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Registered number: 06816012










TAIHO PHARMA EUROPE, LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
TAIHO PHARMA EUROPE, LIMITED
REGISTERED NUMBER: 06816012

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
804
1,018

  
804
1,018

Current assets
  

Debtors: amounts falling due within one year
 6 
126,670
79,554

Cash at bank and in hand
 7 
898,062
922,982

  
1,024,732
1,002,536

Creditors: amounts falling due within one year
 8 
(65,755)
(79,198)

Net current assets
  
 
 
958,977
 
 
923,338

Total assets less current liabilities
  
959,781
924,356

  

Net assets
  
959,781
924,356


Capital and reserves
  

Called up share capital 
 9 
500,000
500,000

Profit and loss account
 10 
459,781
424,356

  
959,781
924,356


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 on 19 March 2024.




Timothy Whitten
Director

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 
TAIHO PHARMA EUROPE, LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies

  
1.1

Basis of preparation

Taiho Pharma Europe Limited is a private company, limited by shares, incorporated in England and Wales. The address of the registered office is 11th Floor, Two Snow Hill, Birmingham, B4 6WR.
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 – 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102'), and with the Companies Act 2006, including the provisions applicable to companies subject to the small companies regime.

 
1.2

Going concern

The financial statements have been prepared on the going concern basis. The directors have adopted this basis of preparation because they have determined that the company has sufficient reserves to enable it to meet its obligations for the foreseeable future. Additionally, other group companies have indicated that they will provide financial support, if necessary.

 
1.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is 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.

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'.

Page 2

 
TAIHO PHARMA EUROPE, LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.4

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 comprises recharges made to group entities in respect of the company's expenses which are charged either at the cost incurred or at a premium depending on the category of the expense.

 
1.5

Interest income

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

 
1.6

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.

 
1.7

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.

 
1.8

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.

The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Page 3

 
TAIHO PHARMA EUROPE, LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)


1.8
Tangible fixed assets (continued)

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.

The estimated useful lives range as follows:

Office equipment and furniture
-
5 years

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.

 
1.9

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.

Trade and other debtors are classified as basic financial instruments.

 
1.10

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.

  
1.11

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. 

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. 

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank, short-term bank deposits with an original maturity of three months or less and bank overdrafts which are an integral part of the company’s cash management.

 
1.12

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

 
TAIHO PHARMA EUROPE, LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.


Turnover

100% of the company's turnover is attributable to markets outside the UK.


3.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
-
1,197


4.


Employees

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


        2023
        2022
            No.
            No.







Pharmaceutical
2
2


5.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 January 2023
4,159



At 31 December 2023

4,159



Depreciation


At 1 January 2023
3,140


Charge for the year on owned assets
215



At 31 December 2023

3,355



Net book value



At 31 December 2023
804



At 31 December 2022
1,018

Page 5

 
TAIHO PHARMA EUROPE, LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
112,866
65,970

Other debtors
11,158
4,582

Prepayments and accrued income
2,646
9,002

126,670
79,554



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
898,062
922,982

898,062
922,982



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,985
24,037

Corporation tax
5,967
11,886

Other creditors
-
1,716

Accruals and deferred income
57,803
41,559

65,755
79,198



9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



500,000 (2022 - 500,000) Ordinary shares of £1.00 each
500,000
500,000


Page 6

 
TAIHO PHARMA EUROPE, LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Reserves

Profit and loss account

The profit and loss reserve constitutes the cumulative total of all current and prior period profits and losses.


11.


Controlling party

The parent of the smallest group of undertakings for which consolidated accounts are drawn up and of which the company is a member is Taiho Pharmaceutical Co., Limited, whose registered office address is 1-27 Kandanishiki-cho, Chiyoda-ku, Tokyo, 101-8444, Japan.
The ultimate controlling party is Otsuka Holdings Co., Limited, a company incorporated in Japan. Copies of its group financial statements are available from its website at www.otsuka.com/en.


12.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 20 March 2024 by Peter Key (Senior statutory auditor) on behalf of CLA Evelyn Partners Limited.

 
Page 7