Transpharmation Limited
Registered number: 07348226
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 2 19,557 55,063
Investments 3 1,801 1,801
21,358 56,864
Current assets
Debtors 4 3,364,728 2,395,603
Cash at bank and in hand 4,346,479 2,391,035
7,711,207 4,786,638
Creditors: amounts falling due within one year 5 (1,153,495) (1,055,273)
Net current assets 6,557,712 3,731,365
Net assets 6,579,070 3,788,229
Capital and reserves
Called up share capital 100 100
Profit and loss account 6,578,970 3,788,129
Shareholders' funds 6,579,070 3,788,229
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
Mark Duxon
Director
Approved by the board on 19 August 2024
Transpharmation Limited
Notes to the Accounts
for the year ended 31 December 2023
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Equipment & fixtures over 4 years
Computer equipment over 3 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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
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.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Tangible fixed assets
Equipment & fixtures Computer equipment Total
£ £ £
Cost
At 1 January 2023 356,912 38,927 395,839
Additions - 6,851 6,851
At 31 December 2023 356,912 45,778 402,690
Depreciation
At 1 January 2023 307,830 32,946 340,776
Charge for the year 35,911 6,446 42,357
At 31 December 2023 343,741 39,392 383,133
Net book value
At 31 December 2023 13,171 6,386 19,557
At 31 December 2022 49,082 5,981 55,063
3 Investments
Other
investments
£
Cost
At 1 January 2023 1,801
At 31 December 2023 1,801
4 Debtors 2023 2022
£ £
Trade debtors 1,574,703 963,745
Amounts owed by group undertakings and undertakings in which the company has a participating interest 1,776,869 1,340,900
Corporation tax - 51,387
Other debtors 13,156 39,571
3,364,728 2,395,603
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 159,496 172,471
Other taxes and social security costs 178,749 237,060
Other creditors 815,250 645,742
1,153,495 1,055,273
6 Average number of employees 2023 2022
£ £
During the year the average number of employees was 24 (2022 - 25). 24 25
7 Other information
Transpharmation Limited is a private company limited by shares and incorporated in England. Its registered office is:
The London Bioscience Innovation Centre
2 Royal College Street
London
NW1 0NH
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