Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31true2023-01-01falseNo description of principal activity2320trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 04121191 2023-01-01 2023-12-31 04121191 2022-01-01 2022-12-31 04121191 2023-12-31 04121191 2022-12-31 04121191 2022-01-01 04121191 c:Director2 2023-01-01 2023-12-31 04121191 d:FurnitureFittings 2023-01-01 2023-12-31 04121191 d:FurnitureFittings 2023-12-31 04121191 d:FurnitureFittings 2022-12-31 04121191 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04121191 d:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 04121191 d:OtherPropertyPlantEquipment 2023-12-31 04121191 d:OtherPropertyPlantEquipment 2022-12-31 04121191 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04121191 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04121191 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 04121191 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 04121191 d:ComputerSoftware 2023-12-31 04121191 d:ComputerSoftware 2022-12-31 04121191 d:CurrentFinancialInstruments 2023-12-31 04121191 d:CurrentFinancialInstruments 2022-12-31 04121191 d:Non-currentFinancialInstruments 2023-12-31 04121191 d:Non-currentFinancialInstruments 2022-12-31 04121191 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 04121191 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 04121191 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 04121191 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 04121191 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 04121191 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 04121191 d:ShareCapital 2023-01-01 2023-12-31 04121191 d:ShareCapital 2023-12-31 04121191 d:ShareCapital 2022-01-01 2022-12-31 04121191 d:ShareCapital 2022-12-31 04121191 d:ShareCapital 2022-01-01 04121191 d:SharePremium 2023-01-01 2023-12-31 04121191 d:SharePremium 2023-12-31 04121191 d:SharePremium 2022-01-01 2022-12-31 04121191 d:SharePremium 2022-12-31 04121191 d:SharePremium 2022-01-01 04121191 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 04121191 d:RetainedEarningsAccumulatedLosses 2023-12-31 04121191 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 04121191 d:RetainedEarningsAccumulatedLosses 2022-12-31 04121191 d:RetainedEarningsAccumulatedLosses 2022-01-01 04121191 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 04121191 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 04121191 c:FRS102 2023-01-01 2023-12-31 04121191 c:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 04121191 c:FullAccounts 2023-01-01 2023-12-31 04121191 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04121191 2 2023-01-01 2023-12-31 04121191 6 2023-01-01 2023-12-31 04121191 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-01-01 2023-12-31 04121191 d:ComputerSoftware d:OwnedIntangibleAssets 2023-01-01 2023-12-31 04121191 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 04121191









IDEAPHARMA LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
IDEAPHARMA LTD
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF IDEAPHARMA LTD
FOR THE YEAR ENDED 31 DECEMBER 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ideapharma Ltd for the year ended 31 December 2023 which comprise  the Balance Sheet, the Statement of Changes in Equity and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of Ideapharma Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Ideapharma Ltd and state those matters that we have agreed to state to the Board of Directors of Ideapharma Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ideapharma Ltd and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Ideapharma Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Ideapharma Ltd. You consider that Ideapharma Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Ideapharma Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Hillier Hopkins LLP
Chartered Accountants
249 Silbury Boulevard
Milton Keynes
Buckinghamshire
MK9 1NA
11 September 2024
Page 1

 
IDEAPHARMA LTD
REGISTERED NUMBER: 04121191

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
19,857
61,768

Tangible assets
 5 
33,524
58,107

Investments
 6 
339,900
339,900

  
393,281
459,775

Current assets
  

Debtors: amounts falling due within one year
 7 
1,640,614
2,283,275

Cash at bank and in hand
 8 
7,053
14,592

  
1,647,667
2,297,867

Creditors: amounts falling due within one year
 9 
(823,736)
(1,181,889)

Net current assets
  
 
 
823,931
 
 
1,115,978

Total assets less current liabilities
  
1,217,212
1,575,753

Creditors: amounts falling due after more than one year
 10 
-
(41,667)

Provisions for liabilities
  

Deferred tax
 12 
(7,285)
(13,341)

  
 
 
(7,285)
 
 
(13,341)

Net assets
  
1,209,927
1,520,745


Capital and reserves
  

Called up share capital 
  
943
790

Share premium account
  
403,288
391,032

Profit and loss account
  
805,696
1,128,923

  
1,209,927
1,520,745


Page 2

 
IDEAPHARMA LTD
REGISTERED NUMBER: 04121191
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




C Rea
Director

Date: 9 September 2024

The notes on pages 6 to 14 form part of these financial statements.

