Silverfin false 30/04/2023 01/05/2022 30/04/2023 Adam A I Haque 01/07/2023 Professor Charles N McCollum 19/05/1999 Andrew J Picton 15/02/2023 19/05/1999 Richard S Pole 01/12/2010 Martin Robinson 01/07/2023 David Willis 01/07/2023 25 September 2023 no description of principal activity 03773485 2023-04-30 03773485 bus:Director1 2023-04-30 03773485 bus:Director2 2023-04-30 03773485 bus:Director3 2023-04-30 03773485 bus:Director4 2023-04-30 03773485 bus:Director5 2023-04-30 03773485 bus:Director6 2023-04-30 03773485 2022-04-30 03773485 core:CurrentFinancialInstruments 2023-04-30 03773485 core:CurrentFinancialInstruments 2022-04-30 03773485 core:ShareCapital 2023-04-30 03773485 core:ShareCapital 2022-04-30 03773485 core:SharePremium 2023-04-30 03773485 core:SharePremium 2022-04-30 03773485 core:CapitalRedemptionReserve 2023-04-30 03773485 core:CapitalRedemptionReserve 2022-04-30 03773485 core:OtherCapitalReserve 2023-04-30 03773485 core:OtherCapitalReserve 2022-04-30 03773485 core:RetainedEarningsAccumulatedLosses 2023-04-30 03773485 core:RetainedEarningsAccumulatedLosses 2022-04-30 03773485 core:FurnitureFittings 2022-04-30 03773485 core:ComputerEquipment 2022-04-30 03773485 core:FurnitureFittings 2023-04-30 03773485 core:ComputerEquipment 2023-04-30 03773485 core:CostValuation 2022-04-30 03773485 core:AdditionsToInvestments 2023-04-30 03773485 core:DisposalsRepaymentsInvestments 2023-04-30 03773485 core:RevaluationsIncreaseDecreaseInInvestments 2023-04-30 03773485 core:CostValuation 2023-04-30 03773485 core:ProvisionsForImpairmentInvestments 2022-04-30 03773485 core:ProvisionsForImpairmentInvestments 2023-04-30 03773485 2021-04-30 03773485 bus:OrdinaryShareClass1 2023-04-30 03773485 2022-05-01 2023-04-30 03773485 bus:FullAccounts 2022-05-01 2023-04-30 03773485 bus:SmallEntities 2022-05-01 2023-04-30 03773485 bus:AuditExemptWithAccountantsReport 2022-05-01 2023-04-30 03773485 bus:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 03773485 bus:Director1 2022-05-01 2023-04-30 03773485 bus:Director2 2022-05-01 2023-04-30 03773485 bus:Director3 2022-05-01 2023-04-30 03773485 bus:Director4 2022-05-01 2023-04-30 03773485 bus:Director5 2022-05-01 2023-04-30 03773485 bus:Director6 2022-05-01 2023-04-30 03773485 core:FurnitureFittings 2022-05-01 2023-04-30 03773485 core:ComputerEquipment core:TopRangeValue 2022-05-01 2023-04-30 03773485 2021-05-01 2022-04-30 03773485 core:ComputerEquipment 2022-05-01 2023-04-30 03773485 core:CurrentFinancialInstruments 2022-05-01 2023-04-30 03773485 bus:OrdinaryShareClass1 2022-05-01 2023-04-30 03773485 bus:OrdinaryShareClass1 2021-05-01 2022-04-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 03773485 (England and Wales)

INDEPENDENT VASCULAR SERVICES LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2023
Pages for filing with the registrar

INDEPENDENT VASCULAR SERVICES LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2023

Contents

INDEPENDENT VASCULAR SERVICES LIMITED

BALANCE SHEET

As at 30 April 2023
INDEPENDENT VASCULAR SERVICES LIMITED

BALANCE SHEET (continued)

