Registered number: 12437038
Reform Therapeutics Limited
Unaudited
Financial statements
Information for filing with the registrar
For the period ended 29 February 2024
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Reform Therapeutics Limited
Registered number: 12437038
Balance sheet
As at 29 February 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current assets/(liabilities)
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Total assets less current liabilities
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Page 1
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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
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The notes on pages 3 to 8 form part of these financial statements.
Page 2
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Reform Therapeutics Limited
Notes to the financial statements
For the period ended 29 February 2024
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
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Basis of preparation of financial statements
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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:
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.
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Foreign currency translation
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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.
Interest income is recognised in profit or loss using the effective interest method.
Page 3
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Reform Therapeutics Limited
Notes to the financial statements
For the period ended 29 February 2024
2.Accounting policies (continued)
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.
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.
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Research and development costs
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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.
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:
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Plant, machinery and equipment
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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.
Investments in subsidiaries are measured at cost less accumulated impairment.
Page 4
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Reform Therapeutics Limited
Notes to the financial statements
For the period ended 29 February 2024
2.Accounting policies (continued)
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.
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Cash and cash equivalents
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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.
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.
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.
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The average monthly number of employees, including directors, during the period was 1 (2023 - 2).
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Page 5
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Reform Therapeutics Limited
Notes to the financial statements
For the period ended 29 February 2024
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Plant, machinery and equipment
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Charge for the period on owned assets
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Page 6
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Reform Therapeutics Limited
Notes to the financial statements
For the period ended 29 February 2024
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Investments in subsidiary companies
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The following was a subsidiary undertaking of the Company:
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Reform Therapeutics CZ s.r.o.
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Amounts owed by group undertakings
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Cash and cash equivalents
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Page 7
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Reform Therapeutics Limited
Notes to the financial statements
For the period ended 29 February 2024
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Allotted, called up and fully paid
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10,883,893 (2023 - 10,553,335) Ordinary shares of £0.0001 each
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During the year, the company allotted a further 330,558 shares for a consideration of £188,747.
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.
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Related party transactions
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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.
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The company is controlled by the directors who own the majority of the called up share capital.
Page 8
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