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Company No: 03773485 (England and Wales)

TOMORROW CARDIOVASCULAR LIMITED
(Formerly Independent Vascular Services Limited)

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

TOMORROW CARDIOVASCULAR LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

TOMORROW CARDIOVASCULAR LIMITED

BALANCE SHEET

As at 30 April 2024
TOMORROW CARDIOVASCULAR LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 38,622 0
Tangible assets 4 559,221 149,127
Investments 5 1,166,641 657,972
1,764,484 807,099
Current assets
Stocks 23,324 10,776
Debtors 6 933,064 896,982
Cash at bank and in hand 498,053 253,604
1,454,441 1,161,362
Creditors: amounts falling due within one year 7 ( 1,414,736) ( 845,317)
Net current assets 39,705 316,045
Total assets less current liabilities 1,804,189 1,123,144
Provision for liabilities ( 81,384) ( 61,644)
Net assets 1,722,805 1,061,500
Capital and reserves
Called-up share capital 8 14,122 10,862
Share premium account 761,046 263,154
Capital redemption reserve 6,673 9,933
Other reserves ( 1,631 ) ( 1,631 )
Profit and loss account 942,595 779,182
Total shareholders' funds 1,722,805 1,061,500

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Tomorrow Cardiovascular Limited (registered number: 03773485) were approved and authorised for issue by the Board of Directors on 23 January 2025. They were signed on its behalf by:

W M Robinson
Director
TOMORROW CARDIOVASCULAR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
TOMORROW CARDIOVASCULAR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Tomorrow Cardiovascular Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Wyatt Morris Golland Ltd Park House, 200 Drake Street, Rochdale, OL16 1PJ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover 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. Turnover is measured as the fair value of the consideration received or receivable,
excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before
turnover is recognised:

Turnover from customers to provide scan services are recognised in the period in which the scans are carried out.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements depreciated over the life of the lease
Vehicles 25 % reducing balance
Fixtures and fittings 20 % reducing balance
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Fixed asset investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed Company shares are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through Statement of income and retained earnings if the shares are publicly traded or their fair value can otherwise be measured reliably.

Investments in subsidiaries are recognised at cost.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Statement of Income and Retained Earnings. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

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.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 52 41

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 May 2023 0 0
Additions 40,624 40,624
At 30 April 2024 40,624 40,624
Accumulated amortisation
At 01 May 2023 0 0
Charge for the financial year 2,002 2,002
At 30 April 2024 2,002 2,002
Net book value
At 30 April 2024 38,622 38,622
At 30 April 2023 0 0

4. Tangible assets

Leasehold improve-
ments
Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £
Cost
At 01 May 2023 0 0 2,190,653 111,611 2,302,264
Additions 294,990 125,000 72,102 29,191 521,283
At 30 April 2024 294,990 125,000 2,262,755 140,802 2,823,547
Accumulated depreciation
At 01 May 2023 0 0 2,057,772 95,365 2,153,137
Charge for the financial year 0 26,042 70,399 14,748 111,189
At 30 April 2024 0 26,042 2,128,171 110,113 2,264,326
Net book value
At 30 April 2024 294,990 98,958 134,584 30,689 559,221
At 30 April 2023 0 0 132,881 16,246 149,127

5. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 May 2023 0
Additions 482,499
At 30 April 2024 482,499
Carrying value at 30 April 2024 482,499
Carrying value at 30 April 2023 0

On 01 March 2024, the company acquired 100% of the share capital of Tomorrow Cardiovascular Screening Limited. The purchase of the shares in Tomorrow Cardiovascular Screening Limited was settled by the issue of shares in Tomorrow Cardiovascular Limited.

Listed investments Other investments Total
£ £ £
Cost or valuation before impairment
At 01 May 2023 229,270 428,702 657,972
Movement in fair value 37,770 ( 11,601) 26,169
At 30 April 2024 267,040 417,101 684,141
Carrying value at 30 April 2024 267,041 417,101 684,142
Carrying value at 30 April 2023 229,270 428,702 657,972

6. Debtors

2024 2023
£ £
Trade debtors 543,256 595,032
Amounts owed by associates 0 5,189
Other debtors 389,808 296,761
933,064 896,982

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 347,155 59,254
Amounts owed to associates 355,612 275,093
Taxation and social security 74,387 159,465
Obligations under finance leases and hire purchase contracts 0 15,143
Other creditors 637,582 336,362
1,414,736 845,317

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
141,220 Ordinary shares of £ 0.10 each (2023: 108,620 shares of £ 0.10 each) 14,122 10,862

In the financial year 2024, 34,267 Ordinary shares, with an aggregate nominal value of £3,426, were issued for total consideration of £535,758. During the year, the company also purchased 1,667 Ordinary shares with an aggregate nominal value of £166 for total consideration of £34,606. These shares were subsequently cancelled by the company.

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 41,250 0
between one and five years 172,500 0
213,750 0

Other financial commitments

2024 2023
£ £
Employee Share Trust Liability 355,612 275,093

The directors are also trustees of the Independent Vascular Services Employee Share Trust. This trust holds shares in the company and issues free shares to employees based on certain performance criteria. These share based payments constitute a cash settled scheme and a liability has been recognised of £355,612 (2023: £275,093) and is disclosed as amounts due to associates in the financial statements. This liability has been calculated using a share value calculated by the directors and confirmed by HMRC, which they deem to be at a fair value.

The total expense recognised in the statement of comprehensive income for free shares granted is £30,520 (2023: £803) which is recognised over the vesting period of 1 year.

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 14,110 14,198

10. Related party transactions

Other related party transactions

Included in amounts owed by associates is £Nil (2023: £5,189) relating to amounts owed by a company related by common directorship. No interest is charged on this loan, which is repayable on demand.

11. Exceptional items

2024 2023
£ £
Loan write-off 129,903 0

During the year, the company assessed the recoverability of a loan made to a subsidiary. Following a detailed review of the borrower's financial position and ability to repay, it was determined that the loan is no longer recoverable.

As a result, a provision for the full amount of the loan, totalling £129,903, has been recognised in the financial statements. This provision has been charged to the income statement under exceptional costs.

The directors will continue to monitor the situation and take any further action necessary to protect the company's interests.