Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-30172023-05-01falseNo description of principal activity19truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05876561 2023-05-01 2024-04-30 05876561 2022-05-01 2023-04-30 05876561 2024-04-30 05876561 2023-04-30 05876561 2022-05-01 05876561 2 2023-05-01 2024-04-30 05876561 d:CompanySecretary1 2023-05-01 2024-04-30 05876561 d:Director3 2023-05-01 2024-04-30 05876561 d:Director9 2023-05-01 2024-04-30 05876561 d:Director10 2023-05-01 2024-04-30 05876561 d:RegisteredOffice 2023-05-01 2024-04-30 05876561 e:OfficeEquipment 2023-05-01 2024-04-30 05876561 e:OfficeEquipment 2024-04-30 05876561 e:OfficeEquipment 2023-04-30 05876561 e:OfficeEquipment e:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 05876561 e:ComputerEquipment 2023-05-01 2024-04-30 05876561 e:ComputerEquipment 2024-04-30 05876561 e:ComputerEquipment 2023-04-30 05876561 e:ComputerEquipment e:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 05876561 e:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 05876561 e:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-04-30 05876561 e:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-04-30 05876561 e:CurrentFinancialInstruments 2024-04-30 05876561 e:CurrentFinancialInstruments 2023-04-30 05876561 e:CurrentFinancialInstruments e:WithinOneYear 2024-04-30 05876561 e:CurrentFinancialInstruments e:WithinOneYear 2023-04-30 05876561 e:ShareCapital 2023-05-01 2024-04-30 05876561 e:ShareCapital 2024-04-30 05876561 e:ShareCapital 2022-05-01 2023-04-30 05876561 e:ShareCapital 2023-04-30 05876561 e:ShareCapital 2022-05-01 05876561 e:SharePremium 2023-05-01 2024-04-30 05876561 e:SharePremium 2024-04-30 05876561 e:SharePremium 2 2023-05-01 2024-04-30 05876561 e:SharePremium 2022-05-01 2023-04-30 05876561 e:SharePremium 2023-04-30 05876561 e:SharePremium 2022-05-01 05876561 e:OtherMiscellaneousReserve 2023-05-01 2024-04-30 05876561 e:OtherMiscellaneousReserve 2024-04-30 05876561 e:OtherMiscellaneousReserve 2 2023-05-01 2024-04-30 05876561 e:OtherMiscellaneousReserve 2023-04-30 05876561 e:OtherMiscellaneousReserve 2022-05-01 05876561 e:RetainedEarningsAccumulatedLosses 2023-05-01 2024-04-30 05876561 e:RetainedEarningsAccumulatedLosses 2024-04-30 05876561 e:RetainedEarningsAccumulatedLosses 2 2023-05-01 2024-04-30 05876561 e:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 05876561 e:RetainedEarningsAccumulatedLosses 2023-04-30 05876561 e:RetainedEarningsAccumulatedLosses 2022-05-01 05876561 d:OrdinaryShareClass1 2023-05-01 2024-04-30 05876561 d:OrdinaryShareClass1 2024-04-30 05876561 d:OrdinaryShareClass1 2023-04-30 05876561 d:FRS102 2023-05-01 2024-04-30 05876561 d:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 05876561 d:FullAccounts 2023-05-01 2024-04-30 05876561 d:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 05876561 e:Subsidiary1 2023-05-01 2024-04-30 05876561 e:Subsidiary1 1 2023-05-01 2024-04-30 05876561 e:WithinOneYear 2024-04-30 05876561 e:WithinOneYear 2023-04-30 05876561 e:BetweenOneFiveYears 2024-04-30 05876561 e:BetweenOneFiveYears 2023-04-30 05876561 2 2023-05-01 2024-04-30 05876561 6 2023-05-01 2024-04-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 05876561









THERAKIND LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
THERAKIND LIMITED
 