Page 3

 
IDEAPHARMA LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 January 2023
790
391,032
1,128,923
1,520,745


Comprehensive income for the year

Loss for the year

-
-
(221,751)
(221,751)


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
(221,751)
(221,751)


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(101,476)
(101,476)

Shares issued during the year
153
12,256
-
12,409


Total transactions with owners
153
12,256
(101,476)
(89,067)


At 31 December 2023
943
403,288
805,696
1,209,927


The notes on pages 6 to 14 form part of these financial statements.

Page 4

 
IDEAPHARMA LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 January 2022
790
391,032
1,196,678
1,588,500


Comprehensive income for the year

Profit for the year

-
-
167,158
167,158


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
167,158
167,158


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(234,913)
(234,913)


Total transactions with owners
-
-
(234,913)
(234,913)


At 31 December 2022
790
391,032
1,128,923
1,520,745


The notes on pages 6 to 14 form part of these financial statements.

Page 5

 
IDEAPHARMA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Ideapharma Ltd is a company limited by shares incorporated in England and Wales within the United Kingdom.  The address of the registered office is 55-56 Russell Square, Holborn, London, WC1B 4HP.
The company's principal activity is that of marketing consultancy for the pharmaceutical industry.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below.  These policies have been consistently applied to all years presented unless otherwise stated. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 6

 
IDEAPHARMA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20% and 33% straight line
Computer software
-
33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 7

 
IDEAPHARMA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.10

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.12

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 8

 
IDEAPHARMA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.14

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.15

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 23 (2022 - 20).

Page 9

 
IDEAPHARMA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets




Development
Computer software
Total

£
£
£



Cost


At 1 January 2023
103,287
179,470
282,757



At 31 December 2023

103,287
179,470
282,757



Amortisation


At 1 January 2023
103,287
117,702
220,989


Charge for the year on owned assets
-
41,911
41,911



At 31 December 2023

103,287
159,613
262,900



Net book value



At 31 December 2023
-
19,857
19,857



At 31 December 2022
-
61,768
61,768



Page 10

 
IDEAPHARMA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Fixtures and fittings
Computer software
Total

£
£
£



Cost or valuation


At 1 January 2023
135,260
32,520
167,780


Additions
4,168
-
4,168



At 31 December 2023

139,428
32,520
171,948



Depreciation


At 1 January 2023
91,608
18,065
109,673


Charge for the year on owned assets
17,912
10,839
28,751



At 31 December 2023

109,520
28,904
138,424



Net book value



At 31 December 2023
29,908
3,616
33,524



At 31 December 2022
43,652
14,455
58,107


6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
339,900



At 31 December 2023
339,900




Page 11

 
IDEAPHARMA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Debtors

2023
2022
£
£


Trade debtors
105,428
764,149

Amounts owed by group undertakings
974,365
903,992

Other debtors
484,168
335,319

Prepayments and accrued income
76,653
279,815

1,640,614
2,283,275



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
7,053
14,592

Less: bank overdrafts
(224,314)
(72,767)

(217,261)
(58,175)



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
224,314
72,767

Bank loans
41,667
100,000

Other loans
248,333
337,500

Trade creditors
57,644
302,777

Corporation tax
30,211
32,329

Other taxation and social security
81,927
85,951

Other creditors
25,996
60,222

Accruals and deferred income
113,644
190,343

823,736
1,181,889


Page 12

 
IDEAPHARMA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
-
41,667

-
41,667



11.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
41,667
100,000

Other loans
248,333
337,500


290,000
437,500

Amounts falling due 1-2 years

Bank loans
-
41,667


-
41,667



290,000
479,167



12.


Deferred taxation




2023


£






At beginning of year
(13,341)


Charged to profit or loss
6,056



At end of year
(7,285)

Page 13

 
IDEAPHARMA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
12.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(7,285)
(13,341)

(7,285)
(13,341)


13.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £106,974 (2022 - £97,698).


14.


Related party transactions

During the year the company received management charges of £1,604,789 (2022 - £1,447,797) from
Ideapharma Inc. At the year end, £974,365 (2022 - £903,992) was owing from Ideapharma Inc.
Ideapharama Inc is a wholly owned subsidiary of the company.

 
Page 14