Company Registration No. 05034039 (England and Wales)
TENTAMUS PHARMA (UK) LIMITED (FORMERLY FOOD AND DRUG ANALYTICAL SERVICES LIMITED)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
TENTAMUS PHARMA (UK) LIMITED (FORMERLY FOOD AND DRUG ANALYTICAL SERVICES LIMITED)
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 9
TENTAMUS PHARMA (UK) LIMITED (FORMERLY FOOD AND DRUG ANALYTICAL SERVICES LIMITED)
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
4
10,051
Tangible assets
5
1,350,437
250,154
1,360,488
250,154
Current assets
Stocks
134,951
61,250
Debtors
6
659,025
450,615
Cash at bank and in hand
32,011
68,945
825,987
580,810
Creditors: amounts falling due within one year
7
(797,961)
(318,280)
Net current assets
28,026
262,530
Total assets less current liabilities
1,388,514
512,684
Creditors: amounts falling due after more than one year
8
(35,000)
(708,617)
Net assets/(liabilities)
1,353,514
(195,933)
Capital and reserves
Called up share capital
9
248,204
248,204
Share premium account
33,320
33,320
Profit and loss reserves
1,071,990
(477,457)
Total equity
1,353,514
(195,933)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
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 by the board of directors and authorised for issue on 28 February 2023 and are signed on its behalf by:
Dr F J Stubbins
Director
Company Registration No. 05034039
TENTAMUS PHARMA (UK) LIMITED (FORMERLY FOOD AND DRUG ANALYTICAL SERVICES LIMITED)
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2020
248,204
33,320
(125,386)
156,138
Year ended 31 December 2020:
Loss and total comprehensive income for the year
-
-
(352,071)
(352,071)
Balance at 31 December 2020
248,204
33,320
(477,457)
(195,933)
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
-
1,549,447
1,549,447
Balance at 31 December 2021
248,204
33,320
1,071,990
1,353,514
TENTAMUS PHARMA (UK) LIMITED (FORMERLY FOOD AND DRUG ANALYTICAL SERVICES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
1
Accounting policies
Company information
Tentamus Pharma (UK) Limited (formerly Food and Drug Analytical Services Limited) is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
3 Orbis, Riverside Road, Pride Park, Derby, United Kingdom, DE24 8HY.
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 a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
A
t the time of approving the financial statements
,
t
he director has a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future
, however these resources are very much dependant upon the financial position of the parent undertaking, Tentamus UK Limited. The directors note that Tentamus UK limited has recorded a substantial loss for the year ended 31 December 2021 and is reliant upon its parent undertaking for financial support to continue to trade. Based upon this support being given t
he director continues to adopt the going concern basis of accounting in preparing the financial statements.
In order to support the company further, during the year Tentamus UK Limited agreed to write off the inter-company loan of £1,948,426. This has resulted in a reported profit for the year of £1,549,447, without this write off the company would have reported a loss of £399,979.
1.3
Turnover
Turnover represents revenue from the provision of specialist laboratory analytical services and is recognised in full at the point at which the final test results are reported to the customer.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
TENTAMUS PHARMA (UK) LIMITED (FORMERLY FOOD AND DRUG ANALYTICAL SERVICES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
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:
Plant and equipment
33% on cost
Fixtures and fittings
33% on cost
Computers
50% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
Assets under construction represent equipment being installed at the company’s new site. Once in use they will be transferred to Plant and equipment and will be depreciated over the useful economic life of each asset. Leasehold improvements are in connection with the renovations of the new site. Once these premises are in use, leasehold improvements will be depreciated over the remaining lease term.
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.7
Stocks
Stock comprises consumables and chemicals used in testing. Stock is held at cost less any provision against items with short expiry dates.
Work in progress in relation to all business lines is calculated at 75% of the order value, multiplied by a fixed percentage determined by the stage of the testing cycle.
1.8
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention 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.
