IRIS Accounts Production v24.2.0.383 09667784 Board of Directors 1.1.23 31.12.23 31.12.23 25.4.24 false true false false true false Auditors Opinion Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh096677842022-12-31096677842023-12-31096677842023-01-012023-12-31096677842021-12-31096677842022-01-012022-12-31096677842022-12-3109667784ns15:EnglandWales2023-01-012023-12-3109667784ns14:PoundSterling2023-01-012023-12-3109667784ns10:Director12023-01-012023-12-3109667784ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3109667784ns10:SmallEntities2023-01-012023-12-3109667784ns10:Audited2023-01-012023-12-3109667784ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3109667784ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3109667784ns10:FullAccounts2023-01-012023-12-3109667784ns10:OrdinaryShareClass12023-01-012023-12-3109667784ns10:Director22023-01-012023-12-3109667784ns10:Director42023-01-012023-12-3109667784ns10:CompanySecretary12023-01-012023-12-3109667784ns10:CompanySecretary22023-01-012023-12-3109667784ns10:RegisteredOffice2023-01-012023-12-3109667784ns5:CurrentFinancialInstruments2023-12-3109667784ns5:CurrentFinancialInstruments2022-12-3109667784ns5:ShareCapital2023-12-3109667784ns5:ShareCapital2022-12-3109667784ns5:CapitalRedemptionReserve2023-12-3109667784ns5:CapitalRedemptionReserve2022-12-3109667784ns5:RetainedEarningsAccumulatedLosses2023-12-3109667784ns5:RetainedEarningsAccumulatedLosses2022-12-3109667784ns5:FurnitureFittings2023-01-012023-12-3109667784ns5:ComputerEquipment2023-01-012023-12-3109667784ns5:FurnitureFittings2022-12-3109667784ns5:ComputerEquipment2022-12-3109667784ns5:FurnitureFittings2023-12-3109667784ns5:ComputerEquipment2023-12-3109667784ns5:FurnitureFittings2022-12-3109667784ns5:ComputerEquipment2022-12-3109667784ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3109667784ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3109667784ns5:WithinOneYear2023-12-3109667784ns5:WithinOneYear2022-12-3109667784ns10:OrdinaryShareClass12023-12-31
REGISTERED NUMBER: 09667784 (England and Wales)













Financial Statements

for the Year Ended 31 December 2023

for

Oviva UK Limited

Oviva UK Limited (Registered number: 09667784)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Oviva UK Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: K W Eberhardt
L A Jones
M Fidock



SECRETARIES: R Edwards
M Leister



REGISTERED OFFICE: Runway East
20 St Thomas Street
London
SE1 9RS



REGISTERED NUMBER: 09667784 (England and Wales)



SENIOR STATUTORY AUDITOR: Simon Hook FCCA



AUDITORS: Clive Owen LLP
Chartered Accountants and Statutory Auditors
Kepier House
Belmont Business Park
Durham
DH1 1TW

Oviva UK Limited (Registered number: 09667784)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 105,038 158,345

CURRENT ASSETS
Stocks 82,368 69,734
Debtors 5 3,776,065 1,564,028
Cash at bank 715,953 6,294,986
4,574,386 7,928,748
CREDITORS
Amounts falling due within one year 6 16,980,574 16,229,336
NET CURRENT LIABILITIES (12,406,188 ) (8,300,588 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(12,301,150

)

(8,142,243

)

CAPITAL AND RESERVES
Called up share capital 8 10 10
Capital redemption reserve 69,939 69,939
Retained earnings (12,371,099 ) (8,212,192 )
SHAREHOLDERS' FUNDS (12,301,150 ) (8,142,243 )

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 Board of Directors and authorised for issue on 18 April 2024 and were signed on its behalf by:





M Fidock - Director


Oviva UK Limited (Registered number: 09667784)

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

1. STATUTORY INFORMATION

Oviva 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.

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.

There were no material departures from that standard.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

Going concern
The directors assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The directors make this assessment in respect of a period of at least one year from the date the financial statements are approved.

The company has incurred a net loss of £4,158,907 for the year ended 31 December 2023 and the company’s liabilities exceeded its total assets by £12,301,150. Oviva UK Limited are reliant on continued support from the parent company, Oviva AG. A letter of support has been obtained from the parent company which confirms they will continue to fund the losses of the company over the next 12 months and they will not demand repayment of the loan balance within 12 months from the date of approval of these accounts. The directors believe that it is appropriate to continue to adopt the going concern basis of accounting in preparing the financial statements due to the support available from the parent company.

The financial statements are prepared on the going concern basis which assumes that the company will continue to trade. If the company is unable to continue to trade, adjustments would be required to reduce the value of assets to their recoverable amounts, to provide for any further liabilities that might arise and to analyse long term liabilities as current liabilities.

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

Income recognition
Turnover comprises the Company's revenue in respect of providing alternative human health services.

Revenue is recognised to the extent that it is probable that the economic benefit will flow to the Company and the revenue can be reliably measured. For sales contracts, this is when certain performance milestones have been met.

Government Grants
Revenue based grants have been credited to the profit and loss account in the period to which they relate.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on cost
Computer equipment - 33% on cost

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment.

Oviva UK Limited (Registered number: 09667784)

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

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and selling price less estimated costs to sell, after making allowance for obsolete and slow moving items.

Financial instruments
Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future benefits and that its cost can reliably measured.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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.

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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

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

Oviva UK Limited (Registered number: 09667784)

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 265 (2022 - 245 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 January 2023 1,708 307,458 309,166
Additions - 38,122 38,122
Disposals (443 ) (33,252 ) (33,695 )
At 31 December 2023 1,265 312,328 313,593
DEPRECIATION
At 1 January 2023 919 149,902 150,821
Charge for year 289 87,960 88,249
Eliminated on disposal (443 ) (30,072 ) (30,515 )
At 31 December 2023 765 207,790 208,555
NET BOOK VALUE
At 31 December 2023 500 104,538 105,038
At 31 December 2022 789 157,556 158,345

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,131,713 644,257
Amounts owed by group undertakings 1,603,862 383,455
Other debtors 128,903 21,884
Prepayments and accrued income 911,587 514,432
3,776,065 1,564,028

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 251,745 166,028
Amounts owed to group undertakings 15,063,556 14,346,244
Taxation and social security 337,629 238,054
Other creditors 59,625 31,445
Accruals and deferred income 1,268,019 1,447,565
16,980,574 16,229,336

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 87,150 146,446

Oviva UK Limited (Registered number: 09667784)

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

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
10 Ordinary £1 10 10

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

The auditor's report on these financial statements was unqualified but the auditor drew attention to a material uncertainty relating to going concern, further disclosure in this regard can be found at note 2.

Our opinion is not modified in respect of this matter.

Simon Hook FCCA (Senior Statutory Auditor)
for and on behalf of Clive Owen LLP

10. 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, or those conducted under normal market conditions.

11. ULTIMATE PARENT COMPANY

The ultimate parent company is Oviva AG.

The registered address of the ultimate parent company is: Zürcherstrasse 64, 8852 Altendorf, Switzerland.