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REGISTERED NUMBER: 09278402 (England and Wales)









Financial Statements

for the Year Ended 31 December 2023

for

Ote Pharma UK Limited

Ote Pharma UK Limited (Registered number: 09278402)






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


Ote Pharma UK Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: Mrs D M Beth





REGISTERED OFFICE: 28 Church Road
Stanmore
Middlesex
HA7 4XR





REGISTERED NUMBER: 09278402 (England and Wales)





AUDITORS: Parker Cavendish
Chartered Accountants
Registered Auditor
28 Church Road
Stanmore
Middlesex
HA7 4XR

Ote Pharma UK Limited (Registered number: 09278402)

Statement of Financial Position
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Property, plant and equipment 4 1,200 -

CURRENT ASSETS
Inventories 387,322 205,633
Debtors 5 935,102 476,366
Cash at bank 138,539 240,185
1,460,963 922,184
CREDITORS
Amounts falling due within one year 6 (228,638 ) (367,964 )
NET CURRENT ASSETS 1,232,325 554,220
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,233,525

554,220

CAPITAL AND RESERVES
Called up share capital 7 100 100
Retained earnings 8 1,233,425 554,120
SHAREHOLDERS' FUNDS 1,233,525 554,220

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 Statement of Income and Retained Earnings has not been delivered.

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





Mrs D M Beth - Director


Ote Pharma UK Limited (Registered number: 09278402)

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

1. STATUTORY INFORMATION

Ote Pharma UK Limited 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.

Related party exemption
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.

Turnover
Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade and settlement discounts.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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

Inventories
Inventories are stated at lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials, direct labour and those overheads that have been incurred in bringing the inventories to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the income statement. Reversals of impairment losses are also recognised in the income statement.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Ote Pharma UK Limited (Registered number: 09278402)

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

2. ACCOUNTING POLICIES - continued

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.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
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.

Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, and 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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. Amounts 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.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

3. EMPLOYEES AND DIRECTORS

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

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
COST
Additions 1,200
At 31 December 2023 1,200
NET BOOK VALUE
At 31 December 2023 1,200

Ote Pharma UK Limited (Registered number: 09278402)

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

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 929,183 470,447
Other debtors 5,919 5,919
935,102 476,366

Included within trade debtors is an amount of £544,179 (2022: £26,557) owing from Oté Pharma Sol B.V., a fellow group company.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 27,744 36,565
Amounts owed to group undertakings - 100,535
Taxation and social security 191,645 222,615
Other creditors 9,249 8,249
228,638 367,964

7. CALLED UP SHARE CAPITAL

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

8. RESERVES
Retained
earnings
£   

At 1 January 2023 554,120
Profit for the year 679,305
At 31 December 2023 1,233,425

The directors propose a dividend of £550,000 (2022: £nil) for the year ended 31 December 2023.

Ote Pharma UK Limited (Registered number: 09278402)

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

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

The Report of the Auditors was qualified on the following basis:

Basis for qualified opinion
In respect of the year ended 31 December 2022, the evidence available to us was limited as we were appointed as auditors during the year and were unable to carry out auditing procedures necessary to obtain adequate assurance regarding the opening balances and comparative figures because the financial statements for the year ended 31 December 2021 were not subject to an audit due to the company being exempt from that requirement. Any adjustments to the opening balances would have a consequential effect on the profit for the year. Our audit opinion on the financial statements for the year ended 31 December 2022 was qualified in this respect. Our opinion on the current year's financial statements is also qualified because of the possible effect of this on the corresponding figures for the year ended 31 December 2022.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Marco Gazza (Senior Statutory Auditor)
for and on behalf of Parker Cavendish

10. RELATED PARTY DISCLOSURES

During the year, the company made purchases totalling £nil (2022: £240,736) from I-Care Vision B.V., a company that is 50% owned by Ote Holding B.V. (the parent of the company). At the year end, an amount of £nil (2022: £nil) was due to I-Care Vision B.V.

11. ULTIMATE CONTROLLING PARTY

The ultimate parent undertaking is STAK Optipharma, a legal entity incorporated in the Netherlands. The ultimate controller is Dr R.W Oorthuizen.