Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31false2023-01-01sale of cold storage and machine perfusion solutions for use in organ transplantstrue1411truefalse 08072237 2023-01-01 2023-12-31 08072237 1 2023-01-01 2023-12-31 08072237 2022-01-01 2022-12-31 08072237 2023-12-31 08072237 2022-12-31 08072237 d:Director1 2023-01-01 2023-12-31 08072237 c:CurrentFinancialInstruments 2023-12-31 08072237 c:CurrentFinancialInstruments 2022-12-31 08072237 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 08072237 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 08072237 c:ShareCapital 2023-12-31 08072237 c:ShareCapital 2022-12-31 08072237 c:RetainedEarningsAccumulatedLosses 2023-12-31 08072237 c:RetainedEarningsAccumulatedLosses 2022-12-31 08072237 d:FRS102 2023-01-01 2023-12-31 08072237 d:Audited 2023-01-01 2023-12-31 08072237 d:FullAccounts 2023-01-01 2023-12-31 08072237 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08072237 d:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 08072237 2 2023-01-01 2023-12-31 08072237 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Registered number: 08072237


BRIDGE TO LIFE (EUROPE) LTD
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023

 
BRIDGE TO LIFE (EUROPE) LIMITED
REGISTERED NUMBER:08072237

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Stocks
 4 
2,242,573
1,763,368

Debtors: amounts falling due within one year
 5 
1,339,309
2,205,828

Cash at bank and in hand
 6 
1,970,061
6,972,614

  
5,551,943
10,941,810

Creditors: amounts falling due within one year
 7 
(5,929,672)
(11,411,109)

Net current liabilities
  
 
 
(377,729)
 
 
(469,299)

Total assets less current liabilities
  
(377,729)
(469,299)

  

Net liabilities
  
(377,729)
(469,299)


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
(377,731)
(469,301)

  
(377,729)
(469,299)


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 comprehensive income 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: 




Mr S Schweighardt
Director

Date: 24 September 2024

The notes on pages 2 to 8 form part of these financial statements.

Page 1

 
BRIDGE TO LIFE (EUROPE) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Bridge to Life (Europe) Limited, company number 08072237, is a private limited company, limited by shares and incorporated in England and Wales. The address of its registered office is Lu 311 The Light Bulb, 1 Filament Walk, London, SW18 4GQ, United Kingdom. 
The principal activity is the sale of cold storage and machine perfusion solutions for use in organ transplants. 

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

Going concern

The financial statements have been prepared on a going concern basis, which the director believes to be appropriate for the following reasons. At 31 August 2024, the Company has positive operating profits, which is expected to continue. The parent entity has obtained sufficient finance through a $14m credit facility and a $1m share issue, with enough of this being earmarked for the subsidiary entity to continue to trade for a period of at least 12 months following the signing of the balance sheet.
However, the directors accept that whilst a letter of support has been signed and there is an indication that funds from the financing will be used to support this Company, the parent is currently unable to cover its own current liabilities and finds itself in a net liabilities position. As with any company placing reliance on external financial support and, given the financial position of the parent, the director acknowledges that there can be no certainty that this support will continue. The director also acknowledges that in the unlikely event that the Group no longer becomes a going concern and that associated intercompany liabilities become payable, based on the resources currently available to the Company, payment may not be possible. 
Consequently, the director has concluded that this is an event that would cast signficant doubt on the company's ability to continue trading as a going concern and therefore gives rise to material uncertainty.

Page 2

 
BRIDGE TO LIFE (EUROPE) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP rounded to the nearest £1. 

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 Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

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:

Sale of goods

Revenue 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 revenue 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.

 
2.5

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.

Page 3

 
BRIDGE TO LIFE (EUROPE) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

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, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.7

Interest income

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

 
2.8

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.

 
2.9

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 weighted average 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.

 
2.10

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.

 
2.11

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.

 
2.12

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 4

 
BRIDGE TO LIFE (EUROPE) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

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.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.


If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

 
Page 5

 
BRIDGE TO LIFE (EUROPE) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.13
Financial instruments (continued)

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.


Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 14 (2022 - 11).


4.


Stocks

2023
2022
£
£

Goods for resale
2,242,573
1,763,368


Page 6

 
BRIDGE TO LIFE (EUROPE) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
1,201,103
1,436,090

Other debtors
117,131
147,510

Prepayments and accrued income
21,075
622,228

1,339,309
2,205,828



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,970,061
6,972,614



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
197,201
78,650

Amounts owed to group undertakings
5,581,688
10,926,351

Other taxation and social security
20,154
233,862

Other creditors
19,849
14,018

Accruals and deferred income
110,780
158,228

5,929,672
11,411,109


Amounts owed to group undertakings are unsecured, bear no interest, and are repayable on demand.


8.


Related party transactions

The Company has taken advantage of the exemption available in Financial Reporting Standard 102 paragraph 1AC.35 whereby it has not disclosed transactions with the ultimate parent Company. 

Page 7

 
BRIDGE TO LIFE (EUROPE) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Controlling party

The Company's immediate and ultimate parent undertaking is Bridge to Life Ltd, a Company incorporated in the United States of America, whose registered address is 707 Skokie Blvd, Suite 340, Northbrook, IL, 60062, USA. 
The smallest and largest group in which the results of the Company are consolidated is that headed by the ultimate parent undertaking and controlling party, Bridge to Life Ltd. The consolidated financial statements of this group are not publicly available. 

10.


Auditors' information

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

In their report, the auditors emphasised the following matter without qualifying their report:

We draw attention to note 2.2 in the financial statements, outlining the company's going concern position. The Company requires support from its US parent, Bridge to Life Limited. However, the parent is currently in a negative working capital position and does not possess sufficient funds to cover both its own liabilities and that of its subsidiary. As stated in note 2.2, these events or conditions, along with the other matters as set forth in note 2.2, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter. 
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

The audit report was signed on 25 September 2024 by Neil Stern FCA (Senior Statutory Auditor) on behalf of MHA.

 
Page 8