442).


12.


Related party transactions

At 31 December 2023 there was a balance owing to Sue Thomas of £31,900 (2022: £31,900). This amount is shown within creditors due after more than one year. 
At 31 December 2023, there was a balance owing to Robert Thomas of £58,000 (2022 - £-). 
At 31 December 2023, there was a balance of £222,900 (2022 - £146,200) due to Gelert Consulting Limited, a company of which Richard V M Thomas is a director
Debtors due after more than one year relates to a loan with Fulcrum Health Limited of £6,000 (2022: £6,000). Fulcrum Health Limited is a company in which Richard V M Thomas is a director.
Oraldent Limited is a company in which Richard V M Thomas is a director. There is a balance in trade creditors due to Oraldent Limited of £157,644 (2022: £144,613). Oraldent Limited have also made a loan to the Company and a balance of £377,214 (2022: £273,185) due within one year was outstanding at the year end.
Curaden (UK) Limited is a company in which Richard V M Thomas is a director. There is a balance in trade creditors due to Curaden (UK) Limited of £77,933 (2022: £52,087). Curaden (UK) Limited have also made a loan to the Company and a balance of £50,000 (2022: £50,000) was outstanding at the year end and due after more than one year. 

 
Page 11