Company registration number 12101025 (England and Wales)
BRACCO HORIZONS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
BRACCO HORIZONS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
BRACCO HORIZONS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
$
$
$
$
Fixed assets
Investments
4
508,693,367
503,693,367
Current assets
Debtors
6
112,248
73,438
Cash at bank and in hand
3,293,069
8,249,520
3,405,317
8,322,958
Creditors: amounts falling due within one year
8
(18,883)
(20,039)
Net current assets
3,386,434
8,302,919
Net assets
512,079,801
511,996,286
Capital and reserves
Called up share capital
36
36
Share premium account
489,969,323
489,969,323
Profit and loss reserves
22,110,442
22,026,927
Total equity
512,079,801
511,996,286
The directors of the company have 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 by the board of directors and authorised for issue on 24 July 2025 and are signed on its behalf by:
Mr C Y Petit
Director
Company Registration No. 12101025
BRACCO HORIZONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information
Bracco Horizons Limited is a private company limited by shares incorporated in England and Wales. The registered office is Magdalen Centre, The Oxford Science Park, Oxford, UK, OX4 4GA.
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 US dollar 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.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
Bracco Horizons Limited is a wholly owned subsidiary of Bracco Imaging Spa and the results of Bracco Horizons Limited are included in the consolidated financial statements of Bracco S.p.A which are available at Business Register of the Chamber of Commerce of Milan, Monza, Brianza, Lodi, Italy.
1.2
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.3
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.
BRACCO HORIZONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.4
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.
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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Dividends are recorded as an income when paid by the subsidiary and approved by the board.
BRACCO HORIZONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Impairment of investments
The company makes an estimate of the recoverable value of its investments and will impair the carrying value when necessary. When assessing impairment of investments, management considers factors including the current profitability, strength of balance sheet, historical experience and local economic conditions.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
Fixed asset investments
2024
2023
$
$
Shares in group undertakings and participating interests
508,693,367
503,693,367
BRACCO HORIZONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
4
Fixed asset investments
(Continued)
- 5 -
Movements in fixed asset investments
Shares in subsidiaries
$
Cost or valuation
At 1 January 2024
503,693,367
Additions
5,000,000
At 31 December 2024
508,693,367
Carrying amount
At 31 December 2024
508,693,367
At 31 December 2023
503,693,367
During the year, an additional $5,000,000 was invested in Blue Earth Therapeutics.
5
Subsidiaries
Details of the company's subsidiaries at 31 December 2024 are as follows:
Name of undertaking
Class of
% Held
shares held
Direct
Blue Earth Diagnostics Limited
Ordinary
100.00
Blue Earth Therapeutics Limited
Ordinary and preference
78.00
On 31 July 2019 Bracco Horizons Limited acquired Blue Earth Diagnostics Limited, a molecular imaging diagnostics company based in Oxford, United Kingdom. Blue Earth Diagnostics Limited registered address is at Magdalen Centre, Oxford Science Park, Oxford, Oxfordshire, OX4 4GA, United Kingdom.
On 26 February 2021, the company incorporated a new subsidiary Blue Earth Therapeutics Limited, for the purpose of exploring Therapeutic nuclear medicine (Theranostics) based in Oxford, United Kingdom. Blue Earth Therapeutics Limited registered address is at Magdalen Centre, Oxford Science Park, Oxford, Oxfordshire, OX4 4GA, United Kingdom. During the current year, Bracco Horizons Limited along with other external parties invested in Blue Earth Therapeutics in return for share capital therefore Bracco Horizons Limited does not have 100% shareholding at the balance sheet date.
6
Debtors
2024
2023
Amounts falling due within one year:
$
$
Amounts owed by group undertakings
111,845
72,745
Other debtors
403
693
112,248
73,438
Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
BRACCO HORIZONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
7
Warrants
During the year the company has been issued 18,400,000 warrants from Blue Earth Therapeutics Limited. Management have assessed that the warrants constitute a financial asset as the warrants grant rights to a fixed number of shares for a fixed consideration of $3 per share. At year end, a value of $nil has been recognised in assets to reflect the fair value of consideration transferred upon receipt of the warrants.
8
Creditors: amounts falling due within one year
2024
2023
$
$
Bank loans and overdrafts
1,639
Trade creditors
2
20
Amounts owed to group undertakings
5,673
4,158
Other creditors
13,208
14,222
18,883
20,039
Amounts owed to group undertakings comprise of intercompany balances that are unsecured, interest free and repayable on demand.
9
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 was unqualified.
Senior Statutory Auditor:
David Green MA (Cantab) FCA
Statutory Auditor:
Azets Audit Services
10
Ultimate parent and controlling party
The smallest and largest group in which the results of the company are consolidated is that headed by Bracco s.p.A, the accounts of which are available at Business Register of the Chamber of Commerce of Milan, Monza, Brianza, Lodi, Italy. Bracco s.p.A is the ultimate holding company, controlling party and is incorporated and registered in Italy. Its registered office address is Via Egidio Folli 50, 20134 Milan, Italy.
Bracco Imaging Spa is the immediate parent company of Bracco Horizons Limited and its registered office address is at Via Egidio Folli 50, 20134 Milan, Italy.