Acorah Software Products - Accounts Production 16.3.350 false true true 31 December 2023 1 January 2023 false 11 August 2025 1 January 2024 31 December 2024 31 December 2024 12768721 Mr Michael De-Chao Yu true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 12768721 2023-12-31 12768721 2024-12-31 12768721 2024-01-01 2024-12-31 12768721 frs-core:CurrentFinancialInstruments 2024-12-31 12768721 frs-core:OtherReservesSubtotal 2024-12-31 12768721 frs-core:ShareCapital 2024-12-31 12768721 frs-core:RetainedEarningsAccumulatedLosses 2024-12-31 12768721 frs-bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 12768721 frs-bus:FilletedAccounts 2024-01-01 2024-12-31 12768721 frs-bus:SmallEntities 2024-01-01 2024-12-31 12768721 frs-bus:Audited 2024-01-01 2024-12-31 12768721 frs-bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 12768721 1 2024-01-01 2024-12-31 12768721 frs-bus:Director1 2024-01-01 2024-12-31 12768721 frs-countries:EnglandWales 2024-01-01 2024-12-31 12768721 2022-12-31 12768721 2023-12-31 12768721 2023-01-01 2023-12-31 12768721 frs-core:CurrentFinancialInstruments 2023-12-31 12768721 frs-core:OtherReservesSubtotal 2023-12-31 12768721 frs-core:ShareCapital 2023-12-31 12768721 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31
Registered number: 12768721
Fortvita Biologics (Europe) Limited
Financial Statements
For The Year Ended 31 December 2024
Accountum Limited
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—4
Page 1
Balance Sheet
Registered number: 12768721
2024 2023
Notes £ £ £ £
CURRENT ASSETS
Debtors 4 29,356 27,244
Cash at bank and in hand 258,663 47,922
288,019 75,166
Creditors: Amounts Falling Due Within One Year 5 (3,458,489 ) (2,681,227 )
NET CURRENT ASSETS (LIABILITIES) (3,170,470 ) (2,606,061 )
TOTAL ASSETS LESS CURRENT LIABILITIES (3,170,470 ) (2,606,061 )
NET LIABILITIES (3,170,470 ) (2,606,061 )
CAPITAL AND RESERVES
Called up share capital 6 1 1
Capital Contribution reserve 203,370 79,677
Profit and Loss Account (3,373,841 ) (2,685,739 )
SHAREHOLDERS' FUNDS (3,170,470) (2,606,061)
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Michael De-Chao Yu
Director
11/08/2025
The notes on pages 2 to 4 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
Fortvita Biologics (Europe) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12768721 . The registered office is Freeths LLP, 1 Vine Street, London, W1J 0AH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
The functional currency of the company is considered to be Chinese Yuan (CNY) since this is the currency that mainly influences the costs and expenses of the company. The financial statements are presented in pound sterling (£). The financial information contained herein has been prepared by translating the CNY functional currency amounts for the year ended 31 Decemeber 2024 into GBP in accordance with the guidance and procedures under FRS 102.
2.2. Going Concern Disclosure
The directors have considered the company's financial position, liquidity and future performance together with financial projections for the Company over the forseeable future and have also reviewed the ongoing committed financial support from the Company's parent undertaking and are confident that this will be available for the forseeable future. After making enquiries, the directors are satisfied that the Company has or will have sufficient resources to continue in operation for the forseeable future, being at least 12 months from the date of the approval of the financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
The Company currently has no source of revenue in the UK since inception. It is reliant on financial support from its parent undertaking to meet its day to day operations. Whilst management are confident that the company will be generating revenue from its operations in the forseeable future, there are no guarantees. This indicates the existence of a material uncertainty which may cast significant doubt over the Company's ability to continue as a going concern.
2.3. Significant judgements and estimations
There were no key sources of estimation uncertainties or critical judgements made by the directors in the process of applying the company's accounting policies with significant effect on the amounts recognised in the financial statements.
2.4. Financial Instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
2.5. Foreign Currencies
The presentational currency of the Company is considered to be pound sterling (£). The functional currency of the company is considered to be Chinese Yuan (CNY) since this is the currency that mainly influences the costs and expenses of the company. The financial statements are presented in pound sterling (£). The financial information contained herein has been prepared by translating the CNY functional currency amounts for the year ended 31 Decemeber 2024 into GBP in accordance with the guidance and procedures under FRS 102.
Transactions in currencies other than CNY are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in currencies other than CNY are retranslated into the functional currency of the Company at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denomicated in currencies other than CNY are retranslated at the rates prevailing on the initial transaction dates.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
Page 2
Page 3
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.8. Receivables
Receivables are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest methid, less provision for impairment. A provision for the impairment of receivables 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.
2.9. Payables
Payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Payables 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.
Payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
2.10. Share capital
Ordinary shares are classified as equity. Equity instruments are measured at 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.
Share based payments
The Company's parnet undertaking, Innovent Biologics Inc., operates an option rights plan for its employees which entitles these employees to acquire shares in the parent undertaking. The required disclosures are therefore included in Innovent Biologics Inc. consolidated financial statements.
The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium of the parent undertaking when the shares are granted, with the expense being realised in the company's income statement.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 1)
2 1
4. Debtors
2024 2023
£ £
Due within one year
Amounts owed by group undertakings 25,436 25,717
Other debtors 3,920 1,527
29,356 27,244
5. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Amounts owed to group undertakings 3,380,161 2,559,308
Other creditors 78,328 121,919
3,458,489 2,681,227
6. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
Ordinary shares of £1 each.
Page 3
Page 4
7. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost for the year represents contributions payable by the company to the scheme and amounted to £11,493 (2023: £10.027). There were no contributions payable to the scheme at the end of the period.
8. Post Balance Sheet Events
There have been no significant events between the year end and the date of approval of these accounts which would require a change to, or disclosure in, the financial statements.
9. Related Party Transactions
The company is a wholly owned subsidiary member of its group and has therefore taken advantage of the provisions of paragraph 1AC.35 of FRS102 - Small Entities not to disclose transactions with entities that are wholly owned members of the group.
There were no other related party transactions to disclose.
10. Ultimate Controlling Party
The company's immediate parent is Fortvita Biologics Inc, incorporated in the Cayman Islands. The ultimate parent is Innovent Biologics Inc, incorporated in the Cayman Islands. These financial statements are available upon request from www.innoventbio.com.
11. Audit Information
The auditor's report on the accounts of Fortvita Biologics (Europe) Limited for the year ended 31 December 2024 was unqualified.
The auditor's report was signed by William Watson (Senior Statutory Auditor) for and on behalf of Rawlinson & Hunter Audit LLP , Statutory Auditor.
Rawlinson & Hunter Audit LLP
Statutory Auditor & Chartered Accountants
Eighth Floor, 6 New Street Square, New Fetter Lane
London
EC4A 3AQ
Page 4