Caseware UK (AP4) 2023.0.135 2023.0.135 As explained more fully in the director's responsibilities statement, the directors is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view; and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedure are capable of detecting irregularities, including fraud, is detailed below: the engagement partner ensured that the engagement team had the appropriate skill and resources to conduct the audit effectively; we identified those laws and regulations which are applicable to the company, based on our knowledge of the medical device sector; we focused on regulations which would have a direct material effect on the company including the Companies Act 2006, taxation legislation, employment, and data protection regulations. enquiry of management and those charged with governance around actual and potential litigation and claims; reviewing minutes of meetings of thoses charged with governance; and auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rational of significant transactions outside the normal course of business. A further description of our responsibilities is available on the Financial Reporting Council's website at https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.true2023-01-01false54truefalse NI659985 2023-01-01 2023-12-31 NI659985 2022-01-01 2022-12-31 NI659985 2023-12-31 NI659985 2022-12-31 NI659985 2022-01-01 NI659985 1 2023-01-01 2023-12-31 NI659985 d:Director1 2023-01-01 2023-12-31 NI659985 d:RegisteredOffice 2023-01-01 2023-12-31 NI659985 d:Agent1 2023-01-01 2023-12-31 NI659985 c:CurrentFinancialInstruments 2023-12-31 NI659985 c:CurrentFinancialInstruments 2022-12-31 NI659985 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 NI659985 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 NI659985 c:ShareCapital 2023-12-31 NI659985 c:ShareCapital 2022-12-31 NI659985 c:ShareCapital 2022-01-01 NI659985 c:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 NI659985 c:RetainedEarningsAccumulatedLosses 2023-12-31 NI659985 c:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 NI659985 c:RetainedEarningsAccumulatedLosses 2022-12-31 NI659985 c:RetainedEarningsAccumulatedLosses 2022-01-01 NI659985 d:FRS102 2023-01-01 2023-12-31 NI659985 d:Audited 2023-01-01 2023-12-31 NI659985 d:FullAccounts 2023-01-01 2023-12-31 NI659985 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

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Financial Statements
Sedana Medical UK Limited
For the year ended 31 December 2023





































Registered number: NI659985

 
Sedana Medical UK Limited
 

Company Information


Director
Johannes Nikolaus Doll 




Registered number
NI659985



Registered office
12-15 Donegall Square West
Belfast

BT1 6JH

Northern Ireland




Independent auditor
Walsh O'Brien Harnett
Chartered Accountants & Statutory Auditors

104 Lower Baggot Street

Dublin 2




Bankers
Handelsbanken
St. Johns House

30 East Street

Leicester

Leicestershire

LE1 6N8





 
Sedana Medical UK Limited
 

Contents



Page
Director's report
1 - 2
Director's responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Statement of financial position
8
Statement of changes in equity
9
Notes to the financial statements
10 - 13


 
Sedana Medical UK Limited
 
 
Director's report
For the year ended 31 December 2023

The director presents his report and the financial statements for the year ended 31 December 2023.

Principal activity

The Company engaged in the development and sale of patented sedation delivery system and related accessories.

Results and dividends

The profit for the year, after taxation, amounted to £24,494 (2022: £25,595).

Director

The director who served during the year was:

Johannes Nikolaus Doll 

Political contributions

The Company did not make any disclosable political donation in the current financial year.

Future developments

The director is not expecting to make any significant changes in the nature of the business in the near future. Employees are kept as fully informed as practicable about developments within the business.

Disclosure of information to auditor

The director at the time when this Director's report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company's auditor is unaware, and

he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

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

Auditor

The auditor, Walsh O'Brien Harnett (Chartered Accountants), will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 1

 
Sedana Medical UK Limited
 

Director's report (continued)
For the year ended 31 December 2023

Small companies note

In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
Johannes Nikolaus Doll
Director

Date: 23 September 2024

Page 2

 
Sedana Medical UK Limited
 

Director's responsibilities statement
For the year ended 31 December 2023

The director is responsible for preparing the Director's report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the director is required to:

select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006The Director also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

On behalf of the board



Johannes Nikolaus Doll
Director

Date: 23 September 2024
Page 3

 
 

 
Independent auditor's report to the members of Sedana Medical UK Limited
 
Opinion


We have audited the financial statements of Sedana Medical UK Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102  ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accountng Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.



Other information


The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.
Page 4

 
 


Independent auditor's report to the members of Sedana Medical UK Limited (continued)


Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:
the information given in the director's report for the year for which the financial statements are prepared is consistent with the financial statements, and 
the director's report has been prepared in accordance with applicable legal requirements. 

Matters on which we are required to report by exception


In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the director's report .

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or

the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the director's report and take advantage of the small companies exemption from the requirement to prepare a strategic report.


Responsibilities of of director
 

As explained more fully in the director's responsibilities statement, the directors is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view; and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedure are capable of detecting irregularities, including fraud, is detailed below:

the engagement partner ensured that the engagement team had the appropriate skill and resources to conduct the audit effectively;

Page 5

 
 


Independent auditor's report to the members of Sedana Medical UK Limited (continued)

we identified those laws and regulations which are applicable to the company, based on our knowledge of the medical device sector;
we focused on regulations which would have a direct material effect on the company including the Companies Act 2006, taxation legislation, employment, and data protection regulations.
enquiry of management and those charged with governance around actual and potential litigation and claims;
reviewing minutes of meetings of thoses charged with governance; and
auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rational of significant transactions outside the normal course of business.

