Caseware UK (AP4) 2024.0.164 2024.0.164 2024-03-312024-03-312023-04-01truetruetruetruetruefalsefalseThe principal activity of the company in the year under review was that of distribution of ultrasound machines.false1716 04104159 2023-04-01 2024-03-31 04104159 2022-04-01 2023-03-31 04104159 2024-03-31 04104159 2023-03-31 04104159 2022-04-01 04104159 c:CompanySecretary1 2023-04-01 2024-03-31 04104159 c:Director1 2023-04-01 2024-03-31 04104159 c:RegisteredOffice 2023-04-01 2024-03-31 04104159 d:OfficeEquipment 2023-04-01 2024-03-31 04104159 d:OfficeEquipment 2024-03-31 04104159 d:OfficeEquipment 2023-03-31 04104159 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04104159 d:CurrentFinancialInstruments 2024-03-31 04104159 d:CurrentFinancialInstruments 2023-03-31 04104159 d:Non-currentFinancialInstruments 2024-03-31 04104159 d:Non-currentFinancialInstruments 2023-03-31 04104159 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 04104159 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 04104159 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 04104159 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 04104159 d:ReportableOperatingSegment1 2023-04-01 2024-03-31 04104159 d:ReportableOperatingSegment1 2022-04-01 2023-03-31 04104159 d:ReportableOperatingSegment2 2023-04-01 2024-03-31 04104159 d:ReportableOperatingSegment2 2022-04-01 2023-03-31 04104159 d:UKTax 2023-04-01 2024-03-31 04104159 d:UKTax 2022-04-01 2023-03-31 04104159 d:ShareCapital 2023-04-01 2024-03-31 04104159 d:ShareCapital 2024-03-31 04104159 d:ShareCapital 2022-04-01 2023-03-31 04104159 d:ShareCapital 2023-03-31 04104159 d:ShareCapital 2022-04-01 04104159 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 04104159 d:RetainedEarningsAccumulatedLosses 2024-03-31 04104159 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 04104159 d:RetainedEarningsAccumulatedLosses 2023-03-31 04104159 d:RetainedEarningsAccumulatedLosses 2022-04-01 04104159 d:FinancialAssetsAmortisedCost 2024-03-31 04104159 d:FinancialAssetsAmortisedCost 2023-03-31 04104159 c:OrdinaryShareClass1 2023-04-01 2024-03-31 04104159 c:OrdinaryShareClass1 2024-03-31 04104159 c:OrdinaryShareClass1 2023-03-31 04104159 c:FRS102 2023-04-01 2024-03-31 04104159 c:Audited 2023-04-01 2024-03-31 04104159 c:FullAccounts 2023-04-01 2024-03-31 04104159 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04104159 2 2023-04-01 2024-03-31 04104159 6 2023-04-01 2024-03-31 04104159 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 04104159 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 04104159 d:TaxLossesCarry-forwardsDeferredTax 2024-03-31 04104159 d:TaxLossesCarry-forwardsDeferredTax 2023-03-31 04104159 e:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 04104159









FUJIFILM SONOSITE LTD









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
FUJIFILM SONOSITE LTD
 
 
COMPANY INFORMATION


Director
R R Fabian 




Company secretary
N L Denham



Registered number
04104159



Registered office
Fujifilm House
Whitbread Way

Bedford

Bedfordshire

MK42 0ZE




Independent auditor
Nortons Assurance Limited
Statutory Auditor

Second Floor

NOW Building

Thames Valley Park

Reading

Berkshire

RG6 1RB





 
FUJIFILM SONOSITE LTD
 

CONTENTS



Page
Strategic Report
1 - 3
Director's Report
4 - 5
Independent Auditor's Report
6 - 9
Profit and Loss Account
10
Balance Sheet
11
Statement of Changes in Equity
12
Notes to the Financial Statements
13 - 25


 
FUJIFILM SONOSITE LTD
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
The Directors present their strategic report for the year ended 31 March 2024.

