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Registration number: 09110185

LifeVac Europe Limited

Annual Report and Unaudited Financial Statements

for the year ended 31 December 2023

image-name
 

LifeVac Europe Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

LifeVac Europe Limited

(Registration number: 09110185)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed Assets

 

Intangible assets

4

2,020

4,856

Tangible Assets

5

15,774

3,952

 

17,794

8,808

Current assets

 

Stocks

991,805

321,298

Debtors

6

93,624

24,148

Cash at bank and in hand

 

197,365

168,426

 

1,282,794

513,872

Creditors: Amounts falling due within one year

7

(777,070)

(348,301)

Net current assets

 

505,724

165,571

Total assets less current liabilities

 

523,518

174,379

Creditors: Amounts falling due after more than one year

7

(7,333)

(11,333)

Provisions for liabilities

(3,944)

(928)

Net assets

 

512,241

162,118

Capital and Reserves

 

Called up share capital

8

100

100

Retained Earnings

512,141

162,018

Shareholders' funds

 

512,241

162,118

 

LifeVac Europe Limited

(Registration number: 09110185)
Balance Sheet as at 31 December 2023

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

Approved and authorised for issue by the Board on 12 April 2024 and signed on its behalf by:
 


Eric Banagan

Director

 

LifeVac Europe Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
Horswell Farm House
Bishops Tawton
BARNSTAPLE
Devon
EX32 0ED

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Judgements

There are no judgements which management have made in the process of applying the accounting policies.

Key sources of estimation uncertainty

There are no key sources of estimation uncertainty that have a significant risk of causing a material adjustment to assets and liabilities to be disclosed..

Revenue recognition

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

The company recognises revenue when:
The amount of revenue 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.

 

LifeVac Europe Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tax

The tax expense for the period comprises current and deferred 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.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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 Assets

Tangible Assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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 and fittings

20% reducing balance basis

Office equipment

Straight line over 5 years

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

Development costs

Straight line over 10 years

Other intangible assets

Straight line over 3 years

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.

 

LifeVac Europe Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks 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, stocks are assessed for impairment. If stocks 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

 

LifeVac Europe Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

Financial instruments

Classification
Basic financial assets include trade and other debtors, cash and bank balances. Basic financial liabilities include trade and other payables, bank loans and preference shares that are classified as debt.
 Recognition and measurement
Basic financial assets 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. Other debtors are classified as current assets if payment is due within one year or less and are initially recorded at transaction price and subsequently measured at the undiscounted amount of the cash expected to be received. Trade debtors are referred to above.

Basic financial liabilities 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. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Other creditors are classified as current liabilities if payment is due within one year or less and are recognised initially at transaction price and subsequently measured at the undiscounted amount of the cash expected to be paid. If not, they are presented as non-current liabilities and are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Trade creditors and leases are referred to above.

 Impairment
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

 

LifeVac Europe Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

3

Staff numbers

The average number of persons employed by the company (including directors with contracts of service) during the year, was 12 (2022 - 5).

 

LifeVac Europe Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Development costs
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 January 2023

14,910

4,035

18,945

At 31 December 2023

14,910

4,035

18,945

Amortisation

At 1 January 2023

11,926

2,163

14,089

Amortisation charge

1,491

1,345

2,836

At 31 December 2023

13,417

3,508

16,925

Carrying amount

At 31 December 2023

1,493

527

2,020

At 31 December 2022

2,984

1,872

4,856

5

Tangible Assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 January 2023

2,703

3,176

5,879

Additions

10,791

3,109

13,900

At 31 December 2023

13,494

6,285

19,779

Depreciation

At 1 January 2023

917

1,011

1,928

Charge for the year

988

1,089

2,077

At 31 December 2023

1,905

2,100

4,005

Carrying amount

At 31 December 2023

11,589

4,185

15,774

At 31 December 2022

1,787

2,165

3,952

 

LifeVac Europe Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Debtors

2023
£

2022
£

Trade debtors

70,570

15,083

Other debtors

4,880

8,952

Prepayments

18,174

113

93,624

24,148

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

7,842

17,727

Trade creditors

 

647,604

301,459

Taxation and social security

 

115,339

24,148

Accruals and deferred income

 

3,170

3,305

Other creditors

 

3,115

1,662

 

777,070

348,301

Trade creditors includes £643,686 for stock purchases which is payable when the stock is sold on to a third party.

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

7,333

11,333

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         
 

LifeVac Europe Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

225,792

28,642

Later than one year and not later than five years

789,792

29,775

1,015,584

58,417

The amount of non-cancellable operating lease payments recognised as an expense during the year was £98,717 (2022 - £15,302).

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

7,333

11,333

2023
£

2022
£

Current loans and borrowings

Bank borrowings

4,000

4,000

Loans from related parties

3,842

13,727

7,842

17,727

11

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Marie Boland

Interest free loan

463

1,459

(3,037)

(1,115)

         
       

 

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Marie Boland

Interest free loan

-

4,063

(3,600)

463