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REGISTERED NUMBER: 11567262 (England and Wales)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

POLYNOVO UK LTD

POLYNOVO UK LTD (REGISTERED NUMBER: 11567262)






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


POLYNOVO UK LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTOR: J Gielen





REGISTERED OFFICE: 10 John Street
London
United Kingdom
WC1N 2EB





REGISTERED NUMBER: 11567262 (England and Wales)





AUDITORS: Oury Clark Chartered Accountants
Statutory Auditors
Herschel House
58 Herschel Street
Slough
Berkshire
SL1 1PG

POLYNOVO UK LTD (REGISTERED NUMBER: 11567262)

BALANCE SHEET
30 JUNE 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 11,137 10,822

CURRENT ASSETS
Stocks 5 1,060,456 643,994
Debtors 6 716,459 662,033
Cash at bank 1,942,039 393,054
3,718,954 1,699,081
CREDITORS
Amounts falling due within one year 7 6,115,911 4,269,704
NET CURRENT LIABILITIES (2,396,957 ) (2,570,623 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(2,385,820

)

(2,559,801

)

CAPITAL AND RESERVES
Called up share capital 8 1 1
Retained earnings (2,385,821 ) (2,559,802 )
SHAREHOLDERS' FUNDS (2,385,820 ) (2,559,801 )

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 director and authorised for issue on 27 March 2025 and were signed by:





J Gielen - Director


POLYNOVO UK LTD (REGISTERED NUMBER: 11567262)

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

1. STATUTORY INFORMATION

PolyNovo UK Ltd 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.

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.

The ultimate parent company, PolyNovo Ltd, will continue to provide any financial support which may be necessary in order that the company can meet its liabilities, as they fall due, for the foreseeable future, and in any event for a period of at least a year and a day from the signing of the audit report attached to these financial statements. As a result of this commitment the directors have continued to adopt the going concern basis in preparing these financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover represents the sale of pharmaceutical products. Turnover is recognised at the point of delivery to the customer, when the risk and rewards of ownership have been transferred to the customer. Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Tangible fixed assets are initially recognised at cost. After initial recognition, tangible fixed assets are measured at cost less any accumulated depreciation and any accumulated impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:
Plant and machinery etc - 33% on cost

Stocks
Stocks are valued at the lower of cost, including costs of shipping, and net realisable value, after making due allowance for obsolete and slow moving items.

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.


POLYNOVO UK LTD (REGISTERED NUMBER: 11567262)

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

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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 average monthly exchange rate. 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.

Financial instruments
Basic Financial Instruments as covered by Section 11 of FRS102 are measured at amortised cost. The company does not have any Other Financial Instruments as covered by Section 12 of FRS102.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 July 2023 12,175
Additions 5,079
At 30 June 2024 17,254
DEPRECIATION
At 1 July 2023 1,353
Charge for year 4,764
At 30 June 2024 6,117
NET BOOK VALUE
At 30 June 2024 11,137
At 30 June 2023 10,822

5. STOCKS
30.6.24 30.6.23
£    £   
Finished goods 1,060,456 643,994

POLYNOVO UK LTD (REGISTERED NUMBER: 11567262)

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

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade debtors 634,308 587,106
Amounts owed by group undertakings 18,419 18,419
Other debtors 63,732 56,508
716,459 662,033

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade creditors 43,530 28,209
Amounts owed to group undertakings 5,723,893 4,038,792
Taxation and social security 169,751 73,153
Other creditors & accruals 178,737 129,550
6,115,911 4,269,704

8. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 30.6.24 30.6.23
value: £    £   
1 Ordinary £1 1 1

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

The Report of the Auditors was unqualified.

Emma Crowley (Senior Statutory Auditor)
for and on behalf of Oury Clark Chartered Accountants

We would like to draw your attention to the following statement contained within our audit report as included within the full financial statements:-
"Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed."

10. ULTIMATE PARENT COMPANY

The Ultimate Parent Company is PolyNovo Ltd, a company incorporated at 2/320 Lorimer St Port, Melbourne
VIC, 3127 Australia.
Consolidated accounts are prepared and are available at this address, or on their website.

11. SECURITY

The company's bank holds a fixed charge with negative pledge of £42,000 over the other debtors of the company in relation to facilities granted to the company.