Clarius Mobile Health Europe Limited
Financial Statements
For the year ended 31 December 2023
Pages for Filing with Registrar
Company Registration No. 10467458 (England and Wales)
Clarius Mobile Health Europe Limited
Company Information
Directors
J Ho
(Appointed 3 June 2024)
O Arazi
(Appointed 3 June 2024)
L Lim
(Appointed 3 June 2024)
Company number
10467458
Registered office
6th Floor
9 Appold Street
London
EC2A 2AP
Auditor
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Clarius Mobile Health Europe Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 7
Clarius Mobile Health Europe Limited
Balance Sheet
As at 31 December 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
152,544
198,676
Current assets
Stock
5
138,623
182,514
Debtors
6
374,386
186,124
Cash at bank and in hand
303,774
650,833
816,783
1,019,471
Creditors: amounts falling due within one year
7
(3,225,356)
(2,714,521)
Net current liabilities
(2,408,573)
(1,695,050)
Total assets less current liabilities
(2,256,029)
(1,496,374)
Provisions for liabilities
8
(52,861)
(30,401)
Net liabilities
(2,308,890)
(1,526,775)
Capital and reserves
Called up share capital
9
1
1
Profit and loss reserves
(2,308,891)
(1,526,776)
Total equity
(2,308,890)
(1,526,775)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 7 March 2025 and are signed on its behalf by:
L Lim
Director
Company Registration No. 10467458
Clarius Mobile Health Europe Limited
Notes to the Financial Statements
For the year ended 31 December 2023
Page 2
1
Accounting policies
Company information

Clarius Mobile Health Europe Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.

1.1
Accounting convention

These financial statements have been prepared in accordance with section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements have been prepared on a going concern basis, which the directors believe to be appropriate as at the date of the approval of the financial statements. The ultimate parent company has committed to providing ongoing financial support to the company for at least 12 months from the date of approval of these financial statementtrues and to enable it to meet its contracted obligations as they fall due. The amount owed to the ultimate parent company at the balance sheet date was £2,803,260 (2022: £2,332,011). The ultimate parent company has confirmed that the amount will not be recalled within 12 months of the date of the approval of the financial statements.

 

The directors recognise that certain financial obligations, including maturing convertible debt in July 2025, may constrain the ability of the ultimate parent company to provide the required support. Based on its cash flow forecasts, letters of support from certain convertible debtholders, current expectations, and the action plan should the convertible debt become payable, the directors believe that the ultimate parent company has sufficient reserves to fund operations and provide the required support for at least the next twelve months.

1.3
Turnover

Revenue from the sale and rental of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
3 years straight line
Computer Equipment
3 years straight line

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.

Clarius Mobile Health Europe Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 3
1.5
Stock

Stock are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stock to their present location and condition.

 

Stock held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock 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.

1.6
Cash at bank and in hand

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 current liabilities.

1.7
Financial instruments

Basic financial instruments are measured at cost. The company has no other financial instruments or basic financial instruments measured at fair value.

1.8
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

Provisions for the expected cost of warranty obligations under local sale of goods legislation are recognised at the date of sale of the relevant products, at the director's best estimate of the expenditure required to settle the company's obligation.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Clarius Mobile Health Europe Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 4
1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Warranty provision

Sales of scanners made by the company are covered by a 3 year provision. The company assess the value of the provision at the end of each reporting period. Management consider factors including the number of scanners sold in the previous 3 years, number of scanners returned over the previous 3 years, and average cost per scanner. See note 8 for the value of the provision in the year.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
3
4
Clarius Mobile Health Europe Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 5
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
268,416
Additions
54,530
Disposals
(3,662)
Transfers
(2,486)
At 31 December 2023
316,798
Depreciation and impairment
At 1 January 2023
69,741
Depreciation charged in the year
98,659
Eliminated in respect of disposals
(3,662)
Transfers
(484)
At 31 December 2023
164,254
Carrying amount
At 31 December 2023
152,544
At 31 December 2022
198,676
5
Stock
2023
2022
£
£
Demonstration Stock
8,811
18,931
Finished goods and accessories
129,812
163,583
138,623
182,514
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
111,877
77,520
Amounts owed by group undertakings
208,547
67,168
Other debtors
53,962
41,436
374,386
186,124
Clarius Mobile Health Europe Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 6
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
11,853
33,446
Amounts owed to group undertakings
2,803,260
2,332,011
Taxation and social security
29,518
14,180
Other creditors
324,565
272,017
Accruals and deferred income
56,160
62,867
3,225,356
2,714,521
8
Provisions for liabilities
2023
2022
£
£
Warranty provision
52,861
30,401
9
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1
1
1
1
1
10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Jamie Sherman.
The auditor was Kingston Smith LLP.
11
Related party transactions

Clarius Mobile Health Europe Limited Limited has taken the exemption under FRS 102 from the requirement to disclose transactions with wholly owned members of the Clarius group.

 

There were no other related party transactions that required disclosure under FRS 102.

Clarius Mobile Health Europe Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 7
12
Parent company

The parent company of Clarius Mobile Health Europe Limited is Clarius Mobile Health Corp., a company registered in Canada, and its registered office is 130-2985 Virtual Way, Vancouver, British Columbia, V5M 4X7.

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