Business review
 
The results of the Company for the year show an increase on ordinary activities before tax of £674,666 (2023: £472,126). The shareholders' funds for the Company total £4,452,378 (2023: £3,909,161).
The UK has seen strong demand for our Ultrasound systems, and we have done very well as a Team to keep brand loyalty and interest in our POC range of machines.  
This strong demand however has been strongly limited due to the budget cuts and long process for our customers to secure funding from NHS Hospital management and finance teams.  
With the pressure on the NHS, budget restrictions in the UK, volatility within 2 governments, and now a new government making large changes within the entire NHS, it is no wonder we have seen every customer looking to order our equipment, face strong opposition to secure funding from their relevant Hospitals. This has resulted in larger than usual delays with orders coming through to order, and struggles to forecast accurately to when these orders actually land with us as physical orders.
  
We are seeing the UK business become more and more cyclical, with increased levels of orders towards the end of each FY.
Strong demand from NHS Supply Chain has helped the UK, as has the good working relationships we have the NHSSC and the trust they have with FFSS.  
We are still UK market leaders, and business will continue to grow each year, but the daily challenges of funding allocations will remain for some time to come. 

Page 1

 
FUJIFILM SONOSITE LTD
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Principal risks and uncertainties
 
The Company's success is dependent on the Parent Company, maintaining, developing and executing on its competitive advantage in the point of care Ultrasound market.
The principal risks and uncertainties of the Company relate to financial instruments, risk management objectives and policies.
The Company does not use derivative financial instruments for speculative or any other purposes.
The Company’s operations expose it to a number of financial risks including cashflow risk, credit risk, and liquidity risk.
The directors review and agree policies for managing each of these risks and they are summarised below:
Cashflow risk
The Company operates on an intercompany royalty revenue model and is therefore fully funded by the other group entities. 
Credit risk
The company’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of its doubtful receivables. The company has no significant concentration of risk, with exposure spread over a large number of counterparties and customers.
Liquidity risk
Prudent liquidity risk management implies maintaining sufficient cash and the availability of funding through an adequate amount of committed credit. Due to the nature of the business the Company has minimal liquidity risk and cash flows are managed on a daily basis.
Foreign exchange risk
The company does make purchases outside the United Kingdom and therefore can be exposed to movements in exchange rates. The company seeks to minimise the currency risk by purchasing in sterling from the parent’s undertaking.
Competition risk
Competition within the NHS is increasing, especially from lower price point manufacturers and multi modality vendors that are offering managed equipment services, but the company continues to discuss everyday complex needs of clinicians, patients and Hospitals, offering reliable long term solutions within the POC Ultrasound sector. 
Competition in the handheld Ultrasound market is increasing with many manufacturers offering smaller units as a solution, but FFSS are successfully differentiating our products from this crowded and very price sensitive market sector. The customers that do purchase from them, usually complain about the image degrading or the lack of support when a product fails. This is still an area FFSS succeeds in and with our heritage and brand loyalty, it is still winning in most head to head situations. 
The POC market will only get more competitive as time goes on.

Page 2

 
FUJIFILM SONOSITE LTD
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Financial key performance indicators
 
The Company consider the following as the key financial performance indicators:
Sales (loss) / growth: (19)% (2024), 25% (2023) 
The Company experienced more revenue in FY23 thanks to the introduction of the PX ultrasound product and strong demand for point of care ultrasound due to COVID.. 
Operating margin: 6.21% (2024), 3.72% (2023)
This is a direct result of the intercompany transfer pricing agreement and keepwell memo that are in place for the group.
Day sales outstanding: 94 (2024), 70 (2023)
The company continues to improve AR collections.

Other key performance indicators
 
Given the nature of the business in that the majority of the turnover is the sale of ultrasound machines, the Company's directors are of the opinion that analysis using other KPI's is not necessary for an undertaking of the development, performance or position of the business.


This report was approved by the board and signed on its behalf.



R R Fabian
Director

Date: 20 March 2025

Page 3

 
FUJIFILM SONOSITE LTD
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The director presents his report and the financial statements for the year ended 31 March 2024.

