Caseware UK (AP4) 2021.0.152 2021.0.152 2021-12-312021-12-312021-01-01falseproviding sales and marketing activity for its parent company.78falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11457556 2021-01-01 2021-12-31 11457556 2020-01-01 2020-12-31 11457556 2021-12-31 11457556 2020-12-31 11457556 c:Director2 2021-01-01 2021-12-31 11457556 d:CurrentFinancialInstruments 2021-12-31 11457556 d:CurrentFinancialInstruments 2020-12-31 11457556 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 11457556 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 11457556 d:ShareCapital 2021-12-31 11457556 d:ShareCapital 2020-12-31 11457556 d:RetainedEarningsAccumulatedLosses 2021-12-31 11457556 d:RetainedEarningsAccumulatedLosses 2020-12-31 11457556 c:FRS102 2021-01-01 2021-12-31 11457556 c:Audited 2021-01-01 2021-12-31 11457556 c:FullAccounts 2021-01-01 2021-12-31 11457556 c:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 11457556 c:SmallCompaniesRegimeForAccounts 2021-01-01 2021-12-31 11457556 2 2021-01-01 2021-12-31 iso4217:GBP xbrli:pure

Registered number: 11457556









IMMEDICA PHARMA UK LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2021

 
IMMEDICA PHARMA UK LIMITED
REGISTERED NUMBER: 11457556

BALANCE SHEET
AS AT 31 DECEMBER 2021

2021
2020
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
159,954
152,166

Cash at bank and in hand
 5 
171,420
126,449

  
331,374
278,615

Creditors: amounts falling due within one year
 6 
(167,872)
(160,281)

Net current assets
  
 
 
163,502
 
 
118,334

Total assets less current liabilities
  
163,502
118,334

  

Net assets
  
163,502
118,334


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
163,402
118,234

  
163,502
118,334


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.

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



P A Edvell
Director

Date: 1 July 2022

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
IMMEDICA PHARMA UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1.


General information

Immedica Pharma UK Limited ("The Company") is a company incorporated in the United Kingdom under the Companies Act. The Company is a private company, limited by shares and is registered in England & Wales. The registered office is Highlands House Basingstoke Road, Spencers Wood, Reading, RG7 1NT. 
The Company was incorporated on 10 July 2018 as Medical Need UK Limited. On 13 June 2019, the Company changed its name to Immedica Pharma UK Limited. 
The principal activity of the company in the period under review was that of providing sales and marketing services for its parent company.
The Company's functional and presentational currency is GBP. Balances are rounded to the nearest whole £.

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 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.

The following principal accounting policies have been applied:

 
2.2

Going concern

The COVID-19 pandemic has developed rapidly in 2020, with a significant number of cases. Measures taken by various governments to contain the virus have affected economic activity. The directors have taken a number of measures to monitor and mitigate the effects of Covid-19, such as safety and health measures for their people such as social distancing and working from home. At this stage, the impact on the business and results has been positive. As the group operates in the pharmaceutical industry with focus on rare diseases there have not been found to be any changes in demand for the products and it is expected this will continue. The directors will continue to follow the various government policies and advice and, in parallel, will do their utmost to continue operations in the best and safest way possible without jeopardising the health of their people. 
The Company has obtained a letter of support from its parent, Immedica Pharma AB. The directors of Immedica Pharma AB have provided a commitment to provide any financial support which may be necessary in order that the Company can continue to meet its liabilities, as they fall due, for the foreseeable future. 
As a result of this commitment, and their assessment of the impact of the Covid-19 pandemic on the Company and the group, the directors have continued to adopt the going concern basis in preparing these financial statements.

Page 2

 
IMMEDICA PHARMA UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Turnover represents amounts charged to the parent company under a services and marketing agreement, excluding value added taxation. Turnover is recognised when costs are incurred. 

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
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.

Page 3

 
IMMEDICA PHARMA UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

 
2.8

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.

 
2.9

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.

 
2.10

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.

Page 4

 
IMMEDICA PHARMA UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.11

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Employees

The average monthly number of employees, including directors, during the year was 7 (2020 - 8).


4.


Debtors

2021
2020
£
£


Amounts owed by group undertakings
132,672
134,778

Other debtors
7,076
8,247

Prepayments and accrued income
19,124
8,500

Deferred taxation
1,082
641

159,954
152,166



5.


Cash and cash equivalents

2021
2020
£
£

Cash at bank and in hand
171,420
126,449

171,420
126,449


Page 5

 
IMMEDICA PHARMA UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

6.


Creditors: Amounts falling due within one year

2021
2020
£
£

Trade creditors
6,007
3,373

Corporation tax
10,715
18,284

Other taxation and social security
24,121
18,726

Accruals and deferred income
127,029
119,898

167,872
160,281



7.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £50,847 (2020 - £46,199). Contributions totalling  were £8,981 (2020 - £6,829) payable to the fund at the balance sheet date and are included in creditors.


8.


Controlling party

The immediate parent company is Immedica Pharma AB, a company incorporated in Sweden. Immedica Pharma AB is the parent company of the smallest to consolidate these accounts and holds 100% of the share capital of Immedica Pharma UK Limited. The principal place of business of Immedica Pharma AB is Norrtullsgarten 15, 113 29, Stockholm, Sweden.
The ultimate controlling party is Impilo Holdings AB and this is the largest group to consolidate these accounts. 


9.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2021 was unqualified.

The audit report was signed on 10 August 2022 by Simon Buss (Senior Statutory Auditor) on behalf of Nortons Assurance Limited.

 
Page 6