 
COMPANY INFORMATION


Directors
Dr S E Conroy 
P J Mann 
L M Rawcliffe 




Company secretary
S Race



Registered number
05876561



Registered office
314 Regents Park Road
Third Floor

London

N3 2JX




Accountants
Evelyn Partners LLP

4th Floor Cumberland House

15-17 Cumberland Place

Southampton

SO15 2BG





 
THERAKIND LIMITED
 

CONTENTS



Page
Balance Sheet
1 - 2
Statement of Changes in Equity
3
Notes to the Financial Statements
4 - 13


 
THERAKIND LIMITED
REGISTERED NUMBER:05876561

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
  
-
-

Tangible assets
 5 
3,887
5,216

Investments
 6 
100
100

  
3,987
5,316

Current assets
  

Stocks
  
137,999
139,880

Debtors: amounts falling due within one year
 7 
8,824,940
1,519,213

Cash at bank and in hand
  
4,260,977
4,004,837

  
13,223,916
5,663,930

Creditors: amounts falling due within one year
 8 
(1,856,598)
(375,973)

Net current assets
  
 
 
11,367,318
 
 
5,287,957

Deferred tax
  
(972)
-

Net assets
  
11,370,333
5,293,273


Capital and reserves
  

Called up share capital 
 9 
693
671

Share premium account
 11 
1,932,883
1,801,805

Other reserves
 11 
-
196,405

Retained earnings
 11 
9,436,757
3,294,392

Shareholders' funds
  
11,370,333
5,293,273


Page 1

 
THERAKIND LIMITED
REGISTERED NUMBER:05876561
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

The directors consider 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 year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their 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 and delivered 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 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: 


Dr S E Conroy
Director

Date: 3 December 2024

The notes on pages 4 to 13 form part of these financial statements.

Page 2

 
THERAKIND LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


Called up share capital
Share premium account
Other reserves
Retained earnings
Total equity

£
£
£
£
£


At 1 May 2022
631
1,664,204
196,405
3,447,379
5,308,619



Loss for the year
-
-
-
(152,987)
(152,987)

Shares issued during the year
40
137,601
-
-
137,641



At 1 May 2023
671
1,801,805
196,405
3,294,392
5,293,273



Profit for the year
-
-
-
5,945,960
5,945,960

Shares issued during the year
22
131,078
-
-
131,100

Share option reserve transferred to retained earnings
-
-
(196,405)
196,405
-


At 30 April 2024
693
1,932,883
-
9,436,757
11,370,333


Page 3

 
THERAKIND LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Therakind Limited is a private company, limited by shares, domiciled and incorporated in England and Wales (registered number: 05876561). The registered office address is 314 Regents Park Road, Third Floor, London, N3 2JX.

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 director has made an assessment in preparing these financial statements as to whether the Company is a going concern and has concluded that there are no material uncertainties that may cast doubt on the Company's ability to continue as a going concern.

 
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

Revenue

Turnover represents amounts receivable from product sales, royalties and services provided in the normal course of business, net of trade discounts, VAT and other sales-related taxes. Turnover is recognised in the period that goods and services are rendered.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 4

 
THERAKIND LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.6

Intangible assets

Expenditure on research activities and development activities, including ongoing costs associated with acquired intellectual property rights and intellectual property rights generated internally by the Company, is charged to the profit and loss account as incurred.



 
2.7

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:

Office equipment
-
5 years
Computer equipment
-
3 years

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.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 5

 
THERAKIND LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.11

Interest income

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

 
2.12

Financial instruments

Financial assets and financial liabilities are recognised in the Balance Sheet when the Company becomes a party to the contractual provisions of the instrument.
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the Company will not be able to collect all amounts due.
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank, short-term bank deposits with an original maturity of three months or less and bank overdrafts which are an integral part of the Company’s cash management.
Financial liabilities and equity instruments issued by the Company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.

Page 6

 
THERAKIND LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.13

Share-based payments

The cost of share-based employee compensation arrangements, whereby employees receive remuneration in the form of shares or share options, is recognised as an employee benefit expense in profit or loss.
The total expense to be apportioned over the vesting period of the benefit is determined by reference to the fair value (excluding the effect of non market-based vesting conditions) at the date of grant. At the end of each reporting period the assumptions underlying the number of awards expected to vest are adjusted for the effects of nonmarket-based vesting conditions to reflect the conditions prevailing at that date. The impact of any revisions to the original estimates is recognised in profit or loss, with a corresponding adjustment to equity. Fair value is measured by the use of a binomial model. The expected life used in the model has been adjusted, based on management’s best estimate, for the effects of non-transferability, exercise restrictions and behavioural considerations.
When share options are exercised, the Company issues new shares. The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium.

