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COMPANY REGISTRATION NUMBER: 02940888
Syneron Candela (UK) Limited
Filleted Financial Statements
For the year ended
31 December 2023
Syneron Candela (UK) Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
49,364
59,943
Tangible assets
6
185,370
49,393
---------
---------
234,734
109,336
Current assets
Stocks
1,391,609
853,694
Debtors
7
2,984,139
3,517,783
Cash at bank and in hand
467,480
1,250,070
------------
------------
4,843,228
5,621,547
Creditors: amounts falling due within one year
8
3,194,027
3,725,289
------------
------------
Net current assets
1,649,201
1,896,258
------------
------------
Total assets less current liabilities
1,883,935
2,005,594
Creditors: amounts falling due after more than one year
9
133,317
403,968
------------
------------
Net assets
1,750,618
1,601,626
------------
------------
Capital and reserves
Called up share capital
150,001
150,001
Profit and loss account
1,600,617
1,451,625
------------
------------
Shareholders funds
1,750,618
1,601,626
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 28 October 2024 , and are signed on behalf of the board by:
R A Garrido
Director
Company registration number: 02940888
Syneron Candela (UK) Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 114 Power Road, Unit 3.1, London, W4 5PY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. Significant accounting judgements and key sources of estimation uncertainty The preparation of these financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that could have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are listed below; Estimating depreciation/amortisation rates used Providing for doubtful debts Estimating a warranty provision Calculation of the transfer pricing adjustment Revenue recognition Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch-of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will now pass to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable. Taxation The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for-current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date Deferred tax liabilities are generally recognised for all material timing differences and deferred tax assets are 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority Foreign currencies Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period. Operating leases Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. Goodwill Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years. For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
Customer relationships
Intangible fixed assets other than goodwill Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10 Years
Customer relationships
-
3 Years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible fixed assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% to 50% straight line
Fixtures and fittings
-
12.5% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
The company holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 27 (2022: 28 ).
5. Intangible assets
Goodwill
Customer relationships
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
105,785
37,280
143,065
---------
--------
---------
Amortisation
At 1 January 2023
45,842
37,280
83,122
Charge for the year
10,579
10,579
---------
--------
---------
At 31 December 2023
56,421
37,280
93,701
---------
--------
---------
Carrying amount
At 31 December 2023
49,364
49,364
---------
--------
---------
At 31 December 2022
59,943
59,943
---------
--------
---------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2023
528,724
41,934
570,658
Additions
99,557
87,513
187,070
---------
---------
---------
At 31 December 2023
628,281
129,447
757,728
---------
---------
---------
Depreciation
At 1 January 2023
509,959
11,306
521,265
Charge for the year
45,128
5,965
51,093
---------
---------
---------
At 31 December 2023
555,087
17,271
572,358
---------
---------
---------
Carrying amount
At 31 December 2023
73,194
112,176
185,370
---------
---------
---------
At 31 December 2022
18,765
30,628
49,393
---------
---------
---------
7. Debtors
2023
2022
£
£
Trade debtors
596,705
978,223
Amounts owed by group undertakings and undertakings in which the company has a participating interest
2,229,639
2,420,271
Other debtors
157,795
119,289
------------
------------
2,984,139
3,517,783
------------
------------
Amounts due from group undertakings is interest free and unsecured unless otherwise stated.
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
665,653
385,504
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,285,962
1,757,681
Social security and other taxes
236,304
307,844
Other creditors
1,006,108
1,274,260
------------
------------
3,194,027
3,725,289
------------
------------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
133,317
403,968
---------
---------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
152,404
123,133
Later than 1 year and not later than 5 years
518,367
97,896
---------
---------
670,771
221,029
---------
---------
11. Summary audit opinion
The auditor's report dated 29 October 2024 was unqualified .
The senior statutory auditor was Jonathan Day , for and on behalf of Streets Audit LLP .
12. Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with group companies.
13. Controlling party
The company regards Candela Medical Holdings LLC as its parent company. The ultimate parent company is Candela Medical Holdings LLC. Candela Medical Holdings LLC prepares group financial statements and copies can be obtained from 251 Locke Drive, Marlborough, Massachusetts 01752.