ACT Therapeutics Ltd |
Registered number: |
12541462 |
Balance Sheet |
as at 31 December 2023 |
|
Notes |
|
|
2023 |
|
|
2022 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
142,533 |
|
|
37,333 |
|
Current assets |
Debtors |
4 |
|
112,593 |
|
|
124,627 |
Cash at bank and in hand |
|
|
6,149 |
|
|
113,163 |
|
|
|
118,742 |
|
|
237,790 |
|
Creditors: amounts falling due within one year |
5 |
|
(16,318) |
|
|
(18,787) |
|
Net current assets |
|
|
|
102,424 |
|
|
219,003 |
|
Total assets less current liabilities |
|
|
|
244,957 |
|
|
256,336 |
|
|
Provisions for liabilities |
|
|
|
(6,312) |
|
|
(9,333) |
|
|
Net assets |
|
|
|
238,645 |
|
|
247,003 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
10,000 |
|
|
10,000 |
Profit and loss account |
|
|
|
228,645 |
|
|
237,003 |
|
Shareholder's funds |
|
|
|
238,645 |
|
|
247,003 |
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The member has not required the company to obtain an audit in accordance with section 476 of the Act. |
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
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|
|
|
Dr Per Walday |
Director |
Approved by the board on 28 August 2024 |
|
ACT Therapeutics Ltd |
Notes to the Accounts |
for the year ended 31 December 2023 |
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|
1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 |
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Turnover |
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Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The company has one source of turnover being the recharge of costs including a 10% mark-up to their parent entity, which is recognised at the point the costs are invoiced. |
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|
Intangible fixed assets |
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Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
|
|
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: Plant and machinery Straight line 5 years 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. |
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|
|
|
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Investments |
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Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
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|
Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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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. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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Research development and patent costs |
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Expenditure on research and development projects and processes and the underlying costs of acquiring and maintaining associated patents are not capitalised; such expenditure is recognised in the income statement in the period in which it is incurred |
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|
2 |
Employees |
2023 |
|
2022 |
Number |
Number |
|
|
Average number of persons employed by the company |
0 |
|
2 |
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Plant and machinery etc |
£ |
|
Cost |
|
At 1 January 2023 |
70,000 |
|
Additions |
128,000 |
|
At 31 December 2023 |
198,000 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 January 2023 |
32,667 |
|
Charge for the year |
22,800 |
|
At 31 December 2023 |
55,467 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2023 |
142,533 |
|
At 31 December 2022 |
37,333 |
|
4 |
Debtors |
2023 |
|
2022 |
£ |
£ |
|
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
86,243 |
|
35,004 |
|
Other debtors |
26,350 |
|
89,623 |
|
|
|
|
|
|
112,593 |
|
124,627 |
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
£ |
£ |
|
|
Trade creditors |
15,020 |
|
2,279 |
|
Taxation and social security costs |
1,298 |
|
1,298 |
|
Other creditors |
- |
|
15,210 |
|
|
|
|
|
|
16,318 |
|
18,787 |
|
|
|
|
|
|
|
|
|
6 |
Controlling party |
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The share capital of ACT Therapeutics Ltd is a wholly owned subsidiary of EXACT Therapeutics AS whose registered office is Østre Aker vei 19, 0581 Oslo, Norway |
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|
7 |
Other information |
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ACT Therapeutics Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
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38 High Street |
|
Newmarket |
|
Suffolk |
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CB8 8LB |
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The company's functional and presentational currency is GBP |