0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 450,179 373,199 22,509 395,708 54,471 76,980 90 90 90 xbrli:pure xbrli:shares iso4217:GBP 03768064 2023-01-01 2023-12-31 03768064 2023-12-31 03768064 2022-12-31 03768064 2022-01-01 2022-12-31 03768064 2022-12-31 03768064 2021-12-31 03768064 core:PatentsTrademarksLicencesConcessionsSimilar 2023-01-01 2023-12-31 03768064 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 03768064 bus:Director1 2023-01-01 2023-12-31 03768064 core:WithinOneYear 2023-12-31 03768064 core:WithinOneYear 2022-12-31 03768064 core:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 03768064 core:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 03768064 core:ShareCapital 2023-12-31 03768064 core:ShareCapital 2022-12-31 03768064 core:RetainedEarningsAccumulatedLosses 2023-12-31 03768064 core:RetainedEarningsAccumulatedLosses 2022-12-31 03768064 core:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 03768064 core:CostValuation core:Non-currentFinancialInstruments 2023-12-31 03768064 core:Non-currentFinancialInstruments 2023-12-31 03768064 core:Non-currentFinancialInstruments 2022-12-31 03768064 bus:SmallEntities 2023-01-01 2023-12-31 03768064 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 03768064 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 03768064 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03768064 bus:FullAccounts 2023-01-01 2023-12-31 03768064 bus:OrdinaryShareClass1 2023-12-31 03768064 bus:OrdinaryShareClass1 2022-12-31
COMPANY REGISTRATION NUMBER: 03768064
Life Science Investments Limited
Filleted Unaudited Financial Statements
31 December 2023
Life Science Investments Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Life Science Investments Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
£
Fixed assets
Intangible assets
5
54,471
76,980
Investments
6
90
90
--------
--------
54,561
77,070
Current assets
Debtors
7
28,662
37,309
Cash at bank and in hand
71
765
--------
--------
28,733
38,074
Creditors: amounts falling due within one year
8
3,345
8,829
--------
--------
Net current assets
25,388
29,245
--------
---------
Total assets less current liabilities
79,949
106,315
--------
---------
Net assets
79,949
106,315
--------
---------
Capital and reserves
Called up share capital
9
20,000
20,000
Profit and loss account
59,949
86,315
--------
---------
Shareholders funds
79,949
106,315
--------
---------
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 income and retained earnings has not been delivered.
For the year ending 31 December 2023 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Life Science Investments Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 3 September 2024 , and are signed on behalf of the board by:
B Laurent
Director
Company registration number: 03768064
Life Science Investments Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 146 New London Road, Chelmsford, Essex, CM2 0AW, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets represent the cost of patents less amounts written off.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Patents and trademarks
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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 of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Average number of employees
During the year the average number of employees was 3 (2022: 3) which consisted of the directors only.
5. Intangible assets
Patents, trademarks and licences
£
Cost
At 1 January 2023 and 31 December 2023
450,179
---------
Amortisation
At 1 January 2023
373,199
Charge for the year
22,509
---------
At 31 December 2023
395,708
---------
Carrying amount
At 31 December 2023
54,471
---------
At 31 December 2022
76,980
---------
6. Investments
Shares in group undertakings
£
Cost
At 1 January 2023 and 31 December 2023
90
----
Impairment
At 1 January 2023 and 31 December 2023
----
Carrying amount
At 31 December 2023
90
----
At 31 December 2022
90
----
7. Debtors
2023
2022
£
£
Trade debtors
2,421
2,508
Amounts owed by group undertakings
12,459
17,305
Amounts owed by related undertakings
12,877
17,496
Corporation tax repayable
905
--------
--------
28,662
37,309
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
90
90
Accruals and deferred income
3,087
2,940
Corporation tax
5,799
Other creditors
168
-------
-------
3,345
8,829
-------
-------
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 10,000 each
2
20,000
2
20,000
----
--------
----
--------
10. Related party transactions
During the year a director invoiced the company £Nil (2022: £9,000) for services provided for dermatology. At the year end, the amounts owed to related undertakings in note 8 amounted to £12,877 (2022: £17,496). At the year end, the amounts owed to group undertakings in note 8 amounted to £12,459 (2022: £17,305).