ACCOUNTS - Final Accounts

TRANSITION BIO LIMITED - Company Information

Caseware UK (AP4) 2021.0.152 2021.0.152 2021-12-312021-12-31true2020-07-169falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12747523 2020-07-15 12747523 2020-07-16 2021-12-31 12747523 2019-07-16 2020-07-15 12747523 2021-12-31 12747523 c:Director1 2020-07-16 2021-12-31 12747523 d:OtherPropertyPlantEquipment 2020-07-16 2021-12-31 12747523 d:OtherPropertyPlantEquipment 2021-12-31 12747523 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2020-07-16 2021-12-31 12747523 d:CurrentFinancialInstruments 2021-12-31 12747523 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 12747523 d:ShareCapital 2021-12-31 12747523 d:RetainedEarningsAccumulatedLosses 2021-12-31 12747523 c:OrdinaryShareClass1 2020-07-16 2021-12-31 12747523 c:OrdinaryShareClass1 2021-12-31 12747523 c:FRS102 2020-07-16 2021-12-31 12747523 c:AuditExempt-NoAccountantsReport 2020-07-16 2021-12-31 12747523 c:FullAccounts 2020-07-16 2021-12-31 12747523 c:PrivateLimitedCompanyLtd 2020-07-16 2021-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 12747523

TRANSITION BIO LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2021

TRANSITION BIO LIMITED

REGISTERED NUMBER: 12747523

BALANCE SHEET

AS AT 31 DECEMBER 2021

		2021
Note		£

Fixed assets
Tangible assets	4		289,587
Current assets
Debtors: amounts falling due within one year	5	227,342
Cash at bank		397,250
Current liabilities		624,592
Creditors: amounts falling due within one year	6	(2,212,896)
Net current (liabilities)/assets			(1,588,304)

Net (liabilities)/assets			(1,298,717)

Capital and reserves
Called up share capital	7	1
Profit and loss account		(1,298,718)
		(1,298,717)

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Mr S Cohen

Director

Date: 7 September 2022

The notes on pages 2 to 6 form part of these financial statements.

Page 1

TRANSITION BIO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2021

1.	General information

Transition Bio Limited is a private Company limited by shares incorporated in England and Wales within the United Kingdom. The address of the registed office is 3rd Floor 1 Ashley Road, Altrincham, Cheshire, United Kingdom, WA14 2DT. This Company is part of a group.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

2.2

Going concern

The Company has not been affected by restrictions imposed by the UK and overseas Governments in response to the COVID-19 pandemic as this is the Company's first year trading.
The directors consider that the resources available to the Company will be sufficient for it to be able to continue as a going concern during the restrictions and once the restrictions are lifted. However, there is a high level of uncertainty about how long the restrictions will last and the level of demand once the restrictions have ended which could affect this assessment. The financial statements do not contain any adjustments that would be required if the Company were not able to continue as a going concern.

2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 2

TRANSITION BIO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 3

TRANSITION BIO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Other fixed assets

20%

straight-line basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.11

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

Employees

The average monthly number of employees, including directors, during the period was 9.

Page 4

TRANSITION BIO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2021

4.	Tangible fixed assets

		Other fixed assets
		£
	Cost
	Additions	318,490
	At 31 December 2021	318,490
	Depreciation
	Charge for the period on owned assets	28,903
	At 31 December 2021	28,903
	Net book value
	At 31 December 2021	289,587

Page 5

TRANSITION BIO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2021

Debtors

					2021
					£


	Other debtors	76,916
	Prepayments	150,426
		227,342

6.	Creditors: Amounts falling due within one year
		2021
		£

	Trade creditors	343,392
	Other creditors	1,866,253
	Accruals	3,251
		2,212,896

7.	Share capital
		2021
		£

		Allotted, called up and fully paid

		100 Ordinary shares of £0.01 each	1

During the period 100 Ordinary £0.01 shares were issued and paid at par for cash consideration.

8.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held seperately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £8,907. Contributions totalling £Nil were payable to the fund at the balance sheet date.

9.	Related party transactions
	During the period the Company operated a loan with Transition Bio Inc, the ultimate parent of the Company. The amount payable to Transition Bio Inc at the period end was £1,866,253. This loan is interest free and repayable on demand.

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