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Registered number: 12841228
Novara Therapeutics Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—4
Page 1
Statement of Financial Position
Registered number: 12841228
2024 2023
Notes £ £ £ £
CURRENT ASSETS
Debtors 4 198 198
198 198
Creditors: Amounts Falling Due Within One Year 5 (29,016 ) (27,132 )
NET CURRENT ASSETS (LIABILITIES) (28,818 ) (26,934 )
TOTAL ASSETS LESS CURRENT LIABILITIES (28,818 ) (26,934 )
NET LIABILITIES (28,818 ) (26,934 )
CAPITAL AND RESERVES
Called up share capital 6 100 100
Income Statement (28,918 ) (27,034 )
SHAREHOLDERS' FUNDS (28,818) (26,934)
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Page 2
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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Dr A Moavenian
Director
10/10/2024
The notes on pages 3 to 4 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Novara Therapeutics Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12841228 . The registered office is Furlong House, 10a Chandos Street, London, W1G 9DQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
At the balance sheet date, the company had net liabilities.The shareholders have confirmed that they will continue to financially support the company for the foreseeable future, and will not withdraw their loan to the detriment of the company or its other creditors. The company, with the shareholders support, is currently able to meet its liabilities as and when they fall due. For these reasons, the accounts are prepared on a going concern basis.
3. Average Number of Employees
Average number of employees during the year was as follows: NIL (2023: NIL)
- -
4. Debtors
2024 2023
£ £
Due within one year
Amounts owed by participating interests 15 15
Other debtors 183 183
198 198
5. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Amounts owed to group undertakings 27,480 25,596
Other creditors 1,536 1,536
29,016 27,132
6. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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7. Related Party Transactions
The company is a joint venture between Orthopaedic Research UK (85% shareholder), and Embryo Ventures Limited (15% shareholder).
At the year end, the company owed its majority shareholder, Orthopaedic Research UK, £27,480 (2023 £25,596). This amount is currently interest free and repayable on demand, but Orthopaedic Research UK has confirmed it will not withdraw its loan to the detriment of the company or its other creditors.The balance has arisen as Orthopaedic Research UK has covered the costs of the company's key services. If the company is able to secure external investment in the future, the company shall repay the loan to Orthopaedic Research UK plus interest.
8. Parent Undertaking and Controlling Party
The controlling party is Orthopaedic Research UK which holds more than 51% of the shares.
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