Caseware UK (AP4) 2023.0.135 2023.0.135 00false2022-12-19Management consultancy activities other than financial managementfalsefalsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 14549035 2022-12-18 14549035 2022-12-19 2023-12-31 14549035 2022-01-01 2022-12-18 14549035 2023-12-31 14549035 c:Director2 2022-12-19 2023-12-31 14549035 d:CurrentFinancialInstruments 2023-12-31 14549035 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 14549035 d:ShareCapital 2023-12-31 14549035 d:RetainedEarningsAccumulatedLosses 2023-12-31 14549035 c:OrdinaryShareClass1 2022-12-19 2023-12-31 14549035 c:OrdinaryShareClass1 2023-12-31 14549035 c:FRS102 2022-12-19 2023-12-31 14549035 c:AuditExemptWithAccountantsReport 2022-12-19 2023-12-31 14549035 c:FullAccounts 2022-12-19 2023-12-31 14549035 c:PrivateLimitedCompanyLtd 2022-12-19 2023-12-31 14549035 e:PoundSterling 2022-12-19 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 14549035










Avillion Life Sciences Limited








Unaudited

Financial statements

Information for filing with the registrar

For the period ended 31 December 2023

 
Avillion Life Sciences Limited
 
  
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Avillion Life Sciences Limited for the period 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 Avillion Life Sciences Limited for the period ended 31 December 2023 which comprise  the Balance sheet 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 Avillion Life Sciences Limited, as a body, in accordance with the terms of our engagement letter dated 30 May 2023Our work has been undertaken solely to prepare for your approval the financial statements of Avillion Life Sciences Limited and state those matters that we have agreed to state to the Board of directors of Avillion Life Sciences Limited, 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 Avillion Life Sciences Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Avillion Life Sciences Limited 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 profit of Avillion Life Sciences Limited. You consider that Avillion Life Sciences Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or review of the financial statements of Avillion Life Sciences Limited. 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.

  



Kreston Reeves LLP
Chartered Accountants
2nd Floor
168 Shoreditch High Street
London
E1 6RA
11 September 2024
Page 1

 
Avillion Life Sciences Limited
Registered number: 14549035

Balance sheet
As at 31 December 2023

2023
Note
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
2,217,152

Cash at bank and in hand
 5 
1,392,273

  
3,609,425

Creditors: amounts falling due within one year
 6 
(2,372,809)

Net current assets
  
 
 
1,236,616

Total assets less current liabilities
  
1,236,616

  

Net assets
  
1,236,616


Capital and reserves
  

Called up share capital 
  
20,000

Profit and loss account
  
1,216,616

  
1,236,616


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 period 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 comprehensive income 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 on 11 September 2024.




Dr Allison Jeynes-Ellis
Director

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
Avillion Life Sciences Limited
 

 
Notes to the financial statements
For the period ended 31 December 2023

1.


General information

The company is registered as a private company limited by shares, incorporated and domiciled in England
& Wales. The company's registered office is at Spaces Victoria, 25 Wilton Road, London, United Kingdom SW1V 1LW.                                                                                                                                          
The company's principal activity during the period was that of the provision of advisory services related to research and development in the pharmaceutical industry.

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

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 comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
Avillion Life Sciences Limited
 

 
Notes to the financial statements
For the period ended 31 December 2023

2.Accounting policies (continued)

 
2.3

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.

 
2.4

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.5

Taxation

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.

 
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.

Page 4

 
Avillion Life Sciences Limited
 

 
Notes to the financial statements
For the period ended 31 December 2023

2.Accounting policies (continued)

 
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.

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

The Company has no employees other than the directors, who did not receive any remuneration.



 

Page 5

 
Avillion Life Sciences Limited
 

 
Notes to the financial statements
For the period ended 31 December 2023

4.


Debtors

2023
£


Trade debtors
1,208,478

Other debtors
301,555

Prepayments and accrued income
707,119

2,217,152



5.


Cash and cash equivalents

2023
£

Cash at bank and in hand
1,392,273

1,392,273



6.


Creditors: Amounts falling due within one year

2023
£

Trade creditors
17,677

Amounts owed to related undertakings
1,551,201

Accruals and deferred income
803,931

2,372,809



7.


Share capital

2023
£
Allotted, called up and fully paid


20,000 Ordinary A shares of £1.00 each
20,000


During the period, 20,000 Ordinary A shares were issued at par.


8.


Related party transactions

The directors are also Designated Members of Avillion LLP. The amount due to Avillion LLP at 31 December 2023 was £1,551,201 which is included in note 6 to these accounts.


9.


Controlling party

The company is under the control of its directors.

Page 6