Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-31021757952023-12-31false232023-01-0123truetrue 02175795 2023-01-01 2023-12-31 02175795 2022-01-01 2022-12-31 02175795 2023-12-31 02175795 2022-12-31 02175795 c:Director2 2023-01-01 2023-12-31 02175795 d:FurnitureFittings 2023-01-01 2023-12-31 02175795 d:FurnitureFittings 2023-12-31 02175795 d:FurnitureFittings 2022-12-31 02175795 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02175795 d:OfficeEquipment 2023-01-01 2023-12-31 02175795 d:OfficeEquipment 2023-12-31 02175795 d:OfficeEquipment 2022-12-31 02175795 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02175795 d:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 02175795 d:OtherPropertyPlantEquipment 2023-12-31 02175795 d:OtherPropertyPlantEquipment 2022-12-31 02175795 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02175795 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02175795 d:ComputerSoftware 2023-12-31 02175795 d:ComputerSoftware 2022-12-31 02175795 d:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 02175795 d:CurrentFinancialInstruments 2023-12-31 02175795 d:CurrentFinancialInstruments 2022-12-31 02175795 d:Non-currentFinancialInstruments 2023-01-01 2023-12-31 02175795 d:Non-currentFinancialInstruments 2023-12-31 02175795 d:Non-currentFinancialInstruments 2022-12-31 02175795 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 02175795 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 02175795 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 02175795 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 02175795 d:ShareCapital 2023-12-31 02175795 d:ShareCapital 2022-12-31 02175795 d:SharePremium 2023-01-01 2023-12-31 02175795 d:SharePremium 2023-12-31 02175795 d:SharePremium 2022-12-31 02175795 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 02175795 d:RetainedEarningsAccumulatedLosses 2023-12-31 02175795 d:RetainedEarningsAccumulatedLosses 2022-12-31 02175795 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-01-01 2023-12-31 02175795 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-12-31 02175795 c:OrdinaryShareClass1 2023-01-01 2023-12-31 02175795 c:OrdinaryShareClass1 2023-12-31 02175795 c:OrdinaryShareClass1 2022-12-31 02175795 c:FRS102 2023-01-01 2023-12-31 02175795 c:Audited 2023-01-01 2023-12-31 02175795 c:FullAccounts 2023-01-01 2023-12-31 02175795 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02175795 d:WithinOneYear 2023-12-31 02175795 d:WithinOneYear 2022-12-31 02175795 d:BetweenOneFiveYears 2023-12-31 02175795 d:BetweenOneFiveYears 2022-12-31 02175795 d:PlantEquipmentOtherAssetsUnderOperatingLeases 2023-12-31 02175795 d:PlantEquipmentOtherAssetsUnderOperatingLeases 2022-12-31 02175795 d:PlantEquipmentOtherAssetsUnderOperatingLeases d:WithinOneYear 2023-12-31 02175795 d:PlantEquipmentOtherAssetsUnderOperatingLeases d:WithinOneYear 2022-12-31 02175795 d:PlantEquipmentOtherAssetsUnderOperatingLeases d:BetweenOneFiveYears 2023-12-31 02175795 d:PlantEquipmentOtherAssetsUnderOperatingLeases d:BetweenOneFiveYears 2022-12-31 02175795 d:HirePurchaseContracts d:WithinOneYear 2023-12-31 02175795 d:HirePurchaseContracts d:WithinOneYear 2022-12-31 02175795 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-12-31 02175795 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-12-31 02175795 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 02175795 d:ComputerSoftware d:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 02175795 2 2023-01-01 2023-12-31 02175795 d:ComputerSoftware d:OwnedIntangibleAssets 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure



















Vision Pharmaceuticals Ltd (Trading as Spectrum)

Registered number: 02175795
Information for filing with the Registrar
For the year ended 31 December 2023

