Caseware UK (AP4) 2023.0.135 2023.0.135 2022-12-312024-05-012024-05-012022-12-312024-05-01false62falsefalse722022-01-01false 04819502 2022-01-01 2022-12-31 04819502 2020-07-01 2021-12-31 04819502 2022-12-31 04819502 2021-12-31 04819502 2020-07-01 04819502 1 2022-01-01 2022-12-31 04819502 1 2020-07-01 2021-12-31 04819502 5 2022-01-01 2022-12-31 04819502 5 2020-07-01 2021-12-31 04819502 d:CompanySecretary1 2022-01-01 2022-12-31 04819502 d:Director1 2022-01-01 2022-12-31 04819502 d:Director2 2022-01-01 2022-12-31 04819502 d:RegisteredOffice 2022-01-01 2022-12-31 04819502 e:PlantMachinery 2022-01-01 2022-12-31 04819502 e:PlantMachinery 2022-12-31 04819502 e:PlantMachinery 2021-12-31 04819502 e:PlantMachinery e:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 04819502 e:FurnitureFittings 2022-01-01 2022-12-31 04819502 e:FurnitureFittings 2022-12-31 04819502 e:FurnitureFittings 2021-12-31 04819502 e:FurnitureFittings e:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 04819502 e:OfficeEquipment 2022-01-01 2022-12-31 04819502 e:OfficeEquipment 2022-12-31 04819502 e:OfficeEquipment 2021-12-31 04819502 e:OfficeEquipment e:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 04819502 e:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 04819502 e:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 04819502 e:DevelopmentCostsCapitalisedDevelopmentExpenditure 2021-12-31 04819502 e:Goodwill 2022-01-01 2022-12-31 04819502 e:Goodwill 2022-12-31 04819502 e:Goodwill 2021-12-31 04819502 e:CopyrightsPatentsTrademarksServiceOperatingRights 2022-12-31 04819502 e:CopyrightsPatentsTrademarksServiceOperatingRights 2021-12-31 04819502 e:CurrentFinancialInstruments 2022-12-31 04819502 e:CurrentFinancialInstruments 2021-12-31 04819502 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 04819502 e:CurrentFinancialInstruments e:WithinOneYear 2021-12-31 04819502 e:ReportableOperatingSegment1 2022-01-01 2022-12-31 04819502 e:ReportableOperatingSegment1 2020-07-01 2021-12-31 04819502 f:UnitedKingdom 2022-01-01 2022-12-31 04819502 f:UnitedKingdom 2020-07-01 2021-12-31 04819502 f:RestWorldOutsideUK 2022-01-01 2022-12-31 04819502 f:RestWorldOutsideUK 2020-07-01 2021-12-31 04819502 e:UKTax 2022-01-01 2022-12-31 04819502 e:UKTax 2020-07-01 2021-12-31 04819502 e:ShareCapital 2022-12-31 04819502 e:ShareCapital 2021-12-31 04819502 e:ShareCapital 2020-07-01 04819502 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 04819502 e:RetainedEarningsAccumulatedLosses 2022-12-31 04819502 e:RetainedEarningsAccumulatedLosses 2020-07-01 2021-12-31 04819502 e:RetainedEarningsAccumulatedLosses 2021-12-31 04819502 e:RetainedEarningsAccumulatedLosses 2020-07-01 04819502 d:OrdinaryShareClass1 2022-01-01 2022-12-31 04819502 d:OrdinaryShareClass1 2022-12-31 04819502 d:OrdinaryShareClass1 2021-12-31 04819502 d:OrdinaryShareClass2 2022-01-01 2022-12-31 04819502 d:OrdinaryShareClass2 2022-12-31 04819502 d:OrdinaryShareClass2 2021-12-31 04819502 d:FRS102 2022-01-01 2022-12-31 04819502 d:Audited 2022-01-01 2022-12-31 04819502 d:FullAccounts 2022-01-01 2022-12-31 04819502 d:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 04819502 e:WithinOneYear 2022-12-31 04819502 e:WithinOneYear 2021-12-31 04819502 e:BetweenOneFiveYears 2022-12-31 04819502 e:BetweenOneFiveYears 2021-12-31 04819502 e:MoreThanFiveYears 2022-12-31 04819502 e:MoreThanFiveYears 2021-12-31 04819502 e:AcceleratedTaxDepreciationDeferredTax 2022-12-31 04819502 e:AcceleratedTaxDepreciationDeferredTax 2021-12-31 04819502 e:TaxLossesCarry-forwardsDeferredTax 2022-12-31 04819502 e:TaxLossesCarry-forwardsDeferredTax 2021-12-31 04819502 e:DevelopmentCostsCapitalisedDevelopmentExpenditure e:ExternallyAcquiredIntangibleAssets 2022-01-01 2022-12-31 04819502 e:Goodwill e:ExternallyAcquiredIntangibleAssets 2022-01-01 2022-12-31 04819502 e:CopyrightsPatentsTrademarksServiceOperatingRights e:ExternallyAcquiredIntangibleAssets 2022-01-01 2022-12-31 04819502 2 2022-01-01 2022-12-31 04819502 e:ExternallyAcquiredIntangibleAssets 2022-01-01 2022-12-31 04819502 e:Goodwill e:OwnedIntangibleAssets 2022-01-01 2022-12-31 04819502 e:DevelopmentCostsCapitalisedDevelopmentExpenditure e:OwnedIntangibleAssets 2022-01-01 2022-12-31 04819502 e:CopyrightsPatentsTrademarksServiceOperatingRights e:OwnedIntangibleAssets 2022-01-01 2022-12-31 04819502 g:PoundSterling 2022-01-01 2022-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 04819502











