Company Registration No. 11710909 (England and Wales)
BGI GENOMICS UK CO LTD
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2019
PAGES FOR FILING WITH REGISTRAR
BGI GENOMICS UK CO LTD
CONTENTS
Page
Statement of comprehensive income
1
Balance sheet
2
Statement of changes in equity
3
Notes to the financial statements
4 - 10
BGI GENOMICS UK CO LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2019
- 1 -
Period
ended
31 December
2019
£
Loss for the Period
(90,716)
Other comprehensive income
-
Total comprehensive income for the Period
(90,716)
BGI GENOMICS UK CO LTD
BALANCE SHEET
AS AT
31 DECEMBER 2019
31 December 2019
- 2 -
2019
Notes
£
£
Fixed assets
Tangible assets
5
314,913
Current assets
Debtors
7
575,300
Cash at bank and in hand
360,025
935,325
Creditors: amounts falling due within one year
8
(1,340,855)
Net current liabilities
(405,530)
Total assets less current liabilities
(90,617)
Capital and reserves
Called up share capital
10
99
Profit and loss reserves
(90,716)
Total equity
(90,617)
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 26 October 2020 and are signed on its behalf by:
Mr Y Liu
Director
Company Registration No. 11710909
BGI GENOMICS UK CO LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2019
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Period ended 31 December 2019:
Loss and total comprehensive income for the period
-
(90,716)
(90,716)
Issue of share capital
10
99
-
99
Balance at 31 December 2019
99
(90,716)
(90,617)
BGI GENOMICS UK CO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2019
- 4 -
1
Accounting policies
Company information
BGI Genomics UK Co Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
42 New Road, London, E1 2AX.
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.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The accounts have been prepared on the going concern basis, as the immediate parent company, BGI Tech Solutions (Hong Kong) Co., Limited has confirmed they will provide continued financial support for at least 12 months from the date of signing the financial statements.
true
Since the year end all companies have been impacted by the global Coronavirus pandemic. As part of the directors going concern assessment they have considered the operating restrictions placed on the business by the on-going pandemic and the potential cash flow requirements needed to continue in operation through this period. Whilst it is not possible to determine with absolute accuracy the full impact of the pandemic on the Company, the directors have enquired of the group over the available level of support that can be expected during this period, and received adequate assurances.
The directors believe that the Company can successfully manage its business risks and the directors have a reasonable expectation that the Company will have access to adequate resources to continue to trade for the foreseeable future and they believe it is appropriate to continue to adopt the going concern basis in preparing the annual report and accounts. No adjustments have been made should the parent company withdraw its support to the Company.
1.3
Reporting period
The financial statements have been prepared from the date of incorporation 4 December 2018, the company has compiled accounts to 31 December 2019. This accounting date has been adopted in order to align the company with its parent company.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation 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:
Leasehold land and buildings
over the term of the lease
Assets in the course of construction are not depreciated.
BGI GENOMICS UK CO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 5 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
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.
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
paymen
ts 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. A
m
ounts 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.
1.6
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.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
BGI GENOMICS UK CO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 6 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
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.
3
Operating loss
2019
Operating loss for the period is stated after charging:
£
Depreciation of owned tangible fixed assets
1,473
Operating lease charges
101,123
BGI GENOMICS UK CO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2019
- 7 -
4
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2019
Number
2
5
Tangible fixed assets
Leasehold land and buildings
Assets under construction
Total
£
£
£
Cost
At 4 December 2018
-
-
-
Additions
88,408
227,978
316,386
At 31 December 2019
88,408
227,978
316,386
Depreciation and impairment
At 4 December 2018
-
-
-
Depreciation charged in the Period
1,473
-
1,473
At 31 December 2019
1,473
-
1,473
Carrying amount
At 31 December 2019
86,935
227,978
314,913
6
Financial instruments
2019
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
372,668
Carrying amount of financial liabilities
Measured at amortised cost
1,340,855
BGI GENOMICS UK CO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2019
- 8 -
7
Debtors
2019
Amounts falling due within one year:
£
Other debtors
441,364
Prepayments and accrued income
113,083
554,447
Deferred tax asset (note 9)
20,853
575,300
8
Creditors: amounts falling due within one year
2019
£
Trade creditors
213,840
Amounts owed to group undertakings
1,000,427
Accruals and deferred income
126,588
1,340,855
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Assets
2019
Balances:
£
Tax losses
20,853
2019
Movements in the Period:
£
Credit to profit or loss
(20,853)
Asset at 31 December 2019
(20,853)
The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period.
BGI GENOMICS UK CO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2019
- 9 -
10
Share capital
2019
£
Ordinary share capital
Issued and fully paid
99 Ordinary shares of £1 each
99
On 04 December 2018 ordinary shares were issued for £99.
11
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.
The senior statutory auditor was Christopher Mantel.
The auditor was Alliotts LLP.
12
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2019
£
Within one year
465,836
Between two and five years
2,484,460
In over five years
3,002,056
5,952,352
13
Related party transactions
Balances with related parties
The following amounts were outstanding at the reporting end date:
Amounts owed to
related parties
2019
£
Entities with control, joint control or significant influence over the company
1,000,427
BGI GENOMICS UK CO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2019
- 10 -
14
Ultimate controlling party
The immediate parent company is BGI Tech Solutions (Hong Kong) Co., Limited, a company registered in Hong Kong. The ultimate controlling company is BGI Genomics Co, Ltd.
The smallest and largest group into which the entity is consolidated is BGI Genomics Co, Ltd, a company registered in China. BGI Genomics Co, Ltd prepares group financial statements and these can be obtained from Building No.7 BGI Park No. 21 Hongan 3rd Street, Yantian District, Shenzhen, 518083, China.
2019-12-31
2018-12-04
false
02 November 2020
CCH Software
CCH Accounts Production 2020.200
No description of principal activity
This audit opinion is unqualified
Mr N Li
Mr Y Liu
11710909
2018-12-04
2019-12-31
11710909
core:RetainedEarningsAccumulatedLosses
2018-12-04
2019-12-31
11710909
2019-12-31
11710909
core:LandBuildings
core:LeasedAssetsHeldAsLessee
2019-12-31
11710909
core:ConstructionInProgressAssetsUnderConstruction
2019-12-31
11710909
core:CurrentFinancialInstruments
core:WithinOneYear
2019-12-31
11710909
core:ShareCapital
2019-12-31
11710909
core:RetainedEarningsAccumulatedLosses
2019-12-31
11710909
bus:Director2
2018-12-04
2019-12-31
11710909
core:ShareCapital
2018-12-04
2019-12-31
11710909
core:LandBuildings
core:LongLeaseholdAssets
2018-12-04
2019-12-31
11710909
core:ConstructionInProgressAssetsUnderConstruction
2018-12-04
2019-12-31
11710909
core:LandBuildings
core:LeasedAssetsHeldAsLessee
2018-12-04
2019-12-31
11710909
core:CurrentFinancialInstruments
2019-12-31
11710909
core:WithinOneYear
2019-12-31
11710909
core:BetweenTwoFiveYears
2019-12-31
11710909
core:MoreThanFiveYears
2019-12-31
11710909
bus:PrivateLimitedCompanyLtd
2018-12-04
2019-12-31
11710909
bus:SmallCompaniesRegimeForAccounts
2018-12-04
2019-12-31
11710909
bus:FRS102
2018-12-04
2019-12-31
11710909
bus:Audited
2018-12-04
2019-12-31
11710909
bus:Director1
2018-12-04
2019-12-31
11710909
bus:FullAccounts
2018-12-04
2019-12-31
xbrli:pure
xbrli:shares
iso4217:GBP