Director's responsibilities statement

The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £543,217 (2023 - £288,152).

No dividends will be distributed for the year ended 31 March 2024 (2023 - £nil).
On 1 November 2024 the directors proposed a dividend of £1,500,000 which was paid on 7 November 2024.

Director

The director who served during the year was:

R R Fabian 

Page 4

 
FUJIFILM SONOSITE LTD
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Future developments

As a company, although we have a strong brand built on reliability and robustness, our main competitor in the UK is heavily pushing AI technology, especially within cardiac and ICU situations.  FFSS is working on AI technology, and when it comes, it will indeed massively help the UK market, but as a Team we are combating this with questions about what exactly the customer wants with AI, and often we already provide these solutions.  Our future developments, specifically with the EII replacement and new technology coming will stead us in good foundations for there the UK Market is heading.  We will still struggle with funding and budget restraints, but I believe the message of "you get what you pay for" in life will be the main winning message for the UK NHS and Private sector over the next few years.  We are also seeing more and more NHS Trusts looking to rent or lease machines, so I think as a company, the more fiscal companies we can be linked to, the more likely we will win business via this expanding finance route.  

Disclosure of information to auditor

The director at the time when this Director's Report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company's auditor is unaware, and

he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditor

The auditor, Nortons Assurance Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





R R Fabian
Director

Date: 20 March 2025

Page 5

 
FUJIFILM SONOSITE LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FUJIFILM SONOSITE LTD
 

Opinion


We have audited the financial statements of Fujifilm Sonosite Ltd (the 'Company') for the year ended 31 March 2024, which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 March 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.


Page 6

 
FUJIFILM SONOSITE LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FUJIFILM SONOSITE LTD (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The director is responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director's Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Director's Responsibilities Statement set out on page 4, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the director is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
FUJIFILM SONOSITE LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FUJIFILM SONOSITE LTD (CONTINUED)


Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The objectives of our audit, in respect to fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. 
Our approach was as follows: 
• We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework including the Companies Act 2006 and the relevant tax compliance regulations in the UK.
• We understood how the Company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures.
• We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur by discussing with management to understand where it considered there was a susceptibility to fraud. We considered the controls that the Company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included testing manual journals and were designed to provide reasonable assurance that the financial statements were free from fraud and error. 
• Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations identified in the paragraphs above. Our procedures involved journal entry testing, with a focus on journals indicating large or unusual transactions based on our understanding of the business, enquiries of Company management and focused testing. In addition, we completed procedures to conclude on the compliance of the disclosures in the Annual Report and Accounts with the requirements of the relevant accounting standards and UK legislation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.


Page 8

 
FUJIFILM SONOSITE LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FUJIFILM SONOSITE LTD (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Anthony Campbell (Senior Statutory Auditor)
  
for and on behalf of
Nortons Assurance Limited
 
Statutory Auditor
  
Second Floor
NOW Building
Thames Valley Park
Reading
Berkshire
RG6 1RB

24 March 2025
Page 9

 
FUJIFILM SONOSITE LTD
 
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024

As restated
2024
2023
Note
£
£

  

Turnover
 4 
10,000,590
12,394,717

Cost of sales
  
(4,989,854)
(7,145,271)

Gross profit
  
5,010,736
5,249,446

Administrative expenses
  
(2,584,663)
(3,046,979)

Other operating charges
 6 
(1,805,036)
(1,730,341)

Operating profit
 6 
621,037
472,126

Interest receivable and similar income
  
53,629
-

Profit before tax
  
674,666
472,126

Tax on profit
 10 
(131,449)
(183,974)

Profit for the financial year
  
543,217
288,152

There are no items of other comprehensive income for 2024 or 2023 other than the profit for the yearAs a result, no separate Statement of Comprehensive Income has been presented.

The notes on pages 13 to 25 form part of these financial statements.