ACTEGY LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022






















TWP Accounting LLP
Chartered Accountants & Statutory Auditors
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE

 
ACTEGY LIMITED
 

COMPANY INFORMATION


Directors
J Penny 
R Penny 




Company secretary
R Penny



Registered number
04819502



Registered office
1 Westpoint
Western Road

Bracknell

Berkshire

RG12 1HJ




Independent auditor
TWP Accounting LLP
Chartered Accountants & Statutory Auditors

The Old Rectory

Church Street

Weybridge

Surrey

KT13 8DE





 
ACTEGY LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditor's Report
5 - 8
Statement of Comprehensive Income
9
Balance Sheet
10
Statement of Changes in Equity
11
Statement of Cash Flows
12
Analysis of Net Debt
13
Notes to the Financial Statements
14 - 28

 
ACTEGY LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

Introduction
 
The directors present their strategic report of the company for the year ended 31 December 2022.

Business review
 
The business’s strategy remains centred on designing, manufacturing, and promoting effective, drug-free solutions to alleviate leg aches and pains, thereby enhancing the quality of life for individuals. 
We are committed to advancing this strategy by continually investing in product development and expanding the category for drug-free leg pain relief in the markets served.
The Company’s key markets, including the UK, Western Europe, North America, and Australia, are witnessing sustained growth due to demographic shifts such as an ageing population, rising incidence of medical conditions, and increasingly sedentary lifestyles. 
To address the evolving needs of this market, the Company offers a number of products to align with consumer preferences and requirements.

Principal risks and uncertainties
 
While pursuing the Company's strategic objectives, the business recognises the need to mitigate several principal risks and uncertainties including:
Foreign Exchange risk – The Company's activities expose it to the financial risk of changes in foreign currency exchange rates. The company has generally managed this exposure by monitoring daily currency rates, and will look to implement forward exchange rate hedging of major currencies in the future.
Liquidity risk – Operating in a growing market sector, with some seasonality, can lead to working capital challenges. As the business has grown increased cash monitoring processes are being implemented including weekly cash forecasting and monthly forward planning to maximise cash balances for ongoing operational needs.    
Credit risk – Trade debtors are managed via regular monitoring of amounts outstanding compared to due date and amount outstanding. The business is planning to implement monitoring of credit limits with larger customers in the future. Provision is made in the accounts for bad or doubtful debts.
Inventory management – the business operates in a fast moving market environment and the management of excess levels of inventory and obsolescence can present challenges. The Company proactively manages this risk through its new product review and implementation pipeline, sales planning and supply chain management.
 
