Company registration number 01866803 (England and Wales)
MOLECULAR DISCOVERY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
PAGES FOR FILING WITH REGISTRAR
Sobell Rhodes LLP
The Kinetic Centre
Theobald Street
Elstree
Borehamwood
Hertfordshire
WD6 4PJ
MOLECULAR DISCOVERY LIMITED
COMPANY INFORMATION
Director
Mr F Cruciani
Company number
01866803
Registered office
C/O Sobell Rhodes LLP
The Kinetic Centre
Theobald Street
Elstree, Borehamwood
Hertfordshire
United Kingdom
WD6 4PJ
Accountants
Sobell Rhodes LLP
The Kinetic Centre
Theobald Street
Elstree
Borehamwood
Hertfordshire
United Kingdom
WD6 4PJ
MOLECULAR DISCOVERY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
MOLECULAR DISCOVERY LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
2,000
3,000
Tangible assets
4
531,617
251,232
533,617
254,232
Current assets
Debtors
5
1,201,049
678,009
Cash at bank and in hand
3,748,505
3,315,550
4,949,554
3,993,559
Creditors: amounts falling due within one year
6
(677,632)
(612,972)
Net current assets
4,271,922
3,380,587
Total assets less current liabilities
4,805,539
3,634,819
Provisions for liabilities
(134,233)
(17,691)
Net assets
4,671,306
3,617,128
Capital and reserves
Called up share capital
8
5
5
Profit and loss reserves
4,671,301
3,617,123
Total equity
4,671,306
3,617,128
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 12 December 2023
Mr F Cruciani
Director
Company registration number 01866803 (England and Wales)
MOLECULAR DISCOVERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
Molecular Discovery Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/O Sobell Rhodes LLP, The Kinetic Centre, Theobald Street, Elstree, Borehamwood, Hertfordshire, United Kingdom, WD6 4PJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The director has a reasonable expectation the company will continue to have adequate resources to fund its working capital for the foreseeable future. The director has carried out a detailed assessment of the viability of the company following to uncertainty over the current economic conditions due to worldwide increasing rates of inflation and interest rates. true
On the basis of the above, the director is of the opinion that there is no material uncertainty relating to going concern and therefore it is appropriate to prepare these financial statements on a going concern basis.
1.3
Turnover
The turnover shown in the profit and loss account represents licence fees invoiced during the year, exclusive of Value Added Tax.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Royalty
Over the period of 5 years
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
MOLECULAR DISCOVERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
Written off over a period of 10 years
Fixtures and fittings
25% on cost
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
MOLECULAR DISCOVERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
3
Intangible fixed assets
Royalty
£
Cost
At 1 April 2022 and 31 March 2023
5,000
Amortisation and impairment
At 1 April 2022
2,000
Amortisation charged for the year
1,000
At 31 March 2023
3,000
Carrying amount
At 31 March 2023
2,000
At 31 March 2022
3,000
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2022
443,152
653,834
1,096,986
Additions
386,709
386,709
At 31 March 2023
829,861
653,834
1,483,695
Depreciation and impairment
At 1 April 2022
191,920
653,834
845,754
Depreciation charged in the year
106,324
106,324
At 31 March 2023
298,244
653,834
952,078
Carrying amount
At 31 March 2023
531,617
531,617
At 31 March 2022
251,232
251,232
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
604,215
562,606
Corporation tax recoverable
280,647
Other debtors
20,692
15,925
Prepayments and accrued income
120,927
99,478
1,026,481
678,009
MOLECULAR DISCOVERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
5
Debtors
(Continued)
- 5 -
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset (note )
174,568
Total debtors
1,201,049
678,009
Deferred tax assets has been provided on unrelieved tax losses of £698,272 from 2022.
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
27,057
Amounts owed to group undertakings
60,662
49,545
Corporation tax
85,293
Other taxation and social security
2,959
Other creditors
50,127
45,412
Accruals and deferred income
539,786
429,763
677,632
612,972
7
Parent and ultimate parent undertaking
The company's immediate parent is Diplema 463 Limited, incorporated in England and Wales.
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
5
5
5
5
9
Financial commitments, guarantees and contingent liabilities
The company has a capital commitment of £58,295 as on year end.
10
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
176,128
192,485
MOLECULAR DISCOVERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
11
Events after the reporting date
A claim will be submitted for Research & Development expenditure for the year to 31 March 2023. At the date of the approval of the financial statements, the claim has not been quantified.