Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01falseacquisition, development and sales of pharmaceuticalproducts66falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 04017405 2023-01-01 2023-12-31 04017405 2022-01-01 2022-12-31 04017405 2023-12-31 04017405 2022-12-31 04017405 c:Director1 2023-01-01 2023-12-31 04017405 d:FurnitureFittings 2023-01-01 2023-12-31 04017405 d:FurnitureFittings 2023-12-31 04017405 d:FurnitureFittings 2022-12-31 04017405 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04017405 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 04017405 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 04017405 d:Goodwill 2023-12-31 04017405 d:Goodwill 2022-12-31 04017405 d:CurrentFinancialInstruments 2023-12-31 04017405 d:CurrentFinancialInstruments 2022-12-31 04017405 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 04017405 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 04017405 d:ShareCapital 2023-12-31 04017405 d:ShareCapital 2022-12-31 04017405 d:RetainedEarningsAccumulatedLosses 2023-12-31 04017405 d:RetainedEarningsAccumulatedLosses 2022-12-31 04017405 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 04017405 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-12-31 04017405 c:OrdinaryShareClass1 2023-01-01 2023-12-31 04017405 c:OrdinaryShareClass1 2023-12-31 04017405 c:OrdinaryShareClass1 2022-12-31 04017405 c:FRS102 2023-01-01 2023-12-31 04017405 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 04017405 c:FullAccounts 2023-01-01 2023-12-31 04017405 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04017405 d:WithinOneYear 2023-12-31 04017405 d:WithinOneYear 2022-12-31 04017405 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 04017405









BIOPROJET UK LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
BIOPROJET UK LIMITED
REGISTERED NUMBER: 04017405

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
2,943
4,148

  
2,943
4,148

Current assets
  

Stocks
 6 
581,722
835,960

Debtors: amounts falling due within one year
 7 
549,597
492,020

Cash at bank and in hand
 8 
698,086
315,462

  
1,829,405
1,643,442

Creditors: amounts falling due within one year
 9 
(697,052)
(226,392)

Net current assets
  
 
 
1,132,353
 
 
1,417,050

Total assets less current liabilities
  
1,135,296
1,421,198

  

Net assets
  
1,135,296
1,421,198


Capital and reserves
  

Called up share capital 
 11 
231,146
231,146

Profit and loss account
  
904,150
1,190,052

  
1,135,296
1,421,198


Page 1

 
BIOPROJET UK LIMITED
REGISTERED NUMBER: 04017405
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 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 statement of income and retained earnings 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 on 17 September 2024.





................................................
Jean-Guillaume Lecomte
Director


The notes on pages 3 to 11 form part of these financial statements.

Page 2

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

1.


General information

Bioprojet UK Limited is a private company limited by shares, incorporated in England and Wales. The principal activity throughout the year was the acquisition, development and sales of pharmaceutical products. 

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 following principal accounting policies have been applied:

 
2.2

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 3

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

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
15% Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

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.

 
2.6

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.

 
2.7

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.
Page 4

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

2.Accounting policies (continued)

 
2.8

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.

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 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.

 
2.9

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.

Page 5

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

2.Accounting policies (continued)

 
2.10

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.11

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
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.

 
2.13

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.

Page 6

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

2.Accounting policies (continued)

 
2.14

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.

 
2.15

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 economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives of 5 years.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2022 - 6).

Page 7

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

4.


Intangible assets




Develop-ment costs
Goodwill
Total

£
£
£



Cost


At 1 January 2023
1,323,002
495,000
1,818,002



At 31 December 2023

1,323,002
495,000
1,818,002



Amortisation


At 1 January 2023
1,323,002
495,000
1,818,002



At 31 December 2023

1,323,002
495,000
1,818,002



Net book value



At 31 December 2023
-
-
-



At 31 December 2022
-
-
-



Page 8

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

5.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 January 2023
37,927



At 31 December 2023

37,927



Depreciation


At 1 January 2023
33,779


Charge for the year on owned assets
1,205



At 31 December 2023

34,984



Net book value



At 31 December 2023
2,943



At 31 December 2022
4,148


6.


Stocks

2023
2022
£
£

Goods to be sold
581,722
835,960

581,722
835,960




Page 9

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

7.


Debtors

2023
2022
£
£


Trade debtors
395,297
357,957

Other debtors
140,623
117,881

Prepayments and accrued income
13,677
16,182

549,597
492,020



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
698,086
315,462

698,086
315,462



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
45,435
41,146

Amounts owed to group undertakings
631,200
157,914

Other taxation and social security
15,700
22,192

Other creditors
327
321

Accruals and deferred income
4,390
4,819

697,052
226,392



10.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
698,086
315,462




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.

Page 10

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

11.


Share capital

2023
2022
£
£
Authorised



100,000,000 (2022 - 100,000,000) Ordinary shares of £0.01 each
1,000,000
1,000,000

Allotted, called up and fully paid



23,114,580 (2022 - 23,114,580) Ordinary shares of £0.01 each
231,146
231,146



12.


Pension commitments

The Company operates a defined contributions pension scheme in respect of the employees. 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 £22,945 (2022 - £23,140). 


13.


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
30,739
31,902

30,739
31,902


14.


Ultimate Parent Undertaking and Controlling party

The Company is controlled by Bioprojet Pharma Sarl, by virtue of its shareholding. 
The ultimate holding company is Bioprojet Société Civile. 
The address of this company is 30 Rue des Francs-Bourgeois, 75003 Paris, France.

 
Page 11