Intellectual property – The Company has multiple patents, designs and trade marks, that are at risk of infringement and monitors the market with external professional support and in house monitoring in order mitigate the risk of infringement. Where potential infringements are identified and properly validated to its reasonable satisfaction, the company’s policy is to pursue infringers by all appropriate means to achieve an equitable solution.

Page 1

 
ACTEGY LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022

Financial key performance indicators
 
The results for the period to 31 December 2022 reflects a 12 month calendar period, whereas the comparative period covers the 18 months from 1st July 2020 to 31st December 2021.
In the fiscal year 2022, the company encountered headwinds in demand for its products following the peak experienced during the Covid-19 pandemic, which when combined with adverse foreign exchange movements in the year and continued disruption to global supply chains this affected the operating profits of the business.
The quality and customer service ethos remain a priority and continues to underpin the performance of the Company, 
The Company does make a large proportion of its purchases in US dollars and is susceptible to changes in exchange rates against the pound sterling.  During this period adverse foreign exchange movements in USD to GBP resulted in an FX loss of (£910k) GBP. (18m period to 31 December 2021 - £75k) Given this pressure from exchange rates the profit before tax of £846k, (18m period to 31 December 2021 - £11,371k) is considered positive.
The company and the Directors remain optimistic about the prospects for the company despite the challenges presented by the global economic landscape and are focussed on returning to growth in 2023 and beyond through innovation across all facets of the Companies operations.


This report was approved by the board on 1 May 2024 and signed on its behalf.



................................................
R Penny
Director
Page 2

 
ACTEGY LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

The directors present their report and the financial statements for the year ended 31 December 2022.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity is that of wholesale and retail sales of electrical household appliances in the healthcare industry.

Results and dividends

The profit for the year, after taxation, amounted to £757,812 (2021 - £8,442,446 -restated).

The directors do not recommend a payment of a dividend for 2022 (2021: £NIL).

Directors

The directors who served during the year were:

J Penny 
R Penny 

Principal risks and uncertainties

 While pursuing the Company's strategic objectives, the business recognises the need to mitigate several principal risks and uncertainties including foregin exchange risk, liquidity risk, credit risk, inventory management and intellectual property. These are addressed within the strategic report.

Page 3

 
ACTEGY LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the company since the balance sheet date.

Auditor

The auditor, TWP Accounting LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 1 May 2024 and signed on its behalf.
 





................................................
R Penny
Director
Page 4

 
ACTEGY LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ACTEGY LIMITED
 

Opinion


We have audited the financial statements of Actegy Limited (the 'Company') for the year ended 31 December 2022, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2022 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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 opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 5

 
ACTEGY LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ACTEGY LIMITED (CONTINUED)


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
ACTEGY LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ACTEGY LIMITED (CONTINUED)


Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Obtain an understanding of the policies and procedures management have in place to detect and prevent fraud and non-compliance with laws and regulations.
Enquire of management any cases of actual or suspected fraud and non-compliance with laws and regulations.
Enquire of management, those charged with governance and the entity’s solicitors (or in-house legal team) around actual and potential litigation and claims.
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. 
Assess the key risk areas within the financial statements which are susceptible to fraud or error and design our audit approach thereon. 
Perform substantive tests on a sample of transactions throughout the financial statements to ensure that no material errors have been identified. 
Perform cut off tests on a sample of transactions to ensure income have been accounted for in the correct period. 
Review of after year end information to ensure expenditure have been accounted for in the correct period. 
Perform analytical review procedures to identify any irregularities and investigation thereon. 
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.  


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.


