Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-312022-01-01falseThe company is involved in research and development in the biotechnology sector.2630truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10555293 2022-01-01 2022-12-31 10555293 2021-01-01 2021-12-31 10555293 2022-12-31 10555293 2021-12-31 10555293 c:Director2 2022-01-01 2022-12-31 10555293 d:OfficeEquipment 2022-01-01 2022-12-31 10555293 d:OfficeEquipment 2022-12-31 10555293 d:OfficeEquipment 2021-12-31 10555293 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 10555293 d:CurrentFinancialInstruments 2022-12-31 10555293 d:CurrentFinancialInstruments 2021-12-31 10555293 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 10555293 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 10555293 d:ShareCapital 2022-12-31 10555293 d:ShareCapital 2021-12-31 10555293 d:RetainedEarningsAccumulatedLosses 2022-12-31 10555293 d:RetainedEarningsAccumulatedLosses 2021-12-31 10555293 c:FRS102 2022-01-01 2022-12-31 10555293 c:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 10555293 c:FullAccounts 2022-01-01 2022-12-31 10555293 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 10555293 2 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure

Registered number: 10555293









BERGENBIO LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
BERGENBIO LIMITED
REGISTERED NUMBER: 10555293

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 5 
10,641
21,282

  
10,641
21,282

Current assets
  

Debtors: amounts falling due within one year
 6 
796,070
434,256

Cash at bank and in hand
 7 
1,057,066
719,221

  
1,853,136
1,153,477

Creditors: amounts falling due within one year
 8 
(1,899,321)
(1,127,957)

Net current (liabilities)/assets
  
 
 
(46,185)
 
 
25,520

Total assets less current liabilities
  
(35,544)
46,802

  

Net (liabilities)/assets
  
(35,544)
46,802


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(35,644)
46,702

  
(35,544)
46,802


Page 1

 
BERGENBIO LIMITED
REGISTERED NUMBER: 10555293
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022

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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 by: 




................................................
Mr R Skeie
Director

Date: 27 September 2023

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
BERGENBIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Bergenbio Limited is a private company limited by share capital, incorporated in England and Wales, registration number 10555293. The address of the registered office is Magdalen Centre, Oxford Science
Park, Oxford, United Kingdom, OX4 4GA.

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 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 (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The board of directors is of the opinion that the company is a going concern, as such the accounts have been prepared on hte going concern basis.
At the balance sheet date the company had net liabilities of £35,544. The parent company BerGenBio ASA have confirmed continuing support and consider the company retains sufficient working capital to continue to trade for the forseeable future.
The key method for assessing going concern is through the business planning process which considers profitability, liquidity and solvency. The business planning process considers the Company's business activities, together with factors likely to affect its future development, successful  performance and position,and key risks in the current economic climate. 

Page 3

 
BERGENBIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP. In the prior year, the Company presentented the accounts in NOK. These have been restated using the methods noted below.

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 except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 
The turnover shown in the accounts relates to the income received from the parent company, BerGenBio ASA who are funding the research and development activities of Bergenbio Limited.
Team costs are reimbursed by the parent company plus a mark up of 7%.
Other pass through costs are remibursed by the parent company plus a mark up of 1%.

Page 4

 
BERGENBIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.5

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.

The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 January 2021 to continue to be charged over the period to the first market rent review rather than the term of the lease.

 
2.6

Interest income

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

 
2.7

Finance costs

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.

 
2.8

Pensions

Defined contribution pension plan

The Company contributes in to 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 5

 
BERGENBIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.9

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.

 
2.10

Tangible fixed assets

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.

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:

Office equipment
-
33%
Straight line 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.

 
2.11

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.

Page 6

 
BERGENBIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.12

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.

 
2.13

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.

 
2.14

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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The key judgments are as follows:
- Property, plant and equipment
Property, plant and equipment are depreciated over their useful economic life taking into account, where appropriate, residual values. Assessment of useful lives and residual values are performed annually. In assessing the residual values, the remaining life of  the asset, its projected disposal value and future market conditions are taken into account.


4.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2022
        2021
            No.
            No.







Directors
2
2



Employees
24
28

26
30

Page 7

 
BERGENBIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

5.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 January 2022
31,923



At 31 December 2022

31,923



Depreciation


At 1 January 2022
10,641


Charge for the year on owned assets
10,641



At 31 December 2022

21,282



Net book value



At 31 December 2022
10,641



At 31 December 2021
21,282

Page 8

 
BERGENBIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

6.


Debtors

2022
2021
£
£


Other debtors
749,005
434,256

Prepayments and accrued income
47,065
-

796,070
434,256



7.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
1,057,066
719,221

1,057,066
719,221



8.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
190,715
106,865

Amounts owed to group undertakings
896,962
302,757

Other taxation and social security
95,588
101,782

Other creditors
23,905
57,194

Accruals and deferred income
692,151
559,359

1,899,321
1,127,957



9.


Pension commitments

The Company operates a defined contributions 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 £233,677 (2021 - £241,197) . Contributions totalling £23,905 (2021 - £55,572) were payable to the fund at the balance sheet date and are included in creditors.

Page 9

 
BERGENBIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

10.


Ultimate parent undertaking and controlling party

The company is a subsidiary undertaking of BerGenBio ASA, a company incorporated and registered in
Norway.
The consolidated financial statements of the group are available to the public and may be obtained by
contacting BerGenBio ASA, Mollendalsbakken 9, 5009 Bergen, Norway.

 
Page 10