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REGISTERED NUMBER: 09364380 (England and Wales)















APCONIX LTD

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023






APCONIX LTD (REGISTERED NUMBER: 09364380)

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


APCONIX LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Dr R J Knight
Dr M J Morton
Prof R A Roberts





REGISTERED OFFICE: Mereside Alderley Park
Alderley Edge
Cheshire
SK10 4TG





REGISTERED NUMBER: 09364380 (England and Wales)

APCONIX LTD (REGISTERED NUMBER: 09364380)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 468,540 350,863
Investments 5 23,980 20,120
492,520 370,983

CURRENT ASSETS
Debtors 6 1,208,756 887,052
Cash at bank 1,418,472 1,872,040
2,627,228 2,759,092
CREDITORS
Amounts falling due within one year 7 (535,119 ) (668,270 )
NET CURRENT ASSETS 2,092,109 2,090,822
TOTAL ASSETS LESS CURRENT LIABILITIES 2,584,629 2,461,805

CREDITORS
Amounts falling due after more than one
year

8

(199,407

)

(257,183

)

PROVISIONS FOR LIABILITIES (116,288 ) (86,682 )
NET ASSETS 2,268,934 2,117,940

CAPITAL AND RESERVES
Called up share capital 10 3 3
Retained earnings 2,268,931 2,117,937
SHAREHOLDERS' FUNDS 2,268,934 2,117,940

APCONIX LTD (REGISTERED NUMBER: 09364380)

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 Profit and Loss has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 July 2024 and were signed on its behalf by:




Dr R J Knight - Director Dr M J Morton - Director




Prof R A Roberts - Director


APCONIX LTD (REGISTERED NUMBER: 09364380)

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


1. STATUTORY INFORMATION

Apconix 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

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

Preparation of consolidated financial statements
The financial statements contain information about Apconix Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Rendering of services
When the outcome of a transaction can be estimated reliably, turnover from from the provision of ion channel biology services and other non clinical programmes is recognised by reference to the stage of completion of the contract at the balance sheet date. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Interest receivable
Interest income is recognised using the effective interest method.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software was fully amortised in the prior year.

APCONIX LTD (REGISTERED NUMBER: 09364380)

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


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 4 - 6 years on cost
Fixtures and fittings - Straight line over 4 years
Computer equipment - Straight line over 4 years

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss, 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.

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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

APCONIX LTD (REGISTERED NUMBER: 09364380)

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


2. ACCOUNTING POLICIES - continued

Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 (2022 - 23 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 845,771
Additions 307,745
At 31 December 2023 1,153,516
DEPRECIATION
At 1 January 2023 494,908
Charge for year 190,068
At 31 December 2023 684,976
NET BOOK VALUE
At 31 December 2023 468,540
At 31 December 2022 350,863

APCONIX LTD (REGISTERED NUMBER: 09364380)

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


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 January 2023
and 31 December 2023 470,310
DEPRECIATION
At 1 January 2023 235,155
Charge for year 78,385
At 31 December 2023 313,540
NET BOOK VALUE
At 31 December 2023 156,770
At 31 December 2022 235,155

5. FIXED ASSET INVESTMENTS
Shares in
group Other
undertakings investments Totals
£    £    £   
COST
At 1 January 2023 503 19,617 20,120
Additions - 3,860 3,860
At 31 December 2023 503 23,477 23,980
NET BOOK VALUE
At 31 December 2023 503 23,477 23,980
At 31 December 2022 503 19,617 20,120

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,090,985 815,065
Other debtors - 1,142
Prepayments 117,771 70,845
1,208,756 887,052

APCONIX LTD (REGISTERED NUMBER: 09364380)

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


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 52,019 53,210
Trade creditors 235,485 203,577
Tax 106,012 316,267
Social security and other taxes 65,794 -
Pension 325 9,941
VAT 34,852 76,525
Other creditors 731 -
Accruals and deferred income 39,901 8,750
535,119 668,270

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 199,407 257,183

Amounts falling due in more than five years:

Repayable by instalments
Hire purchase - 44,342

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 251,426 310,393

Hire purchase liabilities are secured against the assets they relate to.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary A 0.1p 1 1
1,000 Ordinary B 0.1p 1 1
1,000 Ordinary C 0.1p 1 1
3 3

APCONIX LTD (REGISTERED NUMBER: 09364380)

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


11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Richard Stonier (Senior Statutory Auditor)
for and on behalf of Deans

12. FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £573,245 (2022 £761,075).