Caseware UK (AP4) 2023.0.135 2023.0.135 Research and experimental development on biotechnologytrue2023-03-01false12trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12437038 2023-03-01 2024-02-29 12437038 2022-03-01 2023-02-28 12437038 2024-02-29 12437038 2023-02-28 12437038 c:Director1 2023-03-01 2024-02-29 12437038 d:PlantMachinery 2023-03-01 2024-02-29 12437038 d:PlantMachinery 2024-02-29 12437038 d:PlantMachinery 2023-02-28 12437038 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 12437038 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-01 2024-02-29 12437038 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-02-29 12437038 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-02-28 12437038 d:CurrentFinancialInstruments 2024-02-29 12437038 d:CurrentFinancialInstruments 2023-02-28 12437038 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 12437038 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 12437038 d:ShareCapital 2024-02-29 12437038 d:ShareCapital 2023-02-28 12437038 d:SharePremium 2023-03-01 2024-02-29 12437038 d:SharePremium 2024-02-29 12437038 d:SharePremium 2023-02-28 12437038 d:RetainedEarningsAccumulatedLosses 2023-03-01 2024-02-29 12437038 d:RetainedEarningsAccumulatedLosses 2024-02-29 12437038 d:RetainedEarningsAccumulatedLosses 2023-02-28 12437038 c:OrdinaryShareClass1 2023-03-01 2024-02-29 12437038 c:OrdinaryShareClass1 2024-02-29 12437038 c:OrdinaryShareClass1 2023-02-28 12437038 c:FRS102 2023-03-01 2024-02-29 12437038 c:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 12437038 c:FullAccounts 2023-03-01 2024-02-29 12437038 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 12437038 d:Subsidiary1 2023-03-01 2024-02-29 12437038 d:Subsidiary1 1 2023-03-01 2024-02-29 12437038 2 2023-03-01 2024-02-29 12437038 6 2023-03-01 2024-02-29 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 12437038










Reform Therapeutics Limited








Unaudited

Financial statements

Information for filing with the registrar

For the period ended 29 February 2024

 
Reform Therapeutics Limited
Registered number: 12437038

Balance sheet
As at 29 February 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
-
665,665

Tangible assets
 5 
1,691
2,427

Investments
  
400
400

  
2,091
668,492

Current assets
  

Debtors: amounts falling due within one year
 7 
125,104
76,495

Cash at bank and in hand
 8 
12,221
76,537

  
137,325
153,032

Creditors: amounts falling due within one year
 9 
(30,229)
(185,898)

Net current assets/(liabilities)
  
 
 
107,096
 
 
(32,866)

Total assets less current liabilities
  
109,187
635,626

  

Net assets
  
109,187
635,626


Capital and reserves
  

Called up share capital 
 10 
1,088
1,080

Share premium account
 11 
788,667
599,920

Profit and loss account
 11 
(680,568)
34,626

  
109,187
635,626


Page 1

 
Reform Therapeutics Limited
Registered number: 12437038

Balance sheet (continued)
As at 29 February 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Rob Chisholm
Director
Date: 26 November 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
Reform Therapeutics Limited
 

 
Notes to the financial statements
For the period ended 29 February 2024

1.


General information

The company is a private limited company limited by share capital and incorporated in the United Kingdom, registration number 12437038. The registered office address of the company is 128 City Road, London, EC1V 2NX.
The financial statements have been prepared in sterling and rounded to the nearest £1.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements 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 the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis. The company’s ability to trade is dependent on the support of the director and shareholders. If this assumption proves to be inappropriate, then adjustments may have to be made to adjust the value of assets to their recoverable amounts, to provide for any further liabilities which might arise and reclassify fixed assets as current assets.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
Reform Therapeutics Limited
 

 
Notes to the financial statements
For the period ended 29 February 2024

2.Accounting policies (continued)

 
2.5

Taxation

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.

 
2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.7

Research and development costs

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.8

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, machinery and equipment
-
20%
per annum

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.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 4

 
Reform Therapeutics Limited
 

 
Notes to the financial statements
For the period ended 29 February 2024

2.Accounting policies (continued)

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the period was 1 (2023 - 2).

Page 5

 
Reform Therapeutics Limited
 

 
Notes to the financial statements
For the period ended 29 February 2024

4.


Intangible assets






Development expenditure

£





At 1 March 2023
665,665


Disposals
(665,665)



At 29 February 2024

-






Net book value



At 29 February 2024
-



At 28 February 2023
665,665




5.


Tangible fixed assets







Plant, machinery and equipment

£



Cost or valuation


At 1 March 2023
3,682



At 29 February 2024

3,682



Depreciation


At 1 March 2023
1,255


Charge for the period on owned assets
736



At 29 February 2024

1,991



Net book value



At 29 February 2024
1,691



At 28 February 2023
2,427

Page 6

 
Reform Therapeutics Limited
 

 
Notes to the financial statements
For the period ended 29 February 2024

6.


Fixed asset investments








Investments in subsidiary companies

£



Cost or valuation


At 1 March 2023
400



At 29 February 2024
400





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Reform Therapeutics CZ s.r.o.
Czech Republic
Ordinary
100%


7.


Debtors

29 February
28 February
2024
2023
£
£


Amounts owed by group undertakings
125,091
-

Other debtors
13
76,495

125,104
76,495



8.


Cash and cash equivalents

29 February
28 February
2024
2023
£
£

Cash at bank and in hand
12,221
76,537

12,221
76,537


Page 7

 
Reform Therapeutics Limited
 

 
Notes to the financial statements
For the period ended 29 February 2024

9.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Trade creditors
-
56,380

Other creditors
27,729
127,418

Accruals and deferred income
2,500
2,100

30,229
185,898



10.


Share capital

29 February
28 February
2024
2023
£
£
Allotted, called up and fully paid



10,883,893 (2023 - 10,553,335) Ordinary shares of £0.0001 each
1,088
1,080


During the year, the company allotted a further 330,558 shares for a consideration of £188,747.


11.


Reserves

Share premium account

The share premium reserve contains the premium arising on issue of equity shares, net of issue expenses.

Profit and loss account

The profit and loss reserve represents cumulative profits and losses, net of dividends paid and other adjustments.


12.


Related party transactions

All related party transactions within the group have been conducted at arms-length and on a market rate basis.
The director has continued to provide an interest free loan to the company. The amount outstanding at the year end was £27,729 (2023 - £27,417) owed to the director and included within other creditors.


13.


Controlling party

The company is controlled by the directors who own the majority of the called up share capital.


Page 8