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Company No: SC371591 (Scotland)

LINDEN ONCOLOGY LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH THE REGISTRAR

LINDEN ONCOLOGY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024

Contents

LINDEN ONCOLOGY LIMITED

BALANCE SHEET

AS AT 30 SEPTEMBER 2024
LINDEN ONCOLOGY LIMITED

BALANCE SHEET (continued)

AS AT 30 SEPTEMBER 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 2,013 2,685
Investment property 4 750,000 700,000
Investments 5 866,120 756,622
1,618,133 1,459,307
Current assets
Debtors 6 1,125,171 663,054
Cash at bank and in hand 458,376 476,853
1,583,547 1,139,907
Creditors: amounts falling due within one year 7 ( 289,527) ( 317,552)
Net current assets 1,294,020 822,355
Total assets less current liabilities 2,912,153 2,281,662
Provision for liabilities ( 51,646) ( 21,496)
Net assets 2,860,507 2,260,166
Capital and reserves
Called-up share capital 8 2 2
Profit and loss account 2,860,505 2,260,164
Total shareholder's funds 2,860,507 2,260,166

For the financial year ending 30 September 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Linden Oncology Limited (registered number: SC371591) were approved and authorised for issue by the Director on 26 February 2025. They were signed on its behalf by:

Dr A Saunders
Director
LINDEN ONCOLOGY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
LINDEN ONCOLOGY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Linden Oncology Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 7-11 Melville Street, Edinburgh, EH3 7PE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided by the director in the normal course of business, and is shown net of VAT and other sales related taxes.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property, at rates calculated to write off the cost, of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 25 % reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and held by investment managers.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are recognised at transaction price. 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 at transaction price

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 October 2023 12,439 12,439
At 30 September 2024 12,439 12,439
Accumulated depreciation
At 01 October 2023 9,754 9,754
Charge for the financial year 672 672
At 30 September 2024 10,426 10,426
Net book value
At 30 September 2024 2,013 2,013
At 30 September 2023 2,685 2,685

4. Investment property

Investment property
£
Valuation
As at 01 October 2023 700,000
Fair value movement 50,000
As at 30 September 2024 750,000

5. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 October 2023 756,622 756,622
Additions 20,000 20,000
Movement in fair value 89,498 89,498
At 30 September 2024 866,120 866,120
Carrying value at 30 September 2024 866,120 866,120
Carrying value at 30 September 2023 756,622 756,622

6. Debtors

2024 2023
£ £
Trade debtors 0 24,000
Corporation tax 125,844 193,189
Other debtors 999,327 445,865
1,125,171 663,054

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 13,972 13,364
Amounts owed to own subsidiaries 162,259 224,122
Taxation and social security 37,809 14,358
Other creditors 75,487 65,708
289,527 317,552

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

9. Related party transactions

Transactions with entities in which the entity itself has a participating interest

2024 2023
£ £
Intercompany loan with subsidiary 162,259 224,122

Transactions with the entity's director

2024 2023
£ £
Directors loan account 365,487 324,641

In the year advances of £37,867 (2023: £113,194) were made to the director. The balance was partly repaid in the year £4,839 (2023: £109,623), with the outstanding balance being due to the company at the year end. Interest has been incurred during the year and the balance is repayable on demand.