Company No:
Contents
| Directors | Dr J Faulkner |
| M Schreiber | |
| Dr V Tripathi |
| Registered office | Innovation House Innovation Way |
| Discovery Park | |
| Sandwich | |
| CT13 9FF | |
| United Kingdom |
| Company number | 13291464 (England and Wales) |
| Accountant | Kreston Reeves LLP |
| Suite 2 | |
| Orchard House | |
| Orchard Street | |
| Canterbury | |
| Kent | |
| CT2 8AR |
| Note | 2025 | 2024 | ||
| £ | £ | |||
| Restated | ||||
| Current assets | ||||
| Debtors | 3 |
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| Cash at bank and in hand | 4 |
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| 482,469 | 436,711 | |||
| Creditors: amounts falling due within one year | 5 | (
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| Net current assets | 461,701 | 418,976 | ||
| Total assets less current liabilities | 461,701 | 418,976 | ||
| Net assets |
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| Capital and reserves | ||||
| Called-up share capital | 6 |
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| Share premium account |
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| Other reserves | 8 |
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| Profit and loss account | (
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| Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Vitarka Therapeutics Ltd (registered number:
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Dr V Tripathi
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Vitarka Therapeutics Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Innovation House Innovation Way, Discovery Park, Sandwich, CT13 9FF, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
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| £ | £ | ||
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| Other debtors |
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| Cash at bank and in hand |
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| Accruals |
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| Other taxation and social security |
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| Other creditors |
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Pensions
The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.
| 2025 | 2024 | ||
| £ | £ | ||
| Unpaid contributions due to the fund (inc. in other creditors) |
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Share Premium
The share premium reserve records the amount above nominal value received for the shares issued by the company. Share premium may only be utilised to write-off any expenses incurred or commissions paid on the issue of those shares, or to pay up new shares to be allotted to members as fully paid bonus shares.
Profit and loss account
The profit and loss reserve comprises all current and prior period retained profits and losses after deducting any distributions made to the Company's shareholders.
Other reserves
Other reserves relate to funds received under a Simple Agreement for Future Equity (“SAFE”). The SAFE provides the investor with the right to receive equity shares on a future qualifying event. The amount recognised represents the proceeds received which have been classified as equity and have not yet converted into share capital.
The ultimate controlling party of the company is V Tripathi by virtue of her majority shareholding.