ABACUS MEDICINE PHARMA SERVICES LTD

• ⚠

  Material uncertainty over going concern

  The directors have adopted the going concern basis in preparing the accounts, not withstanding net liabilities of £31,326 (2023: £7,759,528) following a profit for the year of £7,711,883 (2023: £1,490,326 loss). However the profit in the year is due to an exceptional gain on the sale of intellectual property totalling £7,829,009 to a group company, see note 4. It should be noted that of the £7,439,047 (2023: £13,552,401) creditor balance at the year end, £4,360,512 (2023: £12,048,670) is due to group undertakings, £4,346,460 (2023: £12,016,277) due to the parent company, therefore the company is reliant on the continued support of its immediate parent company. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so. The intermediate parent company, Abacus Medicine A/S, has confirmed that it will provide such financial support as is required to enable the company to meet its obligations as they fall due, for at least the next twelve months from the date of approval of these financial statements and thereafter for the foreseeable future.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

• Turnover

  -33.1%

  £30,544,908 → £20,444,641

• Cash

  +55.8%

  £3,199,453 → £4,985,263

  highest in 5 filed years

• Net assets

  +99.6%

  -£7,759,528 → -£31,326

• Employees

  +4.5%

  22 → 23

  highest in 5 filed years

• Operating profit

  +1,254.1%

  -£741,958 → £8,562,865

• Profit before tax

  +643.7%

  -£1,490,326 → £8,102,722

• Wages

  -34.8%

  £2,780,016 → £1,811,869

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

1. ABACUS MEDICINE PHARMA SERVICES LTD 2022-01-05 → present
2. APOSAVE LTD 2014-07-01 → 2022-01-05
3. ORIGINALIS LTD 2013-12-11 → 2014-07-01

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

UHY Hacker Young

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“The directors have adopted the going concern basis in preparing the accounts, not withstanding net liabilities of £31,326 (2023: £7,759,528) following a profit for the year of £7,711,883 (2023: £1,490,326 loss). However the profit in the year is due to an exceptional gain on the sale of intellectual property totalling £7,829,009 to a group company, see note 4. It should be noted that of the £7,439,047 (2023: £13,552,401) creditor balance at the year end, £4,360,512 (2023: £12,048,670) is due to group undertakings, £4,346,460 (2023: £12,016,277) due to the parent company, therefore the company is reliant on the continued support of its immediate parent company. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so. The intermediate parent company, Abacus Medicine A/S, has confirmed that it will provide such financial support as is required to enable the company to meet its obligations as they fall due, for at least the next twelve months from the date of approval of these financial statements and thereafter for the foreseeable future.”

Significant events

• “In the past financial year, Abacus Medicine Pharma Services Ltd has experienced a decline in sales compared to previous years. Simultaneously, the company has undergone a strategic transformation and transitioned to a cost-plus business model. As part of this transition certain commercial risks related to the Clinical Trial Services (CTS) business are transferred from the company to Abacus Medicine A/S within the group which implies a transfer of activity or on-going concern which includes decision-making functions and commercial risk.”
• “The change to a service organisation has resulted in a simplified operating model, reduced exposure to inventory and supply chain risks, and a more predictable cost base.”
• “Gain on sale of intellectual property totalling £7,829,009 to a group company.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

4

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.