Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31truetrue2023-01-01falseResearch and development of biotechnology for healthcare applications.64The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 14002538 2023-01-01 2023-12-31 14002538 2022-03-25 2022-12-31 14002538 2023-12-31 14002538 2022-12-31 14002538 c:Director2 2023-01-01 2023-12-31 14002538 d:PlantMachinery 2023-01-01 2023-12-31 14002538 d:PlantMachinery 2023-12-31 14002538 d:PlantMachinery 2022-12-31 14002538 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 14002538 d:ComputerEquipment 2023-01-01 2023-12-31 14002538 d:ComputerEquipment 2023-12-31 14002538 d:ComputerEquipment 2022-12-31 14002538 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 14002538 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 14002538 d:CurrentFinancialInstruments 2023-12-31 14002538 d:CurrentFinancialInstruments 2022-12-31 14002538 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 14002538 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 14002538 d:ShareCapital 2023-12-31 14002538 d:ShareCapital 2022-12-31 14002538 d:RetainedEarningsAccumulatedLosses 2023-12-31 14002538 d:RetainedEarningsAccumulatedLosses 2022-12-31 14002538 c:OrdinaryShareClass1 2023-01-01 2023-12-31 14002538 c:OrdinaryShareClass1 2023-12-31 14002538 c:OrdinaryShareClass1 2022-12-31 14002538 c:FRS102 2023-01-01 2023-12-31 14002538 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 14002538 c:FullAccounts 2023-01-01 2023-12-31 14002538 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 14002538 2 2023-01-01 2023-12-31 14002538 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 14002538









ORTHOBIO THERAPEUTICS UK LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2023

 
ORTHOBIO THERAPEUTICS UK LTD
REGISTERED NUMBER: 14002538

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

FIXED ASSETS
  

Tangible assets
 4 
170,971
105,179

  
170,971
105,179

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 5 
86,210
27,202

Cash at bank and in hand
  
142,304
998,744

  
228,514
1,025,946

Creditors: amounts falling due within one year
 6 
(1,996,582)
(1,528,415)

NET CURRENT LIABILITIES
  
 
 
(1,768,068)
 
 
(502,469)

TOTAL ASSETS LESS CURRENT LIABILITIES
  
(1,597,097)
(397,290)

  

NET LIABILITIES
  
(1,597,097)
(397,290)


CAPITAL AND RESERVES
  

Called up share capital 
 7 
100
100

Profit and loss account
  
(1,597,197)
(397,390)

  
(1,597,097)
(397,290)


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

Page 1

 
ORTHOBIO THERAPEUTICS UK LTD
REGISTERED NUMBER: 14002538
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




S Millett
Director

Date: 14 August 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
ORTHOBIO THERAPEUTICS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


GENERAL INFORMATION

Orthobio Therapeutics UK Limited is a private company limited by shares incorporated in England and Wales. Its registered office is Salisbury House, Station Road, Cambridge, CB1 2LA.
The parent undertaking of the group is Orthobio Therapeutics Inc., a company incorporated within the United States of America.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The Company incurred a loss for the year and had net liabilities of £1,597,097 (2022: £397,290) as at 31 December 2023.
The Company is dependent on support from its parent company while it continues to prove its technology through research and development activities, in order that in the future it can use the technology to generate significant net cash inflows. The Company is expected to continue to be loss making and in a net cash outflow position in the near future as it progresses its activities.
Having considered the above factors, the directors are confident that the Company will be able to continue in operational existence for the foreseeable future, being a period of not less than 12 months from the date of approval of the financial statements, and accordingly the financial statements have been prepared on a going concern basis.

Page 3

 
ORTHOBIO THERAPEUTICS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.3

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 Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

INTEREST INCOME

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

 
2.6

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.7

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.

Page 4

 
ORTHOBIO THERAPEUTICS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.8

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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

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.

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.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
Straight line
Computer equipment
-
20%
Straight line

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.

 
2.10

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.

Page 5

 
ORTHOBIO THERAPEUTICS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.11

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.

 
2.12

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.


3.


EMPLOYEES


The average monthly number of employees, including directors, during the period was 6 (2022 - 4).


4.


TANGIBLE FIXED ASSETS





Plant and machinery
Computer equipment
Total

£
£
£



COST OR VALUATION


At 1 January 2023
104,005
6,501
110,506


Additions
95,756
3,243
98,999



At 31 December 2023

199,761
9,744
209,505



DEPRECIATION


At 1 January 2023
5,007
320
5,327


Charge for the period on owned assets
31,683
1,524
33,207



At 31 December 2023

36,690
1,844
38,534



NET BOOK VALUE



At 31 December 2023
163,071
7,900
170,971



At 31 December 2022
98,998
6,181
105,179

Page 6

 
ORTHOBIO THERAPEUTICS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

5.


DEBTORS

2023
2022
£
£


Other debtors
85,723
20,622

Called up share capital not paid
-
100

Prepayments
487
6,480

86,210
27,202



6.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Bank overdrafts
-
440

Trade creditors
74,070
25,286

Amounts owed to group undertakings
1,907,840
1,470,512

Other creditors
3,973
4,567

Accruals
10,699
27,610

1,996,582
1,528,415


included within other creditors is a year end pension liability of £3,973 (2022: £4,567). 


7.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND PARTLY PAID



100 (2022 - 100) Ordinary shares of £1.00 each
100
100


 
Page 7