Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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Investments | 4 |
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807,099 | 653,236 | |||
Current assets | ||||
Stocks | 5 |
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Debtors | 6 |
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Cash at bank and in hand |
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1,161,362 | 2,107,039 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current assets | 316,045 | 1,313,505 | ||
Total assets less current liabilities | 1,123,144 | 1,966,741 | ||
Provision for liabilities | 8 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 9 |
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Share premium account |
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Capital redemption reserve |
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Other reserves | (
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Independent Vascular Services Limited (registered number:
Martin Robinson
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Independent Vascular Services Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Wyatt Morris Golland Ltd Park House, 200 Drake Street, Rochdale, OL16 1PJ, England, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Turnover from customers to provide scan services are recognised in the period in which the scans are carried out.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Fixtures and fittings |
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Computer equipment |
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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.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Investments in listed Company shares are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through Statement of income and retained earnings if the shares are publicly traded or their fair value can otherwise be measured reliably.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Statement of Income and Retained Earnings. Where fair value cannot be measured reliably, investments are measured at cost less impairment.
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Fixtures and fittings | Computer equipment | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 May 2022 |
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Additions |
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Disposals | (
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At 30 April 2023 |
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Accumulated depreciation | |||||
At 01 May 2022 |
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Charge for the financial year |
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Disposals | (
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At 30 April 2023 |
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Net book value | |||||
At 30 April 2023 |
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At 30 April 2022 |
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Leased assets included above: | |||||
Net book value | |||||
At 30 April 2023 | 16,084 | 0 | 16,084 | ||
At 30 April 2022 | 16,379 | 0 | 16,379 |
Listed investments | Loans | Other investments | Total | ||||
£ | £ | £ | £ | ||||
Carrying value before impairment | |||||||
At 01 May 2022 |
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Additions |
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Disposals |
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Movement in fair value | (
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At 30 April 2023 |
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Provisions for impairment | |||||||
At 01 May 2022 |
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At 30 April 2023 |
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Carrying value at 30 April 2023 |
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Carrying value at 30 April 2022 |
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The fair value of listed investments was determined with reference to the quoted market price at the reporting date. The cost of the shares on acquisition was £251,000. Other investments are held at cost less impairment because their fair value cannot be measured reliably.
On 1 May 2022, the company converted a convertible loan debenture of €40,000 provided to a non-associated company into equity shares. As a result of the conversion of debt to equity, the investment in this company has increased by £1,270. At the year end the investment was revalued at fair value increasing the carrying value of the investment to £428,702.
2023 | 2022 | ||
£ | £ | ||
Stocks |
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2023 | 2022 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by associates |
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Prepayments and accrued income |
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Corporation tax |
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Other debtors |
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£ | £ | ||
Trade creditors |
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Amounts owed to associates |
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Accruals and deferred income |
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Corporation tax |
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Other taxation and social security |
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Obligations under finance leases and hire purchase contracts |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
At the beginning of financial year | (
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(Charged)/credited to the Statement of Income and Retained Earnings | (
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At the end of financial year | (
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2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Other financial commitments
2023 | 2022 | ||
£ | £ | ||
Employee Share Trust Liability |
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The directors are also trustees of the Independent Vascular Services Employee Share Trust. This trust holds shares in the company and issues free shares to employees based on certain performance criteria. These share based payments constitute a cash settled scheme and a liability has been recognised of £275,093 (2022: £323,061) and is disclosed as amounts due to associates in the financial statements. This liability has been calculated using a share value calculated by the directors and confirmed by HMRC, which they deem to be at a fair value.
The total expense recognised in the statement of comprehensive income for free shares granted is £803 (2022: £60,596) which is recognised over the vesting period of 1 year.
Pensions
The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.
2023 | 2022 | ||
£ | £ | ||
Unpaid contributions due to the fund (inc. in other creditors) |
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Other related party transactions
Included in other debtors is £nil (2022: £32,740) owed by a company related by common directorship. The loan was repaid in full during the year and was interest bearing at 12%. Interest included in other interest receivable is £64 (2022: £2,740).
Included in amounts owed by associates is £5,189 (2022: £nil) owed by a company related by common directorship. No interest is charged on this loan, which is repayable on demand.
During the year, one of the directors provided consultancy services totalling £nil (2022: £7,000) to the company and these are included in professional fees.