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REGISTERED NUMBER: 13237576 (England and Wales)












AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

MACURE PHARMA UK LIMITED

MACURE PHARMA UK LIMITED (REGISTERED NUMBER: 13237576)

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


MACURE PHARMA UK LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTORS: M R Henningsen
L M Poulsen





SECRETARY: Entreprenor Limited





REGISTERED OFFICE: 3 Waterhouse Square
138 - 142 Holborn
London
EC1N 2SW





REGISTERED NUMBER: 13237576 (England and Wales)





AUDITORS: Magma Audit LLP
Chartered Accountants
Statutory Auditor
Magma House, 16 Davy Court
Castle Mound Way
Rugby
CV23 0UZ

MACURE PHARMA UK LIMITED (REGISTERED NUMBER: 13237576)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £   
CURRENT ASSETS
Stocks 552,806 543,248
Debtors 4 10,540,691 2,631,208
Cash at bank and in hand 1,475,643 1,631,324
12,569,140 4,805,780
CREDITORS
Amounts falling due within one year 5 (10,626,611 ) (3,673,081 )
NET CURRENT ASSETS 1,942,529 1,132,699
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,942,529

1,132,699

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,942,429 1,132,599
SHAREHOLDERS' FUNDS 1,942,529 1,132,699

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 Board of Directors and authorised for issue on 12 June 2024 and were signed on its behalf by:




M R Henningsen - Director



L M Poulsen - Director


MACURE PHARMA UK LIMITED (REGISTERED NUMBER: 13237576)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023


1. STATUTORY INFORMATION

Macure Pharma UK Limited is a limited company, registered in England and Wales. Its registered office address is 3 Waterhouse Square, 138 - 142 Holborn, London, England, EC1N 2SW and the registered number is 13237576.

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.

The company's functional and presentational currency is Sterling (£) and amounts are rounded to the nearest £1.

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the company and value added taxes.

The company recognises revenue when (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the company retains no continuing involvement or control over the goods; (c) the amount of revenue can be measured reliably; (d) it is probable that future economic benefits will flow to the entity and (e) when the specific criteria relating to the each of the company’s sales channels have been met.

Stock
Stock is stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Financial instruments
(i) Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances 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 rate method.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors 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.

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

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term 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.


MACURE PHARMA UK LIMITED (REGISTERED NUMBER: 13237576)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


2. ACCOUNTING POLICIES - continued
Taxation
The tax expense for the year comprises current and deferred tax.

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.

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.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Foreign currency transactions and balances
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction.

Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date. All differences on monetary items are recognised in the profit and loss account in the period in which they arise. Where the gain or loss on a non-monetary item is recognised in other comprehensive income, the exchange component of this is also recognised within other comprehensive income.

Operating leases
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Share capital
Ordinary shares are classified as equity.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,134,372 713,860
Amounts owed by group undertakings 9,370,109 1,916,752
Other debtors 5,434 171
Deferred tax asset - 425
Prepayments and accrued income 30,776 -
10,540,691 2,631,208

MACURE PHARMA UK LIMITED (REGISTERED NUMBER: 13237576)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 211,918 16,893
Amounts owed to group undertakings 9,796,527 3,133,924
Tax 105,849 191,383
VAT 495,044 320,814
Other creditors - 67
Accruals and deferred income 17,273 10,000
10,626,611 3,673,081

6. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 1,860 27,034
Between one and five years - 1,860
1,860 28,894

7. DEFERRED TAX
£   
Balance at 1 January 2023 (425 )
Utilised during year 425
Balance at 31 December 2023 -

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

The Report of the Auditors was unqualified.

Victoria Craig (Senior Statutory Auditor)
for and on behalf of Magma Audit LLP

9. RELATED PARTY DISCLOSURES

The company has taken advantage of the 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.

During the year, the company made purchases of £6,665,276 (2022: £3,133,924) and recharges of staff costs amounting to £9,053 (2022: £nil) from an entity with common ownership. At the year end a balance of £9,796,527 (2022: £3,133,924) was owed by Macure Pharma UK Limited.