Drug Development Company Limited
Unaudited Financial Statements
For the year ended 30 November 2023
Pages for Filing with Registrar
Company Registration No. 10795275 (England and Wales)
Drug Development Company Limited
Company Information
Directors
S Webster
S Sood
Company number
10795275
Registered office
2nd Floor Godfree Court
Apex Yard
29 Long Lane
London
SE1 4PL
Drug Development Company Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 4
Drug Development Company Limited
Balance Sheet
As at 30 November 2023
Page 1
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
2,238
2,905
Cash at bank and in hand
24,163
40,385
26,401
43,290
Creditors: amounts falling due within one year
4
(32,084)
(36,905)
Net current (liabilities)/assets
(5,683)
6,385
Creditors: amounts falling due after more than one year
5
(615,473)
(579,537)
Net liabilities
(621,156)
(573,152)
Capital and reserves
Called up share capital
6
112
112
Profit and loss reserves
(621,268)
(573,264)
Total equity
(621,156)
(573,152)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 24 April 2025 and are signed on its behalf by:
S Webster
S Sood
Director
Director
Company Registration No. 10795275
Drug Development Company Limited
Notes to the Financial Statements
For the year ended 30 November 2023
Page 2
1
Accounting policies
Company information
Drug Development Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor Godfree Court, Apex Yard, 29 Long Lane, London, SE1 4PL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company had relied on the continued support of its shareholders and third party debt to meet its day to day working capital requirements. The company has been unable to obtain an extension to its long term debt or obtain any additional sources of finance.
As a consequence of these factors the company is exploring its options on how it can continue trading. The financial statements have therefore been prepared on a basis other than that of a going concern. No adjustment to the company’s assets and liabilities as at 30 November 2023 has been required as a result of the financial statements being prepared on this basis.
1.3
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Drug Development Company Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2023
1
Accounting policies
(Continued)
Page 3
1.6
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
2,238
2,905
4
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
25,780
29,930
Accruals and deferred income
6,304
6,975
32,084
36,905
5
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
615,473
579,537
Drug Development Company Limited
Notes to the Financial Statements (Continued)
For the year ended 30 November 2023
Page 4
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary shares of £1 each
112
112
112
112
7
Related party transactions
During the year, Kavnish Limited, a company with significant control by virtue of its shared directorship, charged the company £nil (2022: £nil) for services provided. At the balance sheet date, the company owed Kavnish Limited £30,000 (2022: £30,000) which is included in creditors due within one year.
At the balance sheet date, the company owed Kavnish Limited, a company with significant control by virtue of its shared directorship, £128,732 (2022: £128,732). This amount is included other creditors due after more than one year. Interest of £8,293 (2022: £2,971) has been charged in the period.
At the balance sheet date, the company owed S. London Limited, a company with significant control by virtue of its shareholding and shared directorship, £128,732 (2022: £128,732). This amount is included other creditors due after more than one year. Interest of £8,293 (2022: £2,968) has been charged in the period.