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REGISTERED NUMBER: 10441038 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

PENUMBRA INTERVENTIONAL THERAPIES UK
LIMITED

PENUMBRA INTERVENTIONAL THERAPIES UK
LIMITED (REGISTERED NUMBER: 10441038)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PENUMBRA INTERVENTIONAL THERAPIES UK
LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2022







DIRECTORS: A Elsesser
J Kristensen
R M O'Brien
J Soekeland





REGISTERED OFFICE: 21 Holborn Viaduct
London
United Kingdom
EC1A 2DY





REGISTERED NUMBER: 10441038 (England and Wales)





AUDITORS: Crowe U.K. LLP
4th Floor
St James House
St James Square
Cheltenham
Gloucestershire
GL50 3PR

PENUMBRA INTERVENTIONAL THERAPIES UK
LIMITED (REGISTERED NUMBER: 10441038)

BALANCE SHEET
31 DECEMBER 2022

2022 2021
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 15,251 23,380

CURRENT ASSETS
Stocks 5 2,348,917 2,083,393
Debtors: amounts falling due within
one year

6

1,939,953

1,023,654
Cash at bank 1,294,378 693,722
5,583,248 3,800,769
CREDITORS
Amounts falling due within one year 7 4,625,857 3,246,167
NET CURRENT ASSETS 957,391 554,602
TOTAL ASSETS LESS CURRENT
LIABILITIES

972,642

577,982

PROVISIONS FOR LIABILITIES 3,342 3,955
NET ASSETS 969,300 574,027

CAPITAL AND RESERVES
Called up share capital 1 1
Other reserves 306,653 121,632
Retained earnings 662,646 452,394
969,300 574,027

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 January 2024 and were signed on its behalf by:





J Soekeland - Director


PENUMBRA INTERVENTIONAL THERAPIES UK
LIMITED (REGISTERED NUMBER: 10441038)

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


1. STATUTORY INFORMATION

Penumbra Interventional Therapies 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 (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believe to be reasonable under the circumstances.

The items in the financial statements where these estimates and judgements have been made include the following:

- Stock Provisioning
It is neccessary to consider the recoverability of the cost of the stock the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability of finished goods. The management currently do not consider the need for a stock provision.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Office equipment - 50%

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 profit or loss.

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

PENUMBRA INTERVENTIONAL THERAPIES UK
LIMITED (REGISTERED NUMBER: 10441038)

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


2. ACCOUNTING POLICIES - continued

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company has continued financial support as needed from the parent company to provide capital to meet liabilities when they fall due.
Having regard to the above and in assessing the going concern the directors have confirmed continued financial support will be provided for the foreseeable future on that basis, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.

PENUMBRA INTERVENTIONAL THERAPIES UK
LIMITED (REGISTERED NUMBER: 10441038)

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


2. ACCOUNTING POLICIES - continued

Debtors
Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on Debtors.

Creditors
Short term creditors are measured at the transaction price.

Share based payments
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.

The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).

Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.

Where equity instruments are granted to persons other than employees, profit or loss is chargedwith fair value of goods and services received.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2021 - 12 ) .

PENUMBRA INTERVENTIONAL THERAPIES UK
LIMITED (REGISTERED NUMBER: 10441038)

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


4. TANGIBLE FIXED ASSETS
Plant and Office
machinery equipment Totals
£ £ £
COST
At 1 January 2022 6,428 32,486 38,914
Additions - 5,663 5,663
At 31 December 2022 6,428 38,149 44,577
DEPRECIATION
At 1 January 2022 214 15,320 15,534
Charge for year 1,286 12,506 13,792
At 31 December 2022 1,500 27,826 29,326
NET BOOK VALUE
At 31 December 2022 4,928 10,323 15,251
At 31 December 2021 6,214 17,166 23,380

5. STOCKS
2022 2021
£ £
Finished goods 2,348,917 2,083,393

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£ £
Trade debtors 1,922,204 1,011,023
Other debtors 3,395 -
Prepayments 14,354 12,631
1,939,953 1,023,654

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£ £
Amounts owed to group undertakings 3,755,063 2,703,441
Taxation and social security 552,526 332,250
Other creditors 318,268 210,476
4,625,857 3,246,167

PENUMBRA INTERVENTIONAL THERAPIES UK
LIMITED (REGISTERED NUMBER: 10441038)

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


8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2022 2021
£ £
Within one year 35,756 83,264
Between one and five years 4,872 62,475
40,628 145,739

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

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

The audit report was signed on 7 February 2024 by Chris Mould (Senior statutory auditor) on
behalf of Crowe U.K. LLP.

10. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

11. ULTIMATE CONTROLLING PARTY

The Company is a wholly owned subsidiary of Penumbra, Inc., a company incorporated in the US.

Penumbra, Inc. prepares consolidated financial statements into which the Company is consolidated and represents both the largest and smallest consolidated accounts into which the Company is consolidated. Copies of group financial statements are available at Penumbra's website is not part of this report. The SEC maintains a website that contains the materials Penumbra files with the SEC at www.sec.gov.

PENUMBRA INTERVENTIONAL THERAPIES UK
LIMITED (REGISTERED NUMBER: 10441038)

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


12. SHARE BASED PAYMENTS

The Company's ultimate parent company, Penumbra, Inc. operates a share based payment scheme for all the employees of the Company.

The stock options in Penumbra, Inc. are granted to the Company's employees at a price equal to the fair value of the shares in Penumbra, Inc. at the date of the grant and are denominated in US dollars.

The stock options have a four year vesting period. If the stock options remain unexercised after a period of ten years from the date of the grant the stock options expire. Stock options are forfeited if the employee leaves the Company before the options vest.

In addition, as at 31 December 2022 the Company had 4,080 (2021: 4,080) Restricted Stock Units outstanding. The fair value of the Restricted Stock Units as at year end was $222.46 A share-based payments expense of £185,021 (2021: £94,159) has been recognised during the year in relation to these options.