Caseware UK (AP4) 2023.0.135 2023.0.135 false2023-01-012falseNo description of principal activitytrue8The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 13291464 2023-01-01 2023-12-31 13291464 2022-04-01 2022-12-31 13291464 2023-12-31 13291464 2022-12-31 13291464 1 2023-01-01 2023-12-31 13291464 d:Director1 2023-01-01 2023-12-31 13291464 c:CurrentFinancialInstruments 2023-12-31 13291464 c:CurrentFinancialInstruments 2022-12-31 13291464 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 13291464 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 13291464 c:ShareCapital 2023-12-31 13291464 c:ShareCapital 2022-12-31 13291464 c:SharePremium 2023-12-31 13291464 c:SharePremium 2022-12-31 13291464 c:RetainedEarningsAccumulatedLosses 2023-12-31 13291464 c:RetainedEarningsAccumulatedLosses 2022-12-31 13291464 d:OrdinaryShareClass2 2023-01-01 2023-12-31 13291464 d:OrdinaryShareClass2 2023-12-31 13291464 d:OrdinaryShareClass2 2022-12-31 13291464 d:FRS102 2023-01-01 2023-12-31 13291464 d:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 13291464 d:FullAccounts 2023-01-01 2023-12-31 13291464 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 13291464 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 13291464










Vitarka Therapeutics Ltd








Unaudited

Financial statements

Information for filing with the registrar

For the period ended 31 December 2023

 
Vitarka Therapeutics Ltd
 
  
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Vitarka Therapeutics Ltd for the period ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Vitarka Therapeutics Ltd for the period ended 31 December 2023 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Vitarka Therapeutics Ltd, as a body, in accordance with the terms of our engagement letter dated 16 December 2022Our work has been undertaken solely to prepare for your approval the financial statements of Vitarka Therapeutics Ltd and state those matters that we have agreed to state to the Board of directors of Vitarka Therapeutics Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Vitarka Therapeutics Ltd and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Vitarka Therapeutics Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Vitarka Therapeutics Ltd. You consider that Vitarka Therapeutics Ltd is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or review of the financial statements of Vitarka Therapeutics Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kreston Reeves LLP
 
Chartered Accountants
  
37 St Margaret's Street
Canterbury
Kent
CT1 2TU
12 August 2024
Page 1

 
Vitarka Therapeutics Ltd
Registered number: 13291464

Balance sheet
As at 31 December 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
18,235
7,892

Cash at bank and in hand
  
357,175
129,392

  
375,410
137,284

Creditors: amounts falling due within one year
 5 
(31,000)
(1,000)

Net current assets
  
 
 
344,410
 
 
136,284

Total assets less current liabilities
  
344,410
136,284

  

Net assets
  
344,410
136,284


Capital and reserves
  

Called up share capital 
 6 
132
132

Share premium account
  
872,553
236,938

Profit and loss account
  
(528,275)
(100,786)

  
344,410
136,284


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 period 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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 comprehensive income 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 on 12 August 2024.




Dr V Tripathi
Director

The notes on pages 3 to 6 form part of these financial statements.
Page 2

 
Vitarka Therapeutics Ltd
 

 
Notes to the financial statements
For the period ended 31 December 2023

1.


General information

Vitarka Therapeutics Ltd (“the company”) is a private company limited by shares and is incorporated in England with the registration number 13291464.  The address of the registered office is Innovation House, Innovation Way, Discovery Park, Sandwich, CT13 9FF.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The financial statements are presented in pounds Sterling, and rounded to the nearest pound.

The following principal accounting policies have been applied:

 
2.2

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.3

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.

 
2.4

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.

 
2.5

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 3

 
Vitarka Therapeutics Ltd
 

 
Notes to the financial statements
For the period ended 31 December 2023

2.Accounting policies (continued)

 
2.6

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.

 
2.7

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

 

Page 4

 
Vitarka Therapeutics Ltd
 

 
Notes to the financial statements
For the period ended 31 December 2023

2.Accounting policies (continued)


2.7
Financial instruments (continued)

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2022 - 2)


4.


Debtors

2023
2022
£
£


Other debtors
18,235
7,892

18,235
7,892


Page 5

 
Vitarka Therapeutics Ltd
 

 
Notes to the financial statements
For the period ended 31 December 2023

5.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other creditors
1,500
-

Accruals and deferred income
29,500
1,000

31,000
1,000



6.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,323,179 (2022 - 1,323,179) Ordinary shares of £0.0001- each
132
132



7.


Pension commitments

The company operates a defned 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 payable by the company to the fund and amounted to £7,237 (2022 - £NIL) as at the year end there was an amount due of £1,500 (2022 - £NIL) 


8.


Post balance sheet events

After the year end the company deferred and subsequently cancelled 82,699 Ordinary shares with a nominal value of £0.0001 each. 


9.


Controlling party

The ultimate controlling party of the company is V Tripathi by virtue of her majority shareholding.

Page 6