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Registered number: 05617699














HAIPHARM LTD

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2024

 
HAIPHARM LTD
 

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 9


 
HAIPHARM LTD
REGISTERED NUMBER:05617699

BALANCE SHEET
AS AT 30 NOVEMBER 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,622
3,496

Investments
 5 
254,867
224,793

Investment property
 6 
-
900,000

  
257,489
1,128,289

Current assets
  

Debtors: amounts falling due within one year
 7 
34,610
193,058

Cash at bank and in hand
 8 
783,358
52,709

  
817,968
245,767

Creditors: amounts falling due within one year
 9 
(121,742)
(60,565)

Net current assets
  
 
 
696,226
 
 
185,202

Total assets less current liabilities
  
953,715
1,313,491

Provisions for liabilities
  

Deferred tax
 10 
(656)
(874)

  
 
 
(656)
 
 
(874)

Net assets
  
953,059
1,312,617


Capital and reserves
  

Called up share capital 
 11 
1,000
1,000

Profit and loss account
  
952,059
1,311,617

  
953,059
1,312,617


1

 
HAIPHARM LTD
REGISTERED NUMBER:05617699
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 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 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the profit and loss account 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: 




A Lass
Director

Date: 15 April 2025

The notes on pages 3 to 9 form part of these financial statements.

2

 
HAIPHARM LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

1.


General information

Haipharm Ltd is a private company, limited by shares, registered in England and Wales, registration number 05617699. The registered office address is Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE.
The principal activity of the company is that of providing pharmaceutical consultancy specializing in strategic medical affairs and clinical development.

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 company's functional and presentational currency is pound sterling.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover from providing pharmaceutical consultancy is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
 
 
2.3

Interest income

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

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

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.

3

 
HAIPHARM LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.6

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 corporation 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 date, 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.

 
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, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
reducing balance
Computer equipment
-
25%
reducing balance

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

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

4

 
HAIPHARM LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.9

Valuation of investments

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.10

 Debtors

Short-term debtors are measured at transaction price, less any impairment. 

 
2.11

 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. 

 
2.12

 Creditors

Short-term creditors are measured at the transaction price. 

 
2.13

 Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

 Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition
of financial assets and liabilities like trade and other debtors and creditors, other third parties and loans to related parties.

 
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 2 (2023 -2).

5

 
HAIPHARM LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

4.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 December 2023
4,873
7,872
12,745



At 30 November 2024

4,873
7,872
12,745



Depreciation


At 1 December 2023
2,667
6,582
9,249


Charge for the year on owned assets
551
323
874



At 30 November 2024

3,218
6,905
10,123



Net book value



At 30 November 2024
1,655
967
2,622



At 30 November 2023
2,206
1,290
3,496


5.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 December 2023 (as previously stated)
234,582


Prior year adjustment

(9,789)


At 1 December 2023 (as restated)
224,793


Revaluations
30,074



At 30 November 2024
254,867




6

 
HAIPHARM LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

6.


Investment property


Freehold investment property

£





At 1 December 2023
900,000


Disposals
(900,000)



At 30 November 2024
-






7.


Debtors

2024
2023
£
£


Other debtors
34,610
193,058



8.


Cash and cash equivalents

As restated
2024
2023
£
£

Cash at bank and in hand
783,358
52,709



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Corporation tax
-
34,582

Other taxation and social security
5,040
8,533

Other creditors
111,752
-

Accruals
4,950
17,450

121,742
60,565


7

 
HAIPHARM LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

10.


Deferred taxation




2024
2023


£

£






At beginning of year
(874)
-


Charged to profit or loss
218
(874)



At end of year
(656)
(874)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(656)
(874)


11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,000 Ordinary shares of £1.00 each
1,000
1,000



12.


Prior year adjustment

In the prior year, the cash product of the fixed asset investment was recorded within fixed asset investment rather than within cash at bank. This has resulted in a restatement of £9,789 in the comparative column.
The investment revaluation was misstated in the prior year, with £1,437 incorrectly recoded in the profit and loss account under FV movement as a gain. This has been restated in the comparative column by correcting it as £2,209 in investment income, £462 in investment charges and £310 as a loss under FV movement.


13.


Pension commitments

The company operates a defined contribution scheme. The assets of the scheme are held seperately from those of the company in an independently administered fund. The pension cost charge reparesents contributions payable by the company to the fund and amounted to £280,000 (2023 -£80,000).

8

 
HAIPHARM LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

14.


Related party transactions

As at the year end, the compay owed £111,752 to the directors (2023 - the directors owed £193,060 to the company). Interest amounting to £2,895 (2023 - £17,016) was charged on loans to the directors at the official rate during the year.
During the year, the directors were paid a dividend of £100,000 (2023 - 100,000).

 
9