LUMENIS (BE) UK LIMITED
Directors: Roy Ramati
Nazeeh Saab
Efrayim Shalom
Secretary: Ido Warshavski
Registered Office: Unit 15 Valley Business Centre
Gordon Road
High Wycombe
HP13 6EQ
Company Number: 13394792
Independent Auditors: Levy Cohen & Co
5.2 Central House
1 Ballards Lane
N3 1LQ
Annual report and financial statements
For the year ended 31 December 2023
page
Statement of financial position 1
Notes to the financial statements 2-7
LUMENIS BE (UK) LIMITED
Statement of financial position as at 31 December 2023
31.12.2023 31.12.2022
Notes £ £ £
Fixed assets
Tangible assets 4 983,617 1,493,806
Current assets
Inventory 5 1,785,804 2,051,635
Debtors 6 2,668,826 2,146,955
Cash at bank and in hand 81,830 335,813
4,536,460 4,534,403
Creditors: amounts falling due
within one year 7 (2,391,613) (2,816,727)
Net current assets 2,144,847 1,717,676
Total assets less current liabilities 3,128,464 3,211,482
Creditors: amounts falling due 8 (79,458) (115,729)
after one year
Deferred tax liability 9 (245,904) (148,334)
Net assets £ 2,803,102 £ 2,947,419
Capital and reserves
£ £
Called up share capital 10 11 11
Capital contribution fund 2,941,222 2,941,222
Profit and loss account (138,131) 6,186
Shareholders' fund £ 2,803,102 £ 2,947,419
The accounts have been prepared and delivered in accordance with special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
_________________________
Nazeeh Saab
Director
Company number: 13394792 4 September 2024
LUMENIS BE (UK) LIMITED
Notes to the Financial Statements - 31 December 2023
COMPANY INFORMATION
1. Company Information
Lumenis BE (UK) Limited is a private limited company incorporated and domiciled in England & Wales. The address of its registered office is Unit 15 Valley Business Centre, Gordon Road, High Wycombe, HP13 6EQ.
The company is a wholly owned subsidiary of Lumenis BE Ltd, a company registered in Israel.
2. Accounting Policies
2.1 Basis of accounting
The financial statements have been prepared on a going concern basis, under historical cost convention.
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
2.2 Financial instruments
The company has chosen to adapt the sections 11 & 12 of FRS 102 in respect of financial instruments:
(i) Financial assets
Basic financial assets including trade and other receivables and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financial transaction, where the transaction is measured at present value of the future receipts discounted at the market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method and are assess for objective evidence of impairment at the end of each reporting period.
(ii) Financial liabilities
Basic financial liabilities including trade and other payable are initially recognised at transaction price unless arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts discounted at a market value of interest debt instruments are subsequently carried at amortised costs using the effective interest rate method.
2.3 Going concern
The company has a positive capital and reserve and positive net current assets.
The company is profitable and will continue to be profitable in the future as according to the group TP policy, the company is entitled to a fixed margin on the services provided to the parent company. The company and the Lumenis group are both operationally and financially inextricably linked. Having considered the post year trading and financial results of the group and the group's cash reserves, and after making enquiries of the directors of the parent undertaking, the directors have reasonable expectations that the company and the group have adequate resources to continue an operational existence and meet their liabilities for a period of at least 12 months from the date these financial statements were approved.
On the basis of the above, the directors consider it appropriate to prepare the financial statement on a going concern basis.
LUMENIS BE (UK) LIMITED
Notes to the Financial Statements - 31 December 2023
2. Accounting Policies (continued)
2.4 Turnover
Turnover represents net invoiced value of goods and services excluding VAT and shown net of returns, rebates and discounts.
2.5 Revenue Recognition
The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity 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 when all the significant risks and rewards of ownership of the goods have passed to the buyer and the seller no longer retains continual managerial involvement. The delivery date is usually the date on which ownership passes.
Revenues from term licences and maintenance arrangements are deferred and recognized on a straight-line basis over the life of the related licences and maintenance agreements.
2.6 Plant and machinery
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation net of depreciation and any impairment losses.
Depreciation is provided at the following annual rates in order to write off the assets over their estimated useful lives:
Office equipment & computers 33% straight line
Demo equipment 33% straight line
2.7 Inventory
Inventory is value at the lower of cost and net realisable value, and after making due provision for slow moving and damaged items.
2.8 Debtors
Short term debtors that includes trade and other receivables are measured at transaction price, less any impairment.
2.9 Creditors
Basic financial liabilities including trade and other payable, amounts due to group companies are measured at transaction price.