Page 10

 
FUJIFILM SONOSITE LTD
REGISTERED NUMBER: 04104159

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
484,933
639,736

Investments
 13 
12
12

  
484,945
639,748

Current assets
  

Debtors: amounts falling due within one year
 14 
3,053,645
2,266,325

Cash at bank and in hand
 15 
5,312,931
5,074,098

  
8,366,576
7,340,423

Creditors: amounts falling due within one year
 16 
(3,955,956)
(3,877,141)

Net current assets
  
 
 
4,410,620
 
 
3,463,282

Total assets less current liabilities
  
4,895,565
4,103,030

Creditors: amounts falling due after more than one year
 17 
(405,920)
(127,220)

Provisions for liabilities
  

Deferred tax
  
(37,267)
(66,649)

Net assets
  
4,452,378
3,909,161


Capital and reserves
  

Called up share capital 
 19 
1,000,000
1,000,000

Profit and loss account
 20 
3,452,378
2,909,161

  
4,452,378
3,909,161


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




R R Fabian
Director

Date: 20 March 2025

The notes on pages 13 to 25 form part of these financial statements.

Page 11

 
FUJIFILM SONOSITE LTD
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2022
1,000,000
2,621,009
3,621,009


Comprehensive income for the year

Profit for the year
-
288,152
288,152


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
288,152
288,152


Total transactions with owners
-
-
-



At 1 April 2023
1,000,000
2,909,161
3,909,161


Comprehensive income for the year

Profit for the year
-
543,217
543,217


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
543,217
543,217


Total transactions with owners
-
-
-


At 31 March 2024
1,000,000
3,452,378
4,452,378


The notes on pages 13 to 25 form part of these financial statements.

Page 12

 
FUJIFILM SONOSITE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Fujifilm Sonosite Ltd is a company incorporated in the United Kingdom under the Companies Act. The Company is a private company limited by shares and is registered in England and Wales. The address of the Company's registered office is Fujifilm House, Whitbread Way, Bedford, Bedfordshire, England, MK42 0ZE. 
The principal activity of the company in the year under review was that of distribution of ultrasound machines. 

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 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 judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7;
the requirement of paragraph 24(b) of IFRS 6 Exploration for and Evaluation of Mineral Resources to disclose the operating and investing cash flows arising from the exploration for and evaluation of mineral resources (when applying this standard in accordance with paragraph 34.11 of FRS 102).

This information is included in the consolidated financial statements of Fujifilm Holdings Corporation as at 31 March 2024 and these financial statements may be obtained from 7-3, Akasaka 9-chome, Minato-ku, Tokyo, 107-0052, Japan..

Page 13

 
FUJIFILM SONOSITE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Going concern

The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. This expectation is based on the arrangement with FUJIFILM SonoSite Inc. the Company's parent, to provide financial support to the Company to enable it to settle its debts as they fall due for a period of not less than a year from the date of the approval of the financial statements.
In summary, FFSS is in a very sound financial position and expected to improve its financial performance with the high-tech products being strongly demanded within the expanding POC Ultrasound market.

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP, rounded to the nearest whole £.

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.5

Turnover

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:

Turnover represents amounts receivable for goods and services, net of VAT and trade discounts. Revenue is recognised at the point of despatch of goods, with the exception of sales to specific customers whereby the terms and conditions of sales mean that revenue recognition should be based on delivery. Maintenance contracts are also offered to customers for a set term. Revenue for these contracts are recognised on a straight line basis over the maintenance contract term. 

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 14

 
FUJIFILM SONOSITE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 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

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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.

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 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 except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
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.

Page 15

 
FUJIFILM SONOSITE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

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.

The estimated useful lives range as follows:

Demo 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.

 
2.10

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and Loss Account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 16

 
FUJIFILM SONOSITE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Financial liabilities

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 17

 
FUJIFILM SONOSITE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies the directors are required to make judgments, estimates and assumptions about the carrying value 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Management makes estimates, judgments and assumptions in determining provisions, the realisability of deferred tax assets and the collectability of accounts receivable. Management believes that the estimates, judgments and assumptions upon which it relies are reasonable based on information available at the time that these estimates, judgments, and assumptions are made. 


4.


