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Registered number: 11457556









IMMEDICA PHARMA UK LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
IMMEDICA PHARMA UK LIMITED
REGISTERED NUMBER: 11457556

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 5 
181,230
216,988

Cash at bank and in hand
 6 
184,809
178,634

  
366,039
395,622

Creditors: amounts falling due within one year
 7 
(238,510)
(182,398)

Net current assets
  
 
 
127,529
 
 
213,224

Total assets less current liabilities
  
127,529
213,224

  

Net assets
  
127,529
213,224


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
127,429
213,124

  
127,529
213,224


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



................................................
P A Edvell
Director

Date: 22 August 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 1

 
IMMEDICA PHARMA UK LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
100
163,402
163,502


Comprehensive income for the year

Profit for the year
-
49,722
49,722
Total comprehensive income for the year
-
49,722
49,722


Total transactions with owners
-
-
-



At 1 January 2023
100
213,124
213,224


Comprehensive income for the year

Profit for the year
-
54,305
54,305
Total comprehensive income for the year
-
54,305
54,305


Contributions by and distributions to owners

Dividends
-
(140,000)
(140,000)


Total transactions with owners
-
(140,000)
(140,000)


At 31 December 2023
100
127,429
127,529


The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
IMMEDICA PHARMA UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Immedica Pharma UK Limited ("The Company") is a company incorporated in the United Kingdom under the Companies Act. The Company is a private company, limited by shares and is registered in England & Wales. The registered office Suite 4, 7th Floor 50 Broadway, London SW1H 0DB.

The Company was incorporated on 10 July 2018 as Medical Need UK Limited. On 13 June 2019, the Company changed its name to Immedica Pharma UK Limited. 
The principal activity of the company in the period under review was that of providing sales and marketing services for its parent company.
The Company's functional and presentational currency is GBP. Balances are rounded to the nearest whole £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company has obtained a letter of support from its parent, Immedica Pharma AB. The directors of Immedica Pharma AB have provided a commitment to provide any financial support which may be necessary in order that the Company can continue to meet its liabilities, as they fall due, for the foreseeable future. 
As a result of this commitment the directors have continued to adopt the going concern basis in preparing these financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Turnover represents amounts charged to the parent company under a services and marketing agreement, excluding value added taxation. Turnover is recognised when costs are incurred. 

Page 3

 
IMMEDICA PHARMA UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Pensions

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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

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.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 4

 
IMMEDICA PHARMA UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are 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.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is
Page 5

 
IMMEDICA PHARMA UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.11
Financial instruments (continued)

immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 7 (2022 - 7).


4.


Dividends

2023
2022
£
£


Dividend
140,000
-

On 30 March 2023 a dividend of £140,000 was proposed and paid.


5.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
125,947
204,205

Other debtors
29,222
5,129

Prepayments and accrued income
20,219
6,813

Deferred taxation
5,842
841

181,230
216,988


Page 6

 
IMMEDICA PHARMA UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
184,809
178,634



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
2,852
198

Corporation tax
20,880
11,742

Other taxation and social security
11,541
23,868

Accruals and deferred income
203,237
146,590

238,510
182,398



8.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £59,557 (2022- £54,095) contributions totalling were £11,541 (2022- £9,181) payable to the fund at the balance sheet date and are included in creditors.


9.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
34,988
20,600

Later than 1 year and not later than 5 years
74,011
58,640

108,999
79,240

Page 7

 
IMMEDICA PHARMA UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Controlling party

The immediate parent company is Immedica Pharma AB, a company incorporated in Sweden. Immedica Pharma AB is the parent company of the smallest to consolidate these accounts and holds 100% of the share capital of Immedica Pharma UK Limited. The principal place of business of Immedica Pharma AB is Norrtullsgarten 15, 113 29, Stockholm, Sweden.
The ultimate controlling party is Impilo Holdings AB and this is the largest group to consolidate these accounts. 


11.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 13 September 2024 by Simon Buss (Senior Statutory Auditor) on behalf of Nortons Assurance Limited.

 
Page 8