SOFWAVE MEDICAL UK LTD
Directors: S. Eckhouse
M.K. Hubball
L.P. Scafuri
Registered Office: 5.2 Central House
1 Ballards Lane
London
N3 1LQ
Company Number: 14533082 (England & Wales)
Independent Auditors: Levy Cohen & Co
5.2 Central House
1 Ballards Lane
N3 1LQ
Annual report and financial statements
For the period of 13 months ended 31 December 2023
page
Statement of financial position 1
Notes to the financial statements 2-6
SOFWAVE MEDICAL UK LTD
Statement of financial position as at 31 December 2023
31.12.2023
Notes £ £
Current assets
Inventory 4 1,185,213
Debtors 5 353,441
Cash at bank and in hand 1,056,572
2,595,226
Creditors: amounts falling due
within one year 6 (2,550,029)
Net current assets 45,197
Total assets £ 45,197
Capital and reserves
£
Called up share capital 7 1
Profit and loss account 45,196
Shareholders' fund £ 45,197
The accounts have been prepared and delivered in accordance with special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
_________________________
S. Eckhouse
Director
Company number: 14533082 14 November 2024
SOFWAVE MEDICAL UK LTD
Notes to the Financial Statements - 31 December 2023
COMPANY INFORMATION
1. Company Information
Sofwave Medical UK Ltd is a private limited company incorporated and domiciled in England & Wales. The address of its registered office is 5.2 Central House, 1 Ballards Lane, N3 1LQ.
The company is a wholly owned subsidiary of Sofwave Medical Ltd, a company registered in Israel.
2. Accounting Policies
2.1 Basis of accounting
The financial statements have been prepared on a going concern basis, under historical cost convention.
The financial statements are presented in sterling (£).
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
2.2 Financial instruments
The company has chosen to adapt the sections 11 & 12 of FRS 102 in respect of financial instruments:
(i) Financial assets
Basic financial assets including trade and other receivables and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financial transaction, where the transaction is measured at present value of the future receipts discounted at the market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method and are assess for objective evidence of impairment at the end of each reporting period.
(ii) Financial liabilities
Basic financial liabilities including trade and other payable are initially recognised at transaction price unless arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts discounted at a market value of interest debt instruments are subsequently carried at amortised costs using the effective interest rate method.
2.3 Going concern
The company has a positive capital and reserve and positive net current assets.
The company is profitable and will continue to be profitable in the future as according to the group TP policy, the company is entitled to a fixed margin on the services provided to the parent company. The company and the Sofwave Medical group are both operationally and financially inextricably linked. Having considered the post year trading and financial results of the group and the group's cash reserves, and after making enquiries of the directors of the parent undertaking, the directors have reasonable expectations that the company and the group have adequate resources to continue an operational existence and meet their liabilities for a period of at least 12 months from the date these financial statements were approved.
On the basis of the above, the directors consider it appropriate to prepare the financial statement on a going concern basis.
SOFWAVE MEDICAL UK LTD
Notes to the Financial Statements - 31 December 2023
2. Accounting Policies (continued)
2.4 Turnover
Turnover represents net invoiced value of goods and services excluding VAT and shown net of returns, rebates and discounts.
2.5 Revenue Recognition
The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from the sale of goods is recognised when all the significant risks and rewards of ownership of the goods have passed to the buyer and the seller no longer retains continual managerial involvement. The delivery date is usually the date on which ownership passes.
Revenues from term licences and maintenance arrangements are deferred and recognized on a straight-line basis over the life of the related licences and maintenance agreements.
2.6 Inventory
Inventory is value at the lower of cost and net realisable value, and after making due provision for slow moving and damaged items.
2.7 Debtors
Short term debtors that includes trade and other receivables are measured at transaction price, less any impairment.
2.8 Creditors
Basic financial liabilities including trade and other payable, amounts due to group companies are measured at transaction price.
