Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-3153false2022-01-01Other business support service activities not elsewhere classifiedfalsetrue 13024387 2022-01-01 2022-12-31 13024387 2020-11-16 2021-12-31 13024387 2022-12-31 13024387 2021-12-31 13024387 c:Director2 2022-01-01 2022-12-31 13024387 d:CurrentFinancialInstruments 2022-12-31 13024387 d:CurrentFinancialInstruments 2021-12-31 13024387 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 13024387 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 13024387 d:ShareCapital 2022-12-31 13024387 d:ShareCapital 2021-12-31 13024387 d:RetainedEarningsAccumulatedLosses 2022-12-31 13024387 d:RetainedEarningsAccumulatedLosses 2021-12-31 13024387 c:FRS102 2022-01-01 2022-12-31 13024387 c:Audited 2022-01-01 2022-12-31 13024387 c:FullAccounts 2022-01-01 2022-12-31 13024387 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 13024387 d:WithinOneYear 2022-12-31 13024387 d:WithinOneYear 2021-12-31 13024387 c:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure

Registered number: 13024387









FLAGSHIP PIONEERING UK LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
FLAGSHIP PIONEERING UK LIMITED
REGISTERED NUMBER: 13024387

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
1,233,010
330,565

Cash at bank and in hand
 5 
880,680
566,131

  
2,113,690
896,696

Creditors: amounts falling due within one year
 6 
(1,662,180)
(690,726)

Net current assets
  
 
 
451,510
 
 
205,970

Net assets
  
451,510
205,970


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
451,509
205,969

  
451,510
205,970


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: 




................................................
C Carelli
Director

Date: 7 November 2023

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

Page 1

 
FLAGSHIP PIONEERING UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Flagship Pioneering 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 and Wales. The registered office is First Floor, Templeback, 10 Temple Back, Bristol, United Kingdom, BS1 6FL. 
The Company's principal activity in the year under review was that of providing consulting services on behalf of its parent company.
The Company was incorporated on 16 November 2020 and commenced trading on 1 December 2020. The first accounting period was extended to 31 December 2021 to align with that of the Company's parent. The comparatives of these financial statements therefore report the period from 16 November 2020 to 31 December 2021.

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

Going concern

The directors have received confirmation of continued financial support for the foreseeable future from its parent company, Flagship Pioneering Inc., thus the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and continue to adopt the going concern basis of accounting in preparing the annual financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP, rounded to the nearest whole GBP.

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.

Page 2

 
FLAGSHIP PIONEERING UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.4

Revenue

Revenue represents amount charged to fellow group company, Flagship Labs LLC. Turnover is recognised when costs are incurred. The revenue and profit before taxation are attributable to the one principal activity of the Company.

 
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.

 
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.

Page 3

 
FLAGSHIP PIONEERING UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.8

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.

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Page 4

 
FLAGSHIP PIONEERING UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.9
Financial instruments (continued)

Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

The average monthly number of employees, excluding directors, during the year was 5 (2021 - 3).


4.


Debtors

2022
2021
£
£


Amounts owed by group undertakings
1,174,245
289,148

Other debtors
32,685
36,231

Prepayments and accrued income
26,080
5,186

1,233,010
330,565



5.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
880,680
566,131


Page 5

 
FLAGSHIP PIONEERING UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

6.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
7,739
-

Amounts owed to group undertakings
348,092
-

Corporation tax
60,146
55,443

Other taxation and social security
56,481
116,853

Other creditors
10,862
-

Accruals and deferred income
1,178,860
518,430

1,662,180
690,726



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 £32,684 (2021: £17,213). Contributions totalling £5,102 (2021: £5,836) were payable to the fund at the balance sheet date and are included in creditors.


8.


Commitments under operating leases

At 31 December 2022 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2022
2021
£
£


Not later than 1 year
50,920
61,608


9.


Controlling party

The ultimate parent company is Flagship Pioneering Inc., a company incorporated in the United States of America, which is the smallest and largest group to consolidate these financial statements. The registered office of Flagship Pioneering Inc. is 55 Cambridge Parkway, Suite 800E, Cambridge, MA 02142, USA.

10.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2022 was unqualified.

The audit report was signed on 8 November 2023 by Karen Cairns (Senior Statutory Auditor) on behalf of Nortons Assurance Limited.

 
Page 6