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Registered number: 04819502







ACTEGY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023






















TWP Accounting LLP
Chartered Accountants & Statutory Auditors
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE

 
ACTEGY LIMITED
 

COMPANY INFORMATION


Directors
J Penny 
R Penny 




Company secretary
R Penny



Registered number
04819502



Registered office
1 Westpoint
Western Road

Bracknell

Berkshire

RG12 1HJ




Independent auditor
TWP Accounting LLP
Chartered Accountants & Statutory Auditors

The Old Rectory

Church Street

Weybridge

Surrey

KT13 8DE





 
ACTEGY LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditor's Report
5 - 8
Statement of Comprehensive Income
9
Balance Sheet
10
Statement of Changes in Equity
11
Statement of Cash Flows
12
Analysis of Net Debt
13
Notes to the Financial Statements
14 - 28

 
ACTEGY LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present their strategic report of the company for the year ended 31 December 2023.

Business review
 
The business’s strategy remains centred on designing, manufacturing, and promoting effective, drug-free solutions to alleviate leg aches and pains, thereby enhancing the quality of life for individuals. 
We are committed to advancing this strategy by continually investing in product development and expanding the category for drug-free leg pain relief in the markets served.
The Company’s key markets, including the UK, Western Europe, North America, and Australia, are witnessing sustained growth due to demographic shifts such as an ageing population, rising incidence of medical conditions, and increasingly sedentary lifestyles. 
To address the evolving needs of this market, the Company offers a number of products to align with consumer preferences and requirements.

Principal risks and uncertainties
 
While pursuing the Company's strategic objectives, the business recognises the need to mitigate several principal risks and uncertainties including:
Foreign Exchange risk – The Company's activities expose it to the financial risk of changes in foreign currency exchange rates. The company has generally managed this exposure by monitoring daily currency rates, and will look to implement forward exchange rate hedging of major currencies in the future.
Liquidity risk – Operating in a growing market sector, with some seasonality, can lead to working capital challenges. As the business has grown increased cash monitoring processes are being implemented including weekly cash forecasting and monthly forward planning to maximise cash balances for ongoing operational needs.    
Credit risk – Trade debtors are managed via regular monitoring of amounts outstanding compared to due date and amount outstanding. The business is planning to implement monitoring of credit limits with larger customers in the future. Provision is made in the accounts for bad or doubtful debts.
Inventory management – the business operates in a fast moving market environment and the management of excess levels of inventory and obsolescence can present challenges. The Company proactively manages this risk through its new product review and implementation pipeline, sales planning and supply chain management.
 
Intellectual property – The Company has multiple patents, designs and trade marks, that are at risk of infringement and monitors the market with external professional support and in house monitoring in order to mitigate the risk of infringement. Where potential infringements are identified and properly validated to its reasonable satisfaction, the company’s policy is to pursue infringers by all appropriate means to achieve an equitable solution.

Page 1

 
ACTEGY LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Financial key performance indicators
 
In the fiscal year 2023, the company experienced an increase in demand for its products with increased sales. However it also experienced adverse foreign exchange movements in the year and continued disruption to global supply chains which affected the operating profits of the business.
The quality and customer service ethos remain a priority and continues to underpin the performance of the Company, 
The Company does make a large proportion of its purchases in US dollars and is susceptible to changes in exchange rates against the pound sterling.  During this period adverse foreign exchange movements in USD to GBP resulted in an FX loss of (£1,434k) GBP. (2022 profit - £2,007k) Given the pressure from the effect of exchange rates during the year, the underlying profitability of the business (excluding foreign exchange movements) in the fiscal year 2023 was £1,955K (2022 (£462k)loss) and is considered to be a positive performance in the year.
The company and the Directors remain optimistic about the prospects for the company despite the challenges presented by the global economic landscape and are focused on growth in 2024 and beyond through innovation across all facets of the Company's operations.


This report was approved by the board on 24 October 2024 and signed on its behalf.



................................................
R Penny
Director
Page 2

 
ACTEGY LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are 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 directors are 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;

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

The directors are 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 them to ensure that the financial statements comply with the Companies Act 2006They are 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.

Principal activity

The principal activity is that of wholesale and retail sales of electrical household appliances in the healthcare industry.

Results and dividends

The profit for the year, after taxation, amounted to £524,386 (2022 - £1,322,011).

The directors do not recommend a payment of a dividend for 2022 (2021: £NIL).

