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Registered number: 09145517









SOMNOMED UK LIMITED

FILLETED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024







































 
SOMNOMED UK LIMITED
REGISTERED NUMBER: 09145517

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,904
935

  
2,904
935

Current assets
  

Stocks
  
5,434
8,385

Debtors: amounts falling due within one year
 5 
344,732
300,753

Cash at bank and in hand
 6 
53,232
45,733

  
403,398
354,871

Creditors: amounts falling due within one year
 7 
(27,369)
(39,883)

Net current assets
  
 
 
376,029
 
 
314,988

Total assets less current liabilities
  
378,933
315,923

Creditors: amounts falling due after more than one year
 8 
(895,428)
(786,640)

  

Net liabilities
  
(516,495)
(470,717)

Page 1

 
SOMNOMED UK LIMITED
REGISTERED NUMBER: 09145517
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Capital and reserves
  

Called up share capital 
 9 
10,000
10,000

Profit and loss account
  
(526,495)
(480,717)

  
(516,495)
(470,717)


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 19 August 2024.




M Mattes
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
SOMNOMED UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

SomnoMed UK Limited is a private company limited by shares and is incorporated in England.
The registered office address is at Raleigh House,14c Compass Point Business Park, Stocks Bridge Way, St Ives, Cambridgeshire, PE27 5JL. 
The trading office address is at 95 Hill Street, Highfield, Sheffield, S2 4SP.
The principal activity of the company is the provision of clincially proven diagnostic and treatment options for sleep-related breathing disorders such as obstructive sleep apnea (OSA) and sleep bruxism.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Directors have considered the Company's position at the time of signing the financial statements, and based on this, the Directors have concluded that they have a reasonable expectation that the Company will have adequate resources to continue in operational existence for the foreseeable future, being at least a 12 month period from signing, and they therefore continue to adopt the going concern basis of accounting in preparing these financial statements.
The company has reported a loss after taxation for the year ended 30 June 2024 of £45,777 (2023 - £1,945). At that date, the company had net liabilities of £516,495 (2023 - £470,717). 
The parent company has confirmed their intention to provide sufficient funds or other financial support to enable the company to continue trading and meet its day to day commitments properly incurred for at least a period of 12 months from the date of approval of these financial statements.

Page 3

 
SOMNOMED UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.3

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.

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.

 
2.4

Revenue recognition

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.

Revenue from the sale of goods is recognised upon dispatch of the goods to the customer. 

  
2.5

Transfer pricing

A transfer pricing recharge is calculated using the Transactional Net Margin Method (TNMM) and is recognised on a bi-annual basis. This is a transactional profit method that compares the net profit margin achieved by a company on its controlled transactions with the returns derived by a company engaging in uncontrolled transactions. This is recognised within administration expenses, as it is a recharge of intercompany costs, to align the EBIT.

Page 4

 
SOMNOMED UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.6

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.

 
2.7

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 Balance sheet. 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 balance sheet date in the countries where the Company operates and generates income.

 
2.9

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.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Computer equipment
-
3 years

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.

Page 5

 
SOMNOMED UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.10

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 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.

 
2.11

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.

 
2.12

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.

 
2.13

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.

 
2.14

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

Page 6

 
SOMNOMED UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.15

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.

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

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.

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.

Page 7

 
SOMNOMED UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.15
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.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).

Page 8

 
SOMNOMED UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 July 2023
5,626


Additions
4,020


Disposals
(3,687)



At 30 June 2024

5,959



Depreciation


At 1 July 2023
4,691


Charge for the year on owned assets
1,693


Disposals
(3,329)



At 30 June 2024

3,055



Net book value



At 30 June 2024
2,904



At 30 June 2023
935


5.


Debtors

2024
2023
£
£


Trade debtors
24,315
57,573

Amounts owed by group undertakings
316,420
237,580

Other debtors
1,997
-

Prepayments and accrued income
2,000
5,600

344,732
300,753


Page 9

 
SOMNOMED UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
53,232
45,733



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
6,962
13,520

Other taxation and social security
-
4,877

Other creditors
2,311
5,403

Accruals and deferred income
18,096
16,083

27,369
39,883



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Amounts owed to group undertakings
895,428
786,640


Amounts owed to group undertakings are unsecured, bear interest of 3.75% per annum and are repayable within 3 years from the balance sheet date.


9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



10,000 (2023 - 10,000) Ordinary shares of £1.00 each
10,000
10,000



10.


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 £4,897 (2023 - £3,306). Contributions totalling £404 (2023 - £643) were payable to the fund at the balance sheet date.

Page 10

 
SOMNOMED UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

11.


Related party transactions

The company, being a wholly owned subsidiary, has taken advantage of the exemption from disclosure of transactions with other group companies.


12.


Controlling party

The company's immediate parent company is SomnoMed Netherlands BV, incorporated in the Netherlands.
The company's ultimate controlling party is SomnoMed Limited, a publicly traded company incorporated in Australia. The registered office of SomnoMed Limited is Level 3, 20 Clarke St, Crows Nest 2065, Australia.

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the company. Total key management personnel have been remunerated by the parent company.


13.


Auditors' information

The auditors' report on the financial statements for the year ended 30 June 2024 was unqualified.

The audit report was signed on 19 August 2024 by Jaimie King (Senior statutory auditor) on behalf of Whitings LLP.

 
Page 11