Caseware UK (AP4) 2024.0.164 2024.0.164 2024-10-312024-10-3112023-11-01falseThe principal activities continue to be of scientific and technical activities.1truetruefalse 10436822 2023-11-01 2024-10-31 10436822 2022-11-01 2023-10-31 10436822 2024-10-31 10436822 2023-10-31 10436822 2022-11-01 10436822 c:Director1 2023-11-01 2024-10-31 10436822 d:PatentsTrademarksLicencesConcessionsSimilar 2023-11-01 2024-10-31 10436822 d:PatentsTrademarksLicencesConcessionsSimilar 2024-10-31 10436822 d:PatentsTrademarksLicencesConcessionsSimilar 2023-10-31 10436822 d:CurrentFinancialInstruments 2024-10-31 10436822 d:CurrentFinancialInstruments 2023-10-31 10436822 d:Non-currentFinancialInstruments 2024-10-31 10436822 d:Non-currentFinancialInstruments 2023-10-31 10436822 d:CurrentFinancialInstruments d:WithinOneYear 2024-10-31 10436822 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 10436822 d:Non-currentFinancialInstruments d:AfterOneYear 2024-10-31 10436822 d:Non-currentFinancialInstruments d:AfterOneYear 2023-10-31 10436822 d:ShareCapital 2023-11-01 2024-10-31 10436822 d:ShareCapital 2024-10-31 10436822 d:ShareCapital 2023-10-31 10436822 d:ShareCapital 2022-11-01 10436822 d:RetainedEarningsAccumulatedLosses 2023-11-01 2024-10-31 10436822 d:RetainedEarningsAccumulatedLosses 2024-10-31 10436822 d:RetainedEarningsAccumulatedLosses 2022-11-01 2023-10-31 10436822 d:RetainedEarningsAccumulatedLosses 2023-10-31 10436822 d:RetainedEarningsAccumulatedLosses 2022-11-01 10436822 c:FRS102 2023-11-01 2024-10-31 10436822 c:Audited 2023-11-01 2024-10-31 10436822 c:FullAccounts 2023-11-01 2024-10-31 10436822 c:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 10436822 c:SmallCompaniesRegimeForAccounts 2023-11-01 2024-10-31 10436822 d:PatentsTrademarksLicencesConcessionsSimilar d:ExternallyAcquiredIntangibleAssets 2023-11-01 2024-10-31 10436822 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2023-11-01 2024-10-31 10436822 e:PoundSterling 2023-11-01 2024-10-31 iso4217:GBP xbrli:pure

Registered number: 10436822









LYRUS LIFE SCIENCES LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2024

 
LYRUS LIFE SCIENCES LIMITED
REGISTERED NUMBER: 10436822

STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 5 
605,983
430,487

  
605,983
430,487

Current assets
  

Debtors: amounts falling due within one year
 6 
260,121
330,855

Cash at bank and in hand
 7 
29,240
38,522

  
289,361
369,377

Creditors: amounts falling due within one year
 8 
(514,448)
(313,425)

Net current (liabilities)/assets
  
 
 
(225,087)
 
 
55,952

Total assets less current liabilities
  
380,896
486,439

Creditors: amounts falling due after more than one year
 9 
-
(584,500)

  

Net assets/(liabilities)
  
380,896
(98,061)


Capital and reserves
  

Called up share capital 
  
584,502
2

Profit and loss account
  
(203,606)
(98,063)

  
380,896
(98,061)


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 statement of comprehensive income 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 on 16 January 2025.




Mr H K Bothra
Director

The notes on pages 3 to 10 form part of these financial statements.
Page 1

 
LYRUS LIFE SCIENCES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 November 2022
2
(109,137)
(109,135)


Comprehensive income for the year

Profit for the year
-
11,074
11,074



At 1 November 2023
2
(98,063)
(98,061)


Comprehensive income for the year

Loss for the year
-
(105,543)
(105,543)


Contributions by and distributions to owners

Shares issued during the year
584,500
-
584,500


At 31 October 2024
584,502
(203,606)
380,896


The notes on pages 3 to 10 form part of these financial statements.
Page 2

 
LYRUS LIFE SCIENCES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

1.


General information

Lyrus Life Sciences Limited is a private company limited by share capital, incorporated in England and Wales, registration number 10436822. The registered office is Suite 410, 4th Floor, the Atrium, 1 Harefield Road, UB8 1EX, Uxbridge, United Kingdom.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have prepared the accounts on a going concern basis as the directors have received an undertaking from the parent company that it will not seek repayment of its loan until such time that the company has net assets and the ability to make repayment. Furthermore the parent company has confirmed that it will continue to provide the necessary support for the company to meet its liabilities as they fall due. 

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
LYRUS LIFE SCIENCES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue 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. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

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.

Page 4

 
LYRUS LIFE SCIENCES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Rights
-
10
years

 
2.7

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.

 
2.8

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.

 
2.9

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.
Page 5

 
LYRUS LIFE SCIENCES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is
Page 6

 
LYRUS LIFE SCIENCES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)


2.10
Financial instruments (continued)

due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In applying the Company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' best judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be appropriate. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.
Key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The directors consider the following to be significant areas of judgement and key accounting estimates:
- Amortisation of intangible fixed assets respectively are also key accounting estimates. Amortisation is estimated based upon the expected useful lives of the company's intangible fixed assets.


4.


Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 1).

Page 7

 
LYRUS LIFE SCIENCES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

5.


Intangible assets




Patents

£



Cost


At 1 November 2023
554,722


Additions
271,602


Disposals
(25,643)



At 31 October 2024

800,681



Amortisation


At 1 November 2023
124,235


Charge for the year on owned assets
66,617


On disposals
3,846



At 31 October 2024

194,698



Net book value



At 31 October 2024
605,983



At 31 October 2023
430,487


The individual intangible assets which are material to the financial statements are as follows:


Net book value
Remaining amortisation period (years)

2024
2023
2024
2023
£
£



Patents

Material License rights
200,025
200,025
6
7




Page 8

 
LYRUS LIFE SCIENCES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

6.


Debtors

2024
2023
£
£


Trade debtors
33,388
5,466

Amounts owed by group undertakings
-
41,800

Other debtors
226,733
283,589

260,121
330,855



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
29,240
38,522

29,240
38,522



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
3,329
16,294

Amounts owed to group undertakings
498,729
282,643

Other taxation and social security
-
7,992

Accruals and deferred income
12,390
6,496

514,448
313,425



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Amounts owed to group undertakings
-
584,500

-
584,500


Page 9

 
LYRUS LIFE SCIENCES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

10.


Controlling party

The immediate parent undertaking and ultimate controlling party is Lyrus Life Sciences PVT Ltd, registered in India, which is the parent undertaking of the smallest group to prepare consolidated financial statements which include the Company. Copies of their financial statements are available from c/o  Lyrus Life Sciences PVT Ltd, No. 22, 7th Cross. Jaibharath Nagar. Bengaluru -560033 India.

11.


Auditors' information

The auditors' report on the financial statements for the year ended 31 October 2024 was unqualified.

The audit report was signed on 16 January 2025 by Cécile Chabert (Senior Statutory Auditor) on behalf of Thakur-Chabert Limited.

 
Page 10