PATIENTS PENDING LTD

Company Registration Number:
07382438 (England and Wales)

Unaudited statutory accounts for the year ended 31 December 2023

Period of accounts

Start date: 1 January 2023

End date: 31 December 2023

PATIENTS PENDING LTD

Contents of the Financial Statements

for the Period Ended 31 December 2023

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

PATIENTS PENDING LTD

Directors' report period ended 31 December 2023

The directors present their report with the financial statements of the company for the period ended 31 December 2023

Principal activities of the company

The company is primarily concerned with the development and manufacturing of devices that reduce the burden of living with chronic diseases such as diabetes. Timesulin, our commercially available product, is a replacement cap for disposable Insulin Pens that aims to help people living with diabetes remember when they took their last insulin injection. During the course of 2023 the business has focused on existing customers, individual end-users through our own online platform, other online platforms and distributors in new territories.

Additional information

Disclosure of information to auditor All of the current directors have taken all the steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. The directors are not aware of any relevant audit information of which the auditors are unaware. Principal activities trading review and future developments The company is primarily concerned with the development and manufacturing of devices that reduce the burden of living with chronic diseases such as diabetes. Timesulin our commercially available product is a replacement cap for disposable Insulin Pens that aims to help people living with diabetes remember when they took their last insulin injection. During the course of 2023 the business has focused on existing customers, individual end-users through our own online platform, other online platforms and distributors in new territories. On 22 September 2023 Abbott Laboratories acquired our parent company Bigfoot Biomedical Inc. In January 2024 the decision was taken to stop the trading of Timesulin. Trading stopped on 30 June 2024 therefore these financial statements have therefore been prepared on a basis other than going concern. During the course of 2023 the company generated revenue in addition to remaining focused on research and development of the next generation products in addition to optimizing the Timesulin product. The business had turnover of £130,183 2022 - £102,377 and realized a loss after taxation for the period of £587,391 2022: £390,180. The majority of the loss come from the spend on research and development of the next generation products. The balance sheet position at year-end shows a net liability position of (£146,385) (2022: £15,338) and is a fair reflection of our main focus on the research and development of the next generation products during the year. During 2023 the business has been continuing to sell the product commercially through the following key channels direct sales through company website, other online platforms and direct sales force through distribution partners provided with exclusive or non-exclusive rights to sell or bundle Timesulin in a given territory and through commercial relationships with diabetes charities such as Diabetes UK. The company could be exposed to regulatory changes and requirements that are part of the medical devices industry the product operates in and we take the necessary steps to ensure we comply with all requirements. Additionally the company has taken applicable steps to protect intellectual property that has been developed through patents and trademark applications. Going concern In determining the appropriate basis of preparation of the financial statements the directors are required to consider whether the company can continue in operational existence for the foreseeable future. The Company ceased trading from 30 June 2024 and therefore the Directors do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern. Under this basis Assets have bene measured at their estimated net realisable value. Liabilities including intercompany loans have been recorded at their estimated fair values. Intangible assets which comprise of patents and trademarks have been fully impaired. Inventories have been written down by £31,153. Directors indemnities The company has made qualifying third party indemnity provisions for the benefit of its directors which were made during the year and remain in force at the date of this report. In preparing this directors report advantage has been taken of the small companies exemption.



Directors

The director shown below has held office during the period of
1 January 2023 to 22 September 2023

Jeffrey S. Brewer


The director shown below has held office during the period of
22 September 2023 to 31 December 2023

Alison E. Davies


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
10 July 2025

And signed on behalf of the board by:
Name: Alison E. Davies
Status: Director

PATIENTS PENDING LTD

Profit And Loss Account

for the Period Ended 31 December 2023

2023 2022


£

£
Turnover: 130,183 102,377
Cost of sales: ( 23,990 ) ( 21,321 )
Gross profit(or loss): 106,193 81,056
Administrative expenses: ( 700,968 ) ( 479,975 )
Operating profit(or loss): (594,775) (398,919)
Interest receivable and similar income: 349 33
Profit(or loss) before tax: (594,426) (398,886)
Tax: 7,035 8,707
Profit(or loss) for the financial year: (587,391) (390,179)

PATIENTS PENDING LTD

Balance sheet

As at 31 December 2023

Notes 2023 2022


£

£
Called up share capital not paid: 0 0
Fixed assets
Intangible assets:   0 0
Tangible assets:   0 0
Investments:   0 0
Total fixed assets: 0 0
Current assets
Stocks: 3 11,631 35,309
Debtors: 4 2,807 14,069
Cash at bank and in hand: 15,370 15,481
Investments:   0 0
Total current assets: 29,808 64,859
Creditors: amounts falling due within one year: 5 ( 176,193 ) ( 49,522 )
Net current assets (liabilities): (146,385) 15,337
Total assets less current liabilities: (146,385) 15,337
Total net assets (liabilities): (146,385) 15,337
Capital and reserves
Called up share capital: 14,447 14,447
Share premium account: 1,021,153 1,021,153
Other reserves: 4,092,695 3,667,026
Profit and loss account: (5,274,680 ) (4,687,289 )
Total Shareholders' funds: ( 146,385 ) 15,337

