1 January 2024 false No description of principal activity Taxfiler 2024.6 02935871business:PrivateLimitedCompanyLtd2024-01-012024-12-31 029358712023-12-31 029358712024-01-012024-12-31 02935871business:AuditExemptWithAccountantsReport2024-01-012024-12-31 02935871business:AbridgedAccounts2024-01-012024-12-31 029358712024-12-31 029358712023-12-31 02935871core:WithinOneYear2024-12-31 02935871core:WithinOneYear2023-12-31 02935871core:ShareCapitalcore:PreviouslyStatedAmount2024-12-31 02935871core:ShareCapitalcore:PreviouslyStatedAmount2023-12-31 02935871core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2024-12-31 02935871core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-12-31 02935871core:PreviouslyStatedAmount2024-12-31 02935871core:PreviouslyStatedAmount2023-12-31 02935871business:SmallEntities2024-01-012024-12-31 02935871business:Director22024-01-012024-12-31 02935871countries:EnglandWales2024-01-012024-12-31 02935871business:RegisteredOffice2024-01-012024-12-31 029358712023-01-012023-12-31 iso4217:GBP xbrli:pure
Company Registration No. 02935871 (England and Wales)
IDEA Innovative Drug European Associates Limited Unaudited accounts for the year ended 31 December 2024
IDEA Innovative Drug European Associates Limited Unaudited accounts Contents
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IDEA Innovative Drug European Associates Limited Statement of financial position as at 31 December 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Intangible assets
300 
300 
Tangible assets
1,933 
3,204 
2,233 
3,504 
Current assets
Debtors
284,782 
320,407 
Cash at bank and in hand
121,401 
151,211 
406,183 
471,618 
Creditors: amounts falling due within one year
(28,689)
(39,330)
Net current assets
377,494 
432,288 
Total assets less current liabilities
379,727 
435,792 
Provisions for liabilities
Deferred tax
(484)
(609)
Net assets
379,243 
435,183 
Capital and reserves
Called up share capital
136 
136 
Profit and loss account
379,107 
435,047 
Shareholders' funds
379,243 
435,183 
For the year ending 31 December 2024 the company was entitled to exemption from audit 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.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 20 April 2025 and were signed on its behalf by
Ms T Frost Director Company Registration No. 02935871
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IDEA Innovative Drug European Associates Limited Notes to the Accounts for the year ended 31 December 2024
1
Statutory information
IDEA Innovative Drug European Associates Limited is a private company, limited by shares, registered in England and Wales, registration number 02935871. The registered office is 4E The Lanterns, 16 Melbourn Street, Royston, Herts, SG8 7BX.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard. The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. 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.
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at rates calculated to write off the assets over their estimated useful lives on a straight line basis at rates of 25 - 33.3% per annum.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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IDEA Innovative Drug European Associates Limited Notes to the Accounts for the year ended 31 December 2024
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
4
Intangible fixed assets
Total 
£ 
Cost
At 1 January 2024
300 
At 31 December 2024
300 
Amortisation
At 1 January 2024
- 
At 31 December 2024
- 
Net book value
At 31 December 2024
300 
At 31 December 2023
300 
5
Tangible fixed assets
Total 
£ 
Cost or valuation
At 1 January 2024
38,472 
At 31 December 2024
38,472 
Depreciation
At 1 January 2024
35,268 
Charge for the year
1,271 
At 31 December 2024
36,539 
Net book value
At 31 December 2024
1,933 
At 31 December 2023
3,204 
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IDEA Innovative Drug European Associates Limited Notes to the Accounts for the year ended 31 December 2024
6
Transactions with related parties
The following related party transactions took place in the year ended 31 December 2024: Harrison CST Holding GmbH - A company owned by Dr Harrison (Director & Shareholder of Harrison Life Sciences Group Ltd) Consultancy Fees: £57,835 Creditors: £3,900 IDEA Innovative Drug European Associates (Ireland) Limited - 100% Subsidiary of IDEA Innovative Drug European Associates Limited Management Charges: £428,596 Debtors: £180,983 Harrison Life Sciences Group Ltd - 74% Controlling Party of IDEA Innovative Drug European Associates Limited Dividends: £0
7
Controlling party
The Ultimate Controlling Party is Harrison Life Sciences Group Ltd. Harrison Life Sciences Group Ltd registered office is 4E The Lanterns, 16 Melbourn Street, Royston, SG8 7BX.
8
Average number of employees
During the year the average number of employees was 5 (2023: 6).
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