IRIS Accounts Production v23.1.5.20 02498080 director 1.4.22 31.3.23 31.3.23 true false true true false false false false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure024980802022-03-31024980802023-03-31024980802022-04-012023-03-31024980802021-03-31024980802021-04-012022-03-31024980802022-03-3102498080ns16:EnglandWales2022-04-012023-03-3102498080ns15:PoundSterling2022-04-012023-03-3102498080ns11:Director12022-04-012023-03-3102498080ns11:PrivateLimitedCompanyLtd2022-04-012023-03-3102498080ns11:FullIFRS2022-04-012023-03-3102498080ns11:Audited2022-04-012023-03-3102498080ns11:ResidualCompaniesActDisclosuresWithIFRS2022-04-012023-03-3102498080ns11:FullAccounts2022-04-012023-03-3102498080ns11:OrdinaryShareClass12022-04-012023-03-3102498080ns11:RegisteredOffice2022-04-012023-03-3102498080ns6:CurrentInventories2023-03-3102498080ns6:CurrentInventories2022-03-3102498080ns6:CurrentFinancialInstruments2023-03-3102498080ns6:CurrentFinancialInstruments2022-03-3102498080ns6:ShareCapital2023-03-3102498080ns6:ShareCapital2022-03-3102498080ns6:RetainedEarningsAccumulatedLosses2023-03-3102498080ns6:RetainedEarningsAccumulatedLosses2022-03-3102498080ns6:Non-currentFinancialInstruments2023-03-3102498080ns6:Non-currentFinancialInstruments2022-03-3102498080ns6:CurrentFinancialInstrumentsns6:InterestBearingFinancialInstruments2023-03-3102498080ns6:CurrentFinancialInstrumentsns6:InterestBearingFinancialInstruments2022-03-3102498080ns6:ShareCapital2021-03-3102498080ns6:RetainedEarningsAccumulatedLosses2021-03-3102498080ns6:RetainedEarningsAccumulatedLosses2021-04-012022-03-3102498080ns6:RetainedEarningsAccumulatedLosses2022-04-012023-03-3102498080ns6:FinanceLeases2022-04-012023-03-3102498080ns6:FinanceLeases2021-04-012022-03-3102498080ns6:MotorVehicles2022-04-012023-03-3102498080ns6:LeasedAssets2022-04-012023-03-3102498080ns6:LeasedAssets2021-04-012022-03-3102498080ns11:OrdinaryShareClass12021-04-012022-03-3102498080ns6:MotorVehicles2022-03-3102498080ns6:MotorVehicles2023-03-3102498080ns6:MotorVehicles2022-03-3102498080ns11:OrdinaryShareClass12023-03-3102498080ns6:RetainedEarningsAccumulatedLosses2022-03-31
REGISTERED NUMBER: 02498080 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

OMRON HEALTHCARE UK LIMITED

OMRON HEALTHCARE UK LIMITED (REGISTERED NUMBER: 02498080)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Strategic Report 2

Report of the Director 4

Report of the Independent Auditors 6

Statement of Profit or Loss and Other Comprehensive
Income

10

Statement of Financial Position 11

Statement of Changes in Equity 12

Statement of Cash Flows 13

Notes to the Statement of Cash Flows 14

Notes to the Financial Statements 15


OMRON HEALTHCARE UK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTOR: C P Duregger





REGISTERED OFFICE: 44 Grand Parade
Brighton
East Sussex
BN2 9QA





REGISTERED NUMBER: 02498080 (England and Wales)





AUDITORS: Chariot House Limited
Chartered Accountants and Statutory Auditor
44 Grand Parade
Brighton
BN2 9QA

OMRON HEALTHCARE UK LIMITED (REGISTERED NUMBER: 02498080)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023


The director presents his strategic report for the year ended 31 March 2023.

REVIEW OF BUSINESS AND KEY PERFORMANCE INDICATORS
The Statement of Income as set out on page 10 records the profit for the year.

The company continues to use its established key performance indicators to monitor and measure progress. These include Turnover, Operating Profit, Variance against the Budget and prior year and Profit before Tax.

Turnover
OMRON manufacture and supply a range of medical devices which help consumers and clinicians monitor chronic diseases such as hypertension.

The fiscal year 2022 has seen a period of recovery in the offline market with stores seeing new demand for home devices so that consumers can monitor conditions at home. The UK market is characterised by pharmacy, retail, professional and online channels for medical devices. The end of the pandemic saw the start of more promotions across retail and the return of OMRON managed its operations successfully and continued to deliver innovative products to consumers and clinicians.

The company concentrates on the main activity which is the distribution of Healthcare products.

Operating Profit
The company's operating result decreased to a loss of £0.908m (2022 - profit £.0239 m).
The decrease in operating result is largely due to the above factors.

Profit after Tax
The company's result after taxation decreased to a loss of£0.907 m (2022: £0.195 m).
The decrease in result before tax is mainly due to the above factors.


OMRON HEALTHCARE UK LIMITED (REGISTERED NUMBER: 02498080)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023

PRINCIPAL RISKS AND UNCERTAINTIES
The company is part of the Omron Corporation Group and operates within the healthcare industry. OMRON Healthcare is a leader in medical equipment for therapy and health monitoring. Our range of products includes blood pressure monitors, respiratory therapy devices, electronic fever thermometers and body fat monitors among others. By looking beyond the technology, our real commitment lies in building healthy lives. We aim to provide a total healthcare management service, aimed at preventing and improving such increasingly common health problems as hypertension, respiratory problems, diabetes and obesity.

The wider economic impacts from Brexit, Covid-19 have lessened over the months, but the global shortage of components and the inflationary considerations all through the supply chain remain an alert to the Company. Contingency plans are in hand at both OC and EMEA levels and actions are being implemented. Careful cost management remains a priority.

The Director remains optimistic regarding the long-term prospects of the Company. Whilst challenges remain, a Brexit deal is in place, there are no more Covid governmental restrictions in place and component shortage mitigation plans are active, which is providing optimism. The extent to which the current inflationary pressures on materials and higher logistics costs impacting the business remains uncertain, but the Director continues to closely monitor the developments and their impact on the Company.

The company is part to the group's corporation-wide internal control and risk management system, especially in terms of the accounting processes, which helps analyse and manage the company's risk situation. The risk management system serves to identify and evaluate developments that could trigger significant disadvantages and to avoid risks that would jeopardize the continued existence of the company.

The risk management system regulates the identification, recording, assessment, documentation and reporting of risks and is integrated into the company's strategy, planning and budgeting processes. By including risk management in the management and reporting systems, the company ensures that risk management is an integral component of business processes.


FINANCIAL RISKS

Currency risk
The company is exposed to translation and foreign exchange risk. These risks are mitigated, where possible, by undertaking transactions with overseas customers and suppliers in £ sterling.

Liquidity and cashflow risk
The company seeks to manage liquidity risk by ensuring sufficient cash is available to meet foreseeable needs and to invest cash assets safely and profitably. Financial support is also available from the ultimate parent company.

ON BEHALF OF THE BOARD:





C P Duregger - Director


12 September 2023

OMRON HEALTHCARE UK LIMITED (REGISTERED NUMBER: 02498080)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 MARCH 2023


The director presents his report with the financial statements of the company for the year ended 31 March 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the distribution of healthcare products.

DIVIDENDS
No interim dividend was paid during the year. The director recommends a final dividend of £273 per share.

The total distribution of dividends for the year ended 31 March 2023 will be £ 273,000 .

The directors have proposed no dividend be paid in September 2023.

DIRECTOR
C P Duregger was the sole director during the year under review.

The director holding office at 31 March 2023 did not hold any beneficial interest in the issued share capital of the company at 1 April 2022 or 31 March 2023.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with UK-adopted international accounting standards. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

OMRON HEALTHCARE UK LIMITED (REGISTERED NUMBER: 02498080)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 MARCH 2023


AUDITORS
The auditors, Chariot House Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:




C P Duregger - Director


12 September 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
OMRON HEALTHCARE UK LIMITED


Opinion
We have audited the financial statements of Omron Healthcare UK Limited (the 'company') for the year ended 31 March 2023 which comprise the Statement of Profit or Loss and Other Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the UK.

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its loss for the year then ended;
-have been properly prepared in accordance with IFRSs as adopted by the UK; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
OMRON HEALTHCARE UK LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
OMRON HEALTHCARE UK LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We identified that the following laws and regulations are central to the company:

- Companies Act 20006
- Health & safety regulations

We did not find any instances of non-compliance or breaches of the legislation framework applicable to the company.

We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We identified that the following areas were of high risk:
- Completeness of income. We performed various audit tests to ensure that income was not materially understated in the financial statements.
- Management override of controls. We performed various audit tests to ensure there was no material management override of controls

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation.. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel when considered necessary. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of management bias by the directors that represented a risk of material misstatement due to fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
OMRON HEALTHCARE UK LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Mark Partridge BSc FCA (Senior Statutory Auditor)
for and on behalf of Chariot House Limited
Chartered Accountants and Statutory Auditor
44 Grand Parade
Brighton
BN2 9QA

19 September 2023

OMRON HEALTHCARE UK LIMITED (REGISTERED NUMBER: 02498080)

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023

2023 2022
Notes £    £   

CONTINUING OPERATIONS
Revenue 13,047,582 14,814,710

Cost of sales (10,755,715 ) (11,706,599 )
GROSS PROFIT 2,291,867 3,108,111

Administrative expenses (3,226,542 ) (2,869,912 )
OPERATING (LOSS)/PROFIT (934,675 ) 238,199

Finance costs 4 (1,867 ) (671 )

Finance income 4 28,934 1,855
(LOSS)/PROFIT BEFORE INCOME TAX 5 (907,608 ) 239,383

Income tax 6 660 (44,549 )
(LOSS)/PROFIT FOR THE YEAR (906,948 ) 194,834

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(906,948

)

194,834

OMRON HEALTHCARE UK LIMITED (REGISTERED NUMBER: 02498080)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2023

2023 2022
Notes £    £   
ASSETS
NON-CURRENT ASSETS
Owned
Property, plant and equipment 8 - -
Right-of-use
Property, plant and equipment 8, 16 23,601 46,614
23,601 46,614
CURRENT ASSETS
Inventories 9 460,469 95,505
Trade and other receivables 10 3,349,657 4,862,061
Cash and cash equivalents 11 1,971,066 1,628,545
5,781,192 6,586,111
TOTAL ASSETS 5,804,793 6,632,725
EQUITY
SHAREHOLDERS' EQUITY
Called up share capital 12 1,000 1,000
Retained earnings 13 2,271,453 3,451,401
TOTAL EQUITY 2,272,453 3,452,401
LIABILITIES
NON-CURRENT LIABILITIES
Financial liabilities - borrowings
Interest bearing loans and borrowings 15 7,095 22,645
CURRENT LIABILITIES
Trade and other payables 14 3,509,695 3,088,152
Financial liabilities - borrowings
Interest bearing loans and borrowings 15 15,550 23,384
Tax payable - 46,143
3,525,245 3,157,679
TOTAL LIABILITIES 3,532,340 3,180,324
TOTAL EQUITY AND LIABILITIES 5,804,793 6,632,725


The financial statements were approved by the director and authorised for issue on 12 September 2023 and were signed by:




C P Duregger - Director


OMRON HEALTHCARE UK LIMITED (REGISTERED NUMBER: 02498080)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 April 2021 1,000 3,849,567 3,850,567

Changes in equity
Dividends - (593,000 ) (593,000 )
Total comprehensive income - 194,834 194,834
Balance at 31 March 2022 1,000 3,451,401 3,452,401

Changes in equity
Dividends - (273,000 ) (273,000 )
Total comprehensive income - (906,948 ) (906,948 )
Balance at 31 March 2023 1,000 2,271,453 2,272,453

OMRON HEALTHCARE UK LIMITED (REGISTERED NUMBER: 02498080)

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 657,321 59,038
Lease interest paid (1,867 ) (671 )
Tax paid (45,483 ) (199,981 )
Net cash from operating activities 609,971 (141,614 )

Cash flows from investing activities
Interest received 28,934 1,855
Net cash from investing activities 28,934 1,855

Cash flows from financing activities
Payment of lease liabilities (23,384 ) (24,580 )
Equity dividends paid (273,000 ) (593,000 )
Net cash from financing activities (296,384 ) (617,580 )

Increase/(decrease) in cash and cash equivalents 342,521 (757,339 )
Cash and cash equivalents at beginning of
year

2

1,628,545

2,385,884

Cash and cash equivalents at end of year 2 1,971,066 1,628,545

OMRON HEALTHCARE UK LIMITED (REGISTERED NUMBER: 02498080)

NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023


1. RECONCILIATION OF (LOSS)/PROFIT BEFORE INCOME TAX TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
(Loss)/profit before income tax (907,608 ) 239,383
Depreciation charges 23,013 23,013
Finance costs 1,867 671
Finance income (28,934 ) (1,855 )
(911,662 ) 261,212
(Increase)/decrease in inventories (364,964 ) 229,169
Decrease in trade and other receivables 1,512,404 3,187,299
Increase/(decrease) in trade and other payables 421,543 (3,618,642 )
Cash generated from operations 657,321 59,038

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 March 2023
31/3/23 1/4/22
£    £   
Cash and cash equivalents 1,971,066 1,628,545
Year ended 31 March 2022
31/3/22 1/4/21
£    £   
Cash and cash equivalents 1,628,545 2,385,884

OMRON HEALTHCARE UK LIMITED (REGISTERED NUMBER: 02498080)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023



1. STATUTORY INFORMATION

Omron Healthcare UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


OMRON HEALTHCARE UK LIMITED (REGISTERED NUMBER: 02498080)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES

Basis of preparation
These financial statements have been prepared in accordance with UK-adopted international accounting standards and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS. The financial statements have been prepared under the historical cost convention.

Standard adopted by the company

- IFRS 16 Leases.

Short term leases and leases of low-value assets

From the accounting period to 31st March 2021 the company has decided to fully apply IFRS 16 using the modified retrospective approach and therefore the comparative information has not been restated

At the inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. IFRS 16.

As a lessee
At commencement or on modification of a contract that contains a lease component, along with one or more other lease or non-lease components, the Company accounts for each lease component separately from the non-lease components. The Company allocates the consideration in the contract to each lease component on the basis of its relative stand-alone price and the aggregate stand-alone price of the non-lease components.

The Company recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received.

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Company by the end of the lease term or the cost of the right-of-use asset reflects that the Company will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company's incremental borrowing rate.

Lease payments included in the measurement of the lease liability comprise the following:
- fixed payments, including in-substance fixed payments;
- variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date
- amounts expected to be payable under a residual value guarantee; and
- the exercise price under a purchase option that the Company is reasonably certain to exercise,
- lease payments in an optional renewal period if the Company is reasonably certain to exercise an extension option, and
- penalties for early termination of a lease unless the Company is reasonably certain not to terminate early.


OMRON HEALTHCARE UK LIMITED (REGISTERED NUMBER: 02498080)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, there is a change in the Company's estimate of the amount expected to be payable under a residual value guarantee, if the Company changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment.

When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, to the extent that the right-of-use asset is reduced to nil, with any further adjustment required from the remeasurement being recorded in profit or loss.

Going Concern
The Board conclude that it is appropriate to adopt the going concern basis of accounting because there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the Company to continue as a going concern.

As described in the Strategic Report on page 3, the Board has assessed the risks arising from the COVID-19 outbreak, but does not consider that there is a going concern implication.

Preparation of consolidated financial statements
The Company's ultimate parent undertaking, Omron Healthcare Europe BV, includes the Company in its consolidated financial statements which are prepared in accordance with Part 9 of Book 2 of the Dutch Civil Code, are available to the public and may be obtained from the address given in note 15.

Revenue recognition
The company has only one reportable segment from which it generates income. This is the sale/ distribution of healthcare products purchased exclusively from its holding company, Omron Healthcare Europe BV. The company is part of its ultimate parent company's, Omron Corporation, global network, as a result, sales are restricted to customers based in the United Kingdom.

The company recognises revenue from the sale of goods when a product is sold and delivered to the customer. Sales are mainly in the form of bulk sales to a relatively small number of customers. The company does offer credit terms to bulk sales customers and these are negotiated on an individual customer basis with the company. A much smaller proportion of sales are made to online customers direct from the company's website, but this ceased in the year to 31 March 2021. Online customers were required to make full payment of the transaction price at the time of the order is placed. It is the company's policy that online customers have with a right to return products within 28 days of purchase. Accumulated experience is used to estimate such returns at the time of sale. Because the number of products returned has been steady, it is highly probable that a significant reversal in the cumulative revenue recognised will not occur. The company has an obligation to repair or replace faulty products under its standard warranty terms. The possibility of any outflow of economic benefits is considered to be remote, see note 18. The validity of theses assumptions and the estimated amount of returns and warranties are reassessed at each reporting date.






Cash and cash equivalents
Cash represents cash in hand and deposits held on demand with financial institutions. Cash equivalents are short-term, highly-liquid investments with original maturities of three months or less (as at their date of acquisition). Cash equivalents are readily convertible to known amounts of cash and subject to an insignificant risk of change in that cash value.

In the presentation of the Statement of Cash Flows, cash and cash equivalents also include bank overdrafts. Any such overdrafts are shown within borrowings under ‘current liabilities’ on the Statement of Financial Position.

OMRON HEALTHCARE UK LIMITED (REGISTERED NUMBER: 02498080)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Motor vehicles - Over the term of the lease

(i) Recognition and measurement
Items of property, plant and equipment are measured at cost, which includes capitalised borrowing costs, less accumulated depreciation and any accumulated impairment losses.

(ii) Depreciation
Depreciation is calculated to write off the cost of items of property, plant and equipment less their estimated residual values using the following annual rates over their estimated useful lives, and is generally recognised in profit or loss.

Impairment of assets

Property, plant and equipment are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period.

OMRON HEALTHCARE UK LIMITED (REGISTERED NUMBER: 02498080)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
(i) Recognition and initial measurement

Trade receivables and debt securities issued are initially recognised when they are originated. All other financial assets and financial liabilities are initially recognised when the company becomes a party to the contractual provisions of the instrument.
A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at Fair Value Through Profit and Loss (FVTPL), transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price.

(ii) Classification and subsequent measurement

Financial assets
On initial recognition, a financial asset is classified as measured at: amortised cost; Fair Value Through Other Comprehensive Income (FVOCI) - debt investment; FVOCI - equity investment; or FVTPL.

A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL:
- it is held within a business model whose objective is to hold assets to collect contractual cash flows; and
- its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL:
- it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and
- its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL.

Financial liabilities - Classification, subsequent measurement and gains and losses
Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss.

(iii) Derecognition
Financial assets
The company derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the company neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.
The company enters into transactions whereby it transfers assets recognised in its statement of financial position, but retains either all or substantially all of the risks and rewards of the transferred assets. In these cases, the transferred assets are not derecognised.

Financial liabilities

OMRON HEALTHCARE UK LIMITED (REGISTERED NUMBER: 02498080)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued
The company derecognises a financial liability when its contractual obligations are discharged or cancelled, or expire. The company also derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognised at fair value.
On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss.

Cash and cash equivalents
For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities in the balance sheet.

Trade receivables
Trade receivables are recognised initially at the amount of consideration that is unconditional, unless they contain significant financing components when they are recognised at fair value. They are subsequently measured at amortised cost using the effective interest method, less loss allowance.

Trade and other payables
These amounts represent liabilities for goods and services provided to the company prior to the end of the financial year which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method.

Provisions
Provisions for service warranties are recognised when the company has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated. Provisions are not recognised for future operating losses.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

Provisions are measured at the present value of management's best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognised as interest expense.

Inventories
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Inventories are valued on a first in first out basis.

Taxation
Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using tax rates enacted or substantially enacted by the statement of financial position date.

OMRON HEALTHCARE UK LIMITED (REGISTERED NUMBER: 02498080)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

Foreign currencies
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates, are generally recognised in profit or loss. They are deferred in equity if they relate to qualifying cash flow hedges and qualifying net investment hedges or are attributable to part of the net investment in a foreign operation.

Foreign exchange gains and losses that relate to borrowings are presented in the statement of profit or loss, within finance costs. All other foreign exchange gains and losses are presented in the statement of profit or loss on a net basis within other gains/(losses).

Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Translation differences on assets and liabilities carried at fair value are reported as part of the fair value gain or loss. For example, translation differences on non-monetary assets and liabilities such as equities held at fair value through profit or loss are recognised in profit or loss as part of the fair value gain or loss, and translation differences on non-monetary assets such as equities classified as at fair value through other comprehensive income are recognised in other comprehensive income.

Leases
Leases are recognised as finance leases. The lease liability is initially recognised at the present value of the lease payments which have not yet been made and subsequently measured under the amortised cost method. The initial cost of the right-of-use asset comprises the amount of the initial measurement of the lease liability, lease payments made prior to the lease commencement date, initial direct costs and the estimated costs of removing or dismantling the underlying asset per the conditions of the contract.

Where ownership of the right-of-use asset transfers to the lessee at the end of the lease term, the right-of-use asset is depreciated over the asset’s remaining useful life. If ownership of the right-of-use asset does not transfer to the lessee at the end of the lease term, depreciation is charged over the shorter of the useful life of the right-of-use asset and the lease term.

Employee benefit costs
(i) Short-term obligations
Liabilities for wages and salaries, including non-monetary benefits, annual leave and accumulating sick leave that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognised in respect of employees' services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit obligations in the balance sheet.

(iii) Termination benefits
Termination benefits are payable when employment is terminated by the company before the normal retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. The company recognises termination benefits at the earlier of the following dates: (a) when the company can no longer withdraw the offer of those benefits; and (b) when the entity recognises costs for a restructuring that is within the scope of IAS 37 and involves the payment of terminations benefits. In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer. Benefits falling due more than 12 months after the end of the reporting period are discounted to present value.

Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity. Income tax relating to transaction costs of an equity transaction is accounted for in accordance with IAS 12.

OMRON HEALTHCARE UK LIMITED (REGISTERED NUMBER: 02498080)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

Use of judgements and estimates
In preparing these financial statements, management has made judgements and estimates that affect the application of the company's accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.

(i) Judgements
Information about judgements made in applying accounting policies that have the most significant effects on the amounts recognised in the financial statements is included in the following notes:

- revenue recognition

(ii) Assumptions and estimation uncertainties
Information about assumptions and estimation uncertainties at 31 March 2020 that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities in the next financial year is included in the following notes:

- revenue recognition: estimate of expected returns;
- recognition of deferred tax assets: availability of future taxable profit against which deductible temporary differences and tax losses carried forward can be utilised;
- recognition and measurement of provisions and contingencies: key assumptions about the likelihood and magnitude of an outflow of resources;

(iii) Measurement of fair values
A number of the company's accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities.

When measuring the fair value of an asset or a liability, the company uses observable market data as far as possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows.

- Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
- Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
- Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 772,978 532,966
Social security costs 111,480 73,902
Other pension costs 50,042 49,190
934,500 656,058

OMRON HEALTHCARE UK LIMITED (REGISTERED NUMBER: 02498080)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2023 2022

Management 1 2
Selling and Distribution 4 4
Administration 5 6
10 12

2023 2022
£    £   
Directors' remuneration - 192,290
Directors' pension contributions to money purchase schemes - 10,201

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes - 1

4. NET FINANCE INCOME
2023 2022
£    £   
Finance income:
Deposit account interest 28,934 -
Interest received on tax - 1,855
28,934 1,855
Finance costs:
Leasing 1,867 671

Net finance income 27,067 1,184

5. (LOSS)/PROFIT BEFORE INCOME TAX

The loss before income tax (2022 - profit before income tax) is stated after charging:
2023 2022
£    £   
Cost of inventories recognised as expense 10,755,715 11,706,599
Depreciation - assets on finance leases 23,013 23,012
Auditors' remuneration 12,830 12,092
Auditors' remuneration for non audit work 2,055 5,056

