Caseware UK (AP4) 2024.0.164 2024.0.164 2023-09-01falseNo description of principal activity1819falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 13542017 2023-09-01 2024-08-31 13542017 2022-09-01 2023-08-31 13542017 2024-08-31 13542017 2023-08-31 13542017 c:Director3 2023-09-01 2024-08-31 13542017 d:OfficeEquipment 2023-09-01 2024-08-31 13542017 d:OfficeEquipment 2024-08-31 13542017 d:OfficeEquipment 2023-08-31 13542017 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 13542017 d:CurrentFinancialInstruments 2024-08-31 13542017 d:CurrentFinancialInstruments 2023-08-31 13542017 d:Non-currentFinancialInstruments 2024-08-31 13542017 d:Non-currentFinancialInstruments 2023-08-31 13542017 d:CurrentFinancialInstruments d:WithinOneYear 2024-08-31 13542017 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 13542017 d:Non-currentFinancialInstruments d:AfterOneYear 2024-08-31 13542017 d:Non-currentFinancialInstruments d:AfterOneYear 2023-08-31 13542017 d:ShareCapital 2024-08-31 13542017 d:ShareCapital 2023-08-31 13542017 d:RetainedEarningsAccumulatedLosses 2024-08-31 13542017 d:RetainedEarningsAccumulatedLosses 2023-08-31 13542017 c:OrdinaryShareClass1 2023-09-01 2024-08-31 13542017 c:OrdinaryShareClass1 2024-08-31 13542017 c:OrdinaryShareClass1 2023-08-31 13542017 c:FRS102 2023-09-01 2024-08-31 13542017 c:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 13542017 c:FullAccounts 2023-09-01 2024-08-31 13542017 c:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 13542017 2 2023-09-01 2024-08-31 13542017 e:PoundSterling 2023-09-01 2024-08-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 13542017










Oncodrug Ltd








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 31 August 2024

 
Oncodrug Ltd
 
  
Chartered Accountants' Report to the Board of Directors on the preparation of the Unaudited Statutory Financial Statements of Oncodrug Ltd for the Year Ended 31 August 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Oncodrug Ltd for the year ended 31 August 2024 which comprise  the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of Oncodrug Ltd, as a body, in accordance with the terms of our engagement letter dated 18 November 2022Our work has been undertaken solely to prepare for your approval the financial statements of Oncodrug Ltd and state those matters that we have agreed to state to the Board of Directors of Oncodrug Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Oncodrug Ltd and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Oncodrug Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Oncodrug Ltd. You consider that Oncodrug Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Oncodrug Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kreston Reeves LLP
Chartered Accountants
Canterbury
17 April 2025
Page 1

 
Oncodrug Ltd
Registered number: 13542017

Balance Sheet
As at 31 August 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
95,681
118,208

Current assets
  

Debtors: amounts falling due within one year
 5 
306,984
288,572

Cash at bank and in hand
  
3,835,563
3,479,718

  
4,142,547
3,768,290

Creditors: amounts falling due within one year
 6 
(471,300)
(1,150,809)

Net current assets
  
 
 
3,671,247
 
 
2,617,481

Total assets less current liabilities
  
3,766,928
2,735,689

Creditors: amounts falling due after more than one year
 7 
(1,100,000)
(1,100,000)

  

Net assets
  
2,666,928
1,635,689


Capital and reserves
  

Called up share capital 
 8 
211
211

Profit and loss account
  
2,666,717
1,635,478

  
2,666,928
1,635,689


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 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 by: 




C Springer
Director
Date: 17 April 2025

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
Oncodrug Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 August 2024

1.


General information

Oncodrug Ltd is a private company limited by shares and is incorporated in England with registration number 13542017. The registered office address of the company is Block 3 Second Floor, Alderley Park, Macclesfield, United Kingdom, SK10 4TG.

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 following principal accounting policies have been applied:

 
2.2

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:

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.

 
2.3

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, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
20%
Straight Line

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.

Page 3

 
Oncodrug Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 August 2024

2.Accounting policies (continued)

 
2.4

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.

 
2.5

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.

 
2.6

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.

 
2.7

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.

 
2.8

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 4

 
Oncodrug Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 August 2024

2.Accounting policies (continued)

 
2.9

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.10

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.

 
2.11

Interest income

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

 
2.12

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.13

Taxation

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 income 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.


 
2.14

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Page 5

 
Oncodrug Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 August 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 18 (2023 - 19).


4.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 September 2023
132,149


Additions
4,575



At 31 August 2024

136,724



Depreciation


At 1 September 2023
13,941


Charge for the year on owned assets
27,102



At 31 August 2024

41,043



Net book value



At 31 August 2024
95,681



At 31 August 2023
118,208

Page 6

 
Oncodrug Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 August 2024

5.


Debtors

2024
2023
£
£


Trade debtors
-
15

Other debtors
75,092
75,093

Prepayments and accrued income
231,892
213,464

306,984
288,572



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
59,764
155,329

Corporation tax
351,256
411,790

Other taxation and social security
16,581
157,144

Other creditors
11,439
3,505

Accruals and deferred income
32,260
423,041

471,300
1,150,809



7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Long term other creditors
1,100,000
1,100,000


Funds were paid under a simple agreement for future equity agreement but they are shown as a liability because the number of shares to be purchased is uncertain at this point.


8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



211,000 (2023 - 211,000) Ordinary A shares of £0.001 each
211
211



9.


Controlling party

In the opinion of the directors there is no controlling party


Page 7