Directors

The directors who served during the year were:

J Penny 
R Penny 

Principal risks and uncertainties

 While pursuing the Company's strategic objectives, the business recognises the need to mitigate several principal risks and uncertainties including foregin exchange risk, liquidity risk, credit risk, inventory management and intellectual property. These are addressed within the strategic report.

Page 3

 
ACTEGY LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director 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 balance sheet date.

Auditor

The auditor, TWP Accounting LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 24 October 2024 and signed on its behalf.
 





................................................
R Penny
Director

Page 4

 
ACTEGY LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ACTEGY LIMITED
 

Opinion


We have audited the financial statements of Actegy Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 Accounting 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 United Kingdom, including the Financial Reporting Council'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 directors' 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 when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors 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 directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other 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 course of 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 5

 
ACTEGY LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ACTEGY LIMITED (CONTINUED)


Opinion 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 Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have 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 Strategic Report or the Directors' 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 directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
ACTEGY LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ACTEGY LIMITED (CONTINUED)


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 procedures are capable of detecting irregularities, including fraud is detailed below:
• Obtain an understanding of the policies and procedures management has in place to detect and prevent fraud      and non-compliance with laws and regulations.
  
• Enquire of management any cases of actual or suspected fraud and non-compliance with laws and regulations.
• Enquire of management and those charged with governance around actual and potential litigation and claims. 
• Enquire of management, those charged with governance and the entity’s solicitors (or in-house legal team) around actual and potential litigation and claims.
• Reviewing minutes of meetings of those charged with governance.
• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. 
• Assess the key risk areas within the financial statements which are susceptible to fraud or error and design our audit approach thereon. 
 
• Perform substantive tests on a sample of transactions throughout the financial statements to ensure that no material errors have been identified.
• Perform cut off tests on a sample of transactions to ensure income has been accounted for in the correct period.
• Review of after year end information to ensure expenditure have been accounted for in the correct period.
• Perform analytical review procedures to identify any irregularities and investigation thereon. 
• Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.   


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.


Page 7

 
ACTEGY LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ACTEGY LIMITED (CONTINUED)


Use of our report
 

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 2006Our 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.





Paul Hawksley FCA CTA MAAT (Senior Statutory Auditor)
  
for and on behalf of
TWP Accounting LLP
 
Chartered Accountants & Statutory Auditors
  
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE

24 October 2024
Page 8

 
ACTEGY LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022 Restated
                                                                                                                     Note
£
£

  

Turnover
 3 
24,925,102
19,295,741

Cost of sales
  
(9,143,486)
(4,437,668)

Gross profit
  
15,781,616
14,858,073

Distribution costs
  
(674,752)
(713,058)

Administrative expenses
  
(14,309,069)
(12,463,940)

Operating profit
 4 
797,795
1,681,075

Interest receivable and similar income
 7 
113
3

Interest payable and similar expenses
 8 
(277,735)
(135,652)

Profit before taxation
  
520,173
1,545,426

Tax on profit
 9 
4,213
(223,415)

Profit for the financial year
  
524,386
1,322,011

There was no other comprehensive income for 2023 (2022 Restated:£NIL).

The notes on pages 14 to 28 form part of these financial statements.

Page 9

 
ACTEGY LIMITED
REGISTERED NUMBER: 04819502

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022 Restated
Note
£
£

Fixed assets
  

Intangible assets
 10 
1,921,508
1,513,121

Tangible assets
 11 
429,523
437,058

  
2,351,031
1,950,179

Current assets
  

Stocks
 12 
2,702,499
1,738,938

Debtors: amounts falling due within one year
 13 
25,025,436
27,033,869

Cash at bank and in hand
 14 
3,150,970
1,333,516

  
30,878,905
30,106,323

Creditors: amounts falling due within one year
 15 
(8,886,979)
(11,966,147)

Net current assets
  
 
 
21,991,926
 
 
18,140,176

Total assets less current liabilities
  
24,342,957
20,090,355

Creditors: amounts falling due after more than one year
 16 
(3,652,810)
-

Provisions for liabilities
  

Deferred tax
 17 
(569,343)
(493,937)

  
 
 
(569,343)
 
 
(493,937)

Net assets
  
20,120,804
19,596,418


Capital and reserves
  

Called up share capital 
 18 
5,050,200
5,050,200

Profit and loss account
 19 
15,070,604
14,546,218

  
20,120,804
19,596,418


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 October 2024.




................................................
R Penny
Director

The notes on pages 14 to 28 form part of these financial statements.