Page 7

 
ACTEGY LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ACTEGY LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Paul Hawksley FCA CTA MAAT (Senior Statutory Auditor)
  
for and on behalf of
TWP Accounting LLP
 
Chartered Accountants & Statutory Auditors
  
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE

1 May 2024
Page 8

 
ACTEGY LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022

31 December
18 months ended
31 December
2022
2021 Restated
                                                                                                                     Note
£
£

  

Turnover
 3 
19,295,741
44,324,075

Cost of sales
  
(5,270,174)
(11,866,153)

Gross profit
  
14,025,567
32,457,922

Distribution costs
  
(713,058)
(1,619,735)

Administrative expenses
  
(12,331,088)
(19,467,196)

Operating profit
 4 
981,421
11,370,991

Interest receivable and similar income
 8 
3
-

Interest payable and similar expenses
 9 
(135,652)
-

Profit before taxation
  
845,772
11,370,991

Tax on profit
 10 
(87,960)
(2,928,545)

Profit for the financial year
  
757,812
8,442,446

There was no other comprehensive income for 2022 (2021:£NIL).

The notes on pages 14 to 28 form part of these financial statements.

Page 9

 
ACTEGY LIMITED
REGISTERED NUMBER: 04819502

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021 Restated
                                                                             Note
£
£

Fixed assets
  

Intangible assets
 11 
1,513,121
1,101,467

Tangible assets
 12 
569,910
696,593

  
2,083,031
1,798,060

Current assets
  

Stocks
 13 
1,738,938
6,160,956

Debtors: amounts falling due within one year
 14 
25,902,636
17,951,339

Cash at bank and in hand
 15 
1,333,516
1,872,944

  
28,975,090
25,985,239

Creditors: amounts falling due within one year
 16 
(14,217,094)
(11,843,880)

Net current assets
  
 
 
14,757,996
 
 
14,141,359

Total assets less current liabilities
  
16,841,027
15,939,419

Provisions for liabilities
  

Deferred tax
 17 
(493,937)
(350,141)

  
 
 
(493,937)
 
 
(350,141)

Net assets
  
16,347,090
15,589,278


Capital and reserves
  

Called up share capital 
 18 
5,050,200
5,050,200

Profit and loss account
 19 
11,296,890
10,539,078

  
16,347,090
15,589,278


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 May 2024.



................................................
R Penny
Director

The notes on pages 14 to 28 form part of these financial statements.

Page 10

 
ACTEGY LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 July 2020 restated
5,050,200
2,096,632
7,146,832



Profit for the year
-
8,442,446
8,442,446



At 1 January 2022
5,050,200
10,539,078
15,589,278



Profit for the year
-
757,812
757,812


At 31 December 2022
5,050,200
11,296,890
16,347,090


The notes on pages 14 to 28 form part of these financial statements.

Page 11

 
ACTEGY LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022

2022
2021 restated
£
£

Cash flows from operating activities

Profit for the financial year
757,812
8,442,446

Adjustments for:

Amortisation of intangible assets
366,453
392,005

Depreciation of tangible assets
174,199
279,597

Interest paid
135,652
-

Interest received
(3)
-

Taxation charge
87,960
2,928,545

Decrease/(increase) in stocks
4,568,259
(4,115,516)

(Increase) in debtors
(4,905,640)
(4,695,093)

(Increase) in amounts owed by groups
(3,045,657)
(6,826,337)

Increase in creditors
2,716,969
3,864,488

(Decrease)/increase in amounts owed to groups
(378,325)
2,054,804

Corporation tax (paid)
(55,836)
(998,407)

Net cash generated from operating activities

421,843
1,326,532


Cash flows from investing activities

Purchase of intangible fixed assets
(778,107)
(876,095)

Purchase of tangible fixed assets
(47,515)
(458,851)

Interest received
3
-

Net cash from investing activities

(825,619)
(1,334,946)

Cash flows from financing activities

Interest paid
(135,652)
-

Net cash used in financing activities
(135,652)
-

Net (decrease) in cash and cash equivalents
(539,428)
(8,414)

Cash and cash equivalents at beginning of year
1,872,944
1,881,358

Cash and cash equivalents at the end of year
1,333,516
1,872,944


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,333,516
1,872,944

1,333,516
1,872,944


The notes on pages 14 to 28 form part of these financial statements.

