ONCOSOL LIMITED |
Notes to the Accounts |
for the period from 7 November 2023 to 31 March 2024 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Changes in the accounting reference dates |
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During the year, the company changed its accounting reference date from 6 Novemeber to 31 March. As a result, the current financial statements cover a 5-month period from 7 November 2023 to 31 March 2024. The comparative figures cover a 10-month period from 1 January 2023 to 6 November 2023. |
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Going concern |
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The financial statements have been prepared on a going concern basis. The company has a net liability position as of the balance sheet date. However, the directors have received a letter of support from the parent company, which confirms that the parent will provide the necessary financial support to enable the company to meet its obligations as they fall due for at least the next 12 months from the date of approval of these financial statements. Based on this support, the directors believe that it is appropriate to prepare the financial statements on a going concern basis. |
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Turnover |
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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. |
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Research and development |
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Research and development expenditure is written off to the profit and loss account in the year in which it is incurred. |
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Debtors |
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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. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Foreign currency translation |
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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. |
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2 |
Audit information |
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The audit report is unqualified. |
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Senior statutory auditor: |
Devender Arora ACA |
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Firm: |
The Corporate Practice Limited |
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Date of audit report: |
19 February 2025 |
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3 |
Employees |
2024 |
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2023 |
Number |
Number |
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Average number of persons employed by the company |
0 |
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0 |
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4 |
Debtors |
2024 |
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2023 |
£ |
£ |
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Deferred tax asset |
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17,708 |
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- |
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Other debtors |
420 |
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112,991 |
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18,128 |
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112,991 |
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5 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
£ |
£ |
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Trade creditors |
44,138 |
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23,548 |
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Amounts owed to group undertakings and undertakings |
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36,524 |
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- |
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Other creditors |
7,717 |
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114,264 |
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88,379 |
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137,812 |
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6 |
Events after the reporting date |
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The directors confirm that there have been no significant events occurring after the balance sheet date that would require adjustment or disclosure in the financial statements. |
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7 |
Related party transactions |
2024 |
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2023 |
£ |
£ |
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L M Manufacturing Limited |
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Common director |
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Included within debtors is an amount receivable of: |
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- |
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76,560 |
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Included within creditors is an amount payable of: |
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12,377 |
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- |
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Liqmeds Lifecare Limited |
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Common director |
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Included within creditors is an amount payable of: |
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16,223 |
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104,085 |
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During the year the company purchased services from Liqmeds Lifecare Limited of: |
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- |
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85,660 |
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Liqmeds Worldwide Limited |
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Common director |
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Included within creditors is an amount payable of: |
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1,787 |
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1,868 |
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Zydus Pharmaceuticals UK Limited |
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Common director |
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Included within creditors is an amount payable to Zydus Pharmaceuticals UK Limited of: |
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1,768 |
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1,768 |
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Medsolutions (Europe ) Limited |
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Common director |
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Included within creditors is an amount receivable from Medsolutions (Europe) Limited of: |
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4,318 |
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- |
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Mohammad Arsalaan Khan |
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Director of the company |
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Included within credtiors is an amount payable to Mr Mohammad Arsalaan Khan of: |
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1,767 |
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1,767 |
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8 |
Controlling party |
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The company is under joint control of Liqmeds Lifecare Limited and Koana Healthcare Limited. |
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However, the ultimate controlling party is Zydus Pharmaceuticals UK Limited by the virtue of operational controls. |
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9 |
Other information |
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ONCOSOL LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
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Sandretto Building |
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Cavalry Hill Industrial Park |
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Weedon |
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Northampton |