Company registration number 14058395 (England and Wales)
AGNOVOS HEALTHCARE UK LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
AGNOVOS HEALTHCARE UK LTD
COMPANY INFORMATION
Director
James Howe
Company number
14058395
Registered office
1 Bartholomew Lane
London
United Kingdom
EC2N 2AX
AGNOVOS HEALTHCARE UK LTD
CONTENTS
Page
Director's report
1
Statement of comprehensive income
2
Balance sheet
3
Statement of changes in equity
4
Notes to the financial statements
5 - 8
AGNOVOS HEALTHCARE UK LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The director presents his annual report and financial statements for the year ended 31 December 2023.
Principal activities
The principal activity of the company is that of a medical technology company.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
James Howe
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
James Howe
Director
24 September 2024
AGNOVOS HEALTHCARE UK LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Year
Period
ended
ended
31 December
31 December
2023
2022
Notes
£
£
Cost of sales
72,468
(55,293)
Administrative expenses
(21,203)
(22,113)
Other operating income
23,630
Profit/(loss) before taxation
74,895
(77,406)
Tax on profit/(loss)
4
Profit/(loss) for the financial year
74,895
(77,406)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
AGNOVOS HEALTHCARE UK LTD
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 3 -
2023
2022
Notes
£
£
£
£
Current assets
Stocks
5
87,164
93,390
Debtors
6
162
74,712
87,326
168,102
Creditors: amounts falling due within one year
7
(89,836)
(245,507)
Net current liabilities
(2,510)
(77,405)
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
(2,511)
(77,406)
Total equity
(2,510)
(77,405)
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 24 September 2024
James Howe
Director
Company registration number 14058395 (England and Wales)
AGNOVOS HEALTHCARE UK LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 20 April 2022
1
1
Period ended 31 December 2022:
Loss and total comprehensive income
-
(77,406)
(77,406)
Balance at 31 December 2022
1
(77,406)
(77,405)
Year ended 31 December 2023:
Profit and total comprehensive income
-
74,895
74,895
Balance at 31 December 2023
1
(2,511)
(2,510)
AGNOVOS HEALTHCARE UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
1
Accounting policies
Company information
Agnovos Healthcare UK Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 1 Bartholomew Lane, London, United Kingdom, EC2N 2AX.
1.1
Reporting period
The Company's financial year starts 1 January and ends 31 December except for this first period. The first financial period is for 9 months which started from the date of incorporation i.e. 20 April 2022 until 31 December 2022.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.
1.3
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
AGNOVOS HEALTHCARE UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
Taxation
AGNOVOS HEALTHCARE UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
4
Taxation
(Continued)
- 7 -
The actual charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit/(loss) before taxation
74,895
(77,406)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
14,230
(14,707)
Unutilised tax losses carried forward
(14,230)
14,707
Taxation charge for the year
-
-
5
Stocks
2023
2022
£
£
Stocks
87,164
93,390
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
74,712
Other debtors
162
162
74,712
The debtor obligations disclosed in the financial statements represent amounts owed to an affiliate entity.
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
81,981
236,257
Amounts owed to group undertakings
3,922
Other creditors
3,933
Accruals and deferred income
9,250
89,836
245,507
AGNOVOS HEALTHCARE UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
1
1
1
1
9
Parent company
The entire issued share capital of Agnovos Healthcare UK Ltd is held by AgNovos Healthcare GmbH, a company incorporated and registed in Switzerland. The company's ultimate parent undertaking and controlling party is AgNovos Healthcare LLC (Delaware). |
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