Page 12

 
ACTEGY LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2022




At 1 January 2022
Cash flows
At 31 December 2022
£

£

£

Cash at bank and in hand

1,872,944

(539,428)

1,333,516


1,872,944
(539,428)
1,333,516

The notes on pages 14 to 28 form part of these financial statements.
Page 13

 
ACTEGY LIMITED
 

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

1.


General information

Actegy 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 principal activity is that of wholesale and retail sales of medical devices and electrical household appliances in the healthcare industry.
The directors decided to change the year end date last year. As a result the prior period figures represent an 18 months period from 1 July 2020 to 31 December 2021. The comparative amounts presented in the financial statements (including the related notes) are therefore not entirely comparable.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

Monetary amounts in these financial statements are rounded to the nearest pound.

The following principal accounting policies have been applied:

  
2.2

Turnover

Total turnover is the total amount receivable by the company for goods supplied after deducting VAT and trade discounts. Turnover is recognised on despatch of goods.

 
2.3

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Amortisation is charged once the development has been completed.
Amortisation is charged so as to allocate the cost of intangible assets less their residual values over their estimated useful lives, on a reducing balance basis.  

 Amortisation is provided on the following bases:

Mobile application
-
25%
reducing balance

 
2.4

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.

Page 14

 
ACTEGY LIMITED
 

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

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
reducing balance
Fixtures and fittings
-
25%
reducing balance
Office equipment
-
25%
reducing balance

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.

 
2.5

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. 
At each balance sheet 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.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 15

 
ACTEGY LIMITED
 

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

2.Accounting policies (continued)

 
2.9

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.

 
2.10

Interest income

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

 
2.11

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.12

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.

 
2.13

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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 16

 
ACTEGY LIMITED
 

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

2.Accounting policies (continued)

 
2.14

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Turnover

An analysis of turnover by class of business is as follows:


31 December
18 months ended
31 December
2022
2021
£
£

Wholesale and retail sales
19,295,741
44,324,075

19,295,741
44,324,075


Analysis of turnover by country of destination:

31 December
18 months ended
31 December
2022
2021
£
£

United Kingdom
13,814,319
33,416,759

Rest of the world
5,481,422
10,907,316

19,295,741
44,324,075


Page 17

 
ACTEGY LIMITED
 

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

4.


Operating profit

The operating profit is stated after charging:

31 December
18 months ended
31 December
2022
2021
£
£

Research & development charged as an expense
288,487
359,808

Exchange differences
(2,007,147)
(37,434)

Other operating lease rentals
348,548
337,225


5.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


31 December
18 months ended
31 December
2022
2021
£
£

Auditors renumeration
32,000
38,500

Fees payable to the Company's auditor in respect of:

Other services
-
3,770
Page 18

 
ACTEGY LIMITED
 

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

6.


Staff costs

Staff costs, including directors' remuneration, were as follows:


31 December
18 months ended
31 December
2022
2021
£
£

Wages and salaries
3,118,051
4,418,711

Social security costs
399,078
478,793

Cost of defined contribution scheme
196,007
243,702

3,713,136
5,141,206


The average monthly number of employees, including the directors, during the year was as follows:


     31 December
   18 months ended
      31 December
        2022
        2021
            No.
            No.







Directors
2
2



Management
2
2



Sales and administration
68
58

72
62


7.


Directors' remuneration

31 December
18 months ended
31 December
2022
2021
£
£

Directors' emoluments
-
92,937

-
92,937


Page 19

 
ACTEGY LIMITED
 

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

8.


Interest receivable

31 December
18 months ended
31 December
2022
2021
£
£


Other interest receivable
3
-

3
-


9.


Interest payable and similar expenses

31 December 2022
18 months ended
31 December
£
£


Other interest payable
135,652
-

135,652
-


10.


