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Registered number: 11945055










ECHOSENS UK LIMITED










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
ECHOSENS UK LIMITED
REGISTERED NUMBER: 11945055

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
3,212,916
2,260,508

Current assets
  

Stocks
 5 
1,093,965
1,393,212

Debtors: amounts falling due within one year
 6 
2,374,121
1,136,272

Cash at bank and in hand
  
647,235
325,318

  
4,115,321
2,854,802

Creditors: amounts falling due within one year
 7 
(6,128,648)
(4,336,689)

Net current liabilities
  
 
 
(2,013,327)
 
 
(1,481,887)

Total assets less current liabilities
  
1,199,589
778,621

Provisions for liabilities
  

Deferred tax
 8 
(297,818)
(193,046)

  
 
 
(297,818)
 
 
(193,046)

Net assets
  
901,771
585,575


Capital and reserves
  

Called up share capital 
 9 
100
100

Profit and loss account
 10 
901,671
585,475

  
901,771
585,575


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 February 2025.




D P M J Legros
Director

Page 1

 
ECHOSENS UK LIMITED
REGISTERED NUMBER: 11945055
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

The notes on pages 5 to 14 form part of these financial statements.

Page 2

 
ECHOSENS UK LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2024
100
585,475
585,575


Comprehensive income for the year

Profit for the year

-
316,196
316,196


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
316,196
316,196


Total transactions with owners
-
-
-


At 31 December 2024
100
901,671
901,771


The notes on pages 5 to 14 form part of these financial statements.

Page 3

 
ECHOSENS UK LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
100
293,253
293,353


Comprehensive income for the year

Profit for the year

-
292,222
292,222


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
292,222
292,222


Total transactions with owners
-
-
-


At 31 December 2023
100
585,475
585,575


The notes on pages 5 to 14 form part of these financial statements.

Page 4

 
ECHOSENS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Echosens UK Limited is a private company limited by shares, incorporated in England and Wales (registered number: 11945055). Its registered ofice is 4 Burley House, Caspian Road, Altrincham, Greater Manchester, WA14 5HH. 
The principal activity of the Company throughout the year continued to be that of providing specialist non-invasive diagnostic products and services supporting physicians in their assessment and management of patients with chronic liver diseases.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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 Company's functional and presentational currency is pounds sterling.

The following principal accounting policies have been applied:

 
2.2

Going concern

As at 31 December the Company had net current liabilities amounting to £2,013,327 (2023: £1,481,887). Adequate support has been provided by the Group to enable the Company to meet its liabilities as they fall due. Consequently, the Directors are confident that the Company will be able to pay its debts as they fall due and accordingly these accounts are prepared on a going concern basis.

  
2.3

Foreign currency translation

Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Page 5

 
ECHOSENS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Revenue recognition

Revenue 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. Revenue 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 revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
2.6

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.

Page 6

 
ECHOSENS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.7

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.

 
2.8

Current and deferred taxation

Tax is recognised in the Statement of Income and Retained Earnings.

The current 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 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.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
straight line
Office equipment
-
20%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 7

 
ECHOSENS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

  
2.10

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. 
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. 
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately, in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Work in progress and finished goods include labour and attributable overheads.
Stock held for distribution at no or normal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 8

 
ECHOSENS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

  
2.13

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of the financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties. 
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at transaction price and subequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured,  initially,  at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
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 13 (2023: 12).


Page 9

 
ECHOSENS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Tangible fixed assets





Plant and machinery
Office equipment
Total

£
£
£



Cost


At 1 January 2024
2,978,737
15,982
2,994,719


Additions
1,811,712
-
1,811,712


Disposals
(61,954)
-
(61,954)



At 31 December 2024

4,728,495
15,982
4,744,477



Depreciation


At 1 January 2024
729,296
4,915
734,211


Charge for the year on owned assets
807,228
3,730
810,958


Disposals
(13,608)
-
(13,608)



At 31 December 2024

1,522,916
8,645
1,531,561



Net book value



At 31 December 2024
3,205,579
7,337
3,212,916



At 31 December 2023
2,249,441
11,067
2,260,508


5.


Stocks

2024
2023
£
£

Finished goods and goods for resale
1,093,965
1,393,212


Page 10

 
ECHOSENS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Debtors

2024
2023
£
£


Trade debtors
1,373,901
1,064,939

Amounts owed by group undertakings
983,600
56,520

Other debtors
3,000
3,840

Prepayments and accrued income
13,620
10,973

2,374,121
1,136,272



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
15,573
3,969

Amounts owed to group undertakings
3,369,446
2,788,217

Other taxation and social security
371,721
276,148

Accruals and deferred income
2,371,908
1,268,355

6,128,648
4,336,689



8.


Deferred taxation




2024


£






At beginning of year
(193,046)


Charged to profit or loss
(104,772)



At end of year
(297,818)

Page 11

 
ECHOSENS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
8.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Fixed asset timing difference
(546,606)
(442,847)

Short term timing difference
1,016
617

Losses and other deductions
247,772
249,184

(297,818)
(193,046)


9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



10.


Reserves

Profit and loss account

The profit and loss account reserve represents cumulative profits and losses of the Company.


11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £45,302 (2023: £31,578).
Contributions totalling £7,266 (2023: £4,210) were payable to the fund at the balance sheet date and are included in creditors.

Page 12

 
ECHOSENS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Commitments under operating leases: Lessee

At 31 December 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
36,000
9,000

Payments under operating leases recognised as an expense amounted to £36,000 (2023: £35,000).


13.


Commitments under operating leases: Lessor

At 31 December 2023 the Company had contracted with customers for the following minimum lease payments:


2024
2023
£
£



Not later than 1 year
1,070,415
712,052

Between 1-2 years
616,973
448,715

Later than 2 years
120,557
186,811

1,807,945
1,347,578


14.


Related party transactions

Amounts owed by Group undertakings represents an amount owed by Echosens SA, the parent Company. This amount holds no fixed repayment terms or interest charges and is therefore deemed to be repayable on demand.
Amounts owed to Group undertakings represents an amount owed to Echosens SA, the parent Company. This amount holds no fixed repayment terms or interest charges and is therefore deemed to be repayable on demand.


15.


Controlling party

The immediate controlling party is Echosens SA, a Company incorporated in France.
Echosens SA is the parent undertaking of the largest and smallest group of Companies for which Group financial statements including the financial statements of this Company are prepared. Group financial statements are available from the registered office at 6 Rue Ferrus, 75014 Paris, France.

The ultimate controlling party is Inner Mongolia Furui Medical Science Co. Ltd, a Company incorporated in Inner Mongolia Autonomous Region, China.

Page 13

 
ECHOSENS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

16.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 24 February 2025 by Andrew Irvine (Senior Statutory Auditor) on behalf of Shorts.

 
Page 14