Medsubone Ltd - Accounts to registrar (filleted) - small 18.2

Medsubone Ltd - Accounts to registrar (filleted) - small 18.2

MEDSUBONE LTD - Company Information

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REGISTERED NUMBER: 12309662 (England and Wales)















Unaudited Financial Statements for the Year Ended 31st December 2021

for

Medsubone Ltd
Davis Grant Limited
Chartered Certified Accountants
Treviot House
186-192 High Road
Ilford
Essex
IG1 1LR








Medsubone Ltd (Registered number: 12309662)






Contents of the Financial Statements
for the Year Ended 31st December 2021




Page

Balance Sheet 1

Notes to the Financial Statements 2


Medsubone Ltd (Registered number: 12309662)

Balance Sheet
31st December 2021

2021 2020
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 - 8,441
- 8,441

CURRENT ASSETS
Debtors 6 7,546 22,609
Cash at bank 129,589 48,763
137,135 71,372
CREDITORS
Amounts falling due within one year 7 1,777 28,127
NET CURRENT ASSETS 135,358 43,245
TOTAL ASSETS LESS CURRENT
LIABILITIES
135,358
51,686

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 135,357 51,685
135,358 51,686

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 24th June 2022 and were signed by:



D Vahdat - Director


The notes form part of these financial statements

Page 1
Medsubone Ltd (Registered number: 12309662)

Notes to the Financial Statements
for the Year Ended 31st December 2021

1. STATUTORY INFORMATION

Medsubone Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 12309662

Registered office: 13th Floor Millbank Tower
21-24 Millbank
London
SW1P 4QP

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The
Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

Preparation of consolidated financial statements
The financial statements contain information about Medsubone Limited as an individual company and do not contain consolidated financial information as a subsidiary of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Computer equipment - Straight line over 3 years

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The balance sheet at the end of the year recorded net liabilities. However, the director believes that
sufficient financial resources are available to the company to enable it to continue trading into the foreseeable future. Therefore, the financial statements have been prepared on a going concern basis.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business, has been fully impaired in the current year.

Page 2 continued...
Medsubone Ltd (Registered number: 12309662)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2021

2. ACCOUNTING POLICIES - continued

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost
less any accumulated amortisation and any accumulated impairment losses.

Patents and licences have been fully impaired in the current year.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 7 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1st January 2021
and 31st December 2021 158,153 164,997 323,150
AMORTISATION
At 1st January 2021
and 31st December 2021 158,153 164,997 323,150
NET BOOK VALUE
At 31st December 2021 - - -
At 31st December 2020 - - -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st January 2021 12,222
Disposals (12,222 )
At 31st December 2021 -
DEPRECIATION
At 1st January 2021 3,781
Eliminated on disposal (3,781 )
At 31st December 2021 -
NET BOOK VALUE
At 31st December 2021 -
At 31st December 2020 8,441

Page 3 continued...
Medsubone Ltd (Registered number: 12309662)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2021

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
as restated
£    £   
Other debtors 7,546 22,609

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
as restated
£    £   
Trade creditors - 15,606
Amounts owed to group undertakings 1,777 1,777
Other creditors - 10,744
1,777 28,127

8. ULTIMATE CONTROLLING PARTY

The ultimate parent company is Huma Therapeutics Limited a private company, limited by shares, registered in England and Wales. Registered number is 07725451 and registered office is 13th Floor Millbank Tower, 21-24 Millbank, London, England, SW1P 4QP.

9. AUDIT EXEMPTION

For the year ending 31/12/2021 the company was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies. - the members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; - the director acknowledges responsibility for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Page 4