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Company registration number: 15112743
Natco Pharma UK Limited
Filleted financial statements
31 March 2024
Natco Pharma UK Limited
Contents
Directors and other information
Directors responsibilities statement
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Natco Pharma UK Limited
Directors and other information
Directors Veera Venkata Narasimha Appa Rao Sannidhanam (Appointed 4 September 2023)
Brijesh Kumar (Appointed 1 October 2023) (Resigned 1 November 2023)
Praveen Kumar Barur (Appointed 4 September 2023)
Company number 15112743
Registered office 15 College Road
Middlesex
Harrow
HA1 1BA
Auditor Nagle James Associates Limited
Amba House, 4th Floor,
Kings Suite, 15 College Road
Harrow
Middlesex
HA1 1BA
Natco Pharma UK Limited
Directors responsibilities statement
Period ended 31 March 2024
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial period. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Natco Pharma UK Limited
Statement of financial position
31 March 2024
31/03/24
Note £ £
Current assets
Debtors 4 213
Cash at bank and in hand 805,152
_______
805,365
Creditors: amounts falling due
within one year 5 ( 4,083)
_______
Net current assets 801,282
_______
Total assets less current liabilities 801,282
_______
Net assets 801,282
_______
Capital and reserves
Called up share capital 6 1,228,810
Profit and loss account 7 ( 427,528)
_______
Shareholders funds 801,282
_______
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 08 May 2024 , and are signed on behalf of the board by:
Veera Venkata Narasimha Appa Rao Sannidhanam
Director
Company registration number: 15112743
Natco Pharma UK Limited
Statement of changes in equity
Period ended 31 March 2024
Called up share capital Profit and loss account Total
£ £ £
At 4 September 2023 - - -
Loss for the period ( 427,528) ( 427,528)
_______ _______ _______
Total comprehensive income for the period - ( 427,528) ( 427,528)
Issue of shares 1,228,810 1,228,810
_______ _______ _______
Total investments by and distributions to owners 1,228,810 - 1,228,810
_______ _______ _______
At 31 March 2024 1,228,810 ( 427,528) 801,282
_______ _______ _______
Natco Pharma UK Limited
Notes to the financial statements
Period ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Amba House, 4th Floor, 15 College Road, Middlesex, Harrow, HA1 1BA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Going concern
The directors have considered cashflow requirements for the period 12 months from approval of the financial statements to assess the working capital needs of the company. This confims that the company will have sufficient working capital within the period reviewed and will be able to meet its liabilities as they fall due, subject to support of other group companies and its ultimate parent company.Confirmation of such support has been received from the ultimate parent company.Accordingly the directors believe it is appropriate to prepare the financial statements on a going concern basis.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
4. Debtors
31/03/24
£
Other debtors 213
_______
5. Creditors: amounts falling due within one year
31/03/24
£
Other creditors 4,083
_______
6. Called up share capital
Issued, called up and fully paid
31/03/24
No £
Ordinary shares of £ 1.00 each 1,228,810 1,228,810
_______ _______
Share movements
No £
Ordinary :
Issue of shares - 4 September 2023 100 100
Issue of shares - 13 October 2023 1,228,710 1,228,710
_______ _______
At 31 March 2024 1,228,810 1,228,810
_______ _______
7. Reserves
Called-up share capital – represents the nominal value of shares that have been issued.Profit and loss account – includes all current profits and losses.
8. Analysis of changes in net debt
At 4 September 2023 Cash flows At 31 March 2024
£ £ £
Cash and cash equivalents - 805,152 805,152
_______ _______ _______
- 805,152 805,152
_______ _______ _______
9. Summary audit opinion
The auditor's report dated 08 May 2024 was unqualified.
The senior statutory auditor was Kaushik Nathwani ( Senior Statutory Auditor) for and on behalf of Nagle James Associates Limited
10. Related party transactions
The company has taken advantage of the exemption under FRS 102 Section 33.1A not to disclose transactions with fellow subsidiary entities that are 100% owned within the group.
11. Controlling party
The company's ultimate parent undertaking and immediate parent at the balance sheet date was Natco Pharma Limited, a company incorporated in India and it holds 100% of issued share capital. The company's registered address is Natco House, Road No.2, Banjara Hills, Hyderabad, Telengana -500034, India.