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REGISTERED NUMBER: 09359212 (England and Wales)















Financial Statements for the Year Ended 31 December 2023

for

Bridging Pharma Ltd

Bridging Pharma Ltd (Registered number: 09359212)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Statement of Financial Position 2

Statement of Changes in Equity 3

Notes to the Financial Statements 4


Bridging Pharma Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTOR: Dr H Z Peng





REGISTERED OFFICE: 3rd Floor
9 St. Clare Street
London
EC3N 1LQ





REGISTERED NUMBER: 09359212 (England and Wales)





AUDITORS: Shinewing Wilson Accountancy Limited
Chartered Certified Accountants
and Statutory Auditors
9 St Clare Street
London
EC3N 1LQ

Bridging Pharma Ltd (Registered number: 09359212)

Statement of Financial Position
31 December 2023

31.12.23 31.12.22
Notes £    £   
CURRENT ASSETS
Debtors 4 51,331 80,572
Cash at bank 157,357 126,455
208,688 207,027
CREDITORS
Amounts falling due within one year 5 356,390 372,136
NET CURRENT LIABILITIES (147,702 ) (165,109 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(147,702

)

(165,109

)

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (147,802 ) (165,209 )
SHAREHOLDERS' FUNDS (147,702 ) (165,109 )

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 Profit and loss account has not been delivered.

The financial statements were approved by the director and authorised for issue on 31 July 2024 and were signed by:





Dr H Z Peng - Director


Bridging Pharma Ltd (Registered number: 09359212)

Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 100 (137,046 ) (136,946 )

Changes in equity
Total comprehensive income - (28,163 ) (28,163 )
Balance at 31 December 2022 100 (165,209 ) (165,109 )

Changes in equity
Total comprehensive income - 17,407 17,407
Balance at 31 December 2023 100 (147,802 ) (147,702 )

Bridging Pharma Ltd (Registered number: 09359212)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Bridging Pharma 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
The company had net current liabilities of £148K as at the balance sheet date, mainly due to the amounts owed to the parent company of £342K, the parent company confirmed not call for repayment until the company has the ability to do so. The director considered that the company has adequate resources available in order to continue in operational existence for the foreseeable future based on the financial support from the ultimate parent company for 18 months from the date of signing the financial statements, therefore the company continue to adopt going concern basis in preparing the financial statements.

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

The company as the nominal holder for the marketing authorisation of its intermediate parent's product in the United Kingdom, agrees to provide its intermediate parent company, in Hong Kong with relevant services, and recharges actual incurred costs excluding financial cost with a markup excluding tax.

Bridging Pharma Ltd (Registered number: 09359212)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The Company has chosen to adopt the Sections 11 of FRS 102 in respect of financial instruments.

Financial assets
Basic financial assets, including trade and other receivables, cash and bank balances and investments in commercial paper, are initially 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.

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 profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies 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.

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

Trade payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital
Financial instruments issued by the company are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset.

The company's ordinary shares are classified as equity instruments.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

Bridging Pharma Ltd (Registered number: 09359212)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 35,836 64,998
Prepayments and accrued income 15,495 15,574
51,331 80,572

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Amounts owed to group undertakings 341,686 357,188
Accrued expenses 14,704 14,948
356,390 372,136

Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

6. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Julie Zhuge Wilson (Senior Statutory Auditor)
for and on behalf of Shinewing Wilson Accountancy Limited

7. OTHER FINANCIAL COMMITMENTS

The company entered into a non-cancellable contract primarily related to Software Licensing and Pharmacovigilance Services. As at the balance sheet date, the outstanding commitment is £12,802 (Equivalent to CNY116,190), the contract is due on or before Dec 2025.

8. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

9. CONTROLLING PARTY

The immediate parent company is CMS Bridging Ltd, a company registered in Hong Kong; and the ultimate controlling party is China Medical System Holdings Limited, a company registered in Cayman Islands.