Registered number:
09355572
Phaim Pharma Ltd
UNAUDITED
FINANCIAL STATEMENTS
For the year ended
30 June 2021
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Registered number:
09355572
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Phaim Pharma Ltd
BALANCE SHEET
As at
30 June 2021
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current assets/(liabilities)
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Registered number:
09355572
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Phaim Pharma Ltd
BALANCE SHEET
(CONTINUED)
As at
30 June 2021
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The
financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
13 October 2022
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The notes on pages 4 to 8 form part of these financial statements.
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Phaim Pharma Ltd
STATEMENT OF CHANGES IN EQUITY
For the year ended
30 June 2021
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Comprehensive income for the year
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Total comprehensive income for the year
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Total transactions with owners
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Comprehensive income for the year
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Total comprehensive income for the year
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Shares issued during the year
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Capital contribution in year
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Total transactions with owners
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The notes on pages 4 to 8 form part of these financial statements.
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Phaim Pharma Ltd
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2021
The company is a private company limited by shares incorporated in the United Kingdom and registered in England Wales at One Bartholomew Close, London, EC1A 7BLL. The company is engaged in medical research.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
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The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
Given the simplicity of the company's operations to date, the directors do not believe that there are any significant accounting estimates or judgemental matters requiring disclosure.
The company has successfully completed preclinical studies and is now moving forward to clinical trials. The company's ability to perform such trials and continue as a going concern will depend on raising additional funds through the issue of share capital. While the success of this fund raising is inherently uncertain, based on the successful completion of pre-clinical tests and expressions of interest received to date, the directors have a valid expectation that sufficient funding can be secured. Accordingly, they continue to adopt the going concern assumption in the preparation of these financial statements
Nonetheless, the absence of firm commitments in respect of this capital does give rise to a material uncertainty which may cast significant doubt on the entity’s ability to continue as a going concern.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.
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Phaim Pharma Ltd
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2021
2.
Accounting policies (continued)
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the statement of income and retained earnings in the same period as the related expenditure.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Development costs are written off as incurred.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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Phaim Pharma Ltd
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2021
2.
Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
The company does not trade in financial instruments and all such instruments arise directly from operations.
The company’s cash holdings comprise on demand balances. All cash is held with banks with strong external credit ratings.
Trade and other creditors, including accruals, are initially recognised at transaction value as none represent a financing transaction. They are only derecognised when they are extinguished. As the company only has short term receivables and payables and simple debt instruments, its net current asset position is a reasonable measure of its liquidity at any given time.
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Phaim Pharma Ltd
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2021
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Charge for the year on owned assets
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Phaim Pharma Ltd
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 June 2021
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Creditors: Amounts falling due after more than one year
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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Amounts falling due after more than 5 years
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Bank are guaranteed by the UK Government under the Bounce Back Loan Scheme
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