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Registered number: 09364380
Apconix Ltd
Financial Statements
For The Year Ended 31 December 2024
Deans
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 09364380
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 357,260 468,540
Investments 5 3 23,980
357,263 492,520
CURRENT ASSETS
Debtors 6 1,054,119 1,208,756
Cash at bank and in hand 1,341,713 1,418,472
2,395,832 2,627,228
Creditors: Amounts Falling Due Within One Year 7 (663,243 ) (535,119 )
NET CURRENT ASSETS (LIABILITIES) 1,732,589 2,092,109
TOTAL ASSETS LESS CURRENT LIABILITIES 2,089,852 2,584,629
Creditors: Amounts Falling Due After More Than One Year 8 (140,531 ) (199,407 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (88,620 ) (116,288 )
NET ASSETS 1,860,701 2,268,934
CAPITAL AND RESERVES
Called up share capital 11 3 3
Profit and Loss Account 1,860,698 2,268,931
SHAREHOLDERS' FUNDS 1,860,701 2,268,934
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These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Dr M J Morton
Director
Dr R J Knight
Director
Professor R A Roberts
Director
20 June 2025
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Apconix Ltd is a private company, limited by shares, registered in England & Wales.  The company's registered number and registered office address can be found on the Company Information page.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of section 1a "Small Entities" and the Companies Act 2006.  The financial statements have been prepared under the historical cost convention.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below.  These policies have been consistently applied to all years presented unless otherwise stated.
2.2. Exemption From Preparing Consolidated Financial Statements
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of VAT and trade discounts.  The policies adopted for the recognition of turnover are as follows:
Rendering of services
When the outcome of a transaction can be estimated reliably, turnover from the provision of ion channel biology services and other non clinical programmes is recognised by reference to the stage of completion of the contract at the balance sheet date. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less accumulated depreciation.  Cost includes costs directly attributable to making the asset capable of operating as intended.  Depreciation is provided at the following rates in order to write off each asset over its estimated useful life.
Plant & Machinery 4 - 6 years on cost
Fixtures & Fittings 4 years on cost
Computer Equipment 4 - 7 years on cost
2.5. Investments
Investments are recognised at cost.
2.6. Leasing and Hire Purchase Contracts
Assets acquired under hire purchase contracts are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset.  The related obligations, net of future finance charges, are included in creditors.
Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
2.7. Foreign Currencies
Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.
Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.
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2.8. Taxation
Taxation for the year comprises current and deferred tax.  Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.  
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements.  Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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.
2.9. Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
2.10. Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price.  Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 43 (2023: 32)
43 32
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2024 1,113,253 23,624 16,639 1,153,516
Additions - - 59,452 59,452
Disposals (40,000 ) - (16,639 ) (56,639 )
As at 31 December 2024 1,073,253 23,624 59,452 1,156,329
Depreciation
As at 1 January 2024 663,156 8,618 13,202 684,976
Provided during the period 152,896 5,906 11,930 170,732
Disposals (40,000 ) - (16,639 ) (56,639 )
As at 31 December 2024 776,052 14,524 8,493 799,069
Net Book Value
As at 31 December 2024 297,201 9,100 50,959 357,260
As at 1 January 2024 450,097 15,006 3,437 468,540
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Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2024 2023
£ £
Plant & Machinery 78,385 156,770
5. Investments
Subsidiaries Other Total
£ £ £
Cost
As at 1 January 2024 503 23,477 23,980
Additions - 4,445 4,445
Disposals (500 ) (27,922 ) (28,422 )
As at 31 December 2024 3 - 3
Provision
As at 1 January 2024 - - -
As at 31 December 2024 - - -
Net Book Value
As at 31 December 2024 3 - 3
As at 1 January 2024 503 23,477 23,980
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 899,850 1,090,985
Prepayments and accrued income 154,269 117,771
1,054,119 1,208,756
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 49,599 52,019
Trade creditors 223,506 235,485
Corporation tax 269,380 106,012
Other taxes and social security 82,663 65,794
VAT 14,225 34,852
Other creditors - 731
Pension 244 325
Accruals and deferred income 23,626 39,901
663,243 535,119
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 140,531 199,407
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9. Secured Creditors
Obligations under finance leases and hire purchases are secured against the assets they relate to.
10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 49,599 52,019
Later than one year and not later than five years 140,531 199,407
190,130 251,426
190,130 251,426
11. Share Capital
2024 2023
Allotted, called up and fully paid £ £
1,000 Ordinary A shares of £ 0.001 each 1 1
1,000 Ordinary B shares of £ 0.001 each 1 1
1,000 Ordinary C shares of £ 0.001 each 1 1
3 3
12. Other Commitments
Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £954,906 (2023: £573,245).
13. Audit Information
The auditor's report on the accounts of Apconix Ltd for the year ended 31 December 2024 was unqualified.
The auditor's report was signed by Richard Stonier (Senior Statutory Auditor) for and on behalf of Deans , Statutory Auditor.
Deans
Gibson House
Hurricane Court, Hurricane Close
Stafford
Staffordshire
ST16 1GZ
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