Taxation


31 December
18 months ended
31 December
2022
2021
£
£

Corporation tax


Current tax on profits for the year
-
2,758,493

Adjustments in respect of previous periods
(55,836)
-


(55,836)
2,758,493


Total current tax
(55,836)
2,758,493

Deferred tax


Origination and reversal of timing differences
143,796
170,052

Total deferred tax
143,796
170,052


Tax on profit
87,960
2,928,545
Page 20

 
ACTEGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
 
10.Taxation (continued)


Factors affecting tax charge for the year/period

The tax assessed for the year is lower than (2020 - higher than) the standard rate of corporation tax in
the UK of 19% (2020 - 19%). The differences are explained below:

31 December
18 months ended
31 December
2022
2021
£
£


Profit on ordinary activities before tax
845,772
11,370,991


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2021 - 19%)
160,697
2,160,488

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
4,238
7,175

Capital allowances for year/period in excess of depreciation
(559,399)
(170,053)

Short-term timing difference leading to an increase (decrease) in taxation
143,796
170,052

Other differences leading to an increase (decrease) in the tax charge
338,628
760,883

Total tax charge for the year/period
87,960
2,928,545

Page 21

 
ACTEGY LIMITED
 

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

11.


Intangible assets




Website
Software
Mobile Application
Total

£
£
£
£



Cost


At 1 January 2022
270,399
314,621
1,493,472
2,078,492


Additions
-
-
778,107
778,107



At 31 December 2022

270,399
314,621
2,271,579
2,856,599



Amortisation


At 1 January 2022
270,399
314,621
392,005
977,025


Charge for the year on owned assets
-
-
366,453
366,453



At 31 December 2022

270,399
314,621
758,458
1,343,478



Net book value



At 31 December 2022
-
-
1,513,121
1,513,121



At 31 December 2021
-
-
1,101,467
1,101,467



Page 22

 
ACTEGY LIMITED
 

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

12.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2022
1,666,724
208,619
55,384
1,930,727


Additions
24,276
23,239
-
47,515



At 31 December 2022

1,691,000
231,858
55,384
1,978,242



Depreciation


At 1 January 2022
1,045,419
184,356
4,359
1,234,134


Charge for the year on owned assets
156,338
17,860
-
174,198



At 31 December 2022

1,201,757
202,216
4,359
1,408,332



Net book value



At 31 December 2022
489,243
29,642
51,025
569,910



At 31 December 2021
621,305
24,263
51,025
696,593

Page 23

 
ACTEGY LIMITED
 

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

13.


Stocks

2022
2021
£
£

Finished goods and goods for resale
1,738,938
6,160,956

1,738,938
6,160,956



14.


Debtors

2022
2021
£
£


Trade debtors
3,599,108
5,339,800

Amounts owed by group undertakings
9,871,994
6,826,337

Other debtors
11,974,198
4,988,634

Prepayments and accrued income
457,336
796,568

25,902,636
17,951,339



15.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
1,333,516
1,872,944

1,333,516
1,872,944


In 2022 amounts of £296,672 (2021: £232,281) relate to monies held in trust on behalf of connected companies.


16.


Creditors: Amounts falling due within one year

2022
2021 restated
£
£

Trade creditors
6,290,404
3,593,971

Amounts owed to group undertakings
1,676,479
2,054,804

Corporation tax
3,708,839
3,764,675

Other taxation and social security
878,780
551,074

Other creditors
322,381
715,132

Accruals and deferred income
1,340,211
1,164,224

14,217,094
11,843,880


Page 24

 
ACTEGY LIMITED
 

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

17.


Deferred taxation




2022
2021


£

£






At beginning of year
(350,141)
(180,089)


Charged to profit or loss
(143,796)
(170,052)



At end of year
(493,937)
(350,141)

The provision for deferred taxation is made up as follows:

2022
2021
£
£


Accelerated capital allowances
(350,141)
(350,141)

Tax losses carried forward
(143,796)
-

(493,937)
(350,141)

Page 25

 
ACTEGY LIMITED
 

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

18.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



100 (2021 - 100) Ordinary shares of £1.00 each
100
100
5,050,100 (2021 - 5,050,100) Ordinary A shares of £1.00 each
5,050,100
5,050,100

5,050,200

5,050,200





19.


Reserves

Profit and loss account

The profit and loss account represents accumulated profit and losses.


20.


