3 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 23,878 17,736 1,535 19,271 4,607 6,142 xbrli:pure xbrli:shares iso4217:GBP SC422204 2023-04-01 2024-03-31 SC422204 2024-03-31 SC422204 2023-03-31 SC422204 2022-04-01 2023-03-31 SC422204 2023-03-31 SC422204 2022-03-31 SC422204 bus:Director1 2023-04-01 2024-03-31 SC422204 core:WithinOneYear 2024-03-31 SC422204 core:WithinOneYear 2023-03-31 SC422204 core:ShareCapital 2024-03-31 SC422204 core:ShareCapital 2023-03-31 SC422204 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC422204 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC422204 bus:SmallEntities 2023-04-01 2024-03-31 SC422204 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC422204 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 SC422204 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC422204 bus:FullAccounts 2023-04-01 2024-03-31 SC422204 core:ParentEntities 2023-04-01 2024-03-31 SC422204 core:ParentEntities 2022-04-01 2023-03-31 SC422204 core:OfficeEquipment 2023-04-01 2024-03-31 SC422204 core:OfficeEquipment 2024-03-31 SC422204 core:OfficeEquipment 2023-03-31
COMPANY REGISTRATION NUMBER: SC422204
Karma Oncology Limited
Filleted Unaudited Financial Statements
For the year ended
31 March 2024
Karma Oncology Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
4,607
6,142
Current assets
Debtors
6
694
91,324
Cash at bank and in hand
776,144
710,683
---------
---------
776,838
802,007
Creditors: amounts falling due within one year
7
36,202
91,176
---------
---------
Net current assets
740,636
710,831
---------
---------
Total assets less current liabilities
745,243
716,973
Provisions
Taxation including deferred tax
1,152
1,167
---------
---------
Net assets
744,091
715,806
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
743,991
715,706
---------
---------
Shareholder funds
744,091
715,806
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Karma Oncology Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 24 October 2024 , and are signed on behalf of the board by:
Dr K J Williams
Director
Company registration number: SC422204
Karma Oncology Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 33 Kittoch Street, East Kilbride, Glasgow, G74 4JW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. Tangible assets
Equipment
Total
£
£
Cost
At 1 April 2023 and 31 March 2024
23,878
23,878
--------
--------
Depreciation
At 1 April 2023
17,736
17,736
Charge for the year
1,535
1,535
--------
--------
At 31 March 2024
19,271
19,271
--------
--------
Carrying amount
At 31 March 2024
4,607
4,607
--------
--------
At 31 March 2023
6,142
6,142
--------
--------
6. Debtors
2024
2023
£
£
Trade debtors
90,019
Other debtors
694
1,305
----
--------
694
91,324
----
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
29,601
71,166
Social security and other taxes
1,584
2,308
Other creditors
5,017
17,702
--------
--------
36,202
91,176
--------
--------
8. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
2024
2023
£
£
KJW Clinical Research Limited
159,200
107,000
---------
---------
During the year the company received management services amounting to £102,200 (2023: £61,000) from KJW Clinical Research Limited, the companys' parent undertaking. The company declared dividends totalling £57,000 (2023: £46,000) to KJW Clinical Research Limited, the companys' parent undertaking.
9. Controlling party
The company's ultimate parent undertaking at the statement of financial position date was KJW Clinical Research Limited, a company incorporated in Scotland.