Zylexa Pharma Ltd
Registered number: 08027678
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Investments 4 10,500 10,500
Current assets
Debtors 5 19,254 20,739
Cash at bank and in hand 9,404 6,742
28,658 27,481
Creditors: amounts falling due within one year 6 (12,525) (6,770)
Net current assets 16,133 20,711
Total assets less current liabilities 26,633 31,211
Creditors: amounts falling due after more than one year 7 (23,333) (33,333)
Net assets/(liabilities) 3,300 (2,122)
Capital and reserves
Called up share capital 100 100
Profit and loss account 3,200 (2,222)
Shareholder's funds 3,300 (2,122)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Hamna Ismailjee
Director
Approved by the board on 8 August 2024
Zylexa Pharma Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 4 years
Fixtures and fittings over 4 years
Investments
Investments in unquoted equity instruments are measured at fair value. Changes in fair value are recognised in profit or loss. Fair value is estimated by using a valuation technique.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant & Machinery Fixtures & Fittings Total
£ £ £
Cost
At 1 April 2023 2,311 6,062 8,373
At 31 March 2024 2,311 6,062 8,373
Depreciation
At 1 April 2023 2,311 6,062 8,373
At 31 March 2024 2,311 6,062 8,373
Net book value
At 31 March 2024 - - -
4 Investments
Unlisted
investments
£
Cost
At 1 April 2023 10,500
At 31 March 2024 10,500
5 Debtors 2024 2023
£ £
Trade debtors 13,373 11,333
Other debtors 5,881 9,406
19,254 20,739
6 Creditors: amounts falling due within one year 2024 2023
£ £
Other loans < 1 year 4,674 -
Bank loans and overdrafts - 778
Trade creditors 7,736 7,736
Other taxes and social security costs (582) (581)
Accruals 1,550 1,550
Director's account (853) (2,713)
12,525 6,770
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 23,333 33,333
8 Profit and loss account 2024
£
At 1 April 2023 (2,222)
Profit for the year 5,422
Dividends -
At 31 March 2024 3,200
9 Dividends 2024 2023
£ £
Dividends for which the company became liable during the year:
- -
10 Contingent liabilties
The company is a corporate member of I.F. R&D LLP and is liable to the assets of the LLP in the event of a winding-up before 1st July 2024. The maximum liability in relation to this undertaking is £62,892. The company does not believe that a winding-up of the LLP is probable and has not made provision for the liability at 31 March 2023.
11 Related party transactions
Included within the creditors at the year end is £853 (2023: £2,713) due from Mrs Hamna Ismailjee, the company director. During the period the company paid £4,037 of expenses on behalf of the director and the director introduced £5,897.
12 Controlling party
The ultimate controlling party is the director and sole shareholder Mrs Hamna Ismailjee.
13 Other information
Zylexa Pharma Ltd is a private company limited by shares and incorporated in England. Its registered office is:
32 Westland Avenue
Bolton
BL1 5NP
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