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REGISTERED NUMBER: 07849881 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

VOLPARA HEALTH EUROPE LIMITED

VOLPARA HEALTH EUROPE LIMITED (REGISTERED NUMBER: 07849881)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


VOLPARA HEALTH EUROPE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: Ms T J Thomas



REGISTERED OFFICE: Mynshull House
78 Churchgate
Stockport
Cheshire
SK1 1YJ



REGISTERED NUMBER: 07849881 (England and Wales)



SENIOR STATUTORY AUDITOR: Mr Anthony Brain



AUDITORS: CG LEE Limited
Chartered Certified Accountants
Statutory Auditors
Ingram House
Meridian Way
Norwich
Norfolk
NR7 0TA

VOLPARA HEALTH EUROPE LIMITED (REGISTERED NUMBER: 07849881)

BALANCE SHEET
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,121 1,495

CURRENT ASSETS
Debtors 5 315,294 674,179
Cash at bank 170,485 299,596
485,779 973,775
CREDITORS
Amounts falling due within one year 6 143,434 627,276
NET CURRENT ASSETS 342,345 346,499
TOTAL ASSETS LESS CURRENT
LIABILITIES

343,466

347,994

CAPITAL AND RESERVES
Called up share capital 7 100 100
Retained earnings 8 343,366 347,894
343,466 347,994

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 22 October 2024 and were signed by:





Ms T J Thomas - Director


VOLPARA HEALTH EUROPE LIMITED (REGISTERED NUMBER: 07849881)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Volpara Health Europe Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
Volpara Health Europe Limited is a company incorporated in the United Kingdom under the Companies Act. The address of the registered office is given on page 1. The company's principal activities are set out in the report of the director on page 2.

These financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 ("FRS 102"), the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland, and the Companies Act 2006. The functional and presentation currency of these financial statements is pound sterling.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Tangible fixed assets are initially recorded 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 each asset over its estimated useful
life. Plant and machinery etc - 25% on reducing balance.

Taxation
The tax charge represents the aggregate amount of current tax and deferred tax recognised in the reporting period.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous periods.

A deferred tax asset or liability is recognised for tax recoverable or payable in future periods in respect of transactions and events recognised in the financial statements of current and previous periods.

Deferred tax arises from timing differences that are differences between taxable profits and the company's results as stated in the financial statements. Timing differences result from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.

Deferred tax is recognised on all timing differences at the reporting date apart from certain exceptions. Unrelieved tax losses and other deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing differences.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term 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.

VOLPARA HEALTH EUROPE LIMITED (REGISTERED NUMBER: 07849881)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

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.

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 recognised amounts and there is an intention to settle on a net basis or to realised 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 amotised costs using the effective interest method unless arrangement constitutes a financial 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.

Impairment of financial assets
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued where the impairment loss is a revaluation decrease.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards or ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 and bank loans, 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 such as debentures are initially measured at the present value of future payments discounted at a market rate of interest. The effective annual interest is charged to the profit and loss to unwind the liability included in creditors. A reserves transfer is made between retained earnings and other reserves to ensure that distributable reserves are recognised appropriately.

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.

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

Other reserves
This reserve contains the capital contribution element of the debt instrument included within creditors. The debt is unwound to its maturity date at an effective market rate.

3. EMPLOYEES

The average number of employees during the year was 1 (2023 - 1 ) .

VOLPARA HEALTH EUROPE LIMITED (REGISTERED NUMBER: 07849881)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 April 2023
and 31 March 2024 6,883
DEPRECIATION
At 1 April 2023 5,388
Charge for year 374
At 31 March 2024 5,762
NET BOOK VALUE
At 31 March 2024 1,121
At 31 March 2023 1,495

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 40,338 40,338
Amounts owed by group undertakings 267,023 625,714
Other debtors 3,600 3,600
VAT 846 1,024
Prepayments and accrued income 3,487 3,503
315,294 674,179

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 27,639 14,715
Amounts owed to group undertakings 29,407 521,927
Social security and other taxes 436 76
Other creditors 85,952 90,558
143,434 627,276

7. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal value: 2024 2023
£ £
10,000 Ordinary £0.01 100 100


8. RESERVES
Retained
earnings
£   

At 1 April 2023 347,894
Deficit for the year (4,528 )
At 31 March 2024 343,366

VOLPARA HEALTH EUROPE LIMITED (REGISTERED NUMBER: 07849881)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mr Anthony Brain (Senior Statutory Auditor)
for and on behalf of CG LEE Limited

10. ULTIMATE CONTROLLING PARTY

At 31 March 2024 the company's parent undertaking was Volpara Health Limited and its ultimate parent company was Volpara Health Technologies Limited, both of which are incorporated in New Zealand.

The accounts for the ultimate parent company can be obtained from its registered office at Level 14, Simpl House 40 Mercer Street, Wellington 6011, New Zealand.

On 21 May 2024, Lunit Inc acquired Volpara Health Technologies Limited and became the ultimate parent company. Lunit Inc is incorporated in South Korea.