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Registration number: 14136992

Sofinnova Partners UK

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2024

 

Sofinnova Partners UK

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Statement of Cash Flows

8

Notes to the Unaudited Financial Statements

9 to 14

 

Sofinnova Partners UK

Company Information

Directors

Mr Graziano Seghezzi

Mrs Henrijette Richter

Registered office

1 Pancras Square
London
N1C 4AG

 

Sofinnova Partners UK

Strategic Report for the Year Ended 31 December 2024

The directors present their strategic report for the year ended 31 December 2024.

Principal activity

The principal activity of the company is venture and development capital

Approved and authorised by the Board on 26 May 2025 and signed on its behalf by:
 

.........................................
Mr Graziano Seghezzi
Director

 

Sofinnova Partners UK

Directors' Report for the Year Ended 31 December 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr Graziano Seghezzi

Mrs Henrijette Richter

Small companies provision statement

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

Approved and authorised by the Board on 26 May 2025 and signed on its behalf by:
 

.........................................
Mr Graziano Seghezzi
Director

 

Sofinnova Partners UK

Profit and Loss Account for the Year Ended 31 December 2024

Note

2024
£

2023
£

Turnover

3

5,085,578

4,948,895

Cost of sales

 

(5,019)

(426,910)

Gross profit

 

5,080,559

4,521,985

Administrative expenses

 

(4,619,960)

(4,271,504)

Operating profit

460,599

250,481

Other interest receivable and similar income

4

2,696

1,389

Interest payable and similar expenses

5

(2,004)

-

   

692

1,389

Profit before tax

 

461,291

251,870

Tax on profit

7

(115,323)

(88,313)

Profit for the financial year

 

345,968

163,557

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Sofinnova Partners UK

Statement of Comprehensive Income for the Year Ended 31 December 2024

2024
£

2023
£

Profit for the year

345,968

163,557

Total comprehensive income for the year

345,968

163,557

 

Sofinnova Partners UK

(Registration number: 14136992)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

8

9,837

12,674

Current assets

 

Debtors

9

2,013,747

2,107,549

Cash at bank and in hand

 

458,333

1,027,007

 

2,472,080

3,134,556

Creditors: Amounts falling due within one year

11

(2,118,577)

(2,979,858)

Net current assets

 

353,503

154,698

Net assets

 

363,340

167,372

Capital and reserves

 

Called up share capital

10,000

10,000

Retained earnings

353,340

157,372

Shareholders' funds

 

363,340

167,372

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the Board on 26 May 2025 and signed on its behalf by:
 

.........................................
Mr Graziano Seghezzi
Director

 

Sofinnova Partners UK

Statement of Changes in Equity for the Year Ended 31 December 2024

Share capital
£

Retained earnings
£

Total
£

At 1 January 2024

10,000

157,372

167,372

Profit for the year

-

345,968

345,968

Dividends

-

(150,000)

(150,000)

At 31 December 2024

10,000

353,340

363,340

Share capital
£

Retained earnings
£

Total
£

At 1 January 2023

10,000

(6,185)

3,815

Profit for the year

-

163,557

163,557

At 31 December 2023

10,000

157,372

167,372

 

Sofinnova Partners UK

Statement of Cash Flows for the Year Ended 31 December 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

345,968

163,557

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

6,100

4,629

Finance income

4

(2,696)

(1,389)

Income tax expense

7

115,323

88,313

 

464,695

255,110

Working capital adjustments

 

Decrease/(increase) in trade debtors

9

93,802

(2,096,329)

(Decrease)/increase in trade creditors

11

(888,291)

2,884,225

Cash generated from operations

 

(329,794)

1,043,006

Income taxes paid

7

(88,313)

-

Net cash flow from operating activities

 

(418,107)

1,043,006

Cash flows from investing activities

 

Interest received

4

2,696

1,389

Acquisitions of tangible assets

(3,263)

(17,303)

Net cash flows from investing activities

 

(567)

(15,914)

Cash flows from financing activities

 

Dividends paid

(150,000)

-

Net (decrease)/increase in cash and cash equivalents

 

(568,674)

1,027,092

Cash and cash equivalents at 1 January

 

1,027,007

(85)

Cash and cash equivalents at 31 December

 

458,333

1,027,007

 

Sofinnova Partners UK

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
1 Pancras Square
London
N1C 4AG
England

These financial statements were authorised for issue by the Board on 26 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Sofinnova Partners UK

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Sofinnova Partners UK

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Turnover

The analysis of the company's turnover for the year from continuing operations is as follows:

2024
£

2023
£

Rendering of services

5,083,659

4,948,895

Other revenue

1,919

-

5,085,578

4,948,895

4

Other interest receivable and similar income

2024
£

2023
£

Interest income on financial assets

2,696

1,389

5

Interest payable and similar expenses

2024
£

2023
£

Foreign exchange gains

2,004

-

6

Staff costs

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

4

3

Sales

7

11

Directors

2

2

13

16

7

Taxation

Tax charged/(credited) in the profit and loss account

 

Sofinnova Partners UK

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

2024
£

2023
£

Current taxation

UK corporation tax

115,323

88,313

 

Sofinnova Partners UK

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

8

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 January 2024

17,303

17,303

Additions

3,263

3,263

At 31 December 2024

20,566

20,566

Depreciation

At 1 January 2024

4,629

4,629

Charge for the year

6,100

6,100

At 31 December 2024

10,729

10,729

Carrying amount

At 31 December 2024

9,837

9,837

At 31 December 2023

12,674

12,674

9

Debtors

Current

2024
£

2023
£

Trade debtors

1,885,636

1,979,815

Other debtors

115,630

118,038

Prepayments

12,481

9,696

 

2,013,747

2,107,549

10

Cash and cash equivalents

2024
£

2023
£

Cash at bank

458,333

1,027,007

11

Creditors

 

Sofinnova Partners UK

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

30,085

809,494

Social security and other taxes

 

99,518

101,338

Outstanding defined contribution pension costs

 

2,568

4,053

Other payables

 

1,871,083

1,976,660

Income tax liability

7

115,323

88,313

 

2,118,577

2,979,858

12

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £60,510 (2023 - £9,798).

Contributions totalling £2,568 (2023 - £4,053) were payable to the scheme at the end of the year and are included in creditors.

13

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

10,000

10,000

10,000

10,000

       

14

Parent and ultimate parent undertaking

The company's immediate parent is Sofinnova Partners SAS, incorporated in France.