Everest Biotech Limited
Registered number: 03870943
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 - 608
Current assets
Stocks 373,945 326,401
Debtors 5 2,512,325 1,809,939
Cash at bank and in hand 140,926 109,464
3,027,196 2,245,804
Creditors: amounts falling due within one year 6 (881,371) (558,035)
Net current assets 2,145,825 1,687,769
Net assets 2,145,825 1,688,377
Capital and reserves
Called up share capital 554 554
Profit and loss account 2,145,271 1,687,823
Shareholders' funds 2,145,825 1,688,377
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M Mobley
Director
Approved by the board on 16 January 2025
Everest Biotech Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 paragraph 1A, and with the Companies Act 2006. 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 £.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown with borrowings in current liabilities.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell, which is equivalent to the net realisable value. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Provision is made for damaged, obsolete and slow-moving stock where appropriate.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Going concern
The financial position of the company is reflective of the business model of the group. At the time of approving the financial statements, and with the continued commitment of support across all entities, including this company, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Provisions
Provisions (i.e liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease, except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Audit information
The audit report is qualified.
Senior statutory auditor: Duncan Stratford
Firm: Azets Audit Services
Date of audit report: 16 January 2025
Independent auditor's report to the members of Everest Biotech Limited
Qualified opinion
We have audited the financial statements of Everest Biotech Limited (the 'company') for the year ended 31 December 2023 which comprise the profit and loss account, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the accounts, except for the effects of the matter described in the basis for qualified opinion section of our report, the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for qualified opinion
We were not appointed as auditor of the company until after 31 December 2023 and thus did not observe the counting of physical stock at the end of the year, nor the prior year ended 31 December 2022. We were unable to satisfy ourselves by alternative means concerning the stock quantities held at 31 December 2023 and 31 December 2022, which are included in the balance sheet at £373,945 and £326,401 respectively, by using other audit procedures. Consequently we were unable to determine whether any adjustments to this amount was necessary or whether there was any consequential effect on the cost of sales for the period ended 31 December 2023.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.
3 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 6
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 28,597
At 31 December 2023 28,597
Depreciation
At 1 January 2023 27,989
Charge for the year 608
At 31 December 2023 28,597
Net book value
At 31 December 2023 -
At 31 December 2022 608
5 Debtors 2023 2022
£ £
Trade debtors 148,977 90,479
Amounts owed by group undertakings and undertakings in which the company has a participating interest 2,227,656 1,595,729
Other debtors 135,692 123,731
2,512,325 1,809,939
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 231 198
Trade creditors 11,822 14,223
Amounts owed to group undertakings and undertakings in which the company has a participating interest 665,311 365,203
Other taxes and social security costs 10,482 26,688
Other creditors 193,525 151,723
881,371 558,035
7 Pension commitments
The company operates a defined contribution scheme for the benefit of its employees. The assets of the scheme are administrated by trustees in a fund independent from those of the company. The pension costs charges in this accounting period have amounted to 31 December 2023 £13,685 (year ending December 2022 £21,091).
8 Taxation
As at 31st December 2023 there were unrelieved capital losses of £88,800 to carry forward. (2022 £88,800)
9 Post Balance sheet events
The group, of which Everest Biotech Limited is a subsidiary, entered into a re-financing arrangement on 7th June 2024, which are secured by fixed and floating charges over all of the assets of the company.
10 Controlling party
The immediate parent company is Everest Biotech Holdings Limited, a company registered in England and Wales. The ultimate controlling party of the group is Thompson Street Capital Partners IV, L.P.
11 Other information
Everest Biotech Limited is a private company limited by shares and incorporated in England. Its registered office is:
Cherwell Innovation Centre
77 Heyford Park
Upper Heyford
Nr Bicester
OX25 5HD
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