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No description of principal activities is disclosed
2023-04-01
Sage Accounts Production 23.0 - FRS102_2023
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2024-03-31
Company registration number:
09304650
Asterisk Lifesciences Ltd
Unaudited filleted financial statements
31 March 2024
Asterisk Lifesciences Ltd
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Asterisk Lifesciences Ltd
Directors and other information
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Directors |
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Dr Vibha Gagan Sharma |
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Mr G H Sharma |
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Company number |
09304650 |
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Registered office |
350 Kilburn Lane |
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London |
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W9 3EF |
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Asterisk Lifesciences Ltd
Statement of financial position
31 March 2024
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2024 |
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2023 |
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Note |
£ |
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£ |
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£ |
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£ |
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Fixed assets |
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Investments |
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3 |
- |
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684,560 |
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_______ |
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_______ |
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- |
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684,560 |
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Current assets |
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Debtors |
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5 |
25,134 |
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- |
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Cash at bank and in hand |
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6,471 |
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6,712 |
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_______ |
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_______ |
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31,605 |
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6,712 |
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Creditors: amounts falling due |
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within one year |
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7 |
(
34,020) |
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(
723,967) |
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_______ |
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_______ |
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Net current liabilities |
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(
2,415) |
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(
717,255) |
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_______ |
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_______ |
Total assets less current liabilities |
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(
2,415) |
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(
32,695) |
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_______ |
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_______ |
Net liabilities |
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(
2,415) |
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(
32,695) |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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100 |
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100 |
Profit and loss account |
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(
2,515) |
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(
32,795) |
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_______ |
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_______ |
Shareholders deficit |
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(
2,415) |
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(
32,695) |
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_______ |
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_______ |
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For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
21 August 2024
, and are signed on behalf of the board by:
Dr Vibha Gagan Sharma
Mr G H Sharma
Director
Director
Company registration number:
09304650
Asterisk Lifesciences Ltd
Notes to the financial statements
Year ended 31 March 2024
1.
General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 350 Kilburn Lane, London, W9 3EF.
2.
Accounting policies
Accounting convention
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ('FRS 102') and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a fair view. The financial statements are prepared in Sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under historical cost convention. The principal accounting policies adopted are set out below.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
3.
Investments
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Shares in group undertakings and participating interests |
Total |
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£ |
£ |
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Cost |
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At 1 April 2023 |
684,560 |
684,560 |
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Disposals |
(
684,560) |
(
684,560) |
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_______ |
_______ |
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At 31 March 2024 |
- |
- |
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_______ |
_______ |
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Impairment |
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At 1 April 2023 and 31 March 2024 |
- |
- |
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_______ |
_______ |
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Carrying amount |
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At 31 March 2024 |
- |
- |
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_______ |
_______ |
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At 31 March 2023 |
684,560 |
684,560 |
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_______ |
_______ |
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On 16 February 2024 investment in Asterisk Lifesciences GH Limited, a wholly owned subsidiary was sold to a related company Bliss GVS International Pte Ltd, Singapore for sum of £728,408. Bliss GVS International Pte Ltd, Singapore is a wholly owned subsidiary of Bliss GVS Pharma Limited, a company incorporated in India.
5.
Debtors
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2024 |
2023 |
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£ |
£ |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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25,134 |
- |
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_______ |
_______ |
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Included in debtors is amount of £25,134 owed by related company Bliss GVS International Pte Ltd, Singapore.
7.
Creditors: amounts falling due within one year
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2024 |
2023 |
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£ |
£ |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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24,180 |
721,327 |
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Other creditors |
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9,840 |
2,640 |
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_______ |
_______ |
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34,020 |
723,967 |
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_______ |
_______ |
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Included in creditors is amount of £24,180 (2023: £27,125) owed to the holding company Bliss GVS Pharma Limited.
9.
Related party transactions
During the year the company entered into the following transactions with related parties:
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Transaction value |
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Balance owed by/(owed to) |
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2024 |
2023 |
2024 |
2023 |
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£ |
£ |
£ |
£ |
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Bliss GVS Pharma Limited |
2,945 |
14,934 |
(
24,180) |
(
27,125) |
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Asterisk Lifesciences GH Ltd |
- |
(
17,748) |
- |
(
694,202) |
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Bliss GVS International Pte Ltd, Singapoure |
25,134 |
- |
25,134 |
- |
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_______ |
_______ |
_______ |
_______ |
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Bliss GVS International Pte Ltd, Singapore is a wholly owned subsidiary of Bliss GVS Pharma Limited, a company incorporated in India. Investment of £684,560 in Asterisk Lifesciences GH Limited, a wholly owned subsidiary was sold to a related company Bliss GVS International Pte Ltd, Singapore for sum of £728,408 realising a gain of £43,848.
10.
Controlling party
The company is wholly owned by Bliss GVS Pharma Limited incorporated in India. The directors of the company are also directors of the holding company.