REGISTERED NUMBER: |
KEMWELL BIOPHARMA UK LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
REGISTERED NUMBER: |
KEMWELL BIOPHARMA UK LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
KEMWELL BIOPHARMA UK LIMITED (REGISTERED NUMBER: 14267657) |
CONTENTS OF THE FINANCIAL STATEMENTS |
For The Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
KEMWELL BIOPHARMA UK LIMITED |
COMPANY INFORMATION |
For The Year Ended 31 March 2024 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Hilden Park House |
79 Tonbridge Road |
Hildenborough |
Tonbridge |
Kent |
TN11 9BH |
KEMWELL BIOPHARMA UK LIMITED (REGISTERED NUMBER: 14267657) |
ABRIDGED BALANCE SHEET |
31 March 2024 |
31/3/24 | 31/3/23 |
Notes | $ | $ | $ | $ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 5 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
KEMWELL BIOPHARMA UK LIMITED (REGISTERED NUMBER: 14267657) |
NOTES TO THE FINANCIAL STATEMENTS |
For The Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Kemwell Biopharma UK Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
In the application of the company’s accounting policies, the director is required to make judgements, |
estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent |
from other sources. The estimates and associated assumptions are based on historical experience and |
other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting |
estimates are recognised in the period in which the estimate is revised where the revision affects only that |
period, or in the period of the revision and future periods where the revision affects both current and future |
periods. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover is recognised at the fair value of the consideration received or receivable for goods and services |
provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair |
value of consideration takes into account trade discounts, settlement discounts and volume rebates. |
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration |
is the present value of the future receipts. The difference between the fair value of the consideration and |
the nominal amount received is recognised as interest income. |
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the |
goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be |
measured reliably, it is probable that the economic benefits associated with the transaction will flow to the |
entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Revenue from contracts for the provision of professional services is recognised by reference to the stage of |
completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. |
The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly |
staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, |
revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered. |
KEMWELL BIOPHARMA UK LIMITED (REGISTERED NUMBER: 14267657) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section |
12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. |
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 debtors and cash and bank balances, are initially measured at |
transaction price including transaction costs and are subsequently carried at amortised cost using the |
effective interest method 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. Financial |
assets classified as receivable within one year are not amortised. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual |
arrangements entered into. An equity instrument is any contract that evidences a residual interest in the |
assets of the company after deducting all of its liabilities |
Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference |
shares that are classified as debt, are initially recognised at transaction price unless the arrangement |
constitutes a financing transaction, where the debt instrument is measured at the present value of the |
future payments discounted at a market rate of interest. Financial liabilities classified as payable within one |
year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course |
of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one |
year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at |
transaction price and subsequently measured at amortised cost using the effective interest method. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
KEMWELL BIOPHARMA UK LIMITED (REGISTERED NUMBER: 14267657) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
4. | FIXED ASSET INVESTMENTS |
Information on investments other than loans is as follows: |
Totals |
$ |
COST |
At 1 April 2023 | 1,600,000 |
Additions | 4,952,559 |
At 31 March 2024 | 6,552,559 |
NET BOOK VALUE |
At 31 March 2024 | 6,552,559 |
At 31 March 2023 | 1,600,000 |
5. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/3/24 | 31/3/23 |
value: | $ | $ |
Ordinary | $1.1317 | 11,317 | 11,317 |
Ordinary | $1 | 6,936,565 | 3,675,000 |
6,947,882 | 3,686,317 |
3,261,565 Ordinary shares of $1 each were allotted and fully paid for |
The initial issue of 10,000 ordinary shares was made at £1 per share, giving capital of £10,000. |
6. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |