2023-09-012024-08-312024-08-31false07350278VIVO SMART MEDICAL DEVICES 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VIVO SMART MEDICAL DEVICES LTD

Registered Number
07350278
(England and Wales)

Unaudited Financial Statements for the Year ended
31 August 2024

VIVO SMART MEDICAL DEVICES LTD
Company Information
for the year from 1 September 2023 to 31 August 2024

Director

WRIGHT, David Andrew

Registered Address

6 Edison Village
Nottingham Science & Technology Park
Nottingham
NG7 2RF

Registered Number

07350278 (England and Wales)
VIVO SMART MEDICAL DEVICES LTD
Balance Sheet as at
31 August 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Intangible assets31,049,4181,017,120
Tangible assets410,8759,895
1,060,2931,027,015
Current assets
Debtors554,01594,647
Cash at bank and on hand20,86948,498
74,884143,145
Creditors amounts falling due within one year6(256,438)(238,528)
Net current assets (liabilities)(181,554)(95,383)
Total assets less current liabilities878,739931,632
Creditors amounts falling due after one year7(148,155)(154,940)
Net assets730,584776,692
Capital and reserves
Called up share capital11
Profit and loss account730,583776,691
Shareholders' funds730,584776,692
The financial statements were approved and authorised for issue by the Director on 24 February 2025, and are signed on its behalf by:
WRIGHT, David Andrew
Director
Registered Company No. 07350278
VIVO SMART MEDICAL DEVICES LTD
Notes to the Financial Statements
for the year ended 31 August 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Research and development
All research costs are expensed. Costs related to the development of products are capitalised when they meet the criteria stated in FRS 102, Section 18 Intangible assets other than Goodwill. All other development expenditure is recognised as an expense in the period in which it is incurred.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Plant and machinery25
Office Equipment25
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
2.Average number of employees

20242023
Average number of employees during the year35
3.Intangible assets

Other

Total

££
Cost or valuation
At 01 September 231,017,1201,017,120
Additions37,68537,685
Disposals(5,387)(5,387)
At 31 August 241,049,4181,049,418
Net book value
At 31 August 241,049,4181,049,418
At 31 August 231,017,1201,017,120
4.Tangible fixed assets

Plant & machinery

Office Equipment

Total

£££
Cost or valuation
At 01 September 2312,49031,23243,722
Additions-4,5204,520
At 31 August 2412,49035,75248,242
Depreciation and impairment
At 01 September 2311,27222,55533,827
Charge for year3053,2353,540
At 31 August 2411,57725,79037,367
Net book value
At 31 August 249139,96210,875
At 31 August 231,2188,6779,895
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables-2,650
Other debtors54,01591,997
Total54,01594,647
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables19,45953,172
Bank borrowings and overdrafts10,00010,000
Amounts owed to related parties216,469107,438
Taxation and social security49130,803
Other creditors8,21835,315
Accrued liabilities and deferred income1,8011,800
Total256,438238,528
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts148,155154,940
Total148,155154,940
8.Secured creditors
There is a fixed and floating charge over all assets.
9.Related party transactions
During the year, interest free loans were made available to the company by the director. These totalled £216,470.29 at the year end (2023: £107,437.57)