Prior year adjustment

Post the 2021 financial statements being signed the Directors identified that royalties and interest had been incorrectly charged with relation to the fellow US subsidiary. As a result, the comparative figures for the financial period ended 31 December 2021 have been adjusted.  The royalty income and associated interest with the US fellow subsidiary have had to be removed from the comparative figures to be replaced with a management fee to cover the costs in the US subsidiary.
The impact of these adjustments is as follows:
2021 royalty income reduced by                £1,541,577
2021 interest earned reduced by               £888,830
2021 marketing costs increased by          £1,574,239
and the intercompany debtor with the US has been increased by the same figure relating to marketing costs.
The tax impact of these adjustments is to reduce taxable profit by £4,004,646 which equates to a reduction in the tax charge of £760,883.
Furthermore, the intercompany balances with the US have been adjusted in the comparatives to correct the historical balances associated with Royalties and interest.  The impact of these adjustments is as follows:
 
2021 US intercompany debtor reduced by  £15,793,928
2021 reserves brought forward reduced by £15,793,928
The impact on prior periods tax charges is to reduce the taxable profit by this total figure which equates to a reduction in prior period tax charges of £1,319,326.


21.


Contingent liabilities

The company offers a 3 year warranty on all products sold. The company is unable to reliably estimate the value of future warranty claims and therefore recognises the costs of repairs within the year in which the repair is undertaken. 

Page 26

 
ACTEGY LIMITED
 

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

22.


Capital commitments

The company is committed to forward stock orders totalling £NIL (2021 – £16,148,362) as at period ended 31 December 2022.




23.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £196,007 (2021: £243,702). Contributions totaling £13,867 (2021: £25,081) were payable to the fund at the balance sheet date and are included in other creditors.


24.


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
195,508
191,488

Later than 1 year and not later than 5 years
377,103
580,650

Later than 5 years
109,865
109,865

682,476
882,003

Page 27

 
ACTEGY LIMITED
 

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

25.


Related party transactions

At the balance sheet date the directors had a directors' loan account balance of £Nil (2021: £NIL) due from Actegy Limited.
Actegy Limited (a company registered in Canada)
A company in which J Penny and R Penny are directors.
At the balance sheet date Actegy Limited was owed £705,800 by Actegy Limited (Canada) (2021: 671,556 owed by Actegy Limited to Actegy Limited Canada)
Sales of £299,394 (2021: £814,292) were made during the year.
                                                                                                                                                                                                                                            
Actegy Health Inc. (a company registered in the United States of America)
A company in which J Penny and R Penny are directors.
At the balance sheet date Actegy Limited was owed £NIL (2021: £NIL) by Actegy Health Inc. 
Sales of £634,095 (2021: £1,541,576) were made during the year.
Actegy Limited (a company registered in New Zealand)
A company in which J Penny and R Penny are directors. 
At the balance sheet date Actegy Limited (New Zealand) was owed £509,428 by Actegy Limited (2021: £533,013).  
Sales of £43,585 (2021: £108,130) were made during the year.
Actegy GmbH (a company registered in Germany)
A company in which J Penny and R Penny are directors.
At the balance sheet date Actegy Limited was owed £5,125,186 (2021: £3,832,468) by Actegy GmbH.
Sales of £1,869,740 (2021: £1,422,546) were made during the year.  
                                                                                                                                                                                                           
Actegy Pty Limited (a company registered in Australia)
A company in which J Penny and R Penny are directors.
At the balance sheet date Actegy Pty Limited was owed £509,428 by Actegy Limited (2021: £553,013 owed by Actegy Pty Limited to Actegy Limited).
Sales of £1,041,695 (2021: £1,895,842) were made during the year.
Revitive SAS (a company registered in France)
A company in which J Penny and R Penny are directors.
At the balance sheet date Revitive SAS owed £2,066,724 to Actegy Limited (2021: £951,293 owed to Revitive SAS by Actegy Limited).
Sales of £2,127,009 (2021: £5,249,646) were made during the year.


26.


Controlling party

J Penny and R Penny are the ultimate controlling party by virtue of their 100% shareholding of voting shares.

Page 28