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Registration number: 10103853

Sarniamedicines Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Sarniamedicines Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Sarniamedicines Limited

Company Information

Director

Dr T Jenkins

Company secretary

Dr T Jenkins

Registered office

Midway House
Herrick Way
Staverton
Cheltenham
GL51 6TQ

Accountants

Harbour Key Limited Midway House
Herrick Way
Staverton
Cheltenham
GL51 6TQ

 

Sarniamedicines Limited

(Registration number: 10103853)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Current assets

 

Debtors

5

28,335

36,105

Cash at bank and in hand

 

3

3

 

28,338

36,108

Creditors: Amounts falling due within one year

6

(10,119)

(8,347)

Total assets less current liabilities

 

18,219

27,761

Creditors: Amounts falling due after more than one year

6

(37,324)

(44,296)

Net liabilities

 

(19,105)

(16,535)

Capital and reserves

 

Called up share capital

23,841

23,841

Share premium reserve

88,174

88,174

Retained earnings

(131,120)

(128,550)

Shareholders' deficit

 

(19,105)

(16,535)

For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 12 April 2025
 

.........................................
Dr T Jenkins
Company secretary and director

   
     
 

Sarniamedicines Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Midway House
Herrick Way
Staverton
Cheltenham
GL51 6TQ
England

These financial statements were authorised for issue by the director on 12 April 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentational currency of the financial statements is British Pound £, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are round to the nearest £.

Going concern

There is a net deficiency of assets of £19,105 at the balance sheet date, however the director and shareholders have confirmed their continued support, They consider the company retains sufficient working capital to continue trading for the foreseeable future. The financial statements have therefore been prepared on a going concern basis.

Development costs

Development costs are expensed in the period in which they are incurred, unless they meet the criteria of internally generated intangible assets. Development costs which have met the criteria of internally generated intangible assets have been capitalised and are amortised to the profit and loss account. Amortisation starts when the assets are available for use and is applied over their estimated useful life.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Development costs

33.3% straight line

 

Sarniamedicines Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Sarniamedicines Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the Balance Sheet. The corresponding dividends relating to the liability component are charges as interest in the Profit and Loss Account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction value (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financial transaction. If an arrangement constitutes a financial transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market value of interest for a similar debt instrument.

 Impairment
Asset, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ("CGUs") of which the goodwill is a part. Any impairment in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

Sarniamedicines Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Intangible assets

Development costs
£

Total
£

Cost or valuation

At 1 September 2023

22,000

22,000

At 31 August 2024

22,000

22,000

Amortisation

At 1 September 2023

22,000

22,000

At 31 August 2024

22,000

22,000

Carrying amount

At 31 August 2024

-

-

At 31 August 2023

-

-

5

Debtors

Current

Note

2024
£

2023
£

Other debtors

8

28,335

36,105

   

28,335

36,105

 

Sarniamedicines Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

7

6,329

6,329

Other creditors

8

3,790

2,018

 

10,119

8,347

Due after one year

 

Loans and borrowings

7

37,324

44,296

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

37,324

44,296

Current loans and borrowings

2024
£

2023
£

Bank borrowings

6,329

6,329

Creditors include bank loans repayable by instalments of £12,007 (2023 - £18,978) due after more than five years.

8

Related party transactions

Other transactions with director

At the balance sheet date, the company owed the director £1,648 (2023: £998). There are no repayment terms or interest charged on the outstanding amount.

Included in other debtors are loans for £27,630 (2023: £35,400) due from companies in which the director is also a director and shareholder, There are no repayment terms or interest charged on the outstanding amounts.