OMRON HEALTHCARE UK LIMITED (REGISTERED NUMBER: 02498080)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


6. INCOME TAX

Analysis of tax (income)/expense
2023 2022
£    £   
Current tax:
Tax - 46,143
Corporation tax underprovision earlier year (660 ) (1,594 )

Total tax (income)/expense in statement of profit or loss and other
comprehensive income

(660

)

44,549

Factors affecting the tax expense
The tax assessed for the year is higher (2022 - lower) than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
(Loss)/profit before income tax (907,608 ) 239,383
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
19% (2022 - 19%)

(172,446

)

45,483

Effects of:
Losses carried forward 171,786 -
(Under)/Overprovision - (934 )

Tax (income)/expense (660 ) 44,549

7. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Final 273,000 593,000

OMRON HEALTHCARE UK LIMITED (REGISTERED NUMBER: 02498080)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


8. PROPERTY, PLANT AND EQUIPMENT
Motor
vehicles
£   
COST
At 1 April 2022
and 31 March 2023 85,004
DEPRECIATION
At 1 April 2022 38,390
Charge for year 23,013
At 31 March 2023 61,403
NET BOOK VALUE
At 31 March 2023 23,601
At 31 March 2022 46,614

Motor vehicles are comprised wholly of Right of Use assets.

9. INVENTORIES

2023 2022
£    £   
Stocks 460,469 95,505

10. TRADE AND OTHER RECEIVABLES

2023 2022
£    £   
Current:
Trade debtors 3,324,559 4,549,132
Prepayments and accrued income 25,098 312,929
3,349,657 4,862,061

11. CASH AND CASH EQUIVALENTS

2023 2022
£    £   
Bank deposit account 1,971,066 1,628,545

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary £1 1,000 1,000

OMRON HEALTHCARE UK LIMITED (REGISTERED NUMBER: 02498080)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


13. RESERVES
Retained
earnings
£   

At 1 April 2022 3,451,401
Deficit for the year (906,948 )
Dividends (273,000 )
At 31 March 2023 2,271,453

Reserves represent accumulated profits not yet distributed.

14. TRADE AND OTHER PAYABLES

2023 2022
£    £   
Current:
Trade creditors 501,401 344,785
Amounts owed to group undertakings 2,548,334 1,605,635
Accrued expenses 289,690 603,099
VAT 170,270 534,633
3,509,695 3,088,152

15. FINANCIAL LIABILITIES - BORROWINGS

2023 2022
£    £   
Current:
Leases (see note 16) 15,550 23,384

Non-current:
Leases (see note 16) 7,095 22,645

Terms and debt repayment schedule

1 year or
less 1-2 years Totals
£    £    £   
Leases 15,550 7,095 22,645

16. LEASING

Right-of-use assets

Right of Use Assets capitalised under IFRS 16 are Motor Vehicles as disclosed in Note 8.

OMRON HEALTHCARE UK LIMITED (REGISTERED NUMBER: 02498080)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


16. LEASING - continued

Lease liabilities

Lease liabilities represent amounts recognised under IFRS 16 and relate to the leased motor vehicles. Payments are due each month in accordance with the individual lease agreements.

17. ULTIMATE PARENT COMPANY

The company's immediate parent undertaking is Omron Healthcare Europe BV. It has included the company in its group accounts, copies of which are available from its registered office, 2132 NA, Hoofddorp, Netherlands.

In the directors' opinion, the company's ultimate parent company and controlling party is Omron Corporation, a publicly quoted company, which is incorporated in Japan.

18. CONTINGENT LIABILITIES

The company has a potential liability in respect of warranties provided on goods sold. The directors consider that the possibility of any outflow of economic benefits is remote and so do not consider that it is necessary to disclose the amounts involved.

19. RELATED PARTY DISCLOSURES

At 31st March 2023 the amount owing to the holding company was £2,548,334 (2022: £1,605,635) repayable on demand.

Purchases of stock in the year by the company from Omron Healthcare Europe BV amounted to £11,120,517 (2022: £11,477,430).

Recharges of expenses in the year by the company to Omron Healthcare Europe BV amounted to £112,202 (2022: £223,705).