IP Oncology Limited Filleted accounts for Companies House (small and micro)

IP ONCOLOGY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC481634

IP Oncology Limited

Filleted Unaudited Financial Statements

31 July 2022

IP Oncology Limited

Statement of Financial Position

31 July 2022

	2022	2021
		(restated)
	£	£
Current assets	5,634	9,686

Creditors: amounts falling due within one year	365,325	357,407
	---------	---------
Net current liabilities	359,691	347,721
	---------	---------
Total assets less current liabilities	( 359,691)	( 347,721)
	---------	---------

Capital and reserves	( 359,691)	( 347,721)
	---------	---------

Notes to the financial statements

1. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2021: 1 ).

2. Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The Company is supported through loans from the director. The director has confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the director will continue to support the Company. Given the current position, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.

3. Prior period error

During the year it was discovered that the incorrect accounting treatment had been applied in the year ended 31 July 2020 regarding the treatment of a receivable balance. The balance had built up as a result of costs incurred on behalf of a related company. When it transpired that these costs were not recoverable from the related company they were treated as personal expenditure of the Director instead of being written off as a bad debt expense. This treatment has now been corrected retrospectively with the comparative amounts and opening balances for the prior period being restated in these accounts.

The following financial statement line items have been affected by the correction in the prior period. The amount of the correction at the beginning of the prior was £325,794.

Creditors: amounts falling due within 1 year Increase of £ 325,794

Capital and reserves Decrease of £ 325,794

For the year ending 31 July 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements have been prepared in accordance with the micro-entity provisions and have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

These financial statements were approved by the board of directors and authorised for issue on 22 September 2023 , and are signed on behalf of the board by:

Dr C J Wareing
Director

Company registration number: SC481634

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 61 Dublin St, Edinburgh, EH3 6NL, Scotland.