 
2.14

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 7

 
THERAKIND LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 19 (2023 -17).


4.


Intangible assets




Development costs

£



Cost


At 1 May 2023
91,593



At 30 April 2024

91,593



Amortisation


At 1 May 2023
91,593



At 30 April 2024

91,593



Net book value



At 30 April 2024
-



At 30 April 2023
-



Page 8

 
THERAKIND LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost


At 1 May 2023
31,023
21,201
52,224


Additions
-
1,166
1,166



At 30 April 2024

31,023
22,367
53,390



Depreciation


At 1 May 2023
29,518
17,490
47,008


Charge for the year
580
1,915
2,495



At 30 April 2024

30,098
19,405
49,503



Net book value



At 30 April 2024
925
2,962
3,887



At 30 April 2023
1,505
3,711
5,216

Page 9

 
THERAKIND LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


Fixed asset investments





Investments in subsidiary

£



Cost 


At 1 May 2023
100



At 30 April 2024
100





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Therakind (Europe) Limited
Paramount Court, Corrig Road, Sandyford Business Park, Dublin 18, Dublin, D18 R9C7, Ireland
European pharmaceutical company
Ordinary
100%


7.


Debtors

2024
2023
£
£


Trade debtors
124,230
444,892

Amounts owed by group undertakings
8,585,083
-

Other debtors
68,866
69,349

Prepayments and accrued income
46,761
238,677

Tax recoverable
-
626

Deferred taxation
-
765,669

8,824,940
1,519,213


Page 10

 
THERAKIND LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
422,978
217,893

Corporation tax
1,047,211
-

Other taxation and social security
26,833
36,779

Other creditors
100
100

Accruals and deferred income
359,476
121,201

1,856,598
375,973



9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



69,250 (2023 -67,065) Ordinary shares of £0.01 each
693
671


During the year, 2,185 shares were issued and fully paid at a premium.

Page 11

 
THERAKIND LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

10.


Share-based payments

The Company has a share option scheme for 6 employees of the Company. Options are exercisable at prices determined at the date of the grant. The vesting period ranges between 30 days and two years. If the options remain unexercised after the exercise period, the options expire. Options are forfeited if the employee leaves the Company before the options vest.
As at 30 April 2024, options over ordinary share capital were as follows:

Weighted average exercise price (pence)
2024
Number
2024
Weighted average exercise price
(pence)
2023
Number
2023

Outstanding at the beginning of the year

6,000

2,185

4,352
 
6,175
 
Exercised during the year

6,000

(2,185)

3,450
 
(3,990)
 
Lapsed during the year


-

 
-
 
Outstanding at the end of the year
-

-

6,000
 
2,185
 

A management buy out (MBO) was completed on 18 March 2024. All remaining share options were exercised either prior to the MBO or as part of the completion of the MBO.





11.


Reserves

Share premium account

The share premium account is used to record the aggregate amount or value of premiums paid when the Company's shares are issued at an amount in excess of nominal value.

Other reserves

This reserve is the share option reserve. It relates to the fair value of the options granted which has been charged to profit or loss over the vesting period of the options and related taxation recognised in equity.

Retained earnings

This reserve relates to the cumulative retained earnings less amounts distributed to shareholders.

Page 12

 
THERAKIND LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

12.


Commitments under operating leases

At 30 April 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
32,377
21,087

Later than 1 year and not later than 5 years
18,495
211

50,872
21,298

The current office lease was extended during the year, subject to giving three months' notice to terminate the lease. Post year-end, the current office lease was subsequently extended for a further year. 


13.


Controlling party

The ultimate parent undertaking is Vindeca Limited, a company registered in England and Wales.
The ultimate controlling party is Dr Susan Esther Conroy, by virtue of their shareholding and directorship in the ultimate parent undertaking.

Page 13