LIVER RESEARCH AND DEVELOPMENT LIMITED

Company Registration Number:
07944232 (England and Wales)

Unaudited statutory accounts for the year ended 30 June 2024

Period of accounts

Start date: 1 July 2023

End date: 30 June 2024

LIVER RESEARCH AND DEVELOPMENT LIMITED

Contents of the Financial Statements

for the Period Ended 30 June 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

LIVER RESEARCH AND DEVELOPMENT LIMITED

Directors' report period ended 30 June 2024

The directors present their report with the financial statements of the company for the period ended 30 June 2024

Principal activities of the company

The company is the wholly owned subsidiary of The Foundation for Liver Research, and its principal activity is medical research into various causes of liver damage with a view to commercial collaborations and/or development.



Directors

The directors shown below have held office during the whole of the period from
1 July 2023 to 30 June 2024

Col Hamon Massey
Sir Jeremy Elwes
Mr Simon Wainwright
Mrs Anna Bennett


The director shown below has held office during the period of
17 November 2023 to 30 June 2024

Mr Charles Woolley


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
20 March 2025

And signed on behalf of the board by:
Name: Col Hamon Massey
Status: Director

LIVER RESEARCH AND DEVELOPMENT LIMITED

Profit And Loss Account

for the Period Ended 30 June 2024

2024 2023


£

£
Turnover: 473,498 355,063
Cost of sales: ( 2,103,294 ) ( 1,511,631 )
Gross profit(or loss): (1,629,796) (1,156,568)
Distribution costs: 0 0
Administrative expenses: ( 64,780 ) ( 47,043 )
Other operating income: 0 0
Operating profit(or loss): (1,694,576) (1,203,611)
Interest receivable and similar income: 0 0
Interest payable and similar charges: 0 0
Profit(or loss) before tax: (1,694,576) (1,203,611)
Tax: 0 0
Profit(or loss) for the financial year: (1,694,576) (1,203,611)

LIVER RESEARCH AND DEVELOPMENT LIMITED

Balance sheet

As at 30 June 2024

Notes 2024 2023


£

£
Called up share capital not paid: 0 0
Fixed assets
Intangible assets:   0 0
Tangible assets:   0 0
Investments:   0 0
Total fixed assets: 0 0
Current assets
Stocks:   0 0
Debtors: 3 277,708 1,327,106
Cash at bank and in hand: 0 0
Investments:   0 0
Total current assets: 277,708 1,327,106
Creditors: amounts falling due within one year: 4 ( 7,455,491 ) ( 6,810,313 )
Net current assets (liabilities): (7,177,783) (5,483,207)
Total assets less current liabilities: (7,177,783) ( 5,483,207)
Creditors: amounts falling due after more than one year:   0 0
Provision for liabilities: 0 0
Accruals and deferred income: 0 0
Total net assets (liabilities): (7,177,783) (5,483,207)
Capital and reserves
Called up share capital: 100 100
Share premium account: 2,849,900 2,849,900
Other reserves: 0 0
Profit and loss account: (10,027,783 ) (8,333,207 )
Total Shareholders' funds: ( 7,177,783 ) (5,483,207)

The notes form part of these financial statements

LIVER RESEARCH AND DEVELOPMENT LIMITED

Balance sheet statements

For the year ending 30 June 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

This report was approved by the board of directors on 20 March 2025
and signed on behalf of the board by:

Name: Mrs Anna Bennett
Status: Director

The notes form part of these financial statements

LIVER RESEARCH AND DEVELOPMENT LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Income from research grants is recognised when the company has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. All income arose in the United Kingdom. Income from Research & Development claims is recognised when the claim is reviewed and approved by HMRC, it is probable that the income will be received, and the amount can be measured reliably.

    Other accounting policies

    Expenditure All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. Debtors Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. Cash and cash equivalents Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. Financial instruments The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities including trade and other debtors and creditors, loans from banks and other third parties. Creditors Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Judgments in applying accounting policies and key sources of estimation uncertainty The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Company's management to exercise judgement in applying the Company's accounting policies. In the opinion of the Directors, there are no significant areas of judgement or key assumptions that affect items in the financial statements.

LIVER RESEARCH AND DEVELOPMENT LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 21 21

LIVER RESEARCH AND DEVELOPMENT LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

3. Debtors

2024 2023
£ £
Trade debtors 0 0
Prepayments and accrued income 277,708 1,327,106
Other debtors 0 0
Total 277,708 1,327,106
Debtors due after more than one year: 0 0

LIVER RESEARCH AND DEVELOPMENT LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2024

4. Creditors: amounts falling due within one year note

2024 2023
£ £
Bank loans and overdrafts 0 0
Amounts due under finance leases and hire purchase contracts 0 0
Trade creditors 0 0
Taxation and social security 0 0
Accruals and deferred income 0 0
Other creditors 7,455,491 6,810,313
Total 7,455,491 6,810,313