Company Registration No. 06058711 (England and Wales)
LFB BIOPHARMACEUTICALS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
LFB BIOPHARMACEUTICALS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
LFB BIOPHARMACEUTICALS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
13,856
13,481
Current assets
Debtors
4
205,364
233,703
Cash at bank and in hand
28,111
29,422
233,475
263,125
Creditors: amounts falling due within one year
5
(165,179)
(208,473)
Net current assets
68,296
54,652
Total assets less current liabilities
82,152
68,133
Capital and reserves
Called up share capital
6
16,935
16,935
Profit and loss reserves
65,217
51,198
Total equity
82,152
68,133
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 17 November 2023
F J Barallobre Sanmartin
Director
Company Registration No. 06058711
LFB BIOPHARMACEUTICALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information
LFB Biopharmaceuticals Limited is a private company limited by shares incorporated in England and Wales. The registered office is Acre House, 11-15 William Road, London, United Kingdom, NW1 3ER.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors are confident that the company can continue as a going concern for a period of at least twelve months from the date of approval of these financial statements. true
The company's ability to continue as a going concern is based on the continued support from its parent company, LFB S.A, which itself is supported by a loan from the French State, the extension of existing sources of bank financing and the provision of new financing by the group's creditors. In September 2022, the group initiated a process of restructuring its debt and increasing its equity with the State provided finance for the group in the form of an advance on the shareholders current account. The group are considering putting in place interest rate risk hedging instruments in 2023 dependent on market conditions.
Accordingly, at the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents amounts receivable for services provided to the parent company, net of VAT.
Revenue is recognised on a cost plus basis.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Plant and Machinery
33.3% straight line
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.6
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
LFB BIOPHARMACEUTICALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
LFB BIOPHARMACEUTICALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to expense on a straight line basis over the term of the relevant lease.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
8
5
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2022
28,090
Additions
8,451
At 31 December 2022
36,541
Depreciation and impairment
At 1 January 2022
14,609
Depreciation charged in the year
8,076
At 31 December 2022
22,685
Carrying amount
At 31 December 2022
13,856
At 31 December 2021
13,481
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Amounts due from group undertakings
121,789
193,048
Other debtors
20,727
28,559
Prepayments and accrued income
62,848
12,096
205,364
233,703
LFB BIOPHARMACEUTICALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
5
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
27,508
17,382
Corporation tax
9,746
1,397
Other taxation and social security
28,904
18,384
Other creditors
10,125
8,582
Accruals and deferred income
88,896
162,728
165,179
208,473
6
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
25,000 Ordinary shares of €1
25,000
25,000
16,935
16,935
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Katherine Montgomery.
The auditor was HW Fisher LLP.
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
Within one year
13,776
15,554
Between two and five years
13,776
27,552
27,552
43,106
LFB BIOPHARMACEUTICALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
9
Controlling party
The company is owned and controlled by Laboratoire Francais du Fractionnement et des Biotechnologies (LFB) S.A, which owns 100% of the issued share capital. LFB Biopharmaceuticals Limited is included in LFB S.A's consolidated financial statements.
LFB S.A is the parent undertaking of the smallest group for which consolidated financial statements are drawn up, and of which the company is a member. LFB S.A's registered office address is is 3 Avenue des Tropiques, BP 40 305, 91 958 Courtaboeuf Cedex, France. The consolidated financial statements of LFB S.A are audited.