Page 10

 
ACTEGY 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 2022
5,050,200
13,224,207
18,274,407



Profit for the year
-
1,322,011
1,322,011



At 1 January 2023
5,050,200
14,546,218
19,596,418



Profit for the year
-
524,386
524,386


At 31 December 2023
5,050,200
15,070,604
20,120,804


The notes on pages 14 to 28 form part of these financial statements.

Page 11

 
ACTEGY LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022 Restated
£
£

Cash flows from operating activities

Profit for the financial year
524,386
1,322,011

Adjustments for:

Amortisation of intangible assets
509,040
366,453

Depreciation of tangible assets
132,415
174,199

Loss on disposal of tangible assets
-
132,852

Interest paid
277,735
135,652

Interest received
(113)
(3)

Taxation charge
(4,213)
223,415

(Increase)/decrease in stocks
(963,561)
2,267,824

(Increase) in debtors
(1,338,329)
(4,905,640)

Decrease in amounts owed by groups
3,346,762
393,228

Increase in creditors
308,936
2,287,037

Increase/(decrease)) in amounts owed to groups
426,323
(2,054,804)

Corporation tax (paid)/received
(57,736)
79,619

Net cash generated from operating activities

3,161,645
421,843


Cash flows from investing activities

Purchase of intangible fixed assets
(917,427)
(778,107)

Purchase of tangible fixed assets
(149,142)
(47,515)

Interest received
113
3

Net cash from investing activities

(1,066,456)
(825,619)

Cash flows from financing activities

Interest paid
(277,735)
(135,652)

Net cash used in financing activities
(277,735)
(135,652)

Net increase/(decrease) in cash and cash equivalents
1,817,454
(539,428)

Cash and cash equivalents at beginning of year
1,333,516
1,872,944

Cash and cash equivalents at the end of year
3,150,970
1,333,516


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,150,970
1,333,516

3,150,970
1,333,516


The notes on pages 14 to 28 form part of these financial statements.

Page 12

 
ACTEGY LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

1,333,516

1,817,454

3,150,970


1,333,516
1,817,454
3,150,970

The notes on pages 14 to 28 form part of these financial statements.

Page 13

 
ACTEGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Actegy 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.
The principal activity is that of wholesale and retail sales of medical devices and electrical household appliances in the healthcare industry.

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 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.

Monetary amounts in these financial statements are rounded to the nearest pound.

The following principal accounting policies have been applied:

  
2.2

Turnover

Total turnover is the total amount receivable by the company for goods supplied after deducting VAT and trade discounts. Turnover is recognised on despatch of goods.

 
2.3

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Amortisation is charged once the development has been completed.
Amortisation is charged so as to allocate the cost of intangible assets less their residual values over their estimated useful lives, on a reducing balance basis.  

 Amortisation is provided on the following bases:

Mobile application
-
25%
reducing balance

 
2.4

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.

Page 14

 
ACTEGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
reducing balance
Fixtures and fittings
-
25%
reducing balance
Office equipment
-
25%
reducing balance

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.

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. 
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.6

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.

 
2.7

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.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.8

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.

Page 15

 
ACTEGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

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.

 
2.10

Interest income

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

 
2.11

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.

 
2.12

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.

 
2.13

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 16

 
ACTEGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.14

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.


3.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022 Restated
£
£

Wholesale and retail sales
24,925,102
19,295,741

24,925,102
19,295,741


Analysis of turnover by country of destination:

2023
2022 Restated
£
£

United Kingdom
14,802,132
13,814,319

Rest of the world
10,122,970
5,481,422

24,925,102
19,295,741


Page 17

 
ACTEGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Operating profit

The operating profit is stated after charging:

2023
2022 Restated
£
£

Research & development charged as an expense
278,652
288,487

Exchange differences
1,434,342
(2,007,147)

Other operating lease rentals
136,195
281,778


5.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2023
2022 Restated
£
£

Auditors renumeration
32,000
32,000

6.


Staff costs

Staff costs were as follows:


2023
2022 Restated
£
£

Wages and salaries
3,489,083
3,118,051

Social security costs
185,121
399,078

Cost of defined contribution scheme
107,150
196,007

3,781,354
3,713,136


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
2
2



Management
2
2



Sales and administration
62
68

66
72

Page 18

 
ACTEGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Interest receivable

2023
2022 Restated
£
£


Other interest receivable
113
3

113
3


8.


Interest payable and similar expenses

£
£


Other interest payable
277,735
135,652

277,735
135,652


9.


