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Registration number: 04628698

Vitrolife Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2022

Pages for Filing with Registrar

 

Vitrolife Limited

(Registration number: 04628698)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Intangible assets

6

510,000

870,000

Tangible assets

7

1,104

-

 

511,104

870,000

Current assets

 

Stock

8

146,937

261,782

Debtors

9

1,763,352

1,628,408

Cash at bank and in hand

 

528,241

471,391

 

2,438,530

2,361,581

Creditors: Amounts falling due within one year

10

(1,555,254)

(2,122,393)

Net current assets

 

883,276

239,188

Net assets

 

1,394,380

1,109,188

Capital and reserves

 

Called up share capital

11

125

125

Retained earnings

1,394,255

1,109,063

Shareholders' funds

 

1,394,380

1,109,188

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Vitrolife Limited

(Registration number: 04628698)
Balance Sheet as at 31 December 2022

Approved and authorised by the Board on 26 September 2023 and signed on its behalf by:
 

.........................................

B L Risberg
Director

 

Vitrolife Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

1

General information

The Company is a private company limited by share capital, incorporated in England and Wales.

Principal activity

The principal activity of the Company is that of the retail of medical goods.

The address of its registered office is:
1 Chapel Street
Warwick
Warwickshire
CV34 4HL
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the requirements of the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

 

Vitrolife Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

Turnover recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods or provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises turnover when:
The amount of turnover can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the income statement for the period.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings and equipment

33% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

Vitrolife Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Other intangible assets

5 years straight line

Stock

Stock are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stock are assessed for impairment. If stock are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

 

Vitrolife Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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 payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Vitrolife Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

3

Significant judgements and estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion there are no significant judgements or key sources of estimation uncertainty.

In the Director's opinion, the only significant judgement relates to the amortisation of intangible assets. The annual amortisation charge for any fixed assets is sensitive to changes in the useful economic lives and residual values of the assets. The useful lives and residual values are re-assessed annually. The carrying amount of intangible asset is £510,000 (2021 - £870,000).

4

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 26 September 2023 was David Wheeler, who signed for and on behalf of Bourner Bullock.

5

Staff numbers

The average number of persons employed by the Company (including directors) during the year, was 14 (2021 - 13).

 

Vitrolife Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

6

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2022

1,800,000

1,800,000

At 31 December 2022

1,800,000

1,800,000

Amortisation

At 1 January 2022

930,000

930,000

Amortisation charge

360,000

360,000

At 31 December 2022

1,290,000

1,290,000

Carrying amount

At 31 December 2022

510,000

510,000

At 31 December 2021

870,000

870,000

7

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

1,370

1,370

At 31 December 2022

1,370

1,370

Depreciation

Charge for the year

266

266

At 31 December 2022

266

266

Carrying amount

At 31 December 2022

1,104

1,104

 

Vitrolife Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

8

Stock

2022
£

2021
£

Stock

146,937

261,782

9

Debtors

2022
£

2021
£

Trade debtors

1,493,145

1,460,917

Amounts owed by related parties

95,461

43,301

Prepayments

144,390

39,599

Other debtors

30,356

84,591

 

1,763,352

1,628,408

 

Vitrolife Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

10

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

Trade creditors

51,706

310

Amounts owed to group undertakings

784,208

1,687,245

Taxation and social security

407,359

217,699

Other creditors

311,981

217,139

1,555,254

2,122,393

11

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £0.10 each

1,000

100.00

1,000

100.00

Ordinary A shares of £1 each

25

25

25

25

 

1,025

125

1,025

125

12

Dividends

There were no dividends paid or proposed in either the current or previous year.
 

 

Vitrolife Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

13

Operating leases

The total of future minimum lease payments is as follows:

2022
 £

2021
 £

Not later than one year

28,560

7,532

Later than one year and not later than five years

98,982

-

127,542

7,532

14

Parent and ultimate parent undertaking

The parent of the smallest group in which these financial statements are consolidated is Vitrolife AB, incorporated in Sweden.

The address of Vitrolife AB is:
BOX 9080
SE-400 92
Gothenburg
Sweden