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Registered number: 14237908
Faaborg Pharma UK Limited
Unaudited Financial Statements
For the Period 15 July 2022 to 31 July 2023
Goodwille Limited
Unaudited Financial Statements
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—4
Page 1
Balance Sheet
Registered number: 14237908
31 July 2023
Notes £ £
CURRENT ASSETS
Debtors 4 2,804
Cash at bank and in hand 8,833
11,637
Creditors: Amounts Falling Due Within One Year 5 (130,727 )
NET CURRENT ASSETS (LIABILITIES) (119,090 )
TOTAL ASSETS LESS CURRENT LIABILITIES (119,090 )
NET LIABILITIES (119,090 )
CAPITAL AND RESERVES
Called up share capital 6 10
Profit and Loss Account (119,100 )
SHAREHOLDERS' FUNDS (119,090)
For the period ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Sten Nielsen
Director
21/03/2024
The notes on pages 2 to 4 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
Faaborg Pharma UK Limited is a private company, limited by shares, incorporated in England & Wales, registered number 14237908 . The registered office is 24 Old Queen Street, London, SW1H 9HP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
Though the Company is operating at a loss, the Directors have a reasonable expectation that the Company will continue to have access to adequate resources to continue in operational existence for the foreseeable future. The Directors have considered a letter of support from its immediate parent company stating that they will support the Company should it not be in a position to meet any repayment obligations. Thus, the Directors continue to adopt the going concern basis in preparing the annual financial statements.
2.3. Significant judgements and estimations
The preparation of the financial statements requires management to make judgements, estimates, and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion there are no significant judgements or key sources of estimation uncertainty.
2.4. Financial Instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like other debtors and creditors, loans from related parties and investments in non-puttable ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
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.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Debtors
Basic financial assets, including trade and other debtors, are intially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
2.7. Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
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Page 3
2.8. Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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 payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
2.9. Share Capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
2.10. Disclosure of long or short period
The company was incorporated on 15 July 2022. The company’s yearend date is 31 July 2023 2021. These financial statements are therefore for the long period from 15 July 2022 to 31 July 2023. There are no comparatives as this is the first period of account.
3. Average Number of Employees
Average number of employees, including directors, during the period was: 1
1
4. Debtors
31 July 2023
£
Due within one year
Prepayments and accrued income 150
VAT 2,654
2,804
5. Creditors: Amounts Falling Due Within One Year
31 July 2023
£
Trade creditors 99
Other taxes and social security 11,466
Net wages 7,059
Accruals 1,297
Amounts owed to group undertakings 110,806
130,727
6. Share Capital
31 July 2023
£
Allotted, Called up and fully paid 10
7. Dividends
No dividends were proposed or paid during the period. 
8. Related Party Transactions
The company is a wholly owned subsidiary member of its group and has therefore taken advantage of the provisions of Section 33. 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” not to disclose transactions with entities that are wholly owned members of the group.
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Page 4
9. Ultimate Parent Undertaking and Controlling Party
The company's immediate and ultimate parent undertaking is Faaborg Pharma AS , incorporated in Denmark. Copies of the group accounts may be obtained from the secretary, 13A Markedspladsen, Faaborg, 5600 . The ultimate controlling party is Faaborg Pharma AS who controls 100% of the shares of Faaborg Pharma UK Limited .
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