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Registered number: 11107764









PROCEPT BioRobotics UK, Ltd









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

For the Year Ended 31 December 2023

 
PROCEPT BIOROBOTICS UK, LTD
Registered number:11107764

BALANCE SHEET
As at 31 December 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
752,539
144,673

Cash at bank and in hand
 5 
51,153
72,458

  
803,692
217,131

Creditors: amounts falling due within one year
 6 
(477,689)
(122,938)

Net current assets
  
 
 
326,003
 
 
94,193

Total assets less current liabilities
  
326,003
94,193

  

Net assets
  
326,003
94,193


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
325,903
94,093

  
326,003
94,193


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 profit and loss account 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: 




................................................
K Waters
Director

Date: 1 October 2024

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 
PROCEPT BIOROBOTICS UK, LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 December 2023

1.


General information

PROCEPT BioRobotics UK, Ltd (the Company) is a company incorporated in the United Kingdom under the Companies Act.
The Company is a private company limited by shares and is registered in England and Wales. The registered office is Vernon House, Vernon Street, Derby, United Kingdom, DE1 1FR.
The principal activity of the Company in the period under review was that of sales and marketing support for the parent company.
The Company's functional and presentational currency is GBP and rounding is to the nearest whole £.

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 Company was set up to provide sales and marketing support to its parent, PROCEPT BioRobotics Corporation. The Company is therefore reliant on the financial support of its parent to continue for the foreseeable future.
However the parent has confirmed they will continue to support the UK Company for the foreseeable future and no adjustments have been made to the carrying value of assets or liabilities, with all being classified as current. 
As a result of the above the directors of the Company have continued to adopt the going concern basis in preparing these financial statements.

Page 2

 
PROCEPT BIOROBOTICS UK, LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 December 2023

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 except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue

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:

Turnover represents amounts charged to the Company's parent under an agreement for sales and marketing provided, excluding valued added tax. Turnover is recognised when chargeable costs are incurred.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

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 3

 
PROCEPT BIOROBOTICS UK, LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.7

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to 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 that eventually vest. Market vesting conditions are factored into the fair value of the 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 vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

 
2.8

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 balance sheet 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 balance sheet 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 balance sheet date.

 
2.9

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.

Page 4

 
PROCEPT BIOROBOTICS UK, LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.10

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.

 
2.11

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.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 7 (2022 - 5).

Page 5

 
PROCEPT BIOROBOTICS UK, LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 December 2023

4.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
559,431
91,059

Other debtors
82,297
52,062

Prepayments
20,930
1,552

Deferred taxation
89,881
-

752,539
144,673



5.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
51,153
72,458



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
13,200
-

Corporation tax
-
25,357

Other taxation and social security
287,819
21,967

Other creditors
7,656
2,921

Accruals and deferred income
169,014
72,693

477,689
122,938



7.


Pension commitments

The Company operates a defined contribution 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 £26,573 (2022: £16,626). Contributions totalling £7,656 (2022: £2,921) were payable to the fund at the balance sheet date and are included in creditors.

Page 6

 
PROCEPT BIOROBOTICS UK, LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 December 2023

8.


Controlling party

The ultimate parent company, PROCEPT BioRobotics Corporation  is a company incorporated in the United States of America.
The smallest and largest group of undertakings for which group accounts have been prepared is that headed by PROCEPT BioRobotics Corporation located at 150 Baytech Drive, San Jose, CA 95134, USA.


9.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 2 October 2024 by Simon Buss (Senior Statutory Auditor) on behalf of Nortons Assurance Limited.

 
Page 7