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Company registration number: 7278351







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2022


OCCLUTECH (UK) LIMITED






































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OCCLUTECH (UK) LIMITED
 


 
COMPANY INFORMATION


Directors
M J Galloway 
J P De La Cortina Castaneda 




Registered number
7278351



Registered office
R+
2 Blagrave Street

Reading

Berkshire

RG1 1AZ




Trading Address
The Mille
3rd Floor, Great West Road

Brentford

TW8 9DW






Independent auditor
Menzies LLP
Chartered Accountants & Statutory Auditor

Lynton House

7-12 Tavistock Square

London

WC1H 9LT





 


OCCLUTECH (UK) LIMITED
 



CONTENTS



Page
Statement of financial position
1
Notes to the financial statements
2 - 7


 


OCCLUTECH (UK) LIMITED
REGISTERED NUMBER:7278351



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
708
1,745

  
708
1,745

Current assets
  

Stocks
  
1,475,347
1,038,321

Debtors
 5 
571,286
747,861

Cash at bank and in hand
  
464,167
436,480

  
2,510,800
2,222,662

Creditors: amounts falling due within one year
 6 
(193,820)
(143,503)

Net current assets
  
 
 
2,316,980
 
 
2,079,159

Total assets less current liabilities
  
2,317,688
2,080,904

  

Net assets
  
2,317,688
2,080,904


Capital and reserves
  

Called up share capital 
  
500,000
500,000

Profit and loss account
  
1,817,688
1,580,904

  
2,317,688
2,080,904


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M J Galloway
Director

Date: 22 November 2023

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 


OCCLUTECH (UK) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Occlutech (UK) Limited is a private company limited by shares, incorporated in England & Wales under the Companies Act.
The address of the registered office, its trading address and company registration number are located on the company information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

In preparing the financial statements, the directors are required to assess the Company’s ability to continue to trade as a going concern for the foreseeable future.
The Company's financial statements are prepared on a going concern basis on the grounds that current and future sources of funding or support will be adequate for the company's needs.  The companies profitability is guaranteed, due to the transfer pricing agreements in place with Occlutech International AB, which will support the company's cashflows, along with funding from the group, as and when required.  We do not foresee any exceptional expenses in the future, which would not be covered by the transfer pricing agreement.  
We also confirm our plans for future action required to enable the company to continue as a going concern are feasible. We have considered a period of twelve months from the date of approval of the financial statements. We believe that no further disclosures relating to the company's ability to continue as a going concern need to be made in the financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 2

 


OCCLUTECH (UK) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.4

Revenue

Revenues on the sale are recognised when a contractual promise to a customer (performance obligation) has been fulfilled by transferring control over the promised goods to the customer, in the case of direct sales at hospitals, when the product is taken from the consignment inventory. There is only one performance obligation being the sale of the good.
The amount of revenue to be recognised is based on the consideration the Company expects to receive in exchange for its goods.
The transaction price may comprise both fixed and variable components. Products are, in most transactions sold at pre-defined fixed prices, however in some contracts a volume discount is agreed based on specific targets. Revenue is recognised, as soon as the performance obligation is satisfied, at the transaction price identified.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Page 3

 


OCCLUTECH (UK) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Equipment
-
33%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of income and retained earnings.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.12

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2021 - 7).

Page 4

 


OCCLUTECH (UK) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

4.


Tangible fixed assets





Equipment

£



Cost or valuation


At 1 January 2022
6,721



At 31 December 2022

6,721



Depreciation


At 1 January 2022
4,976


Charge for the year on owned assets
1,037



At 31 December 2022

6,013



Net book value



At 31 December 2022
708



At 31 December 2021
1,745


5.


Debtors

2022
2021
£
£



Trade debtors
334,262
223,912

Amounts owed by group undertakings
214,558
466,828

Other debtors
10,586
11,711

Prepayments and accrued income
11,880
45,410

571,286
747,861


Page 5

 


OCCLUTECH (UK) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

6.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
14,833
7,718

Amounts owed to group undertakings
3,259
-

Corporation tax
55,543
3,617

Other taxation and social security
84,403
29,527

Other creditors
8,060
65,112

Accruals and deferred income
27,722
37,529

193,820
143,503



7.


Commitments under operating leases

At 31 December 2022 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2022
2021
£
£


Not later than 1 year
17,600
13,350

Later than 1 year and not later than 5 years
6,500
14,300

24,100
27,650


8.


Consolidated financial statements

The parent undertaking of the smallest group in which consolidated financial statements are prepared, which include Occlutech (UK) Limited, is Occlutech Holding AG which has an address of Vordergasse 3, CH-8201 Schaffhausen, Switzerland.

Page 6

 


OCCLUTECH (UK) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

9.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2022 was qualified.

The qualification in the audit report was as follows:

We performed a physical count of inventories at the year end at the entities main site where a large number of differences were identified. The Directors were unable to reconcile the material differences identified and therefore were unable to gain sufficient appropriate audit evidence for the inventory quantities held and whether these have been appropriately valued as at the 31 December 2022, which are included in the balance sheet at £1,475,347, by using other audit procedures.
 
In addition, due to difficulties encountered in locating the missing stock we were unable to form a conclusion on whether there has been revenue that has not been reported in these financial statements as a result of orders fulfilled during the year ended 31 December 2022. Consequently, we were unable to determine whether any further adjustments to the reported inventory and turnover figures is necessary.
 
The prior year audit report was also qualified due to being unable to reconcile the stock balance of £1,038,321 and therefore we are unable to gain sufficient audit evidence of the opening balance at 1 January 2022 of inventory and reserves, this could impact the revenue and cost of sales figures reported in the current financial year.
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 Auditor's 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 United Kingdom, including the Financial Reporting Council'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 qualified opinion.

The audit report was signed on 22 November 2023 by Sarah Hallam FCCA (Senior statutory auditor) on behalf of Menzies LLP.

 
Page 7