Viscus Medical Limited 06316713 false 2023-08-01 2024-07-31 2024-07-31 The principal activity of the company is medical device product development Digita Accounts Production Advanced 6.30.9574.0 true 06316713 2023-08-01 2024-07-31 06316713 2024-07-31 06316713 bus:OrdinaryShareClass1 2024-07-31 06316713 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments 2024-07-31 06316713 core:CurrentFinancialInstruments 2024-07-31 06316713 core:CurrentFinancialInstruments core:WithinOneYear 2024-07-31 06316713 core:FurnitureFittingsToolsEquipment 2024-07-31 06316713 bus:SmallEntities 2023-08-01 2024-07-31 06316713 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 06316713 bus:FilletedAccounts 2023-08-01 2024-07-31 06316713 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 06316713 bus:RegisteredOffice 2023-08-01 2024-07-31 06316713 bus:CompanySecretaryDirector1 2023-08-01 2024-07-31 06316713 bus:OrdinaryShareClass1 2023-08-01 2024-07-31 06316713 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 06316713 core:FurnitureFittingsToolsEquipment 2023-08-01 2024-07-31 06316713 core:PlantMachinery 2023-08-01 2024-07-31 06316713 core:OtherRelatedParties 2023-08-01 2024-07-31 06316713 countries:UnitedKingdom 2023-08-01 2024-07-31 06316713 2023-07-31 06316713 core:FurnitureFittingsToolsEquipment 2023-07-31 06316713 2022-08-01 2023-07-31 06316713 2023-07-31 06316713 bus:OrdinaryShareClass1 2023-07-31 06316713 core:CurrentFinancialInstruments 2023-07-31 06316713 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 06316713 core:FurnitureFittingsToolsEquipment 2023-07-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 06316713

Viscus Medical Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Viscus Medical Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Viscus Medical Limited

(Registration number: 06316713)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

48

64

Other financial assets

5

25,000

25,000

 

25,048

25,064

Current assets

 

Debtors

6

179,633

164,897

Cash at bank and in hand

 

18,247

39,171

 

197,880

204,068

Creditors: Amounts falling due within one year

7

(41,261)

(56,749)

Net current assets

 

156,619

147,319

Net assets

 

181,667

172,383

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

181,567

172,283

Shareholders' funds

 

181,667

172,383

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 4 February 2025
 

.........................................
Dr Scott Glickman
Company secretary and director

 

Viscus Medical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Primrose Cottage
Grendon Road
Aylesbury
Bucks
HP18 0QU

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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 specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

 

Viscus Medical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Equipment

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2023 - 0).

 

Viscus Medical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2023

657

657

At 31 July 2024

657

657

Depreciation

At 1 August 2023

593

593

Charge for the year

16

16

At 31 July 2024

609

609

Carrying amount

At 31 July 2024

48

48

At 31 July 2023

64

64

5

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 August 2023

25,000

25,000

At 31 July 2024

25,000

25,000

Impairment

Carrying amount

At 31 July 2024

25,000

25,000

6

Debtors

2024
£

2023
£

Trade debtors

72,133

73,397

Other debtors

107,500

91,500

179,633

164,897

 

Viscus Medical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

33,445

48,615

Accruals and deferred income

1,500

2,085

Other creditors

6,316

6,049

41,261

56,749

 

Viscus Medical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

9

Dividends

2024

2023

£

£

Interim dividend of £10.00 (2023 - £20.00) per ordinary share

1,000

2,000

 

 

10

Related party transactions

Summary of transations with related parties

Common directors
 During the year, the company loaned a related party company with common directors £16,000 (2023:£91,500). The amount outstanding at the balance sheet date was £107,500 (2023: £91,500)