Taxation


2023
2022 Restated
£
£



Current tax on profits for the year
-
135,455

Adjustments in respect of previous periods
(79,619)
(55,836)


(79,619)
79,619


Total current tax
(79,619)
79,619

Deferred tax


Origination and reversal of timing differences
75,406
143,796

Total deferred tax
75,406
143,796


Tax on profit
(4,213)
223,415
Page 19

 
ACTEGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
9.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in
the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022 Restated
£
£


Profit on ordinary activities before tax
520,173
1,545,426


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
122,241
293,631

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
-
4,238

Capital allowances for year in excess of depreciation
(384,489)
(559,399)

Adjustments to tax charge in respect of prior periods
(79,619)
-

Short-term timing difference leading to an increase (decrease) in taxation
42,193
143,796

Other differences leading to an increase (decrease) in the tax charge
295,461
341,149

Total tax charge for the year
(4,213)
223,415

Page 20

 
ACTEGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Intangible assets




Website
Software
Mobile Application
Total

£
£
£
£



Cost


At 1 January 2023
270,399
314,621
2,271,580
2,856,600


Additions
-
-
917,427
917,427



At 31 December 2023

270,399
314,621
3,189,007
3,774,027



Amortisation


At 1 January 2023
270,399
314,621
758,459
1,343,479


Charge for the year on owned assets
-
-
509,040
509,040



At 31 December 2023

270,399
314,621
1,267,499
1,852,519



Net book value



At 31 December 2023
-
-
1,921,508
1,921,508



At 31 December 2022 Restated
-
-
1,513,121
1,513,121



Page 21

 
ACTEGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
1,369,719
231,858
55,384
1,656,961


Additions
128,438
12,831
7,873
149,142


Disposals
-
(24,262)
-
(24,262)



At 31 December 2023

1,498,157
220,427
63,257
1,781,841



Depreciation


At 1 January 2023
1,013,329
202,216
4,358
1,219,903


Charge for the year on owned assets
114,425
14,375
3,615
132,415



At 31 December 2023

1,127,754
216,591
7,973
1,352,318



Net book value



At 31 December 2023
370,403
3,836
55,284
429,523



At 31 December 2022 Restated
356,390
29,642
51,026
437,058

Page 22

 
ACTEGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Stocks

2023
2022 Restated
£
£

Finished goods and goods for resale
2,702,499
1,738,938

2,702,499
1,738,938



13.


Debtors

2023
2022 Restated
£
£


Trade debtors
4,321,529
3,599,108

Amounts owed by group undertakings
7,656,465
11,003,227

Other debtors
12,465,515
11,974,198

Prepayments and accrued income
581,927
457,336

25,025,436
27,033,869



14.


Cash and cash equivalents

2023
2022 Restated
£
£

Cash at bank and in hand
3,150,970
1,333,516

3,150,970
1,333,516


In 2023 amounts of £443,816 (2022: £296,672) relate to monies held in trust on behalf of connected companies.


15.


Creditors: Amounts falling due within one year

2023
2022 Restated
£
£

Trade creditors
4,181,303
6,290,404

Amounts owed to group undertakings
426,323
-

Corporation tax
1,761,350
3,844,294

Other taxation and social security
1,247,225
878,780

Other creditors
470,976
322,381

Accruals and deferred income
799,802
630,288

8,886,979
11,966,147


Page 23

 
ACTEGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Creditors: Amounts falling due after more than one year

2023
2022 Restated
£
£

Trade creditors
1,334,779
-

Corporation tax
2,318,031
-

3,652,810
-



17.


Deferred taxation




2023
2022 Restated


£

£






At beginning of year
(493,937)
(350,141)


Charged to profit or loss
(75,406)
(143,796)



At end of year
(569,343)
(493,937)

The provision for deferred taxation is made up as follows:

2023
2022 Restated
£
£


Accelerated capital allowances
(493,937)
(350,141)

Tax losses carried forward
(75,406)
(143,796)

(569,343)
(493,937)

Page 24

 
ACTEGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Share capital

2023
2022 Restated
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100
5,050,100 (2022 - 5,050,100) Ordinary A shares of £1.00 each
5,050,100
5,050,100

5,050,200

5,050,200





19.


Reserves

Profit and loss account

The profit and loss account represents accumulated profit and losses.


20.


