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Registered number: 12989868 (England and Wales)














ALVOTECH UK LTD

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
ALVOTECH UK LTD
 
 
COMPANY INFORMATION


Directors
H T Zharov 
V R Wessman 




Registered number
12989868



Registered office
Third Floor Kings House
174 Hammersmith Road

London

England

W6 7JP




Independent auditors
ZEDRA Corporate Reporting Services (UK) Limited





 
ALVOTECH UK LTD
 

CONTENTS



Page
Balance Sheet
 
1
Statement of Changes in Equity
 
2
Notes to the Financial Statements
 
3 - 6

 
ALVOTECH UK LTD
REGISTERED NUMBER:12989868

BALANCE SHEET
AS AT 31 DECEMBER 2023

As restated
2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
1,099,612
624,879

Cash at bank and in hand
  
52,462
90,908

  
1,152,074
715,787

Creditors: amounts falling due within one year
 5 
(572,366)
(452,900)

Net current assets
  
 
 
579,708
 
 
262,887

Total assets less current liabilities
  
579,708
262,887

  

Net assets
  
579,708
262,887


Capital and reserves
  

Called up share capital 
  
100
100

Capital contribution reserve
 6 
75,000
75,000

Profit and loss account
  
504,608
187,787

  
579,708
262,887


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: 




H T Zharov
Director

Date: 27 November 2024

The notes on pages 3 to 6 form part of these financial statements.
Page 1

 
ALVOTECH UK LTD
 

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


Called up share capital
Capital contribution reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022 (as previously stated)
100
-
39,121
39,221

Prior year adjustment
-
75,000
-
75,000


At 1 January 2022 (as restated)
100
75,000
39,121
114,221



Profit for the year - as restated
-
-
148,666
148,666



At 1 January 2023 (as previously stated)
100
-
182,572
182,672

Prior year adjustment
-
75,000
5,215
80,215


At 1 January 2023 (as restated)
100
75,000
187,787
262,887



Profit for the year
-
-
316,821
316,821


At 31 December 2023
100
75,000
504,608
579,708
Page 2

 
ALVOTECH UK LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies

 
1.1

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:

 
1.2

Going concern

The Company is in a net asset position, primarily supported by amounts owed by group undertakings. Despite this position, due to the Company's business model being solely a transfer pricing arrangement with the parent company, Alvotech hf., it is reliant upon the continued support of that company in order to remain a going concern.
The Company has received written confirmation from Alvotech hf. that it will continue to provide financial support to the Company for a period of at least 12 months from the date of signing these financial statements. Furthermore, the directors have assessed the ability of Alvotech hf. to provide this support based upon their cash flow forecasts and has concluded that the parent will have sufficient working capital to provide the necessary support. For this reason, the directors continue to adopt the going concern basis in preparing the financial statements.

 
1.3

Turnover

Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Rendering of services

Turnover is recognised on a cost plus 5% basis, in line with the intercompany service agreement with the parent company. Intercompany turnover is recognised 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 intercompany service agreement;
the costs incurred under the intercompany service agreement can be measured reliably.

Page 3

 
ALVOTECH UK LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.4

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.

 
1.5

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.

 
1.6

Taxation

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.

  
1.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Amounts owed by group undertakings are intercompany loans measured at cost. No interest is charged on the loans, which are repayable on demand.

  
1.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions.

Page 4

 
ALVOTECH UK LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

  
1.9

Creditors

Short-term creditors are measured at the transaction price.


2.


Employees

The average monthly number of employees during the year was 20 (2022 - 19).


3.


Auditors' information

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

The audit report was signed on 27 November 2024 by Nick Whitehead FCCA (Senior Statutory Auditor) on behalf of ZEDRA Corporate Reporting Services (UK) Limited.


4.


Debtors

As restated
2023
2022
£
£


Amounts owed by group undertakings
1,036,805
580,049

Other debtors
62,807
44,830

1,099,612
624,879



5.


Creditors: Amounts falling due within one year

As restated
2023
2022
£
£

Trade creditors
99,739
70,433

Corporation tax
11,053
33,649

Other creditors
-
2,720

Accruals and deferred income
461,574
346,098

572,366
452,900


Page 5

 
ALVOTECH UK LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Reserves

Capital contribution reserve

During the 2021 financial year, the parent company, Alvotech hf., made a capital contribution of £75,000 to the Company. There is no intention for this amount to be repaid and has therefore been considered as a capital contribution. There have been no other capital contributions of this nature in the current or prior year.


7.


Prior year adjustment

In the prior year, an accrual for both the employee holiday pay entitlement and the national insurance on bonuses was omitted from the financial statements. Additionally, a capital contribution was recognised as a creditor rather than equity. An adjustment to the prior year comparatives has been made to correct this position with the following effects:
- Turnover has increased by £109,524
- Amounts owed by group undertakings have increased by £109,524
- Administrative expenses have increased by £104,309
- Accruals and deferred income have increased by 104,309
- Other creditors have decreased by 75,000
- Capital contribution reserve has increased by £75,000
The net effect on the profit and loss reserve is an increase in profits brought forward of £5,215.

8.


Controlling party

Alvotech Holding SA is the parent of the smallest group for which consolidated financial statements are drawn up of which the Company is a member. The registered office of the parent company is Luxembourg, 9, Rue de Bitbourg, L-1273 Luxembourg.


9.


Post balance sheet events

There were no adjusting or non-adjusting events occurring between the end of the reporting period and the date these financial statements were approved. 
 
Page 6