ACCOUNTS - Final Accounts

Caseware UK (AP4) 2020.0.247 2020.0.247 2021-05-312021-05-312020-06-01falseProvision of a clinic for consultations in relation to Cannabis based medication.22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11976340 2020-06-01 2021-05-31 11976340 2019-05-02 2020-05-31 11976340 2021-05-31 11976340 2020-05-31 11976340 c:Director2 2020-06-01 2021-05-31 11976340 d:CurrentFinancialInstruments 2021-05-31 11976340 d:CurrentFinancialInstruments 2020-05-31 11976340 d:Non-currentFinancialInstruments 2021-05-31 11976340 d:Non-currentFinancialInstruments 2020-05-31 11976340 d:CurrentFinancialInstruments d:WithinOneYear 2021-05-31 11976340 d:CurrentFinancialInstruments d:WithinOneYear 2020-05-31 11976340 d:Non-currentFinancialInstruments d:AfterOneYear 2021-05-31 11976340 d:Non-currentFinancialInstruments d:AfterOneYear 2020-05-31 11976340 d:ShareCapital 2021-05-31 11976340 d:ShareCapital 2020-05-31 11976340 d:RetainedEarningsAccumulatedLosses 2021-05-31 11976340 d:RetainedEarningsAccumulatedLosses 2020-05-31 11976340 c:OrdinaryShareClass1 2020-06-01 2021-05-31 11976340 c:OrdinaryShareClass1 2021-05-31 11976340 c:FRS102 2020-06-01 2021-05-31 11976340 c:AuditExempt-NoAccountantsReport 2020-06-01 2021-05-31 11976340 c:FullAccounts 2020-06-01 2021-05-31 11976340 c:PrivateLimitedCompanyLtd 2020-06-01 2021-05-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 11976340

SCH EUROPE LTD

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2021

SCH EUROPE LTD

REGISTERED NUMBER: 11976340

BALANCE SHEET

AS AT 31 MAY 2021

		2021		2020
Note		£		£


CURRENT ASSETS
Debtors: amounts falling due within one year	4	215,452		267,254
Cash at bank and in hand		39,920		22,105
		255,372		289,359
Creditors: amounts falling due within one year	5	(88,029)		(137,051)
NET CURRENT ASSETS			167,343		152,308
TOTAL ASSETS LESS CURRENT LIABILITIES			167,343		152,308
Creditors: amounts falling due after more than one year	6		(40,000)		(150,000)

NET ASSETS			127,343		2,308

CAPITAL AND RESERVES
Called up share capital	7	1	1
Profit and loss account		127,342	2,307
		127,343	2,308

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 profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

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SCH EUROPE LTD

REGISTERED NUMBER: 11976340

BALANCE SHEET (CONTINUED)

AS AT 31 MAY 2021

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Mr T McCann

Director

Date: 23 February 2022

The notes on pages 3 to 6 form part of these financial statements.

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SCH EUROPE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2021

1.	GENERAL INFORMATION

SCH Europe Limited is a private company limited by shares and was incorporated in England and Wales. Its registered office address is 2 Harley Street, London, England, W1G 9PA.
The Company's functional and presentational currency is GBP.

2.ACCOUNTING POLICIES

2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

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.

The following principal accounting policies have been applied:

2.2

TURNOVER

Turnover is recognised to the extent that it is probable that economic benefits will flow to the Company and can be reliably measured. It is measured as the fair value of the consideration received or receivable, exclusive of Value Added Tax.
Turnover from the provision of a clinic is recognised in line with when the services are performed.
Turnover from research and studies is recognised in line with the contractual terms of a collaboration agreement. The amount repayable under the collaboration agreement loan shall reduce each time a milestone is reached in at which point the relevant amount is recognised as revenue. These milestones are based on the number of active patients across the studies.

2.3

DEBTORS

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.4

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.5

CREDITORS

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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SCH EUROPE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2021

2.ACCOUNTING POLICIES (CONTINUED)

2.6

PENSIONS

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.

2.7

TAXATION

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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

EMPLOYEES

The average monthly number of employees, including directors, during the year was 2 (2020 - 2).

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SCH EUROPE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2021

4.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

					2021	2020
					£	£


Trade debtors	28,792	4,355
Amounts owed by group undertakings	180,085	256,304
Other debtors	6,574	2,990
Called up share capital not paid	1	1
Prepayments and accrued income	-	3,604
	215,452	267,254

5.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		2021	2020
		£	£

Other loans	45,000	110,000
Trade creditors	17,196	11,008
Other taxation and social security	15,093	7,591
Other creditors	1,712	1,683
Accruals and deferred income	9,028	6,769
	88,029	137,051

Other loans comprise lending to the company under a collaboration agreement. The loan is interest-free. The amount repayable shall reduce each time a milestone is reached in accordance with the collaboration agreement at which point the relevant amount is recognised as revenue. Accordingly, milestones anticipated to be reached within one year of the balance sheet date are presented within creditors due within one year. The loan is guaranteed by the parent company.

6.	CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
		2021	2020
		£	£

Other loans	40,000	150,000
	40,000	150,000

Other loans comprise lending to the company under a collaboration agreement. The loan is interest-free. The amount repayable shall reduce each time a milestone is reached in accordance with the collaboration agreement at which point the relevant amount is recognised as revenue. Accordingly, milestones anticipated to be reached more than one year after the balance sheet date are presented within creditors due after more than one year. The loan is guaranteed by the parent company.

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SCH EUROPE LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2021

7.	SHARE CAPITAL
		2021	2020
		£	£

ALLOTTED, CALLED UP AND UNPAID

1 Ordinary share of £1	1	1

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