OPENPIL CIC

Company limited by guarantee

Company Registration Number:
12994435 (England and Wales)

Unaudited statutory accounts for the year ended 30 November 2023

Period of accounts

Start date: 1 December 2022

End date: 30 November 2023

OPENPIL CIC

Contents of the Financial Statements

for the Period Ended 30 November 2023

Balance sheet
Additional notes
Community Interest Report

OPENPIL CIC

Balance sheet

As at 30 November 2023

Notes 2023 2022


£

£
Fixed assets
Intangible assets:   0 0
Tangible assets:   0 0
Investments:   0 0
Total fixed assets: 0 0
Current assets
Stocks:   0
Debtors:   0 0
Cash at bank and in hand: 27 0
Investments:   0 0
Total current assets: 27 0
Prepayments and accrued income: 0 0
Creditors: amounts falling due within one year:   0 0
Net current assets (liabilities): 27 0
Total assets less current liabilities: 27 0
Creditors: amounts falling due after more than one year:   0 0
Provision for liabilities: 0 0
Accruals and deferred income: 0 0
Total net assets (liabilities): 27 0
Members' funds
Profit and loss account: 27 0
Total members' funds: 27 0

The notes form part of these financial statements

OPENPIL CIC

Balance sheet statements

For the year ending 30 November 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen not to file a copy of the company's profit and loss account.

This report was approved by the board of directors on 30 August 2024
and signed on behalf of the board by:

Name: Malik Ahmed
Status: Director

The notes form part of these financial statements

OPENPIL CIC

Notes to the Financial Statements

for the Period Ended 30 November 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

OPENPIL CIC

Notes to the Financial Statements

for the Period Ended 30 November 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 0 0

COMMUNITY INTEREST ANNUAL REPORT

OPENPIL CIC

Company Number: 12994435 (England and Wales)

Year Ending: 30 November 2023

Company activities and impact

During the financial year 2022-2023, OpenPIL CIC continued its mission to utilise artificial intelligence to make medication information freely accessible and more reliable. Following the successful projects from the previous year, OpenPIL CIC entered into an agreement approved by the CIC regulators for the sale of its rule-based medication information extraction algorithm to Doses AI, a limited company. This transaction marked a significant step in advancing our goal of improving access to comprehensive clinical drug information. Doses AI, leveraging the algorithm acquired from OpenPIL CIC, presented a research poster at the Health Text Analytics Conference 2023 (HealTAC 2023) in Manchester. The poster highlighted the potential for combining rule-based approaches with large-language models to enhance the accuracy of medication information retrieval from official drug documents, such as the “Summary of Product Characteristics” documents. As part of the agreement, Doses AI committed to providing OpenPIL CIC with free access to the developed drug data extraction tool for a minimum period of five years. At the end of the 5th year, Doses AI will review OpenPIL’s need for the software (based on any relevant changes to mission and finances). This tool will be instrumental in advancing our efforts to develop the world’s first open-source clinical drug database, furthering our mission to democratise access to vital medication information. Doses AI is currently exploring collaborations with an academic institution and a technology company to bring this tool to fruition, which will directly benefit OpenPIL CIC and the broader community.

Consultation with stakeholders

No consultation with stakeholders

Directors' remuneration

No remuneration was received

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
30 August 2024

And signed on behalf of the board by:
Name: Malik Ahmed
Status: Director