Company registration number 11627233 (England and Wales)
BGI RESEARCH FOUNDATION UK
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
BGI RESEARCH FOUNDATION UK
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
BGI RESEARCH FOUNDATION UK
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
31 December 2023
30 September 2022
Notes
£
£
£
£
Current assets
Debtors
3
46,317
-
0
Cash at bank and in hand
145,907
10,641
192,224
10,641
Creditors: amounts falling due within one year
4
(226,555)
(39,632)
Net current liabilities
(34,331)
(28,991)
Reserves
Income and expenditure account
(34,331)
(28,991)
Total members' funds
(34,331)
(28,991)

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

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 26 February 2025 and are signed on its behalf by:
Dr Y Hou
Director
Company registration number 11627233 (England and Wales)
BGI RESEARCH FOUNDATION UK
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

BGI Research Foundation UK is a private company limited by guarantee incorporated in England and Wales. The registered office is 42 New Road, London, E1 2AX.

1.1
Reporting period

The financial statements have been prepared to 31 December 2023 covering the 15 month period from 1 October 2022. This accounting date has been adopted in order to align the company with its parent company. Therefore the two accounts period are not comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Going concern

At the period end, the company had accumulated losses of £5,340, The accounts have been prepared on the going concern basis, as the guarantor, BGI Hong Kong Tech Co., Limited has confirmed they will provide continued financial support to allow the company to trade and continue to meet its liabilities as and when they fall due for at least 12 months from the date of signing the financial statements.

 

Based on this assessment, the directors believe that the company can successfully manage its business risks and, after making relevant enquiries, the directors have a reasonable expectation that the company will have access to adequate resources to continue to trade for the foreseeable future and they believe it is appropriate to continue to adopt the going concern basis in preparing the annual report and accounts. No adjustments have been made should the parent company withdraw its support to the company.  

1.4
Income and expenditure

Income and expenses are included in the financial statements as they become receivable or due.

 

Expenses include VAT where applicable as the company cannot reclaim it.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

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.

BGI RESEARCH FOUNDATION UK
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
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.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, 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.

1.7
Taxation

The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

BGI RESEARCH FOUNDATION UK
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2023
2022
Number
Number
Total
4
5
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
44,503
-
0
Other debtors
1,814
-
0
46,317
-
0
4
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
-
0
672
Amounts owed to group undertakings
215,055
35,000
Other creditors
11,500
3,960
226,555
39,632
5
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

6
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

BGI RESEARCH FOUNDATION UK
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
6
Audit report information
(Continued)
- 5 -
Senior Statutory Auditor:
Nicholas Nicolaou FCCA
Statutory Auditor:
Alliotts LLP
Date of audit report:
27 February 2025
7
Related party transactions

As at the year end date,current liabilities include an amount of £215,055 (2022: £35,000) due to fellow group companies.

 

Within current assets, there is an amount of £44,503 (2022: Nil) due from a fellow group company.

 

 

8
Parent company

The ultimate controlling party is Beijing Genomics Institute of Shenzhen in China by virtue of it being the only member of the company. Beijing Genomics Institute of Shenzhen is an institute registered in China which is based in and operates from Shenzhen.

2023-12-312022-10-01falsefalsefalse27 February 2025CCH SoftwareCCH Accounts Production 2024.301No description of principal activityProfessor Y GuoDr Y HouMr K LeiMr Y LiuMr X Xu116272332022-10-012023-12-31116272332023-12-31116272332022-09-3011627233core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3111627233core:CurrentFinancialInstrumentscore:WithinOneYear2022-09-3011627233core:CurrentFinancialInstruments2023-12-3111627233core:CurrentFinancialInstruments2022-09-3011627233core:RetainedEarningsAccumulatedLosses2023-12-3111627233core:RetainedEarningsAccumulatedLosses2022-09-3011627233bus:Director22022-10-012023-12-31116272332021-10-012022-09-3011627233core:WithinOneYear2023-12-3111627233core:WithinOneYear2022-09-3011627233bus:CompanyLimitedByGuarantee2022-10-012023-12-3111627233bus:SmallCompaniesRegimeForAccounts2022-10-012023-12-3111627233bus:FRS1022022-10-012023-12-3111627233bus:Audited2022-10-012023-12-3111627233bus:Director12022-10-012023-12-3111627233bus:Director32022-10-012023-12-3111627233bus:Director42022-10-012023-12-3111627233bus:Director52022-10-012023-12-3111627233bus:FullAccounts2022-10-012023-12-31xbrli:purexbrli:sharesiso4217:GBP