Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-311254184732023-12-312023-01-01false3falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12541847 2023-01-01 2023-12-31 12541847 2022-01-01 2022-12-31 12541847 2023-12-31 12541847 2022-12-31 12541847 1 2023-01-01 2023-12-31 12541847 d:Director1 2023-01-01 2023-12-31 12541847 c:CurrentFinancialInstruments 2023-12-31 12541847 c:CurrentFinancialInstruments 2022-12-31 12541847 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 12541847 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 12541847 c:ShareCapital 2023-12-31 12541847 c:ShareCapital 2022-12-31 12541847 c:RetainedEarningsAccumulatedLosses 2023-12-31 12541847 c:RetainedEarningsAccumulatedLosses 2022-12-31 12541847 c:AcceleratedTaxDepreciationDeferredTax 2023-12-31 12541847 c:AcceleratedTaxDepreciationDeferredTax 2022-12-31 12541847 d:OrdinaryShareClass1 2023-01-01 2023-12-31 12541847 d:OrdinaryShareClass1 2022-01-01 2022-12-31 12541847 d:OrdinaryShareClass1 2023-12-31 12541847 d:OrdinaryShareClass1 2022-12-31 12541847 d:FRS102 2023-01-01 2023-12-31 12541847 d:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 12541847 d:FullAccounts 2023-01-01 2023-12-31 12541847 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 12541847 7 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure



















Vivasure Medical UK Limited

Registered number: 12541847
Information for filing with Registrar
For the year ended 31 December 2023

 
 12541847
31 December 2023
VIVASURE MEDICAL UK LIMITED
REGISTERED NUMBER: 12541847

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
279,443
192,554

Cash at bank and in hand
  
8,924
5,404

  
288,367
197,958

Creditors: amounts falling due within one year
 5 
(252,865)
(192,022)

Net current assets
  
 
 
35,502
 
 
5,936

Total assets less current liabilities
  
35,502
5,936

  

Net assets
  
35,502
5,936


Capital and reserves
  

Called up share capital 
 7 
2
2

Profit and loss account
  
35,500
5,934

Total equity
  
35,502
5,936


- 1 -

 
 12541847
31 December 2023
VIVASURE MEDICAL UK LIMITED
REGISTERED NUMBER: 12541847
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 by: 


B Collins
Director

Date: 23 August 2024

The notes on pages 3 to 8 form part of these financial statements.

- 2 -

 
 12541847
31 December 2023
VIVASURE MEDICAL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Vivasure Medical UK Limited is a private company limited by shares incorporated in England and Wales. The company's registered number is 12541847. The address of its registered office is 2 New Bailey, 6 Stanley Street, Salford, Greater Manchester, United Kingdom, M3 5GS.
The principal activity of the company is the provision of management 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 financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment in which the company operates and is rounded to the nearest pound.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements are prepared on a going concern basis. The company is dependent on the ongoing support of its parent company. The parent company has confirmed that it will continue to provide the financial support required for the foreseeable future and a period of at least 12 months from the approval of these financial statements. The directors are satisfied that the pledged support will be forthcoming and have therefore deemed it appropriate to prepare the financial statements on a going concern basis. 

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentation 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.

All other foreign exchange gains and losses are presented in the Statement of comprehensive income within 'administrative expenses'.

- 3 -

 
 12541847
31 December 2023
VIVASURE MEDICAL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Turnover

Turnover relates to the provision of management services to Vivasure Medical Ltd and represents the costs associated with the provision of such services plus 4%.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

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 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.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment.

- 4 -

 
 12541847
31 December 2023
VIVASURE MEDICAL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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.

 
2.8

Creditors

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

 
2.9

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.

 
2.10

Holiday pay accrual

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

 
2.11

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable.
Financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is identified, an impairment loss is recognised in profit or loss.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and its recoverable amount, which is an estimate of the amount that the company would receive for the asset if it were to be sold at the reporting date.

 
- 5 -

 
 12541847
31 December 2023
VIVASURE MEDICAL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.11
Financial instruments (continued)


Financial liabilities
Basic financial liabilities, including trade and other payables are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a rate of interest.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payables are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transactions price and subsequently measured at amortised costs.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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. 


3.


Employees

The average monthly number of employees, including the directors, during the year was 3 (2022: 3).


4.


Debtors: amounts falling due within one year

2023
2022
£
£


Trade debtors
233,093
171,775

Other debtors
701
154

Prepayments and accrued income
2,158
-

Deferred taxation
43,491
20,625

279,443
192,554


Trade debtors relate to trading transactions entered into with other wholly owned members of the group and are unsecured, interest free and payable on demand.

- 6 -

 
 12541847
31 December 2023
VIVASURE MEDICAL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Creditors: amounts falling due within one year

2023
2022
£
£

Trade creditors
4,867
2,698

Corporation tax
33,319
15,794

Other taxation and social security
26,275
12,373

Accruals
188,404
161,157

252,865
192,022



6.


Deferred taxation




2023


£






At beginning of year
20,625


Credited to profit or loss
22,866



At end of year
43,491

The deferred tax asset is made up as follows:

2023
2022
£
£


Short term timing differences
43,491
20,625


7.


Called up share capital

2023
2022
£
£
Allotted, called up and fully paid



2 (2022: 2) ordinary shares of £1 each
2
2

Each ordinary share has attached to it full voting, dividend and capital distribution rights.


- 7 -

 
 12541847
31 December 2023
VIVASURE MEDICAL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Pension commitments

The company operates a defined contribution plan for all employees of the company. Contributions made into this plan are paid by the company at rates specified in the rules of the scheme. At the reporting date no amount was payable to the plan (2022: £nil).


9.


Related party transactions

The company has taken advantage of the exemption from disclosing related party transactions undertaken between wholly owned members of the group that have been concluded under normal market conditions.


10.


Post balance sheet events

There have been no significant events affecting the company since the year end.


11.


Controlling party

The immediate and ultimate parent company is Vivasure Medical Limited, a company incorporated in Ireland. The address of its registered office is Parkmore Business, Park West, Galway, Ireland, H91V 3KP.

- 8 -