 
 02175795
31 December 2023
VISION PHARMACEUTICALS LTD (TRADING AS SPECTRUM)
REGISTERED NUMBER: 02175795

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 5 
171,635
210,349

Tangible assets
 6 
160,207
185,726

  
331,842
396,075

Current assets
  

Stocks
 7 
914,889
910,613

Debtors: amounts falling due within one year
 8 
8,569,299
9,273,318

Cash at bank and in hand
 9 
280,078
263,221

  
9,764,266
10,447,152

Creditors: amounts falling due within one year
 10 
(3,850,580)
(4,167,034)

Net current assets
  
 
 
5,913,686
 
 
6,280,118

Total assets less current liabilities
  
6,245,528
6,676,193

Creditors: amounts falling due after more than one year
 11 
-
(7,180)

Provisions for liabilities
  

Other provisions
 13 
(203,697)
-

Net assets
  
 
 
6,041,831
 
 
6,669,013


Capital and reserves
  

Called up share capital 
 14 
94,002
94,002

Share premium account
 15 
245,000
245,000

Profit and loss account
 15 
5,702,829
6,330,011

  
6,041,831
6,669,013


- 1 -

 
 02175795
31 December 2023
VISION PHARMACEUTICALS LTD (TRADING AS SPECTRUM)
REGISTERED NUMBER: 02175795
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

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 3 to 15 form part of these financial statements.

- 2 -

 
 02175795
31 December 2023
VISION PHARMACEUTICALS LTD (TRADING AS SPECTRUM)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Vision Pharmaceuticals Ltd (Trading as Spectrum) (the "Company") is a private company limited by shares, incorporated in England and Wales, registered number 02175795. Its registered head office is located at Fernbank House, Tytherington Business Park, Macclesfield, Cheshire, SK10 2XA.
The Company's principal activity is that of specialising in high-quality ophthalmic products, technologies, and services.

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).

The following principal accounting policies have been applied:

 
2.2

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.

- 3 -

 
 02175795
31 December 2023
VISION PHARMACEUTICALS LTD (TRADING AS SPECTRUM)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP, rounded to the nearest £.

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services
Revenue is recognised in the period in which the services are provided in accordance with the stage of completion of the contract. 

- 4 -

 
 02175795
31 December 2023
VISION PHARMACEUTICALS LTD (TRADING AS SPECTRUM)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Operating leases: the Company as lessee

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

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

 
2.6

Interest income

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

 
2.7

Pensions

Defined contribution pension plan

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

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

 
2.8

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.

- 5 -

 
 02175795
31 December 2023
VISION PHARMACEUTICALS LTD (TRADING AS SPECTRUM)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

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.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Computer software
-
10
years

 
2.10

Tangible fixed assets

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

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

Depreciation is provided on the following basis:

Fixtures & fittings
-
15%
Office equipment
-
25%
Demonstration 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.

 
2.11

Stocks

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

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

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.

- 6 -

 
 02175795
31 December 2023
VISION PHARMACEUTICALS LTD (TRADING AS SPECTRUM)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

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.

 
2.14

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.

 
2.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

 
2.16

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.

- 7 -

 
 02175795
31 December 2023
VISION PHARMACEUTICALS LTD (TRADING AS SPECTRUM)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.16
Financial instruments (continued)

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.

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.

- 8 -

 
 02175795
31 December 2023
VISION PHARMACEUTICALS LTD (TRADING AS SPECTRUM)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.16
Financial instruments (continued)

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.


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
Management is of the opinion that there are no critical judgments (other than those involving estimates) that have a significant effect on the amounts recognised in the financial statements.
3.2 Key sources of estimation uncertainty
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
Stock provision
The Company includes a stock provision for slow moving and obsolete stock. The director assesses the stock on a regular basis to ensure that stock is correctly valued at the lower of net realisable value and cost price. In assessing the net realisable value there is a certain amount of estimation required. The director reviews historic sales and assess the likelihood of selling the item before making their provision. 


4.


Employees

The average monthly number of employees, including directors, during the year was 23 (2022 - 23).

