Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-31095492352023-12-312truetruetruetruetrue22023-01-01falsetruetrue 09549235 2023-01-01 2023-12-31 09549235 2022-01-01 2022-12-31 09549235 2023-12-31 09549235 2022-12-31 09549235 c:Director4 2023-01-01 2023-12-31 09549235 d:CurrentFinancialInstruments 2023-12-31 09549235 d:CurrentFinancialInstruments 2022-12-31 09549235 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 09549235 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 09549235 d:ShareCapital 2023-12-31 09549235 d:ShareCapital 2022-12-31 09549235 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 09549235 d:RetainedEarningsAccumulatedLosses 2023-12-31 09549235 d:RetainedEarningsAccumulatedLosses 2022-12-31 09549235 c:OrdinaryShareClass1 2023-01-01 2023-12-31 09549235 c:OrdinaryShareClass1 2023-12-31 09549235 c:OrdinaryShareClass1 2022-12-31 09549235 c:FRS102 2023-01-01 2023-12-31 09549235 c:Audited 2023-01-01 2023-12-31 09549235 c:FullAccounts 2023-01-01 2023-12-31 09549235 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09549235 d:Subsidiary1 2023-01-01 2023-12-31 09549235 d:Subsidiary1 1 2023-01-01 2023-12-31 09549235 d:Subsidiary2 2023-01-01 2023-12-31 09549235 d:Subsidiary2 1 2023-01-01 2023-12-31 09549235 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 09549235 6 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure



















SSCP Blink Bidco Limited

Registered number: 09549235
Information for filing with the Registrar
For the year ended 31 December 2023

 
 09549235
31 December 2023
SSCP BLINK BIDCO LIMITED
REGISTERED NUMBER: 09549235

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 5 
7,446,255
11,000,100

  
7,446,255
11,000,100

  

Creditors: amounts falling due within one year
 6 
(18,483,720)
(18,365,296)

Net current liabilities
  
 
 
(18,483,720)
 
 
(18,365,296)

Total assets less current liabilities
  
(11,037,465)
(7,365,196)

  

Net liabilities
  
(11,037,465)
(7,365,196)


Capital and reserves
  

Called up share capital 
 7 
1
1

Profit and loss account
 8 
(11,037,466)
(7,365,197)

  
(11,037,465)
(7,365,196)


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 comprehensive income 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 on 26 July 2024.




S M Arundel
Director

The notes on pages 2 to 9 form part of these financial statements.

- 1 -

 
 09549235
31 December 2023
SSCP BLINK BIDCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

SSCP Blink Bidco Limited (the "Company") is a private company limited by shares, registered number 09549235, incorporated in England and Wales. Its registered head office is located at Spectrum, Fernbank House, Springwood Way, Tytherington Business Park, Macclesfield, Cheshire, SK10 2XA.
The principal activity of the Company during the year was the payment of salaries and expenses for UK based employees who were working on behalf of the Vision Ophthalmology Group. 

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 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 (see note 3).

These financial statements have been presented in pound sterling which is the functional currency of the Company, and rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Addlife AB as at 31 December 2023 and these financial statements may be obtained from AddLife AB (publ), Box 3145, Brunkebergstorg 5, SE-103 62 Stockholm.

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

- 2 -

 
 09549235
31 December 2023
SSCP BLINK BIDCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Going concern

The accounts have been prepared on a going concern basis and the director, having reviewed the business forecast for the coming 12 months and current funding arrangements, believes this to be appropriate. Scenarios for the impact of the current economic climate have been included in this planning. Additionally, the Parent Group has stated support for the UK business through financial measure and cash injections, where required. Confirmation has been obtained from the ultimate Parent Company (AddLife AB) of its continued financial support should it be required.

 
2.5

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.

 
2.6

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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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 reporting date.

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
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.

- 3 -

 
 09549235
31 December 2023
SSCP BLINK BIDCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

- 4 -

 
 09549235
31 December 2023
SSCP BLINK BIDCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.9
Financial instruments (continued)

Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date. 
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

- 5 -

 
 09549235
31 December 2023
SSCP BLINK BIDCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Critical accounting judgments and key sources of estimation uncertainty

The Company made judgments, estimates and assumptions about the carrying amounts of assets and liabilities that were not readily apparent from other sources in the application of the Company’s accounting policies. Estimates and judgments are continually evaluated and are based on historical experience and other factors that are considered to be reasonable under the circumstances. Actual results may differ from the estimates.
3.1 Critical judgments made in applying the Company accounting policies
The critical judgments that the directors have made in the process of applying the company's accounting policies that have the most significant effect on the statutory financial statements are discussed below.
Assessing indicators of impairment
In assessing whether there have been any indicators of impairment of assets, the director has considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability. As a result management were required to perform a formal impairment review.
3.2 Key sources of estimation uncertainty
The estimates and assumptions that have a risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
The recoverable amount of the investment held by the Company is a source of estimation uncertainty. The recoverable amount was determined using a value in use calculation which required the use of assumptions. The calculations use cash flow projections based on management forecasts covering a five year period. Cash flows beyond the five year period are extrapolated using an estimated growth rate. These are discounted at an estimated WACC rate.
The impairment review performed over the Company’s investment indicated that an impairment is required. This is disclosed in note 5.
The key assumptions in the value in use calculation is the forecast EBITDA and the WACC rate. If EBITDA had been assumed to be 5% lower, this would have resulted in an additional impairment of £368,152. If the WACC rate had been assumed to be 2% higher, this would have resulted in an additional impairment of £1,041,745.


4.


Employees




The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

- 6 -

 
 09549235
31 December 2023
SSCP BLINK BIDCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost and net book value


At 1 January 2023
11,000,100



At 31 December 2023

11,000,100



Impairment


Charge for the year
3,553,845



At 31 December 2023

3,553,845



Net book value



At 31 December 2023
7,446,255



At 31 December 2022
11,000,100


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Vision Pharmaceuticals Ltd
Fernbank House, Tytherington Business Park, Macclesfield, Cheshire, SK10 2XA
Ordinary
100%
Spectrum Ophthalmics Limited
13 - 18 City Quay, Dublin 2, D02 ED70, Ireland
Ordinary
100%

- 7 -

 
 09549235
31 December 2023
SSCP BLINK BIDCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
18,470,972
18,353,896

Accruals and deferred income
12,748
11,400

18,483,720
18,365,296


Amounts owed to group undertakings have all been classified as due within one year as there are no formal repayment terms in place.


7.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary share of £1.00
1
1



8.


Reserves

Profit & loss account

Accumulated profit and loss, net of distribution to shareholders.


9.


Related party transactions

The Company has taken the exemption provided under FRS 102 Section 33 Related Party Disclosures not to disclose transactions between wholly owned group companies.


10.


Controlling party

The Company is a wholly owned subsidiary undertaking of Vision Ophthalmology Group GmBH, a company registered in Germany.
As at the year end the Company's ultimate parent undertaking, Addlife AB, included the company, in its consolidated financial statements. The consolidated financial statements of Addlife AB are prepared in accordance with IFRS and IAS 34 Interim Financial Reporting, and are available to the public and may be obtained from AddLife AB (publ), Box 3145, Brunkebergstorg 5, SE-103 62 Stockholm.

- 8 -

 
 09549235
31 December 2023
SSCP BLINK BIDCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 26 July 2024 by Christopher Martin (Senior Statutory Auditor) on behalf of Forvis Mazars LLP.

- 9 -