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REGISTERED NUMBER: 12545506 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 March 2024

for

CANUTE PHARMA LIMITED

CANUTE PHARMA LIMITED (REGISTERED NUMBER: 12545506)

Contents of the Financial Statements
for the Year Ended 31 March 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CANUTE PHARMA LIMITED

Company Information
for the Year Ended 31 March 2024







Director: R J Anderson





Registered office: Ground Floor, 3 Royal Court
Tatton Street
Knutsford
Cheshire
WA16 6EN





Registered number: 12545506 (England and Wales)





Accountants: Evelyn Partners (Manchester) Limited
Accountants
Northern Assurance Buildings
9-21 Princess Street
Manchester
M2 4DN

CANUTE PHARMA LIMITED (REGISTERED NUMBER: 12545506)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Intangible assets 5 207,660 417,889
Tangible assets 6 1,928 3,567
Investments 7 2 2
209,590 421,458

Current assets
Stocks 113,781 97,206
Debtors 8 739,759 644,146
Cash at bank and in hand 11,022 94,364
864,562 835,716
Creditors
Amounts falling due within one year 9 743,961 749,892
Net current assets 120,601 85,824
Total assets less current liabilities 330,191 507,282

Creditors
Amounts falling due after more than one
year

10

1,169,666

1,477,212
Net liabilities (839,475 ) (969,930 )

Capital and reserves
Called up share capital 11 100 100
Retained earnings (839,575 ) (970,030 )
Shareholders' funds (839,475 ) (969,930 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

CANUTE PHARMA LIMITED (REGISTERED NUMBER: 12545506)

Balance Sheet - continued
31 March 2024


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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 21 October 2024 and were signed by:





R J Anderson - Director


CANUTE PHARMA LIMITED (REGISTERED NUMBER: 12545506)

Notes to the Financial Statements
for the Year Ended 31 March 2024


1. Statutory information

Canute Pharma Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Going Concern
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, the director will also continue his support. Loss before tax is stated after amortisation charges of £210,229, thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

Turnover
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.

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.

Goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is five years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Intangible fixed assets
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Patents 20 - 100% straight line

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses.

CANUTE PHARMA LIMITED (REGISTERED NUMBER: 12545506)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


3. Accounting policies - continued

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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, whether 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. Financial assets classified as receivable within one year are not amortised.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

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.

Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

CANUTE PHARMA LIMITED (REGISTERED NUMBER: 12545506)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


3. Accounting policies - continued

Employee and retirement benefits
Employee Benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

4. Employees and directors

The average number of employees during the year was 6 (2023 - 8 ) .

5. Intangible fixed assets
Other
intangible
Goodwill assets Totals
£    £    £   
Cost
At 1 April 2023
and 31 March 2024 222,468 1,802,123 2,024,591
Amortisation
At 1 April 2023 122,477 1,484,225 1,606,702
Charge for year 44,537 165,692 210,229
At 31 March 2024 167,014 1,649,917 1,816,931
Net book value
At 31 March 2024 55,454 152,206 207,660
At 31 March 2023 99,991 317,898 417,889

6. Tangible fixed assets
Fixtures
and
fittings
£   
Cost
At 1 April 2023
and 31 March 2024 14,507
Depreciation
At 1 April 2023 10,940
Charge for year 1,639
At 31 March 2024 12,579
Net book value
At 31 March 2024 1,928
At 31 March 2023 3,567

CANUTE PHARMA LIMITED (REGISTERED NUMBER: 12545506)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


7. Fixed asset investments
Shares in
group
undertaking
£   
Cost
At 1 April 2023
and 31 March 2024 2
Net book value
At 31 March 2024 2
At 31 March 2023 2

8. Debtors
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 178,146 136,012
Amounts owed by group undertakings 273,128 127,372
Other debtors 87,746 110,536
539,020 373,920

Amounts falling due after more than one year:
Other debtors 200,739 270,226

Aggregate amounts 739,759 644,146

9. Creditors: amounts falling due within one year
2024 2023
£    £   
Bank loans and overdrafts 271,940 310,725
Trade creditors 274,795 245,405
Taxation and social security 12,663 10,599
Other creditors 184,563 183,163
743,961 749,892

Invoice discounting advances are secured against trade debtors and by way of fixed and floating charge over the assets of the company.

10. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Bank loans 102,504 397,052
Other creditors 1,067,162 1,080,160
1,169,666 1,477,212

Borrowings are secured by way of a fixed and floating charge over the assets of the company.

CANUTE PHARMA LIMITED (REGISTERED NUMBER: 12545506)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


11. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
60 A Ordinary 1 60 60
30 B Ordinary 1 30 30
10 C Ordinary 1 10 10
100 100

Each class of Ordinary shares are entitled to full voting rights, dividends and capital distribution including on a winding up.

12. Related party disclosures

Other creditors greater than one year represents a balance owed to a director of the company. The balance is interest bearing at 5% per annum and is repayable, up to a maximum of 5 years from the balance being drawn down.