- 9 -

 
 02175795
31 December 2023
VISION PHARMACEUTICALS LTD (TRADING AS SPECTRUM)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Intangible assets




Computer software

£



Cost


At 1 January 2023
234,137


Additions
8,849



At 31 December 2023

242,986



Amortisation


At 1 January 2023
23,788


Charge for the year
47,563



At 31 December 2023

71,351



Net book value



At 31 December 2023
171,635



At 31 December 2022
210,349



- 10 -

 
 02175795
31 December 2023
VISION PHARMACEUTICALS LTD (TRADING AS SPECTRUM)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Tangible fixed assets





Fixtures & fittings
Office equipment
Demonstration equipment
Total

£
£
£
£



Cost


At 1 January 2023
184,081
204,477
1,000,080
1,388,638


Additions
4,883
4,578
167,818
177,279


Disposals
-
(11,719)
(312,350)
(324,069)



At 31 December 2023

188,964
197,336
855,548
1,241,848



Depreciation


At 1 January 2023
176,601
174,965
851,346
1,202,912


Charge for the year
3,945
18,068
147,867
169,880


Disposals
-
(10,920)
(280,231)
(291,151)



At 31 December 2023

180,546
182,113
718,982
1,081,641



Net book value



At 31 December 2023
8,418
15,223
136,566
160,207



At 31 December 2022
7,480
29,512
148,734
185,726


7.


Stocks

2023
2022
£
£

Finished goods and goods for resale
914,889
910,613


An impairment loss of £94,752 (2022: £38,697) was recognised in cost of sales against stock during the year due to slow-moving and obsolete stock.

- 11 -

 
 02175795
31 December 2023
VISION PHARMACEUTICALS LTD (TRADING AS SPECTRUM)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Debtors

2023
2022
£
£


Trade debtors
488,381
1,178,765

Amounts owed by group undertakings
7,952,462
7,980,317

Other debtors
18,933
34,731

Prepayments and accrued income
109,523
79,505

8,569,299
9,273,318



9.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
280,078
263,221



10.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
419,262
681,111

Amounts owed to group undertakings
3,077,924
3,066,125

Other taxation and social security
129,135
52,679

Obligations under finance lease and hire purchase contracts
7,180
34,264

Accruals and deferred income
217,079
332,855

3,850,580
4,167,034


Obligations under finance lease and hire purchase contracts are secured on the assets to which they relate.


11.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
-
7,180


Obligations under finance lease and hire purchase contracts are secured on the assets to which they relate.

- 12 -

 
 02175795
31 December 2023
VISION PHARMACEUTICALS LTD (TRADING AS SPECTRUM)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
7,180
34,264

Between 1-5 years
-
7,180

7,180
41,444


13.


Provisions





Restructuring provision

£





Charged to profit or loss
203,697



At 31 December 2023
203,697

The provision relates to the planned compensation for employees that are affected by the restructure following the planned strategic changes in the Company.


14.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



94,002 (2022 - 94,002) Ordinary shares of £1.00 each
94,002
94,002



15.


Reserves

Share premium account

This represents amounts paid above par value for shares purchased.

Profit & loss account

This represents cumulative profits and losses from trading of the entity.

- 13 -

 
 02175795
31 December 2023
VISION PHARMACEUTICALS LTD (TRADING AS SPECTRUM)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


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 £41,275 (2022: £40,454).
Contributions totaling £2,612 (2022: £Nil) were payable to the fund at the balance sheet date and are included in creditors.


17.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£

Land and buildings


Not later than 1 year
71,550
67,000

Later than 1 year and not later than 5 years
241,434
16,700

312,984
83,700

2023
2022

£
£

Motor vehicles


Not later than 1 year
68,796
72,000

Later than 1 year and not later than 5 years
51,542
88,000

120,338
160,000


18.


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.


19.


Controlling party

The Company is a subsidiary undertaking of SSCP Blink BidCo Limited.
As at 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.

- 14 -

 
 02175795
31 December 2023
VISION PHARMACEUTICALS LTD (TRADING AS SPECTRUM)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


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.

- 15 -