TENTAMUS PHARMA (UK) LIMITED (FORMERLY FOOD AND DRUG ANALYTICAL SERVICES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans
and
loans from
fellow group companies, 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
paymen
ts 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. A
m
ounts 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.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
TENTAMUS PHARMA (UK) LIMITED (FORMERLY FOOD AND DRUG ANALYTICAL SERVICES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 6 -
1.13
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.14
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
The amounts shown in grant income in the profit and loss account represent the amounts receivable under the UK Government’s Job Retention Scheme.
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Exceptional item
2021
2020
£
£
Other operating income
Write off of intercompany loan
1,948,426
-
At the year end a group decision was made to write off the intercompany loan with Tentamus UK Limited in full. The loan amounted to £1,948,426 which included accrued interest to 31 December 2021.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
21
22
TENTAMUS PHARMA (UK) LIMITED (FORMERLY FOOD AND DRUG ANALYTICAL SERVICES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2021
Additions
10,051
At 31 December 2021
10,051
Amortisation and impairment
At 1 January 2021 and 31 December 2021
Carrying amount
At 31 December 2021
10,051
At 31 December 2020
5
Tangible fixed assets
Leasehold improvements
Assets under construction
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
£
Cost
At 1 January 2021
53,785
103,997
440,533
1,828
62,035
662,178
Additions
767,447
312,075
47,420
40,699
1,167,641
Disposals
(6,097)
(6,097)
Transfers
(103,997)
103,997
At 31 December 2021
821,232
850,508
49,248
102,734
1,823,722
Depreciation and impairment
At 1 January 2021
374,801
1,770
35,453
412,024
Depreciation charged in the year
15,250
38,679
4,203
9,226
67,358
Eliminated in respect of disposals
(6,097)
(6,097)
At 31 December 2021
15,250
407,383
5,973
44,679
473,285
Carrying amount
At 31 December 2021
805,982
443,125
43,275
58,055
1,350,437
At 31 December 2020
53,785
103,997
65,732
58
26,582
250,154
TENTAMUS PHARMA (UK) LIMITED (FORMERLY FOOD AND DRUG ANALYTICAL SERVICES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 8 -
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
271,138
214,450
Amounts owed by group undertakings
143,228
22,650
Other debtors
161,734
162,724
Prepayments and accrued income
82,925
50,791
659,025
450,615
7
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
10,000
Trade creditors
332,933
133,055
Amounts owed to group undertakings
299,796
82,935
Taxation and social security
13,971
10,146
Other creditors
92
2,810
Accruals and deferred income
141,169
89,334
797,961
318,280
8
Creditors: amounts falling due after more than one year
2021
2020
Notes
£
£
Bank loans and overdrafts
35,000
50,000
Amounts owed to group undertakings
658,617
35,000
708,617
9
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 10p each
2,482,040
2,482,040
248,204
248,204
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
TENTAMUS PHARMA (UK) LIMITED (FORMERLY FOOD AND DRUG ANALYTICAL SERVICES LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
10
Audit report information
(Continued)
- 9 -
The senior statutory auditor was Mr Paul Tyler and the auditor was Azets Audit Services.
11
Financial commitments, guarantees and contingent liabilities
Glas Trust Corporation Limited holds a debenture, as security agent, dated 19 August 2016 over the assets of the company. This debenture is part of a cross corporate guarantee provided for a facility granted to Tentamus Group GmbH.
12
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:
2021
2020
£
£
2,182,714
2,489,660
13
Parent company
The parent of the smallest group for which consolidated financial statements are drawn up, and of which the company is a member, is Tentamus UK Limited and its registered office is Building 170, Abbott Drive, Kent Science Park, Sittingbourne, Kent, ME9 8AZ, United Kingdom.
The directors consider the ultimate controlling party to be BC Partners LLP.
2021-12-31
2021-01-01
false
21 March 2023
CCH Software
CCH Accounts Production 2022.300
No description of principal activity
This audit opinion is unqualified
Mr. A Barseyten
Ms L J Taylor
Dr F J Stubbins
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