As at 30 April 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 149,127 230,217
Investments 4 657,972 423,019
807,099 653,236
Current assets
Stocks 5 10,776 14,860
Debtors 6 896,982 956,953
Cash at bank and in hand 253,604 1,135,226
1,161,362 2,107,039
Creditors: amounts falling due within one year 7 ( 845,317) ( 793,534)
Net current assets 316,045 1,313,505
Total assets less current liabilities 1,123,144 1,966,741
Provision for liabilities 8 ( 61,644) ( 59,992)
Net assets 1,061,500 1,906,749
Capital and reserves
Called-up share capital 9 10,862 16,222
Share premium account 263,154 263,154
Capital redemption reserve 9,933 4,573
Other reserves ( 1,631 ) ( 1,631 )
Profit and loss account 779,182 1,624,431
Total shareholders' funds 1,061,500 1,906,749

For the financial year ending 30 April 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Independent Vascular Services Limited (registered number: 03773485) were approved and authorised for issue by the Director on 25 September 2023. They were signed on its behalf by:

Martin Robinson
Director
INDEPENDENT VASCULAR SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2023
INDEPENDENT VASCULAR SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2023
1. Accounting policies

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.

General information and basis of accounting

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 £.

Going concern

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.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

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

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Turnover from customers to provide scan services are recognised in the period in which the scans are carried out.

Taxation

Current tax
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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 20 % reducing balance
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

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.

Fixed asset investments

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

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

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.

Dividends

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 41 47

3. Tangible assets

Fixtures and fittings Computer equipment Total
£ £ £
Cost
At 01 May 2022 2,171,232 104,248 2,275,480
Additions 19,819 7,363 27,182
Disposals ( 398) 0 ( 398)
At 30 April 2023 2,190,653 111,611 2,302,264
Accumulated depreciation
At 01 May 2022 1,965,271 79,992 2,045,263
Charge for the financial year 92,514 15,373 107,887
Disposals ( 13) 0 ( 13)
At 30 April 2023 2,057,772 95,365 2,153,137
Net book value
At 30 April 2023 132,881 16,246 149,127
At 30 April 2022 205,961 24,256 230,217
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

4. Fixed asset investments

Listed investments Loans Other investments Total
£ £ £ £
Carrying value before impairment
At 01 May 2022 0 33,297 389,722 423,019
Additions 251,000 0 34,567 285,567
Disposals 0 ( 33,297) 0 ( 33,297)
Movement in fair value ( 21,730) 0 4,413 ( 17,317)
At 30 April 2023 229,270 0 428,702 657,972
Provisions for impairment
At 01 May 2022 0 0 0 0
At 30 April 2023 0 0 0 0
Carrying value at 30 April 2023 229,270 0 428,702 657,972
Carrying value at 30 April 2022 0 33,297 389,722 423,019

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.

5. Stocks

2023 2022
£ £
Stocks 10,776 14,860

6. Debtors

2023 2022
£ £
Trade debtors 595,032 657,904
Amounts owed by associates 5,189 0
Prepayments and accrued income 287,395 229,856
Corporation tax 0 23,731
Other debtors 9,366 45,462
896,982 956,953

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 59,254 19,607
Amounts owed to associates 275,093 323,061
Accruals and deferred income 321,089 281,706
Corporation tax 99,499 0
Other taxation and social security 59,966 137,140
Obligations under finance leases and hire purchase contracts 15,143 14,993
Other creditors 15,273 17,027
845,317 793,534

The finance lease and hire purchase liabilities are secured against the assets which they relate to.

8. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 59,992) ( 86,751)
(Charged)/credited to the Statement of Income and Retained Earnings ( 1,652) 26,759
At the end of financial year ( 61,644) ( 59,992)

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
108,620 Ordinary shares of £ 0.10 each (2022: 162,220 shares of £ 0.10 each) 10,862 16,222

During the year, the company purchased 53,600 Ordinary shares from one of its shareholders and subsequently cancelled the shares.

10. Financial commitments

Other financial commitments

2023 2022
£ £
Employee Share Trust Liability 275,093 323,061

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) 14,198 16,071

11. Related party transactions

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.