Caseware UK (AP4) 2023.0.135 2023.0.135 false2023-01-01falseNo description of principal activity1717true 11604921 2023-01-01 2023-12-31 11604921 2022-01-01 2022-12-31 11604921 2023-12-31 11604921 2022-12-31 11604921 c:Director5 2023-01-01 2023-12-31 11604921 d:OfficeEquipment 2023-01-01 2023-12-31 11604921 d:OfficeEquipment 2023-12-31 11604921 d:OfficeEquipment 2022-12-31 11604921 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11604921 d:CurrentFinancialInstruments 2023-12-31 11604921 d:CurrentFinancialInstruments 2022-12-31 11604921 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 11604921 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 11604921 d:ShareCapital 2023-12-31 11604921 d:ShareCapital 2022-12-31 11604921 d:RetainedEarningsAccumulatedLosses 2023-12-31 11604921 d:RetainedEarningsAccumulatedLosses 2022-12-31 11604921 c:OrdinaryShareClass1 2023-01-01 2023-12-31 11604921 c:OrdinaryShareClass1 2023-12-31 11604921 c:OrdinaryShareClass1 2022-12-31 11604921 c:FRS102 2023-01-01 2023-12-31 11604921 c:Audited 2023-01-01 2023-12-31 11604921 c:FullAccounts 2023-01-01 2023-12-31 11604921 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11604921 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 11604921 2 2023-01-01 2023-12-31 11604921 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 11604921










ReCor Medical Ltd










Financial statements

Information for filing with the registrar

For the year ended 31 December 2023

 
ReCor Medical Ltd
Registered number: 11604921

Balance sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
39,192
26,277

Current assets
  

Debtors: amounts falling due within one year
 5 
646,462
202,003

Cash at bank and in hand
  
1,571,388
1,433,196

  
2,217,850
1,635,199

Creditors: amounts falling due within one year
 6 
(3,701,806)
(3,601,250)

Net current liabilities
  
 
 
(1,483,956)
 
 
(1,966,051)

Total assets less current liabilities
  
(1,444,764)
(1,939,774)

  

Net liabilities
  
(1,444,764)
(1,939,774)


Capital and reserves
  

Called up share capital 
 7 
1
1

Profit and loss account
  
(1,444,765)
(1,939,775)

  
(1,444,764)
(1,939,774)


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 income and retained earnings 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: 




M Jones
Director

Date: 8 October 2024

The notes on pages 2 to 9 form part of these financial statements.

Page 1

 
ReCor Medical Ltd
 

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

1.


General information

ReCor Medical Ltd is a private company limited by shares and is incorporated in England with the registration number 11604921. The address of the registered office is  46 Innovation House, Discovery Park, Innovation Way, Ramsgate Road, Sandwich, Kent, CT13 9FF.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies.

The financial statements are rounded to the nearest pound. 

The following principal accounting policies have been applied:

 
2.2

Going concern

The company is engaged in research and development activities and is reliant upon funding from its investors to meet its operational and working capital needs. The company's forecasts and projections, taking account of expected expenditure and future investment, show that the company should be able to continue these activities within the level of its available facilities for the foreseeable future.
Consequently the going concern basis has been adopted in preparing these financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is pounds sterling.

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 Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 2

 
ReCor Medical Ltd
 

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

2.Accounting policies (continued)

 
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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Revenue is comprised of operating expense recharges to the parent undertaking.

 
2.5

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Research and development

All research and development costs are recognised as an expense when they are incurred.

 
2.7

Interest income

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

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

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

 
ReCor Medical Ltd
 

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

2.Accounting policies (continued)

 
2.10

Taxation

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 is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
 
 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Office equipment
-
3
years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
ReCor Medical Ltd
 

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

2.Accounting policies (continued)

 
2.12

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.

 
2.13

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.

 
2.14

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.
 
 
2.15

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Page 5

 
ReCor Medical Ltd
 

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

2.Accounting policies (continued)


2.15
Financial instruments (continued)


Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
 
Page 6

 
ReCor Medical Ltd
 

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

2.Accounting policies (continued)


2.15
Financial instruments (continued)


Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 17 (2022 - 17).


4.


Tangible fixed assets





Office equipment

£



Cost


At 1 January 2023
39,947


Additions
32,670



At 31 December 2023

72,617



Depreciation


At 1 January 2023
13,670


Charge for the year on owned assets
19,755



At 31 December 2023

33,425



Net book value



At 31 December 2023
39,192



At 31 December 2022
26,277

Page 7

 
ReCor Medical Ltd
 

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

5.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
347,208
135,051

Other debtors
287,939
23,296

Prepayments and accrued income
11,315
43,656

646,462
202,003



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
27,374
24,183

Amounts owed to group undertakings
3,298,026
3,297,357

Corporation tax
-
62,092

Other taxation and social security
26,228
15,864

Other creditors
755
630

Accruals and deferred income
349,423
201,124

3,701,806
3,601,250



7.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary share of £1.00
1
1



8.


Pension commitments

The Company operates a defined contributions 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 £44.659 (2022 - £49,512). .
Contributions totalling £755 (2022 - £630) were payable to the fund at the balance sheet date and are included in creditors.


9.


Related party transactions

The company is exempt from disclosing related party transactions with other companies that are wholly
owned within the group.
All other related party transactions during the current period, including key management personnel
compensation, were made under normal market conditions.

Page 8

 
ReCor Medical Ltd
 

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

10.


Controlling party

The company is a wholly owned subsidiary of ReCor Medical, Inc. a company incorporated in the United States of America.
ReCor Medical, Inc. is the smallest group for which consolidated financial statements are prepared. Recor Medical, Inc. is registered at 1049 Elwell Court, Palo Alto, CA 94303, United Sates of America.

11.


Auditors' information

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

The audit report was signed on 9 October 2024 by Mark Attwood (Senior statutory auditor) on behalf of Kreston Reeves LLP.


Page 9