Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-31098122272023-12-312023-01-01false2819truetrue 09812227 2023-01-01 2023-12-31 09812227 2022-01-01 2022-12-31 09812227 2023-12-31 09812227 2022-12-31 09812227 c:Director3 2023-01-01 2023-12-31 09812227 d:OfficeEquipment 2023-01-01 2023-12-31 09812227 d:OfficeEquipment 2023-12-31 09812227 d:OfficeEquipment 2022-12-31 09812227 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 09812227 d:CurrentFinancialInstruments 2023-12-31 09812227 d:CurrentFinancialInstruments 2022-12-31 09812227 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 09812227 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 09812227 d:ShareCapital 2023-12-31 09812227 d:ShareCapital 2022-12-31 09812227 d:RetainedEarningsAccumulatedLosses 2023-12-31 09812227 d:RetainedEarningsAccumulatedLosses 2022-12-31 09812227 c:OrdinaryShareClass1 2023-01-01 2023-12-31 09812227 c:OrdinaryShareClass1 2022-01-01 2022-12-31 09812227 c:OrdinaryShareClass1 2023-12-31 09812227 c:OrdinaryShareClass1 2022-12-31 09812227 c:FRS102 2023-01-01 2023-12-31 09812227 c:Audited 2023-01-01 2023-12-31 09812227 c:FullAccounts 2023-01-01 2023-12-31 09812227 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09812227 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 09812227 2 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure



















Olink Proteomics Limited

Registered number: 09812227
Annual report
For the year ended 31 December 2023

 
 09812227
31 December 2023
OLINK PROTEOMICS LIMITED
REGISTERED NUMBER: 09812227

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
Restated
2022
Note
£
£

Fixed assets
  

Tangible fixed assets
 5 
4,116
8,694

  
4,116
8,694

Current assets
  

Debtors: Amounts falling due within one year
 6 
40,591
363,848

Cash and cash equivalents
  
936,384
117,213

  
976,975
481,061

Creditors: Amounts falling due within one year
 7 
(908,657)
(344,657)

Net current assets
  
 
 
68,318
 
 
136,404

Total assets less current liabilities
  
72,434
145,098

  

Net assets
  
72,434
145,098


Capital and reserves
  

Called up share capital 
 8 
1
1

Profit and loss account
  
72,433
145,097

Total equity
  
72,434
145,098


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: 

S W Ahmed
Director

Date: 22 October 2024

The notes on pages 2 to 12 form part of these financial statements.

- 1 -

 
 09812227
31 December 2023
OLINK PROTEOMICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Olink Proteomics Limited is a private company limited by shares, incorporated and registered in England and Wales. The Company's registered number is 09812227. Its registered office is C/O Mazars LLP, The Pinnacle, 160 Midsummer Boulevard, Milton Keynes, United Kingdom, MK9 1FF.
The principal activity of the Company is that of sales and support company for Olink Holding AB (Publ) group. 
The Olink Proteomics group is dedicated to providing solutions and support for human protein biomarker discovery. The Group has a strong global presence, a broad portfolio of flexible protein biomarker solutions and library of high quality.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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 (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

These financial statements have been prepared on the going concern basis, which assumes that the Company will be able to meet its financial obligations as they fall due for payment for the for at least 12 months from the date of signing these financial statements. The company is reliant upon the continued support of its parent undertaking, Olink Proteomics AB, to be able to do this. Olink Proteomics AB has indicated to the directors, that support will be provided as it is required.

  
2.3

Prior year adjustment

The directors have deemed it necessary to make a prior year adjustment in relation to amounts owed to and from group undertakings.
Debtors due within one year, specifically amounts owed by group undertakings, have decreased by £208,974 with an equal decrease in Creditors due within one year, specifically, amounts owed to group undertakings. The overall effect on the Statement of Comprehensive Income is £nil.

- 2 -

 
 09812227
31 December 2023
OLINK PROTEOMICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentation 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 the Statement of Comprehensive Income.

All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income within 'administrative expenses'.

 
2.5

Turnover

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:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

Interest receivable and similar income

Interest receivable and similar income is recognised in the Statement of Comprehensive Income using the effective interest method.

- 3 -

 
 09812227
31 December 2023
OLINK PROTEOMICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Interest payable and similar expenses

Interest payable and similar expenses are charged to the Statement of Comprehensive Income 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.

 
2.8

Pension commitments

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 the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in other creditors as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income 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 reporting 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 reporting 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 reporting date.

- 4 -

 
 09812227
31 December 2023
OLINK PROTEOMICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

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.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to the Statement of Comprehensive Income during the period in which they are incurred.

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:

Furniture, fittings and equipment
-
2 years

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 the Statement of Comprehensive Income.
Depreciation is included in "administrative expenses" in the Statement of Comprehensive Income.

 
2.11

Debtors: Amounts falling due within one year

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.

 
2.12

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.

 
2.13

Creditors: Amounts falling due within one year

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.