LUMENIS BE (UK) LIMITED
Notes to the Financial Statements - 31 December 2023
2. Accounting Policies (continued)
2.10 Current & deferred taxation
Deferred taxation is provided using the liability method to take into account timing from the inclusion of items of expenditure in taxation computations in periods that differ from those differences arising in which they are included in the financial statements to the extent that it is probably that an or assets will crystallize in the future.
Provision for deferred taxation is set off against debit balance of deferred taxation.
The current income tax charged is calculated on the basis of the tax rate and laws that have been enacted or substantially enacted by the reporting date in the countries where the company operated and generates income.
2.11 Foreign currencies
Assets and liabilities in foreign currencies are translated into Sterling at the rate of exchange ruling at the Balance Sheet date. Transaction in Foreign currencies are translated into Sterling at the rate of exchange ruling at the date of the transaction.
2.12 Employee benefits
The company provides a range of benefits to employees, including annual bonus arrangements, paid holiday arrangements and defined contribution pension plans.
(i) Short term benefits
Short term benefits, including holiday pay and other similar non-monetary benefits are recognised as an expense in the period in which the service is received.
(ii) Defined contribution pension plans
The company operated 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 when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
(iii) Annual Bonus Plan
The company operates an annual bonus plan for employees, and expense is recognised in the profit and loss account when the company has a legal or constructive obligation to make payments under the plan as a result of past events and reliable estimation of the obligation can be made.
3. Employees
2023 2022
Average number of employees 23 20
No renumeration was paid to the directors during the year.
LUMENIS BE (UK) LIMITED
Notes to the Financial Statements - 31 December 2023
4. Plant & machinery
Computer Plant &
Hardware Machinery Total
£ £ £
Cost:
At 1 January 2023 66,344 2,240,094 2,306,438
Additions 1,450 477,570 479,020
Disposals - (873,223) (873,223)
At 31 December 2023 67,794 1,844,441 1,912,235
Depreciation:
At 1 January 2023 21,247 791,385 812,632
Charge for the period 22,401 627,221 649,622
Disposals - (533,636) (533,636)
At 31 December 2023 43,648 884,970 928,618
Net book value:
At 31 December 2023 24,146 959,471 983,617
At 31 December 2022 45,097 1,448,709 1,493,806
5. Inventory
31.12.2023 31.12.2022
£ £
Goods for Resale 1,785,804 2,051,635
1,785,804 2,051,635
6. Debtors
31.12.2023 31.12.2022
£ £
Trade debtors 2,152,222 1,875,409
Prepayments and accrued income 48,407 70,042
VAT 287,721 78,572
Other debtors 180,476 122,932
2,668,826 2,146,955
LUMENIS BE (UK) LIMITED
Notes to the Financial Statements - 31 December 2023
7. Creditors: amounts falling due
within one year
31.12.2023 31.12.2022
£ £
Trade creditors 7,449 148,270
Amount owed to parent undertaking 1,175,420 1,594,987
Group company 11,555 -
Other taxation and social security 18,805 36,880
Corporation tax 137,451 15,813
Other creditors 3,889 9,362
Accruals and deferred revenue 1,037,044 1,011,415
2,391,613 2,816,727
8. Creditors: amounts falling due
after one year
31.12.2023 31.12.2022
£ £
Deferred revenue 79,458 115,729
79,458 115,729
9. Deferred tax liabiliy
31.12.2023 31.12.2022
£ £
Movement during the year:
At 31 December 2022 148,334 10,413
Released from profit and loss account 97,570 137,921
At 31 December 2023 245,904 148,334
31.12.2023 31.12.2022
£ £
The deferred tax liability is relating to:
Capital allowances in excess of depreciation 245,904 148,334
245,904 148,334
10. Share capital
31.12.2023 31.12.2022
£ £
Allotted, called up and fully paid
11 Ordinary shares of £1 11 11
LUMENIS BE (UK) LIMITED
Notes to the Financial Statements - 31 December 2023
11. Audit report information
As the income statement has been omitted from the filing of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444 (5B) of the Companies Act 2006. The auditor's report was unqualified.
The senior statutory auditor was Mr Josef Cohen
The auditor was Levy Cohen & Co
Date auditor signed accounts: 4 September 2024
Name of director signing accounts: N. saab
Date director signed accounts: 4 September 2024
12. Related party transactions
Control:
The immediate parent company is Lumenis BE Ltd a company incorporated and registered in Israel whose address is: Hakidma 9, Yokne'am Illit, Israel. The utimate parent company is EQT AB a company incorporated and registered in Sweden and listed on the Nasdaq Stockholm.
Lumenis BE Ltd is the smallest and largest group to prepare consolidated accounts that can be obtained from its registered office.
Transaction:
The company is exempt from disclosing transactions with related parties that are wholly owned within the same group in accordance with FRS 102 Section 33(1)A.
13. Commitment
The company does not have any commitment as at 31 December 2023.
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