A further description of our responsibilities is available on the Financial Reporting Council's website at https://www.frc.org.uk /auditorsresponsibilities. This description forms part of our auditor's report.

The purpose of our audit work and to whom we owe our responsibilities
 

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

 
 
Joseph O'Brien (Senior Statutory Auditor)
for and on behalf of
Walsh O'Brien Harnett
Chartered Accountants
Statutory Auditors
104 Lower Baggot Street
Dublin 2

Date: 23 September 2024
Page 6

 
Sedana Medical UK Limited
 

Statement of comprehensive income
For the year ended 31 December 2023

2023
2022
£
£

  

Turnover
  
657,368
707,738

Gross profit
  
657,368
707,738

Administrative expenses
  
(627,135)
(675,847)

Operating profit
  
30,233
31,891

Tax on profit
  
(5,739)
(6,296)

Profit for the financial year
  
24,494
25,595

All amounts relate to continuing operations.
There was no other comprehensive income for 2023 (2022£Nil).

The notes on pages 10 to 13 form part of these financial statements.

Page 7

 
Sedana Medical UK Limited
Registered number:NI659985

Statement of financial position
As at 31 December 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
230,623
238,361

Cash at bank and in hand
 5 
53,782
51,361

  
284,405
289,722

Current liabilities
  

Creditors: amounts falling due within one year
 6 
(201,400)
(231,211)

Net current assets
  
 
 
83,005
 
 
58,511

Total assets less current liabilities
  
83,005
58,511

Net assets
  
83,005
58,511


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
83,004
58,510

Shareholder's funds
  
83,005
58,511


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 were approved and authorised for issue by the board and were signed on its behalf on 23 September 2024.




................................................
Johannes Nikolaus Doll
Director

The notes on pages 10 to 13 form part of these financial statements.

Page 8

 
Sedana Medical UK Limited
 

Statement of changes in equity
For the year ended 31 December 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
1
58,510
58,511


Comprehensive income for the year

Profit for the year
-
24,494
24,494


At 31 December 2023
1
83,004
83,005



Statement of changes in equity
For the year ended 31 December 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022
1
32,915
32,916


Comprehensive income for the year

Profit for the year
-
25,595
25,595


At 31 December 2022
1
58,510
58,511


The notes on pages 10 to 13 form part of these financial statements.

Page 9

 
Sedana Medical UK Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

1.


General information

Sedana Medical UK Limited is a company limited by shares incorporated in the United Kingdom. The registered office of the Company is 12-15 Donegall Square West, Belfast BT1 6JH, Northern Ireland which is also the principal place of business of the Company. The nature of the Company’s operations and its principal activities are set out in the Directors’ Report. The financial statements have been presented in Pound Sterling (£) which is the functional currency of the Company.

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 Company has availed of the exemption contained in Section 1A of FRS 102 and as a result have elected not to prepare a cash flow statement.

The following principal accounting policies have been applied:

  
2.2

Turnover

Turnover comprises of the invoice value of goods and services supplied by the company, exclusive of trade discounts and value added tax.

 
2.3

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.

 
2.4

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

  
2.5

Related party transactions

The Company discloses transactions with related parties which are not wholly owned with the same group. It does not disclose transactions with members of the same group that are wholly owned.

Page 10

 
Sedana Medical UK Limited
 

Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

  
2.6

Borrowing costs

Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of the assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
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

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of the discounting would be immaterial, in which case they are stated at cost.

  
2.9

 Taxation and deferred taxation

Current tax represents the amount expected to be apid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance sheet date. Deferred tax is recognised in respect of all timing differences that have been originated but not reversed at the the Balance Sheet date where transactions or events have occurred at the date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements.
Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantially enacted by the Balance Sheet date.

  
2.10

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are translated using the exchange rates at the date when fair value was determined. The ruling exchange differences are dealt with in the Profit or Loss Account.

  
2.11

 Ordinary share capital

The ordinary share capital of the Company is presented as equity.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2022: 4).

Page 11

 
Sedana Medical UK Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

4.


Debtors: Amounts falling due within one year

2023
2022
£
£


Amounts owed by group undertakings
224,951
230,703

Other debtors
1,000
1,500

Prepayments and accrued income
504
1,543

VAT recoverable
4,168
4,615

230,623
238,361


Amounts owed by group undertakings are unsecured, interest-free and repayable on demand.


5.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
53,782
51,361



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,365
4,865

Amounts owed to group undertakings
166,863
165,358

Corporation tax
5,737
6,296

Other taxation and social security
8,110
10,764

Accruals
19,325
43,928

201,400
231,211


Amounts owed to group companies are interest free, unsecured and are payable on demand.

2023
2022
£
£

Other taxation and social security

PAYE/NI control
8,110
10,764



7.


Capital commitments

The Company had no material capital commitments at the financial year ended 31 December 2023.

Page 12

 
Sedana Medical UK Limited
 
 
Notes to the financial statements
For the year ended 31 December 2023

8.


Related party transactions

The Company has availed of the exemption under FRS 102 in relation to the disclosure of transactions with group companies.


9.


Post balance sheet events

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


10.


Controlling party

The Company regards director as its parent company. The ultimate parent company is Sedana Medical AB (publ), a company incorporated in Sweden.

Page 13