Company registration number 08809771 (England and Wales)
ABACUS MEDICINE LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
ABACUS MEDICINE LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
ABACUS MEDICINE LTD
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
298,754
268,328
Current assets
Debtors
4
48,617
51,555
Creditors: amounts falling due within one year
5
(325,047)
(281,882)
Net current liabilities
(276,430)
(230,327)
Net assets
22,324
38,001
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
22,323
38,000
Total equity
22,324
38,001
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 1 July 2025
Mr F Wagner
Director
Company registration number 08809771 (England and Wales)
ABACUS MEDICINE LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2023
1
19,910
19,911
Year ended 31 December 2023:
Profit and total comprehensive income
-
18,090
18,090
Balance at 31 December 2023
1
38,000
38,001
Year ended 31 December 2024:
Loss and total comprehensive income
-
(15,677)
(15,677)
Balance at 31 December 2024
1
22,323
22,324
ABACUS MEDICINE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information
Abacus Medicine Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Abbey House, 282 Farnborough Road, Farnborough, GU14 7NA.
1.1
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.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares;
Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of FTW Holding ApS. These consolidated financial statements are available from its registered office, Kalvebod Brygge 35, Copenhagen, Denmark.
1.2
Going concern
At 31 December 2024 the company had net current liabilities of £276,430 (2023: £230,327). Net current liabilities includes £223,694 (2023: £198,769) of balances owed to group undertakings. The company is reliant on support from group companiestrue; the director is satisfied that the support will continue. The company made a loss in the current year however this was deemed a one off and is expected to return to being profit making in the future.
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
ABACUS MEDICINE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Patents
5 years straight-line
1.5
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.
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 are recognised in the profit and loss account in other administrative expenses
1.6
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
ABACUS MEDICINE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
3
Intangible fixed assets
Other
£
Cost
At 1 January 2024
326,669
Additions
106,434
At 31 December 2024
433,103
Amortisation and impairment
At 1 January 2024
58,341
Amortisation charged for the year
76,008
At 31 December 2024
134,349
Carrying amount
At 31 December 2024
298,754
At 31 December 2023
268,328
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
48,617
51,555
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
6
94,295
75,152
Trade creditors
958
1,961
Amounts owed to group undertakings
223,694
198,769
Other creditors
6,100
6,000
325,047
281,882
6
Cash at bank and in hand
Included within cash at bank and in hand is an amount of £nil (2023: £nil) where the company has entered into a cash pooling arrangement with it ultimate parent company. The current year balance included within bank loans and overdrafts is £94,295 (2023: £75,152).
ABACUS MEDICINE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
8
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:
give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Senior Statutory Auditor:
Mr John Griffiths
Statutory Auditor:
UHY Hacker Young
Date of audit report:
1 July 2025
9
Related party transactions
During the year the company received management income of £387,165 (2023: £379,908) from Abacus Medicine A/S and paid interest to them of £17,173 (2023: £10,954). At the year end, the company owed £245,198 (2023: £198,769) to Abacus Medicine A/S; this amount is included in amounts owed to group undertakings within one year.
Abacus Medicine A/S is a related party due to being the immediate parent company. Abacus Medicine A/S is also ultimately controlled by Mr Flemming Wagner who is also the ultimate controlling party of Abacus Medicine Ltd.
10
Parent company and controlling party
The immediate parent company is Abacus Medicine A/S, a company incorporated in Denmark.
The ultimate parent company is FTW Holding ApS, a company incorporated in Denmark. FTW Holding ApS is the parent of the smallest and largest group of which the company is a member for which consolidated accounts are prepared is. The registered office for FTW Holding ApS is Kalvebod Brygge 35, Copenhagen, Denmark.
The ultimate controlling party is Flemming Wagner due to his shareholding in FTW Holding ApS.