for the Period Ended 31 December 2023
| Directors report | |
| Profit and loss | |
| Balance sheet | |
| Additional notes | |
| Balance sheet notes |
Directors' report period ended
The directors present their report with the financial statements of the company for the period ended 31 December 2023
Principal activities of the company
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
The director shown below has held office during the period of
22 September 2023
to
31 December 2023
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
And signed on behalf of the board by:
Name:
Status: Director
for the Period Ended
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As at
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| Stocks: | 3 |
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| Debtors: | 4 |
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| Creditors: amounts falling due within one year: | 5 |
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The notes form part of these financial statements
This report was approved by the board of directors on
and signed on behalf of the board by:
Name:
Status: Director
The notes form part of these financial statements
for the Period Ended 31 December 2023
Basis of measurement and preparation
Turnover policy
Tangible fixed assets depreciation policy
Intangible fixed assets amortisation policy
Other accounting policies
for the Period Ended 31 December 2023
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for the Period Ended 31 December 2023
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for the Period Ended 31 December 2023
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