Prior year adjustment

Prior period adjustments have been recognised to correct the comparatives for fixed assets, stock, accruals, intercompany balances and the presentation of sales.  
The Value of the fixed assets has reduced for disposals that were not recognised in the year ended 2022 comparatives.  The Stock, accruals and intercompany balances have been corrected for accounting errors that have come to light during the audit of the 2023 financial statements.
The impact of these adjustments on the comparative figures for the year ended 31 December 2022 is to increase profit by £699,654 for that period.
An adjustment to correct an opening balance difference caused by FOREX transactions of £213,761 has been written off to the 2023 profit and loss account.
In addition there are adjustments for the above areas that affect periods earlier than the 2022 financial year. The impact for these transactions has affected the reserves brought forward figure for 2022 by a total of £2,549,694, increasing reserves by this amount.
The Profit and loss reserves brought forward have been adjusted by the above amounts (totalling £3,035,567) in the financial statements for the year ended 31 December 2023.


21.


Contingent liabilities

The company offers a 3 year warranty on all products sold. The company is unable to reliably estimate the value of future warranty claims and therefore recognises the costs of repairs within the year in which the repair is undertaken. 


22.


Capital commitments

The company is committed to forward stock orders totalling £NIL (2022 – £NIL) as at period ended 31 December 2023.



Page 25

 
ACTEGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

23.


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 £107,150 (2022: £196,007). Contributions totaling £14,205 (2022: £13,867) were payable to the fund at the balance sheet date and are included in other creditors.


24.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022 Restated
£
£


Not later than 1 year
195,508
195,508

Later than 1 year and not later than 5 years
348,472
377,103

Later than 5 years
109,865
109,865

653,845
682,476

Page 26

 
ACTEGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

25.


Related party transactions

At the balance sheet date the directors had a directors' loan account balance of £Nil (2022: £NIL) due from Actegy Limited.
Actegy Limited (a company registered in Canada)
A company in which J Penny and R Penny are directors.
At the balance sheet date Actegy Limited was owed £434,134 by Actegy Limited (Canada) (2022: 705,800 owed by Actegy Limited to Actegy Limited Canada)
Sales of £402,814 (2022: £299,394) were made during the year.
                                                                                                                                                                                                                                            
Actegy Health Inc. (a company registered in the United States of America)
A company in which J Penny and R Penny are directors.
At the balance sheet date Actegy Limited was owed £58,610 (2022: £NIL) by Actegy Health Inc. 
Sales of £546,718 (2022: £634,095) were made during the year.
Actegy Limited (a company registered in New Zealand)
A company in which J Penny and R Penny are directors. 
At the balance sheet date Actegy Limited (New Zealand) was owed £426,322 by Actegy Limited (2022: £509,428).  
Sales of £65,565 (2022: £43,585) were made during the year.
Actegy GmbH (a company registered in Germany)
A company in which J Penny and R Penny are directors.
At the balance sheet date Actegy Limited was owed £4,276,366 (2022: £5,125,186) by Actegy GmbH.
Sales of £2,674,339 (2022: £1,869,740) were made during the year.  
                                                                                                                                                                                                           
Actegy Pty Limited (a company registered in Australia)
A company in which J Penny and R Penny are directors.
At the balance sheet date Actegy Pty Limited owed £2,595,110 to Actegy Limited (2022: £509,428 owed by Actegy Pty Limited to Actegy Limited).
Sales of £1,178,927 (2022: £1,041,695) were made during the year.
Revitive SAS (a company registered in France)
A company in which J Penny and R Penny are directors.
At the balance sheet date Revitive SAS owed £295,667 to Actegy Limited (2022: £2,066,724 owed to Revitive SAS by Actegy Limited).
Sales of £1,507,292 (2022: £2,127,009) were made during the year.

Page 27

 
ACTEGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

26.


Post balance sheet events

The financial year ended 31 December 2022 contained a reclaim of prior year tax of £55,836. The adjusted Corporation tax charge for 2022 is now £79,619. This is due to changes from prior year adjustments (see note 20).  The changes are reflected in these financial statements as a post balance sheet event.  The comparative figures reflect the correct tax position as at 31 December 2022 with the £79,619 recognised as a charge to the accounts.  In the current year ended 31 December 2023 this has been reversed by losses from 2023 carried back and is reflected in the 2023 figures. As it is a post balance sheet event occuring after the balance sheet date of 31 December 2023 it requires adjustment in the figures for 2023.


27.


Controlling party

J Penny and R Penny are the ultimate controlling party by virtue of their 100% shareholding of voting shares.

Page 28