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Registered number: 10569695 (England and Wales)














INTERSCOPE MED LTD
UNAUDITED

DIRECTOR'S REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023


 
INTERSCOPE MED LTD
 

 
COMPANY INFORMATION


Director
J B Ryan 




Registered number
10569695



Registered office
Birchin Court
5th Floor

19-25 Birchin Lane

London

United Kingdom

EC3V 9DU




Accountants
ZEDRA Corporate Reporting Services (UK) Limited






 
INTERSCOPE MED LTD
 


CONTENTS



Page
Balance Sheet
 
1 - 2
Statement of Changes in Equity
 
3
Notes to the Financial Statements
 
4 - 7



 
INTERSCOPE MED LTD
REGISTERED NUMBER:10569695


BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 3 
23,468
22,768

Bank and cash balances
  
13,188
474

  
36,656
23,242

Creditors: amounts falling due within one year
 4 
(611,350)
(460,596)

Net current liabilities
  
 
 
(574,694)
 
 
(437,354)

Total assets less current liabilities
  
(574,694)
(437,354)

  

Net liabilities
  
(574,694)
(437,354)

Page 1


 
INTERSCOPE MED LTD
REGISTERED NUMBER:10569695

    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

2023
2022
£
£

Capital and reserves
  

Called up share capital 
  
1
1

Capital contribution reserve
 5 
-
78,320

Profit and loss account
  
(574,695)
(515,675)

  
(574,694)
(437,354)


The director considers 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 director acknowledges his 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: 


J B Ryan
Director

Date: 12 September 2024

The notes on pages 4 to 7 form part of these financial statements.

Page 2


 
INTERSCOPE MED LTD
 


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Capital contribution reserves
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
1
65,223
(395,649)
(330,425)


Comprehensive income for the year

Loss for the year
-
-
(120,026)
(120,026)

Share based payment expense
-
13,097
-
13,097
Total comprehensive income for the year
-
13,097
(120,026)
(106,929)



At 1 January 2023
1
78,320
(515,675)
(437,354)


Comprehensive income for the year

Loss for the year
-
-
(59,020)
(59,020)

Share based payment credit
-
(78,320)
-
(78,320)
Total comprehensive income for the year
-
(78,320)
(59,020)
(137,340)


At 31 December 2023
1
-
(574,695)
(574,694)


The notes on pages 4 to 7 form part of these financial statements.

Page 3


 
INTERSCOPE MED LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies

 
1.1

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 following principal accounting policies have been applied:

 
1.2

Going concern

Interscope Med Ltd has received written confirmation from its parent company, Interscope, Inc., that it will continue to provide financial support for the Company for a period of at least 12 months from the date of signing these financial statements.  For this reason, the director continues to adopt the going concern basis in preparing these financial statements.

 
1.3

Turnover

Turnover 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. 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 revenue is recognised:

Sale of goods

Turnover from the sale of medical equipment 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.

 
1.4

Debtors

Short term debtors are measured at transaction price.

 
1.5

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 held on deposit by service providers is included within bank and cash balances, as these amounts are highly liquid and repayable without penalty on notice of not more than 24 hours.

 
1.6

Creditors

Short term creditors are measured at the transaction price. Loans payable are intercompany loans measured at cost, repayable in GBP. No interest is charged on the loans, which are repayable on demand. 

Page 4


 
INTERSCOPE MED LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.7

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.

 
1.8

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to the profit or loss over the vesting period.  Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each Balance Sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options granted.  The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions.  These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesitng period.

 
1.9

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.

 
1.10

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 5


 
INTERSCOPE MED LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.


Employees

The average monthly number of employees during the year was 1 (2022 - 1).


3.


Debtors

2023
2022
£
£


Trade debtors
23,468
16,848

Other debtors
-
5,920

23,468
22,768



4.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
46,730
17,784

Amounts owed to group undertakings
540,072
431,186

Other creditors
16,348
5,101

Accruals and deferred income
8,200
6,525

611,350
460,596



5.


Capital contribution reserve

Certain employees of the Company along with other group employees have been granted options over the shares in Interscope, Inc., the Company's ultimate parent company. The options are granted at an independently determined fair value and vest over 36 months. The options expire ten years after the date of grant and the employees are required to be an employee of the Company at the date they exercise any options.
An expense equal to the fair value as at the date of grant is recognised equally across the vesting period with the corresponding credit going to the capital contribution reserve.
In the current year, the reserve has been reversed in full as the options were forfeited.


6.Financial Commitments

At the end of the reporting period, the total amount of financial commitments, guarantees and contingencies that are not included in the balance sheet is £540 (2022: £540).

Page 6


 
INTERSCOPE MED LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Controlling party

Interscope, Inc. is the parent company. The Company is not included in any consolidated financial statements as there is no requirement for the parent to do so. The registered office of the parent company is 200 Commerce Drive, Northbridge, MA 01534, USA.


8.


Post balance sheet events

There were no adjusting or non-adjusting events occurring between the end of the reporting period and the date which these financial statements were approved. 

Page 7