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Company No: 04807321 (England and Wales)

GIANTMICROBES UK LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

GIANTMICROBES UK LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

GIANTMICROBES UK LIMITED

BALANCE SHEET

As at 31 December 2023
GIANTMICROBES UK LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Current assets
Stocks 96,426 153,104
Debtors 3 19,969 41,583
Cash at bank and in hand 127,065 30,889
243,460 225,576
Creditors: amounts falling due within one year 4 ( 23,009) ( 41,380)
Net current assets 220,451 184,196
Total assets less current liabilities 220,451 184,196
Creditors: amounts falling due after more than one year 5 ( 492,446) ( 411,267)
Net liabilities ( 271,995) ( 227,071)
Capital and reserves
Called-up share capital 6 1,000 1,000
Profit and loss account ( 272,995 ) ( 228,071 )
Total shareholder's deficit ( 271,995) ( 227,071)

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Giantmicrobes UK Limited (registered number: 04807321) were approved and authorised for issue by the Director on 10 April 2024. They were signed on its behalf by:

Mr A Oliver
Director
GIANTMICROBES UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
GIANTMICROBES UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Giantmicrobes UK Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Francis Clark Llp, Melville Building East, Royal William Yard, Plymouth, Devon, PL1 3GW, United Kingdom. The principal place of business is 78 Harvard Avenue, Suite 300, Stamford, Connecticut, 06902, United States of America.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary
course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts and after
eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probably that future economic benefits will flow to the entity

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Debtors

2023 2022
£ £
Trade debtors 19,969 39,002
VAT recoverable 0 2,581
19,969 41,583

4. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 17,622 38,905
Accruals 2,550 2,475
Other taxation and social security 2,837 0
23,009 41,380

5. Creditors: amounts falling due after more than one year

2023 2022
£ £
Amounts owed to Group undertakings 492,446 411,267

There are no amounts included above in respect of which any security has been given by the small entity.

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each 1,000 1,000

7. Related party transactions

Other related party transactions

2023 2022
£ £
Giantmicrobes Inc. 492,446 411,267

(A company incorporated in the United States of America which owns 100% of the share capital in Giantmicrobes UK Limited)

During the year the company operated a loan account with Giantmicrobes Inc, of which bears no interest and has no fixed terms of repayment. Giantmicrobes Inc charged management fees to Giantmicrobes UK Limited totalling £24,000 (2022: £24,000). Giantmicrobes Inc made supplier payments totalling £82,000 (2022: £45,603) and received sales income totalling £23,939 (2022: £24,194) on behalf of Giantmicrobes UK Limited. At the balance sheet date the amount due to Giantmicrobes Inc was £492,446 (2022: £411,267).

8. Ultimate controlling party

Parent Company:

Giantmicrobes Inc.
Suite 300
78 Harvard Avenue
Stamford
Connecticut
06092
United States of America

These financial statements are available upon request from Connecticut Secretary of State.

The ultimate controlling party is Mr A Oliver, by virtue of his majority shareholding.