IRIS Accounts Production v24.2.0.383 13241873 director 1.1.23 31.12.23 31.12.23 0 0 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh132418732022-12-31132418732023-12-31132418732023-01-012023-12-31132418732022-03-31132418732022-04-012022-12-31132418732022-12-3113241873ns15:EnglandWales2023-01-012023-12-3113241873ns14:PoundSterling2023-01-012023-12-3113241873ns10:Director12023-01-012023-12-3113241873ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3113241873ns10:SmallEntities2023-01-012023-12-3113241873ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-3113241873ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3113241873ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3113241873ns10:FullAccounts2023-01-012023-12-3113241873ns10:RegisteredOffice2023-01-012023-12-3113241873ns5:CurrentFinancialInstruments2023-12-3113241873ns5:CurrentFinancialInstruments2022-12-3113241873ns5:ShareCapital2023-12-3113241873ns5:ShareCapital2022-12-3113241873ns5:RetainedEarningsAccumulatedLosses2023-12-3113241873ns5:RetainedEarningsAccumulatedLosses2022-12-311324187312023-01-012023-12-3113241873ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3113241873ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3113241873ns5:WithinOneYear2023-12-3113241873ns5:WithinOneYear2022-12-3113241873ns5:BetweenOneFiveYears2023-12-3113241873ns5:BetweenOneFiveYears2022-12-3113241873ns5:AllPeriods2023-12-3113241873ns5:AllPeriods2022-12-31
REGISTERED NUMBER: 13241873 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

CY BIOPHARMA LTD

CY BIOPHARMA LTD (REGISTERED NUMBER: 13241873)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CY BIOPHARMA LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: J W Morrison





REGISTERED OFFICE: 4th Floor, St. James House
St. James' Square
Cheltenham
GL50 3PR





REGISTERED NUMBER: 13241873 (England and Wales)






CY BIOPHARMA LTD (REGISTERED NUMBER: 13241873)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £ £
CURRENT ASSETS
Debtors: amounts falling due within
one year

4

1,002,342

1,903,682
Cash at bank 7,497 33,205
1,009,839 1,936,887
CREDITORS
Amounts falling due within one year 5 (10,620 ) (936,873 )
NET CURRENT ASSETS 999,219 1,000,014
TOTAL ASSETS LESS CURRENT
LIABILITIES

999,219

1,000,014

CAPITAL AND RESERVES
Called up share capital 1,000,000 1,000,000
Retained earnings (781 ) 14
SHAREHOLDERS' FUNDS 999,219 1,000,014

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

CY BIOPHARMA LTD (REGISTERED NUMBER: 13241873)

BALANCE SHEET - continued
31 DECEMBER 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 14 August 2024 and were signed by:





J W Morrison - Director


CY BIOPHARMA LTD (REGISTERED NUMBER: 13241873)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Cy Biopharma Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

There are no estimates and assumptions which are considered to have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Basic financial assets and liabilities that are payable or receivable within one year, typically trade payables and receivables, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration, expected to be paid or received.


CY BIOPHARMA LTD (REGISTERED NUMBER: 13241873)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Going concern
The directors have sought and received response from the parent company that financial support will be forthcoming for the next 12 months. On this basis, the director continues to adopt the going concern basis of accounting in preparing the annual financial statements.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on Debtors.

Creditors
Short term creditors are measured at the transaction price.

CY BIOPHARMA LTD (REGISTERED NUMBER: 13241873)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


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
£ £
Amounts owed by group undertakings 1,000,197 1,903,682
Other debtors 2,000 -
Deferred tax asset 145 -
1,002,342 1,903,682

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade creditors 420 -
Amounts owed to group undertakings - 869,837
Corporation tax - 4,464
Directors' loan accounts - 49,372
Accrued expenses 10,200 13,200
10,620 936,873

6. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£ £
Within one year 24,000 -
Between one and five years 12,000 -
36,000 -

7. RELATED PARTY DISCLOSURES

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.

8. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Morrison Management Ltd a company organized under the laws of England and Wales.