- 5 -

 
 09812227
31 December 2023
OLINK PROTEOMICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.14

Restricted stock units

Under the employee restricted stock units scheme, the RSUs will vest during a four-year period and new shares will be issued in the parent company (Olink Holding AB) when the RSU vest for no cash consideration. Over the vesting period, the market value of the RSUs is recognised as an employee benefits expense. The total expense is recognised over the vesting period of four years, which is the period over which the vesting conditions are to be satisfied. At the end of each period, the Company revises its estimates of the number of RSUs that are expected to vest based on the service conditions. It recognises the impact of the revision to original estimates, if any, in the Statement of Comprehensive Income. 

 
2.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

 
2.16

Financial instruments

Financial instruments are recognised in the Company's Statement of Financial Position 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.

The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

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
- 6 -

 
 09812227
31 December 2023
OLINK PROTEOMICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.16
Financial instruments (continued)

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.

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.


- 7 -

 
 09812227
31 December 2023
OLINK PROTEOMICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In applying the Company’s accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors’ judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised, if the revision affects only that year, or in the year of the revision and future years, if the revision affects both current and future years.
3.1 Critical judgements in applying the Company’s accounting policies
The critical judgements that the director has made in the process of applying the Group's accounting policies and that have the most significant effect on the amounts recognised in the statutory financial statements.
The directors do not consider there be any critical judgements.
3.2 Key sources of estimation uncertainty
The director does not consider there to be any key sources of estimation uncertainty.


4.


Employees

The average monthly number of employees, including directors, during the year was 28 (2022: 19).

- 8 -

 
 09812227
31 December 2023
OLINK PROTEOMICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Furniture, fittings and equipment

£



Cost


At 1 January 2023
14,852


Additions
2,573


Disposals
(775)



At 31 December 2023

16,650



Depreciation


At 1 January 2023
6,158


Charge for the year
7,022


Disposals
(646)



At 31 December 2023

12,534



Net book value



At 31 December 2023
4,116



At 31 December 2022
8,694

- 9 -

 
 09812227
31 December 2023
OLINK PROTEOMICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors: Amounts falling due within one year

2023
Restated
2022
£
£


Amounts owed by group undertakings
-
310,503

Other debtors
24,268
9,838

Prepayments
16,323
9,017

Deferred taxation
-
34,490

40,591
363,848


In the current year, amounts owed by group undertakings were unsecured, interest bearing at DNB daily rate + 0.65% per annum and repayable on demand.
In the prior year, amounts owed by group undertakings were unsecured, interest free and repayable on demand.


7.


Creditors: Amounts falling due within one year

2023
Restated
2022
£
£

Bank overdrafts
-
1,187

Trade creditors
21,400
2,174

Amounts owed to group undertakings
500,177
-

Corporation tax
110,369
41,789

Social security and other taxes
-
68,829

Accruals
276,711
230,678

908,657
344,657


In the current year, amounts owed to group undertakings are unsecured, interest bearing at DNB daily rate + 0.65% per annum and repayable on demand.
In the prior year, amounts owed to group undertakings were unsecured, interest free and repayable on demand.
 
- 10 -

 
 09812227
31 December 2023
OLINK PROTEOMICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Called up share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022: 1) Ordinary share of £1 each
1
1

The share has full voting, dividend and capital distribution (including on winding up) rights; they do not confer any rights of redemption.



9.


Restricted stock units

During 2023, 37,940 RSUs (2022: 25,881) were awarded to employees currently employed by Olink Protemics Limited under the 2021 Plan and 8,431 (2022: 1,830) were Vested during the year. 60,875 RSUs were outstanding as at 31 December 2023 (2022: 31,366), of which nil RSUs (2022: nil) were to directors. The RSUs are measured based on the fair market value of the underlying ordinary shares on the grant date. The RSUs will vest during a four-year period and new shares will be issued once the RSU's are Vested.
The expense associated with these RSUs amounted to £651,956 (2022: £206,986) for the year ended 31 December 2023. These are recorded within administrative expenses in the Statement of Comprehensive Income.
The following is a summary of the RSU activity and related information:
 
Weighted average exercise price (pence)
2023
Number
2023
Weighted average exercise price
(pence)
2022
Number
2022

Outstanding at the beginning of the year

19.55

31,366

23.75
 
7,315
 
Granted during the year

22.58

37,940

16.98
 
25,881
 
Vested during the year

18.53

(8,431)

23.75
 
(1,830)
 
Outstanding at the end of the year
20.86

60,875

19.55
 
31,366
 



- 11 -

 
 09812227
31 December 2023
OLINK PROTEOMICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Controlling party

The Company's immediate parent is Olink Proteomics AB, incorporated in Sweden.
At the reporting date the ultimate parent of the Company is Olink Holding AB (Publ), incorporated in Sweden.
The most senior parent entity producing publicly available financial statements is Olink Holding AB (Publ). These financial statements are publicly available and can be obtained upon request from Salagatan 16F, SE-753 30, Uppsala, Sweden. This is the smallest and largest company preparing consolidated financial statements.
The directors consider that there is no one ultimate controlling party.


11.


Auditors' information

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

The audit report was signed on 22 October 2024 by David Wheeler (Senior Statutory Auditor) on behalf of Bourner Bullock.

- 12 -