Company Registration No. 04067267 (England and Wales)
Invus (UK) Limited
Unaudited financial statements
for the year ended 31 December 2023
Pages for filing with the registrar
Invus (UK) Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 7
Invus (UK) Limited
Statement of financial position
As at 31 December 2023
1
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
5
23,600
23,600
Current assets
Debtors
7
2,153,173
16,439
Cash at bank and in hand
245,117
260,137
2,398,290
276,576
Creditors: amounts falling due within one year
8
(5,366)
(4,580)
Net current assets
2,392,924
271,996
Net assets
2,416,524
295,596
Capital and reserves
Called up share capital
9
1
1
Profit and loss reserves
2,416,523
295,595
Total equity
2,416,524
295,596
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 10 September 2024 and are signed on its behalf by:
Luc Ta-Ngoc
Director
Company Registration No. 04067267
Invus (UK) Limited
Notes to the financial statements
For the year ended 31 December 2023
2
1
Accounting policies
Company information
Invus (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, One London Wall, London, EC2Y 5EB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
Day to day oversight and operational matters remain under the oversight of the directors. The company remains a going concern as a holding company of its French subsidiary however within the next twelve months the company will be providing advisory services to other entities within the same control group and therefore become an operating entity. Invus (UK) Limited has the ongoing financial support of its shareholder and the Frenchtrue subsidiary.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Invus (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
3
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors, 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 creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 creditors 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Invus (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
4
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Current tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.
A net deferred tax asset is regarded as recoverable and therefore recognised only when, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax is measured on a non-discounted basis at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Invus (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
5
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
The company has no employees and the three directors did not receive any remuneration or compensation in the financial year.
4
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
(2,622)
Adjustments in respect of prior periods
2,622
Total current tax
2,622
(2,622)
Deferred tax
Origination and reversal of timing differences
(416)
Total tax charge/(credit)
2,622
(3,038)
5
Fixed asset investments
2023
2022
£
£
Investments
23,600
23,600
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2023 & 31 December 2023
23,600
Carrying amount
At 31 December 2023
23,600
At 31 December 2022
23,600
Invus (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
6
6
Subsidiaries
Details of the company's subsidiaries at 31 December 2023 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Invus SAS
France
Provision of management services
Ordinary
100
0
The aggregate capital and reserves and the result for the year of the subsidiary noted above was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
£
£
Invus SAS
230,496
265,735
The investment in subsidiary is stated at historic cost.
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
2,622
Amounts owed by group undertakings
2,141,257
Other debtors
11,916
13,817
2,153,173
16,439
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,020
179
Other creditors
4,346
4,401
5,366
4,580
9
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1
1
1
Invus (UK) Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
7
10
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
All the entities below are related parties by virtue of the common directorship or relationship of Raymond Debbane, a director of the company, and/or being under common control.
The company incurred £1,901 (2022: £2,614) of expenses on behalf of Invus Asia Limited during the year, of which £1,901 (2022: £2,614) was recharged to that company during the year to 31 December 2023. As at 31 December 2023, £nil (2021: £1,901) was still due from Invus Asia Limited
11
Parent company
The immediate parent is Siren L.L.C., a Limited Liability Corporation registered in USA. The ultimate controlling party is the director Raymond Debbane.