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Registered number: 11625184












VIRGINIA MASON PERFORMANCE IMPROVEMENT EUROPE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

 

VIRGINIA MASON PERFORMANCE IMPROVEMENT EUROPE LIMITED

CONTENTS



Page
Company information
 
1
Balance sheet
 
2
Notes to the financial statements
 
3 - 8


 

VIRGINIA MASON PERFORMANCE IMPROVEMENT EUROPE LIMITED
 
COMPANY INFORMATION


Directors
I F Gerbino 
N Taylor 




Company secretary
Taylor Wessing Secretaries Limited



Registered number
11625184



Registered office
5 New Street Square

London

EC4A 3TW




Independent auditor
Blick Rothenberg Audit LLP
Chartered Accountants & Statutory Auditor

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1


 
REGISTERED NUMBER:11625184
VIRGINIA MASON PERFORMANCE IMPROVEMENT EUROPE LIMITED

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due after more than one year
 4 
7,380
-

Debtors: amounts falling due within one year
 4 
91,274
-

Cash at bank and in hand
  
1,114,277
998,483

  
1,212,931
998,483

Creditors: amounts falling due within one year
 5 
(1,115,583)
(919,324)

Net current assets
  
 
 
97,348
 
 
79,159

  

Net assets
  
97,348
79,159


Capital and reserves
  

Called up share capital 
 7 
1
1

Profit and loss account
  
97,347
79,158

Total equity
  
97,348
79,159


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 profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime. The profit and loss account and directors' report have not been filed.

The financial statements were approved and authorised for issue by the board. 




N Taylor
Director

Date: 6 February 2025

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 

VIRGINIA MASON PERFORMANCE IMPROVEMENT EUROPE LIMITED

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

1.


General information

Virginia Mason Performance Improvement Europe Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is 5 New Street Square, London, EC4A 3TW.
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements have been rounded to the nearest £.

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.

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.

The following principal accounting policies have been applied:

  
2.2

Going concern

The company's sole customer is the parent company, Virginia Mason Institute. The company is therefore dependent on the performance of the group to continue as a going concern.
The directors have reviewed the financial information of the group and is confident that the group is able to provide such support for a period of at least twelve months from the date of approval of these financial statements. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

  
2.3

Turnover

Revenue from contracts to provide sales and marketing services to group companies is recognised in the period in which the services are provided. Revenue is recognised to the extent that it is probable that the company will receive the consideration due under the contract and the amount of revenue can be measured reliably. Revenue is measured as the fair value of the consideration received or receivable, excluding value added tax.

Page 3

 

VIRGINIA MASON PERFORMANCE IMPROVEMENT EUROPE LIMITED

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

2.Accounting policies (continued)

 
2.4

Taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
 
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
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

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

  
2.7

Share capital

Ordinary shares are classified as equity.

Page 4

 

VIRGINIA MASON PERFORMANCE IMPROVEMENT EUROPE LIMITED

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

2.Accounting policies (continued)


2.8

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the company becomes 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. 
 
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 

Financial assets
Basic financial assets, including other debtors and cash and bank balances are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including loans from fellow group companies that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Page 5

 

VIRGINIA MASON PERFORMANCE IMPROVEMENT EUROPE LIMITED

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

2.Accounting policies (continued)





Financial instruments (continued)

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 0 (2023 - 0).

Page 6

 

VIRGINIA MASON PERFORMANCE IMPROVEMENT EUROPE LIMITED

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

4.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
7,380
-


2024
2023
£
£

Due within one year

Other debtors
19,619
-

Prepayments and accrued income
71,655
-

91,274
-



5.


Creditors: amounts falling due within one year

2024
2023
£
£

Amounts owed to group undertakings
1,089,820
877,346

Corporation tax
6,063
6,658

Accruals and deferred income
19,700
35,320

1,115,583
919,324


Amounts owed to group undertakings are interest free, have no fixed repayment date and are repayable on demand.


6.


Commitments under operating leases

At 30 June 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
71,928
-

Later than 1 year and not later than 5 years
13,325
-

85,253
-

Page 7

 

VIRGINIA MASON PERFORMANCE IMPROVEMENT EUROPE LIMITED

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

7.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1 (2023 - 1) Ordinary share of £1.00
1
1



8.


Parent undertaking

The immediate parent undertaking is Virginia Mason Institute. The smallest group for which consolidated financial statements are drawn up is headed by CommonSpirit Health, a not-for-profit entity whose registered address is 444 West Lake Street, Suite 2500, Chicago, IL 60606, USA. Copies of the CommonSpirit Health consolidated financial statements can be obtained from https://www.commonspirit .org/investor-resources.


9.


Post balance sheet events

On 3 December 2024, the company renegotiated its lease agreement for a further 12 months. Future minimum lease payments are £11,952.


10.


Auditor's information

The auditor's report on the financial statements for the year ended 30 June 2024 was unqualified.

The audit report was signed on 11 February 2025 by Nicholas Anderson (senior statutory auditor) on behalf of Blick Rothenberg Audit LLP.

 
Page 8