General Information
GRINDEKS KALCEKS UK LIMITED is a private company, limited by shares, registered in England and Wales, registration number 14499215, registration address CENTRUM BUILDING, NORWICH RESEARCH PARK NORWICH, NR4 7UG.
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Going concern basis
The company is currently in the process of obtaining the necessary license to sell pharmaceutical products in the United Kingdom. During this period, the company's ability to generate revenue is significantly limited, and as such, it is reliant on external financial support to continue its operations.
The parent company has confirmed its intention and ability to provide necessary financial support to the company. This support is expected to be sufficient to meet the company's operational and capital requirements until the company receives the license and commences its intended business operations.
The directors believe that the financial support from the parent company eliminates the material uncertainties over the company's ability to continue as a going concern. Consequently, the directors continue to adopt the going concern basis in preparing these financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| Computer Equipment |
4 years Straight Line
|
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
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.
|
| 2. |
Directors' Emoluments
|
2024 £ |
|
2023 £ |
|
Administrative Expenses
|
| Directors Salaries |
123,000 |
|
63,750 |
|
123,000 |
|
63,750 |
|
|
|
|
|
Number of directors to whom retirement benefits accrued
|
Number
|
|
Number
|
| Defined contribution plans |
1 |
|
1 |
|
| 3. |
Average number of employees
Average number of employees during the year was 2 (2023 : 1).
|
| 4. |
Audit Information
The auditor's report on the accounts of GRINDEKS KALCEKS UK LIMITED for the year ended 31 December 2024 was unqualified.
The auditor's report was signed by (Senior Statutory Auditor)
for and on behalf of Ryan Falls (F.C.A) for and on behalf of Chartered Accountants and Statutory Auditors on 26 March 2025.
|
| 5. |
Tangible fixed assets
| Cost or valuation |
Computer Equipment |
|
Total |
| |
£ |
|
£ |
| At 01 January 2024 |
828 |
|
828 |
| Additions |
482 |
|
482 |
| Disposals |
- |
|
- |
| At 31 December 2024 |
1,310 |
|
1,310 |
| Depreciation |
| At 01 January 2024 |
104 |
|
104 |
| Charge for year |
275 |
|
275 |
| On disposals |
- |
|
- |
| At 31 December 2024 |
379 |
|
379 |
| Net book values |
| Closing balance as at 31 December 2024 |
931 |
|
931 |
| Opening balance as at 01 January 2024 |
724 |
|
724 |
|
| 6. |
Share Capital
Authorised
1,725 Class A shares of £1.00 each
Allotted, called up and partly paid
|
2024 £ |
|
2023 £ |
|
1,725
Class A shares of £1.00 each |
1,725 |
|
1,725 |
|
1,725 |
|
1,725 |
|
| 7. |
Related parties
During the year the company entered into the following transactions with related parties: | Transaction value - income/(expenses) | | Balance owed by/(owed to) |
|---|
| 2024 £ | | 2023 £ | | 2024 £ | | 2023 £ |
|---|
| JSC Grindeks | - | | - | | - | | - |
During the year, the company had related party transactions, consisting of a loan received from the parent company and the accrued interest thereon, as disclosed in Notes 7 and 8 to the financial statements.
|
2
|