Silverfin false 21 October 2024 19 October 2024 David Shaw BSc, FCA Hardwickes 225,888 650,153 false true 30/06/2024 01/07/2023 30/06/2024 Martin Woergaard 07/09/2021 19 October 2024 The principal activity of the Company during the financial year was technology, product and service consultancy specialised in the life science sector. 13607673 2024-06-30 13607673 bus:Director1 2024-06-30 13607673 2023-06-30 13607673 core:CurrentFinancialInstruments 2024-06-30 13607673 core:CurrentFinancialInstruments 2023-06-30 13607673 core:ShareCapital 2024-06-30 13607673 core:ShareCapital 2023-06-30 13607673 core:RetainedEarningsAccumulatedLosses 2024-06-30 13607673 core:RetainedEarningsAccumulatedLosses 2023-06-30 13607673 core:ComputerEquipment 2023-06-30 13607673 core:ComputerEquipment 2024-06-30 13607673 core:ImmediateParent core:CurrentFinancialInstruments 2024-06-30 13607673 core:ImmediateParent core:CurrentFinancialInstruments 2023-06-30 13607673 core:CurrentFinancialInstruments 10 2024-06-30 13607673 core:CurrentFinancialInstruments 10 2023-06-30 13607673 2023-07-01 2024-06-30 13607673 bus:FilletedAccounts 2023-07-01 2024-06-30 13607673 bus:SmallEntities 2023-07-01 2024-06-30 13607673 bus:Audited 2023-07-01 2024-06-30 13607673 2022-07-01 2023-06-30 13607673 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 13607673 bus:Director1 2023-07-01 2024-06-30 13607673 core:ComputerEquipment core:TopRangeValue 2023-07-01 2024-06-30 13607673 core:ComputerEquipment 2023-07-01 2024-06-30 13607673 core:CurrentFinancialInstruments 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure

Company No: 13607673 (England and Wales)

BASE LIFE SCIENCE LIMITED

Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

BASE LIFE SCIENCE LIMITED

Financial Statements

For the financial year ended 30 June 2024

Contents

BASE LIFE SCIENCE LIMITED

COMPANY INFORMATION

For the financial year ended 30 June 2024
BASE LIFE SCIENCE LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 June 2024
DIRECTOR Martin Woergaard
REGISTERED OFFICE 2 Leman Street
London
E1W 9US
United Kingdom
COMPANY NUMBER 13607673 (England and Wales)
AUDITOR Hardwickes
Etruria Old Road
Staffordshire
ST1 5PE
United Kingdom
BASE LIFE SCIENCE LIMITED

BALANCE SHEET

As at 30 June 2024
BASE LIFE SCIENCE LIMITED

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 13,459 0
13,459 0
Current assets
Debtors 4 1,193,644 1,251,295
Cash at bank and in hand 91,915 62,042
1,285,559 1,313,337
Creditors: amounts falling due within one year 5 ( 725,095) ( 513,526)
Net current assets 560,464 799,811
Total assets less current liabilities 573,923 799,811
Net assets 573,923 799,811
Capital and reserves
Called-up share capital 10,000 10,000
Profit and loss account 563,923 789,811
Total shareholder's funds 573,923 799,811

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of BASE Life Science Limited (registered number: 13607673) were approved and authorised for issue by the Director on 19 October 2024. They were signed on its behalf by:

Martin Woergaard
Director
BASE LIFE SCIENCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
BASE LIFE SCIENCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

BASE Life Science Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2 Leman Street, London, E1W 9US, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

In carrying out his duties in respect of going concern, the Director has considered the Company’s cashflow, available resources and the forecasted operational activities of the Company.

Forecasts have been prepared, factoring in the impact of expected changes in the market and the Company’s own strategic goals. The Director has considered that the Company, after allowing for the confirmed support of it’s Parent Company, has sufficient resources available to meet its liabilities as they fall due for a period of at least 12 months from the date of signing these financial statements. BASE Life Science A/S as parent company has confirmed to the Company both its ability to and intention to provide financial and other support to enable the Company to meet its financial liabilities for a period of at least 12 months from the date of approving these financial statements.

The Director is satisfied that the forecasts are based on reasonable assumptions for the purpose of the going concern opinion and are of the opinion that the Company is well placed to manage its financial and other business risks satisfactorily, in order to continue to operate for the foreseeable future.

The Director therefore considers it is appropriate to adopt the going concern basis of accounting in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover from the provision of services is recognised when the significant risks and rewards are considered to have been transferred to the customer and is recorded in the month the service is provided. Payments received in advance are deferred.

Turnover from group companies is recognised in the period to which it relates.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so 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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors 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 transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 20 10

3. Tangible assets

Computer equipment Total
£ £
Cost
At 01 July 2023 0 0
Additions 15,476 15,476
At 30 June 2024 15,476 15,476
Accumulated depreciation
At 01 July 2023 0 0
Charge for the financial year 2,017 2,017
At 30 June 2024 2,017 2,017
Net book value
At 30 June 2024 13,459 13,459
At 30 June 2023 0 0

4. Debtors

2024 2023
£ £
Trade debtors 19,271 206,103
Amounts owed by Group undertakings 134,275 49,090
Amounts owed by Parent undertakings 872,532 952,139
Deferred tax asset 3,075 2,327
Corporation tax 55,385 3,723
Other taxation and social security 3,779 0
Other debtors 105,327 37,913
1,193,644 1,251,295

Amounts owed by Group and Parent undertakings do not bear interest and have no fixed repayment date.

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 2,400 3,246
Amounts owed to Group undertakings 247,303 173,429
Amounts owed to Parent undertakings 138,574 6,661
Corporation tax 0 159,692
Other taxation and social security 61,732 47,388
Other creditors 275,086 123,110
725,095 513,526

Amounts owed to Group and Parent undertakings do not bear interest and have no fixed repayment date.

6. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 25,761 9,307

7. Related party transactions

Remuneration of £Nil (2023: £115,412) was paid to the director during the year. The Director was considered to be the only key management personnel of the Company in the year.

The Company has taken advantage of the exemption under FRS 102 Section 33 not to disclose details of transactions with other wholly owned companies within the Group.

8. Audit Opinion

The auditor's report on the accounts for the financial year ended 30 June 2024 was unqualified.

The audit report was signed by David Shaw BSc, FCA on behalf of Hardwickes.

9. Ultimate controlling party

The immediate parent company is BASE Life Science A/S, a company incorporated in Denmark and registered at Lyngbybvej 2, 2100 København Ø, Denmark.

The ultimate parent company is Infosys Limited, a company incorporated in India and registered at Electronics City, Hosur Road, Plot No 44, Bengaluru 560 100, India.

There is no single ultimate controlling party of Infosys Limited.

The smallest group in which the results of the company are consolidated is that headed by BASE Life Science A/S. The consolidated financial statements of this group may be obtained from BASE Life Science A/S, Lyngbybvej 2, 2100 København Ø, Denmark.

The largest group in which the results of the company are consolidated is that headed by Infosys Limited. The consolidated financial statements of this group for the period ended 31 March 2024 are available to the public and may be obtained from Infosys, Electronics City, Hosur Road, Plot No 44, Bengaluru 560 100, India.