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REGISTERED NUMBER: 11610103 (England and Wales)










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

PENN MEDICINE LONDON LIMITED

PENN MEDICINE LONDON LIMITED (REGISTERED NUMBER: 11610103)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PENN MEDICINE LONDON LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







Directors: M Khadjenouri
Dr J L Jameson III
L H Gustave
K F V Grube
J J Husson





Registered office: Suite 2 First Floor
10 Temple Back
Bristol
United Kingdom
BS1 6FL





Registered number: 11610103 (England and Wales)





Auditors: Zome Audit Limited (Statutory Auditor)
5th Floor
111 Charterhouse Street
London
EC1M 6AW

PENN MEDICINE LONDON LIMITED (REGISTERED NUMBER: 11610103)

BALANCE SHEET
30 JUNE 2024

30/6/24 30/6/23
Notes £    £   
CURRENT ASSETS
Debtors 4 50,395 16,440
Cash at bank 92,409 90,919
142,804 107,359
CREDITORS
Amounts falling due within one year 5 (18,784 ) (14,906 )
NET CURRENT ASSETS 124,020 92,453
TOTAL ASSETS LESS CURRENT
LIABILITIES

124,020

92,453

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 124,019 92,452
124,020 92,453

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 January 2025 and were signed on its behalf by:





Dr J L Jameson III - Director


PENN MEDICINE LONDON LIMITED (REGISTERED NUMBER: 11610103)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

Penn Medicine London Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The Company’s functional and presentational currency is pounds sterling (GBP) and the financial statements have been rounded to the nearest pound (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents amounts charged to the Company's parent under a sales and marketing agreement, excluding value added tax.

Turnover is recognised when chargeable costs are incurred.

Financial instruments
The Company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets and liabilities are offset and the net amount reported in the balance Sheet when there is an 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The Company operates a defined contribution pension scheme. Contributions payable to the Company's pension scheme are charged to profit or loss in the period to which they relate.

Short-term debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment of debtors are recognised in the Statement of profit and loss in administrative expenses.

Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at bank and in hand and short-term deposits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 9 ) .

PENN MEDICINE LONDON LIMITED (REGISTERED NUMBER: 11610103)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/6/24 30/6/23
£    £   
Amounts owed by group undertakings 49,856 15,017
VAT - 390
Prepayments 539 1,033
50,395 16,440

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/6/24 30/6/23
£    £   
Tax 10,193 7,431
Social security and other taxes 5,091 4,975
Accrued expenses 3,500 2,500
18,784 14,906

6. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Roy Davis (Senior Statutory Auditor)
for and on behalf of Zome Audit Limited (Statutory Auditor)

7. RELATED PARTY DISCLOSURES

At the balance sheet date £49,856 (2023: £15,017) was due from Upenn International, the company's parent company.

8. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Upenn International, a company incorporated in the United States of America.

Trustees of the University of Pennsylvannia is regarded by directors as being the company's ultimate parent company, whose registered office is at 3451 Walnut Street, Suite 737, Philadelphia, PA 19104, USA.