Company registration number 12744781 (England and Wales)
DRF Althea (UK) Limited
Audited Financial Statements
For the year ended
31 March 2024
Pages for filing with registrar
DRF Althea (UK) Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
DRF Althea (UK) Limited
Statement Of Financial Position
As at 31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
4
1,793,831
740,576
Current assets
Stocks
862,163
-
Debtors
5
84,925
305,022
Cash at bank and in hand
230,929
29,260
1,178,017
334,282
Creditors: amounts falling due within one year
6
(3,727,275)
(1,394,836)
Net current liabilities
(2,549,258)
(1,060,554)
Net liabilities
(755,427)
(319,978)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(755,527)
(320,078)
Total equity
(755,427)
(319,978)

The notes on pages 2 to 5 form part of these financial statements.

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 3 October 2024 and are signed on its behalf by:
P.A. Robertson
Director
Company registration number 12744781 (England and Wales)
DRF Althea (UK) Limited
Notes To The Financial Statements
For the year ended 31 March 2024
- 2 -
1
General information

DRF Althea (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Dixcart House, Addlestone Road, Bourne Business Park, Addlestone, Surrey, KT15 2LE.

2
Accounting policies
2.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.

2.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors expect the continued support of the company's parent undertaking, which has confirmed that it will support the company for all third party liabilities arising in a period of at least twelve months from the date of signing of the financial statements. The directors also understand the the parent company does not intend to recall the loans, amounting to £2,850,000 (2022 - £1,050,000) included in Creditors: amounts falling due within one year, in this period. The directors therefore consider the adoption of the going concern basis in preparing the financial statements to be appropriate.

2.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for product development and scientific research services, net of VAT.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated in reference to the completion of a physical proportion of the service contract.

2.4
Fixed asset investments

Investments in unlisted company shares and convertible debt instruments, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss. Where market value cannot be reliably measured, such investments are measured at cost less any accumulated impairment losses.

2.5
Stocks

Stocks comprises scientific formulas for products that are held for sale in the ordinary course of business. Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.

DRF Althea (UK) Limited
Notes To The Financial Statements (Continued)
For the year ended 31 March 2024
2
Accounting policies
(Continued)
- 3 -
2.6
Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

 

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

2.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

2.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
DRF Althea (UK) Limited
Notes To The Financial Statements (Continued)
For the year ended 31 March 2024
- 4 -
4
Fixed asset investments
2024
2023
£
£
Other investments other than loans
740,576
740,576
Loans
1,053,255
-
0
1,793,831
740,576
Movements in fixed asset investments
Investments
Loans
Total
£
£
£
Cost or valuation
At 1 April 2023
740,576
-
740,576
Additions
-
1,029,954
1,029,954
Valuation changes
-
23,301
23,301
At 31 March 2024
740,576
1,053,255
1,793,831
Carrying amount
At 31 March 2024
740,576
1,053,255
1,793,831
At 31 March 2023
740,576
-
0
740,576
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
81,342
227,738
Other debtors
3,583
77,284
84,925
305,022
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
17,519
156,635
Amounts owed to group undertakings
3,682,086
1,134,197
Taxation and social security
7,656
7,380
Other creditors
20,014
96,624
3,727,275
1,394,836
DRF Althea (UK) Limited
Notes To The Financial Statements (Continued)
For the year ended 31 March 2024
- 5 -
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Emphasis of matter

In forming our opinion on the financial statements, which is not qualified, we have considered the adequacy of the disclosures made in note 2.2 to the financial statements, concerning the company’s ability to continue as a going concern. The company is reliant on the support of its parent undertaking.

 

In consequence of this parent support the company remains a going concern and therefore the accounts have been prepared on this basis.

Senior Statutory Auditor:
Frank Harling FCCA
Statutory Auditor:
Ward Williams
Date of audit report:
8 October 2024
8
Controlling party

The parent company is Althea DRF Lifesciences Limited, incorporated in India with registered office at First Floor, 19, ASHI Bhavan, Rouse Avenue, Institutional Area, New Delhi 110002. It is also the parent of the smallest group for which consolidated accounts including DRF Althea (UK) Limited are drawn up, and copies of these accounts can be obtained from its registered office.

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