SOFWAVE MEDICAL UK LTD
Notes to the Financial Statements - 31 December 2023
2. Accounting Policies (continued)
2.9 Current & deferred taxation
Deferred taxation is provided using the liability method to take into account timing from the inclusion of items of expenditure in taxation computations in periods that differ from those differences arising in which they are included in the financial statements to the extent that it is probably that an or assets will crystallize in the future.
Provision for deferred taxation is set off against debit balance of deferred taxation.
The current income tax charged is calculated on the basis of the tax rate and laws that have been enacted or substantially enacted by the reporting date in the countries where the company operated and generates income.
2.10 Foreign currencies
Assets and liabilities in foreign currencies are translated into Sterling at the rate of exchange ruling at the Balance Sheet date. Transaction in Foreign currencies are translated into Sterling at the rate of exchange ruling at the date of the transaction.
2.11 Employee benefits
The company provides a range of benefits to employees, including annual bonus arrangements, paid holiday arrangements and defined contribution pension plans.
(i) Short term benefits
Short term benefits, including holiday pay and other similar non-monetary benefits are recognised as an expense in the period in which the service is received.
(ii) Defined contribution pension plans
The company operated 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 when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
3. Employees
2023
Average number of employees 2
No renumeration was paid to the directors during the year.
SOFWAVE MEDICAL UK LTD
Notes to the Financial Statements - 31 December 2023
4. Inventory
31.12.2023
£
Goods for Resale 1,132,661
Raw materials 52,552
1,185,213
5. Debtors
31.12.2023
£
Trade debtors 276,657
Group company 76,784
353,441
6. Creditors: amounts falling due
within one year
31.12.2023
£
Trade creditors 13,301
Parent company 2,386,155
Other taxation and social security 8,908
Pension 6,478
VAT 78,734
Corporation tax 13,379
Accruals and deferred revenue 43,074
2,550,029
7. Share capital
31.12.2023
£
Allotted, called up and fully paid
1 Ordinary shares of £1 1
SOFWAVE MEDICAL UK LTD
Notes to the Financial Statements - 31 December 2023
8. Audit report information
As the income statement has been omitted from the filing of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444 (5B) of the Companies Act 2006. The auditor's report was unqualified.
The senior statutory auditor was Mr Josef Cohen
The auditor was Levy Cohen & Co
Date auditor signed accounts: 14 November 2024
Name of director signing accounts: S. Eckhouse
Date director signed accounts: 14 November 2024
9. Related party transactions
Control:
The immediate parent company is Sofwave Medical Ltd a company incorporated and registered in Israel whose address is: 1 Ha'otsma Street, 4th Floor, Yokneam Illit, Israel. T
Sofwave Medical Ltd is the smallest and largest group to prepare consolidated accounts that can be obtained from its registered office.
Transaction:
The company is exempt from disclosing transactions with related parties that are wholly owned within the same group in accordance with FRS 102 Section 33(1)A.
10. Commitment
The company does not have any commitment as at 31 December 2023.
SOFWAVE MEDICAL UK LTD 14533082 false 2022-12-09 2023-12-31 2023-12-31 VT Final Accounts (tagged by user) October 2023 release 2 Name of director signing accounts: S. Eckhouse No description of principal activity 14533082 2022-12-09 2023-12-31 14533082 bus:PrivateLimitedCompanyLtd 2022-12-09 2023-12-31 14533082 bus:Audited 2022-12-09 2023-12-31 14533082 bus:Director1 2022-12-09 2023-12-31 14533082 bus:Director2 2022-12-09 2023-12-31 14533082 bus:Director3 2022-12-09 2023-12-31 14533082 bus:Director40 2022-12-09 2023-12-31 14533082 bus:FRS102 2022-12-09 2023-12-31 14533082 bus:FullAccounts 2022-12-09 2023-12-31 14533082 bus:SmallCompaniesRegimeForAccounts 2022-12-09 2023-12-31 14533082 2023-12-31 14533082 core:WithinOneYear 2023-12-31 14533082 core:ShareCapital 2023-12-31 14533082 core:RetainedEarningsAccumulatedLosses 2023-12-31 14533082 2022-12-08 iso4217:GBP xbrli:pure