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Company registration number: 7278351







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


OCCLUTECH (UK) LIMITED






































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OCCLUTECH (UK) LIMITED
 


 
COMPANY INFORMATION


Directors
M J Galloway 
J P De La Cortina Castaneda 




Registered number
7278351



Registered office
R+
2 Blagrave Street

Reading

Berkshire

RG1 1AZ




Trading Address
The Mille
3rd Floor, Great West Road

Brentford

TW8 9DW






Independent auditor
Menzies LLP
Chartered Accountants & Statutory Auditor

Lynton House

7-12 Tavistock Square

London

WC1H 9LT





 


OCCLUTECH (UK) LIMITED
 



CONTENTS



Page
Statement of financial position
1
Notes to the financial statements
2 - 7

 


OCCLUTECH (UK) LIMITED
REGISTERED NUMBER:7278351



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
177
708

  
177
708

Current assets
  

Stocks
  
1,159,701
1,475,347

Debtors
 6 
1,074,101
569,150

Cash at bank and in hand
  
543,976
466,303

  
2,777,778
2,510,800

Creditors: amounts falling due within one year
 7 
(863,759)
(193,820)

Net current assets
  
 
 
1,914,019
 
 
2,316,980

Total assets less current liabilities
  
1,914,196
2,317,688

  

Net assets
  
1,914,196
2,317,688


Capital and reserves
  

Called up share capital 
  
500,000
500,000

Profit and loss account
  
1,414,196
1,817,688

  
1,914,196
2,317,688


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 J Galloway
Director

Date: 14 November 2024

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 


OCCLUTECH (UK) LIMITED
 


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

1.


General information

Occlutech (UK) Limited is a private company limited by shares, incorporated in England & Wales under the Companies Act.
The address of the registered office, its trading address and company registration number are located on the company information page.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

In preparing the financial statements, the directors are required to assess the Company’s ability to continue to trade as a going concern for the foreseeable future.
The Company's financial statements are prepared on a going concern basis on the grounds that current and future sources of funding or support will be adequate for the company's needs.  The companies profitability is guaranteed, due to the transfer pricing agreements in place with Occlutech International AB, which will support the company's cashflows, along with funding from the group, as and when required.  We do not foresee any exceptional expenses in the future, which would not be covered by the transfer pricing agreement.  
We also confirm our plans for future action required to enable the company to continue as a going concern are feasible. We have considered a period of twelve months from the date of approval of the financial statements. We believe that no further disclosures relating to the company's ability to continue as a going concern need to be made in the financial statements.

 
2.3

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.

Page 2

 


OCCLUTECH (UK) LIMITED
 


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

2.Accounting policies (continued)

 
2.4

Revenue

Revenues on the sale are recognised when a contractual promise to a customer (performance obligation) has been fulfilled by transferring control over the promised goods to the customer, in the case of direct sales at hospitals, when the product is taken from the consignment inventory. There is only one performance obligation being the sale of the good.
The amount of revenue to be recognised is based on the consideration the Company expects to receive in exchange for its goods.
The transaction price may comprise both fixed and variable components. Products are, in most transactions sold at pre-defined fixed prices, however in some contracts a volume discount is agreed based on specific targets. Revenue is recognised, as soon as the performance obligation is satisfied, at the transaction price identified.

 
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

Interest income

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

 
2.7

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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

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 reporting date in the countries where the Company operates and generates income.

 
2.9

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 3

 


OCCLUTECH (UK) LIMITED
 


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

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

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.

Depreciation is provided on the following basis:

Equipment
-
33%
straight line

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.

 
2.10

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 reporting 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.

 
2.11

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 Statement of financial position 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.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 4

 


OCCLUTECH (UK) LIMITED
 


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

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 
 
The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: 
 
Impairment of Inventories 
Management include impairment provisions against any items in stock that are expired or deemed to be obsolete.
 
Impairment of Trade Receivables 
Management include impairment provisions against irrecoverable debts based on a flat rate of 80% of all debts that are 180+ days overdue. This estimate is based on external economic factors which includes an element of uncertainty.


4.


Employees

The average monthly number of employees, including directors, during the year was 8 (2022 - 6).


5.


Tangible fixed assets





Equipment

£



Cost or valuation


At 1 January 2023
6,721



At 31 December 2023

6,721



Depreciation


At 1 January 2023
6,013


Charge for the year on owned assets
531



At 31 December 2023

6,544



Net book value



At 31 December 2023
177



At 31 December 2022
708

Page 5

 


OCCLUTECH (UK) LIMITED
 


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

6.


Debtors


2023
2022
£
£



Trade debtors
535,029
334,262

Amounts owed by group undertakings
530,675
214,558

Other debtors
6,150
8,450

Prepayments and accrued income
2,247
11,880

1,074,101
569,150



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
11,573
14,833

Amounts owed to group undertakings
395,714
3,259

Corporation tax
93,294
55,543

Other taxation and social security
196,675
66,524

Other creditors
31,103
25,939

Accruals and deferred income
135,400
27,722

863,759
193,820



8.


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
£
£


Not later than 1 year
6,500
17,600

Later than 1 year and not later than 5 years
10,250
6,500

16,750
24,100


9.


Consolidated financial statements

The parent undertaking of the smallest group in which consolidated financial statements are prepared, which include Occlutech (UK) Limited, is Occlutech Holding AG which has an address of Feldstrasse 22 8200 Schaffhausen.

Page 6

 


OCCLUTECH (UK) LIMITED
 


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

10.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2023 was qualified.

The qualification in the audit report was as follows:

We performed a physical count of inventories at the year end at the entities main site where a large number of differences were identified. The Directors were unable to reconcile the material differences identified and therefore were unable to gain sufficient appropriate audit evidence for the inventory quantities held and whether these have been appropriately valued as at the 31 December 2022, which are included in the balance sheet at £1,475,347, by using other audit procedures.
 
In addition, due to difficulties encountered in locating the missing stock we were unable to form a conclusion on whether there has been revenue that has not been reported in these financial statements as a result of orders fulfilled during the year ended 31 December 2022. Consequently, we were unable to determine whether any further adjustments to the reported inventory and turnover figures is necessary.
 
The prior year audit report was also qualified due to being unable to reconcile the stock balance of £1,038,321 and therefore we are unable to gain sufficient audit evidence of the opening balance at 1 January 2022 of inventory and reserves, this could impact the revenue and cost of sales figures reported in the current financial year.
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 qualified opinion.

The audit report was signed on 14 November 2024 by Sarah Hallam FCCA (Senior statutory auditor) on behalf of Menzies LLP.

 
Page 7