Company registration number 14358042 (England and Wales)
ORBIMED (UK) LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
ORBIMED (UK) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 DECEMBER 2023
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The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
ORBIMED (UK) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
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2023
Notes
£
£
Current assets
Debtors
3
95,945
Cash at bank and in hand
39,036
134,981
Creditors: amounts falling due within one year
4
(40,675)
Net current assets
94,306
Capital and reserves
Called up share capital
5
1
Profit and loss reserves
94,305
Total equity
94,306
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 11 September 2024 and are signed on its behalf by:
W C Neild
Director
Company registration number 14358042 (England and Wales)
ORBIMED (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023
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Share capital
Profit and loss reserves
Total
£
£
£
Period ended 31 December 2023:
Profit and total comprehensive income
-
94,305
94,305
Other movements
1
-
1
Balance at 31 December 2023
1
94,305
94,306
ORBIMED (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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1
Accounting policies
Company information
Orbimed (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor West, Davidson House, Forbury Square, Reading, Berkshire, RG1 3EU.
Reporting period
The financial statements cover the period from incorporation on 15 September 2022 to 31 December 2023. These are the first financial statements produced by the entity and so they do not have comparative amounts.
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.
Going concern
The company is dependent on upon the continued financial support of the parent company to enable it totrue continue as a going concern. The parent company, Orbimed Advisors LLC, has expressed its willingness to continue supporting the company for a period of not less than 12 months from the date of signing the financial statements. The directors therefore considers it appropriate to prepare these financial statements on a going concern basis.
Turnover
Turnover shown in the statement of comprehensive income represents amounts receivable from its immediate parent company, Orbimed Advisors LLC, during the period for the provision of supporting services, exclusive of VAT.
Turnover in respect of the provision of services provided to Orbimed Advisors LLC, is calculated as attributable costs plus a mark up, as agreed between Orbimed (UK) Limited and Orbimed Advisors LLC.
Cash and cash equivalents
Cash and cash equivalents are basic financial instruments and include cash in hand and deposits held at call with banks.
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 balance sheet 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.
ORBIMED (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
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Basic financial assets
Basic financial assets, which include other debtors, amounts owed by group undertakings 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 financial asset is measured at the present value of the future receipts discounted at a market rate of interest.
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 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.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
Taxation
The tax expense represents the current tax expense. Current tax assets are recognised when tax paid
exceeds the tax payable.
Current tax is charged or credited to profit or loss, except when it relates to items charged or credited to other
comprehensive income or equity, when the tax follows the transaction or event it relates to and is also charged
or credited to other comprehensive income, or equity.
Current tax assets and current tax liabilities are offset, if and only if, there is a legally enforceable right to set
off the amounts and the entity intends either to settle on the net basis or to realise the asset and settle the
liability simultaneously.
Current tax is based on taxable profit for the year. Current tax assets and liabilities are measured using tax
rates that have been enacted or substantively enacted by the reporting date.
Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised
or the liability is settled based on tax rates that have been enacted or substantively enacted by the reporting
date.
Deferred tax liabilities are recognised in respect of all timing differences that exist at the reporting date. Timing
differences are differences between taxable profits and total comprehensive income that arise from the
inclusion of income and expenses in tax assessments in different periods from their recognition in the financial
statements. Deferred tax assets are recognised only to the extent that it is probable that they will be recovered
by the reversal of deferred tax liabilities or other future taxable profits.
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
Retirement benefits
For defined contribution schemes the amount charged to profit or loss is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments.
ORBIMED (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
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Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Foreign exchange
Transactions in currencies other than the functional currency (foreign currency) are initially recorded at the exchange rate prevailing on the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date of the transaction, or, if the asset or liability is measured at fair value, the rate when that fair value was determined.
All translation differences are taken to profit or loss, except to the extent that they relate to gains or losses on non-monetary items recognised in other comprehensive income, when the related translation gain or loss is also recognised in other comprehensive income.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
Number
Total
5
3
Debtors
2023
Amounts falling due within one year:
£
Amounts owed by group undertakings
84,111
Other debtors
11,687
95,798
Deferred tax asset
147
95,945
Amounts owed by group undertakings are interest free and repayable on demand.
ORBIMED (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
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4
Creditors: amounts falling due within one year
2023
£
Trade creditors
828
Corporation tax
28,868
Other creditors
10,979
40,675
5
Called up share capital
2023
2023
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
1
1
On incorporation the company issued 1 Ordinary £1 share at par for cash consideration.
6
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
£
Within one year
14,317
7
Parent company
Orbimed Advisors LLC (registered office: 601 Lexington Ave 54th floor, New York, NY 10022, United States) owns 100% of the ordinary share capital of the company. Therefore Orbimed Advisors LLC is the immediate and ultimate parent company.
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Mr Gary John McHale FCCA
Statutory Auditor:
DSA Prospect Audit Limited
Date of audit report:
13 September 2024