Achieve Pharma UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 10 Station Road, Henley on Thames, Oxfordshire, RG9 1AY.The business address is Century House, Wargrave Road, Henley on Thames, Oxfordshire. RG9 2LT.
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.
At the year end t he company has Net Liabilities of £ 745,385 . However, the majority of the creditor balance relates to an amount owed to the company's ultimate parent, Achieve Lifesciences Inc., who has previously provided support and funding to the company to enable it to continue to operate.
Unfortunately, whilst the Company's ultimate parent has confirmed that they are willing to provide their continued support for Achieve Pharma UK Limited, they are unable to guarantee that they will be in a position to do so given that they themselves are reliant on their own ability to obtain additional funding, which is inherently uncertain. Accordingly a material uncertainty exists relating to the availability of continued funding for the entity's operations. Whilst the accounts have been prepared on a going concern basis, this situation has inevitably cast doubt on Achieve Pharma UK Limited's ability to continue as a going concern.
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 .
At each reporting period end date, the company reviews the carrying amounts of its tangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
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 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, 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 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.
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
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.
At 1 January 201 7 , the company owed Extab Corporation £ 44,687 . During the year, the company paid expenses amounting to £ nil (201 6 : £ nil ) on behalf of Extab Corporation. An exchange gain of £ 4,056 (201 6 : Loss of £ 7,548 ) arose as a result of restatement of the balance at the year end. At 31 December 201 7 , the company owed Extab Corporation £ 40,631 .
At 1 January 2017, the Company owed Achieve Lifesciences Inc. £178,789. During the year, Achieve Lifesciences Inc., the Company's ultimate parent Company, made loans to the Company of £525,141 (2016: £nil). An exchange gain of £ 16,230 (201 6 : Loss of £30,201 ) arose as a result of restatement of the balance at the year end. At 31 December 201 7 , the company owed Achieve Lifesciences Inc. £ 687,700.
During the year, the company loaned Achieve Life Sciences Technologies Inc, £6,093. An exchange gain of £ 16 arose as a result of restatement of the balance at the year end. At the year end, Achieve Lifesciences Technologies Inc, owed Achieve Pharma UK Limited £6,109.
The immediate parent Company is Extab Corporation, a company registered in the United States of America, 1209 Orange Street, Wilmington, Delaware 19801, USA.
The ultimate parent Company is Achieve Lifescience Inc. a Company registered in the United States of America, 19820 North Creek Parkway Suite 201 Bothell, WA 98011 , USA.