The notes form part of these financial statements

PATIENTS PENDING LTD

Balance sheet statements

For the year ending 31 December 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 10 July 2025
and signed on behalf of the board by:

Name: Alison E. Davies
Status: Director

The notes form part of these financial statements

PATIENTS PENDING LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover represents sales to external customers at invoiced amounts less value added tax or local taxes on sales and is generated from the following two streams: a) sales directly to third parties b) sales directly to distributors Turnover is recognized when the risks and rewards of owning the goods has passed on to the customer which is generally on delivery. Turnover also includes an annual licensing fee, that is paid by Bigfoot Biomedical Inc., for the use of Patients Pending L TD's dose capture patented technology in their research and development. Deferred Income is recognised when a customer is invoiced, but the risks and rewards of the goods has not passed on to the customer as delivery has not taken place.

    Tangible fixed assets depreciation policy

    Fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided to write off the cost, less estimated residual values, of all tangible fixed assets, evenly over their expected useful lives. It is calculated at the following rates: Tools and production moulds 2 years from first day of being available for use

    Intangible fixed assets amortisation policy

    Patents and Trademarks are included at cost and amortised in equal annual instalments over a period of 20 years which is their estimated useful economic life. Provision is made for any impairment.

    Other accounting policies

    Going concern In determining the appropriate basis of preparation of the financial statements the directors are required to consider whether the company can continue in operational existence for the foreseeable future. The Company ceased trading from 30 June 2024 and therefore, the Directors do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern. Under this basis Assets have been measured at their estimated net realisable value. Liabilities including intercompany loans have been recorded at their estimated fair values. Intangible assets which comprise of patents and trademarks have been fully impaired. Inventories have been written down by £31,153. Fixed assets and depreciation Fixed assets are stated at cost net of depreciation and any provision for impairment. Depreciation is provided to write off the cost less estimated residual values of all tangible fixed assets evenly over their expected useful lives. It is calculated at the following rates Tools and production moulds 2 years from first day of being available for use Gains and losses on disposal of fixed assets The profit or loss on the disposal of a tangible fixed asset is accounted for in the profit and loss account of the period in which the disposal occurs as the difference between the net sale proceeds and the carrying amount whether carried at historical cost less any provisions made or at a valuation. Intangible Assets patents and trademarks Patents and Trademarks are included at cost and amortised in equal annual instalments over a period of 20 years which is their estimated useful economic life. Provision is made for any impairment. Inventory Inventory is valued at the lower of cost and net realisable value. Cost is based on the cost of purchase on a first in first out basis. Net realisable value is based on estimated selling price less additional costs to completion and disposal. Taxation The charge for taxation is based on the result for the year and takes into account deferred taxation. Current tax is measured at amounts expected to be paid using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date except that the recognition of deferred tax assets is limited to the extent that the company anticipates making sufficient taxable profits in the future to absorb the reversal of the underlying timing differences. Deferred tax balances are not discounted. Financial liabilities and equity Financial liabilities and equity are classified according to the substance of the financial instruments contractual obligations rather than the financial instrument's legal form. Pension costs The company is part of the government Auto enrolment scheme that operates a defined contribution scheme for the benefit of its employees. Contributions payables are recognised in profit and loss account when due. Foreign currency Foreign currency transactions of the company are translated at rates ruling when they occur. Foreign currency monetary assets and liabilities are translated at rates ruling at the balance sheet date. Any differences are taken to the profit and loss account. Cash and cash equivalents Cash and cash equivalents include cash in hand and deposits held at call with banks. Judgements in applying accounting policies and key sources of estimation uncertainty In preparing these financial statements the directors have had to make the following judgements: Determine whether there are indicators of impairment of the companys intangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the assets and where it is a component of a larger cash generating unit the viability and expected future performance of that unit.

PATIENTS PENDING LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 2 2

PATIENTS PENDING LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

3. Stocks

2023 2022
£ £
Stocks 11,631 35,309
Total 11,631 35,309

PATIENTS PENDING LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

4. Debtors

2023 2022
£ £
Trade debtors 1,329 3,324
Prepayments and accrued income 350 9,200
Other debtors 1,128 1,545
Total 2,807 14,069

PATIENTS PENDING LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

5. Creditors: amounts falling due within one year note

2023 2022
£ £
Trade creditors 2,246 9,537
Taxation and social security 1,473 3,421
Accruals and deferred income 28,704 35,767
Other creditors 143,770 797
Total 176,193 49,522