Caseware UK (AP4) 2023.0.135 2023.0.135 2024-09-302024-09-3072023-10-01falseNo description of principal activity10falsetruefalse 11182853 2023-10-01 2024-09-30 11182853 2022-10-01 2023-09-30 11182853 2024-09-30 11182853 2023-09-30 11182853 c:Director1 2023-10-01 2024-09-30 11182853 c:Director2 2023-10-01 2024-09-30 11182853 c:RegisteredOffice 2023-10-01 2024-09-30 11182853 d:CurrentFinancialInstruments 2024-09-30 11182853 d:CurrentFinancialInstruments 2023-09-30 11182853 d:Non-currentFinancialInstruments 2024-09-30 11182853 d:Non-currentFinancialInstruments 2023-09-30 11182853 d:CurrentFinancialInstruments d:WithinOneYear 2024-09-30 11182853 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 11182853 d:Non-currentFinancialInstruments d:AfterOneYear 2024-09-30 11182853 d:Non-currentFinancialInstruments d:AfterOneYear 2023-09-30 11182853 d:ShareCapital 2024-09-30 11182853 d:ShareCapital 2023-09-30 11182853 d:RetainedEarningsAccumulatedLosses 2024-09-30 11182853 d:RetainedEarningsAccumulatedLosses 2023-09-30 11182853 c:FRS102 2023-10-01 2024-09-30 11182853 c:Audited 2023-10-01 2024-09-30 11182853 c:FullAccounts 2023-10-01 2024-09-30 11182853 c:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 11182853 c:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 11182853 2 2023-10-01 2024-09-30 11182853 e:PoundSterling 2023-10-01 2024-09-30 iso4217:GBP xbrli:pure
Company registration number: 11182853







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 SEPTEMBER 2024


VISIOPHARM UK LIMITED






































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VISIOPHARM UK LIMITED
 


 
COMPANY INFORMATION


Directors
M Grunkin 
K Nielsen 




Registered number
11182853



Registered office
Magna House
18-32 London Road

Staines-Upon-Thames

Staines

TW18 4BP




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Lynton House

7-12 Tavistock Square

London

WC1H 9LT





 


VISIOPHARM UK LIMITED
 



CONTENTS



Page
Statement of Financial Position
1
Notes to the Financial Statements
2 - 5


 


VISIOPHARM UK LIMITED
REGISTERED NUMBER:11182853



STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due after more than one year
 5 
201,600
280,537

Debtors: amounts falling due within one year
 5 
817,890
1,269,570

Cash at bank and in hand
 6 
-
20,010

  
1,019,490
1,570,117

Creditors: amounts falling due within one year
 7 
(2,595,355)
(1,243,985)

Net current (liabilities)/assets
  
 
 
(1,575,865)
 
 
326,132

Total assets less current liabilities
  
(1,575,865)
326,132

Creditors: amounts falling due after more than one year
 8 
(462,100)
(1,889,444)

  

Net liabilities
  
(2,037,965)
(1,563,312)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(2,038,065)
(1,563,412)

  
(2,037,965)
(1,563,312)


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: 




................................................
K Nielsen
Director

Date: 18 November 2024

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 


VISIOPHARM UK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Visiopharm UK  Limited is a private company limited by shares incorporated in England and Wales, registration number 11182853. The registered office is disclosed on the company information page and the company does not have a principal place of business.

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 following principal accounting policies have been applied:

 
2.2

Going concern

The company made a loss before tax of £474,653 and has net liabilities at the reporting date, which includes a group loan which is not due for repayment until 30 September 2027. The management are investing in building the foundations for revenue growth and profit. The parent entity has confirmed to the directors that it has the ability and will provide financial support as and when required so that the company will be able to meet its financial obligations as and when they fall due for at least twelve months from the date the financial statements are approved.

The Directors therefore consider it appropriate for the financial statements to be prepared on a going concern basis.

 
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.

  
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 generated by selling medical software and associated equipment and is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Hardware revenue is recognised upon installation of the equipment as this is considered the point where risks and rewards is transferred.
Maintenance and licence income is deferred and recognised on a monthly basis over the course of the contract.

Page 2

 


VISIOPHARM UK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.5

Interest income

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

 
2.6

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.

  
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

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.

 
2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 7 (2023 - 10).


4.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
85
8

Loans from group undertakings
117,736
88,816

117,821
88,824

Page 3

 


VISIOPHARM UK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5.


Debtors

2024
2023
£
£

Due after more than one year

Prepayments and accrued income
201,600
280,537

201,600
280,537


2024
2023
£
£

Due within one year

Trade debtors
130,180
755,379

Other debtors
524,020
149,534

Prepayments and accrued income
163,690
364,657

817,890
1,269,570



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
-
20,010

-
20,010


In 2024, the company's bankers had no security charge held in a deposit account, in 2023 they held £20,010.


7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
56,694
15,364

Amounts owed to group undertakings
1,573,755
-

Other taxation and social security
97,009
117,441

Other creditors
34,088
6,962

Accruals and deferred income
833,809
1,104,218

2,595,355
1,243,985


Page 4

 


VISIOPHARM UK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Amounts owed to group undertakings
-
1,304,330

Deferred income
462,100
585,114

462,100
1,889,444



9.


Controlling party

The immediate and ultimate parent undertaking is Visiopharm A/S, a company incorporated in Denmark, which prepares group financial statements which includes the company. The parent company's registered office is Agern Allé 24, 2970 Hørsholm, Denmark.


10.


Auditors' information

The auditors' report on the financial statements for the year ended 30 September 2024 was unqualified.

The audit report was signed on 18 November 2024 by Andrew Wooding FCA (Senior Statutory Auditor) on behalf of Menzies LLP.

 
Page 5