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REGISTERED NUMBER: 11877135 (England and Wales)















ALVERON PHARMA UK LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






ALVERON PHARMA UK LTD (REGISTERED NUMBER: 11877135)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 5


ALVERON PHARMA UK LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: Dr J B Nichols





REGISTERED OFFICE: 3 Castlegate
Grantham
Lincolnshire
NG31 6SF





REGISTERED NUMBER: 11877135 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
14 All Saints Street
Stamford
Lincolnshire
PE9 2PA

ALVERON PHARMA UK LTD (REGISTERED NUMBER: 11877135)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,827 4,201

CURRENT ASSETS
Debtors 5 219,190 426,469
Cash at bank 10,384 18,916
229,574 445,385
CREDITORS
Amounts falling due within one year 6 1,229,999 366,592
NET CURRENT (LIABILITIES)/ASSETS (1,000,425 ) 78,793
TOTAL ASSETS LESS CURRENT LIABILITIES (996,598 ) 82,994

CAPITAL AND RESERVES
Called up share capital 7 100 100
Retained earnings (996,698 ) 82,894
SHAREHOLDERS' FUNDS (996,598 ) 82,994

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 8 April 2024 and were signed by:





Dr J B Nichols - Director


ALVERON PHARMA UK LTD (REGISTERED NUMBER: 11877135)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Alveron Pharma UK Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
At the balance sheet date the company had net liabilities of £996,598 (2022: Net assets of £82,994). Net liabilities includes an amount of £1,165,974 owing to the parent company.

The director of Alveron Pharma UK Limited considers that the financial statements should be prepared on a going concern basis because:

- the parent has given an undertaking not to withdraw monies owed to them if it would prejudice the ability of the company to continue as a going concern.

- in the director's opinion the parent company will secure further investment and the company may achieve profitability in future periods.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 33% on cost and 10% on cost

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Financial instruments
The company has chosen to adopt the FRS 102A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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.


ALVERON PHARMA UK LTD (REGISTERED NUMBER: 11877135)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Leasing commitments
Rentals paid under operating leases are charged to income on a straight line basis over the term of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 8,641
Additions 1,112
At 31 December 2023 9,753
DEPRECIATION
At 1 January 2023 4,440
Charge for year 1,486
At 31 December 2023 5,926
NET BOOK VALUE
At 31 December 2023 3,827
At 31 December 2022 4,201

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by group undertakings - 324,026
Other debtors 219,190 102,443
219,190 426,469

ALVERON PHARMA UK LTD (REGISTERED NUMBER: 11877135)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 58,574 351,772
Amounts owed to group undertakings 1,165,974 -
Taxation and social security 14 -
Other creditors 5,437 14,820
1,229,999 366,592

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary 1 100 100

8. OTHER FINANCIAL COMMITMENTS

The company has the following commitments due as follows:

20232022
££

Due in less than one year3,0013,436
Due between two and five years2,1855,174
5,1868,610


9. RELATED PARTY DISCLOSURES

At the balance sheet date there was a loan outstanding to the parent company Alveron Pharma BV (the parent company) of £1,165,974. This loan is interest free and repayable on demand.

10. ULTIMATE CONTROLLING PARTY

The company is controlled by Alveron Pharma B.V., a company incorporated in the Netherlands. The principal place of business of Alveron Pharma B.V. is :

NovioTech Campus
Transitorweg 5
6534 AT Nijmegen
The Netherlands