Turnover

As restated
2024
2023
£
£

Sales of medical equipment
9,844,208
12,232,931

Service revenue
156,382
161,786

10,000,590
12,394,717


All turnover arose within the United Kingdom.


5.


Other operating charges

2024
2023
£
£



Other operating charges
1,778,322
1,730,341

FujiFilm Sonosite reviews the operating profitability of the Fujifilm Sonosite Sales Subsidiaries and makes an intercompany adjustment to each of the establish Fujifilm Sonosite Sales subsidiaries, as needed, to achieve the arm's length operating profit levels - known as Keep-well adjustment.
The Keepwell target percentage was 6.21% for 2024 (3.72% in 2023).

Page 18

 
FUJIFILM SONOSITE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation
87,570
102,010

Profit on sale of fixed assets
(283,074)
(181,683)

Exchange differences
(17,655)
1,021


7.


Auditor's remuneration

2024
2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
19,300
18,000

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


8.


Employees

2024
2023
£
£

Wages and salaries
1,498,414
1,836,491

Social security costs
190,724
262,852

Cost of defined contribution scheme
109,785
121,655

1,798,923
2,220,998


The average monthly number of employees, including the director, during the year was as follows:


        2024
        2023
            No.
            No.







Sales staff
11
10



Clinical applications staff
4
4



Marketing staff
1
1



Director
1
1

17
16

Page 19

 
FUJIFILM SONOSITE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Interest receivable

2024
2023
£
£


Other interest receivable
53,629
-


10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
134,609
(30,274)

Adjustments in respect of previous periods
26,222
101,600


160,831
71,326


Total current tax
160,831
71,326

Deferred tax


Origination and reversal of timing differences
(29,382)
112,648

Total deferred tax
(29,382)
112,648


Tax on profit
131,449
183,974
Page 20

 
FUJIFILM SONOSITE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
674,666
472,126


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
168,667
89,704

Effects of:


Provisions
-
(642)

Deductible as paid
1,565
(57)

Capital allowances for year in excess of depreciation
22,365
(84,913)

Permanent timing difference
(57,988)
(34,366)

Prior year under provision
26,222
101,600

Deferred tax
(29,382)
112,648

Total tax charge for the year
131,449
183,974


Factors that may affect future tax charges

Following the 2021 Budget announcement, the rate of corporation tax will be increased from 19% to 25%
from 1 April 2023. Accordingly, profits earned in future periods will be taxed at 25% rather than 19% and
any deferred tax assets or liabilities will be revalued reflecting the latest enacted rate.


11.


Dividends



On 1 November 2024 the directors proposed a dividend of £1,500,000 which was paid on 7 November 2024.

Page 21

 
FUJIFILM SONOSITE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Tangible fixed assets





Demo equipment

£



Cost or valuation


At 1 April 2023
824,496


Additions
296,352


Transfers intra group
(294,813)


Disposals
(222,867)



At 31 March 2024

603,168



Depreciation


At 1 April 2023
184,760


Charge for the year on owned assets
87,570


Transfers intra group
(78,329)


Disposals
(75,766)



At 31 March 2024

118,235



Net book value



At 31 March 2024
484,933



At 31 March 2023
639,736

Page 22

 
FUJIFILM SONOSITE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


Fixed asset investments





Other fixed asset investments

£



Cost or valuation


At 1 April 2023
12



At 31 March 2024
12





14.


Debtors

2024
2023
£
£


Trade debtors
2,681,130
2,052,925

Amounts owed by group undertakings
235,493
-

Other debtors
63,479
156,310

Prepayments and accrued income
73,543
57,090

3,053,645
2,266,325


Receivables from related parties are unsecured, interest free and repayable on demand.


15.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
5,312,931
5,074,098


Page 23

 
FUJIFILM SONOSITE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

16.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
11,941
2,103

Amounts owed to group undertakings
2,516,672
2,268,259

Other taxation and social security
930,842
978,252

Other creditors
435,492
490,089

Accruals and deferred income
61,009
138,438

3,955,956
3,877,141


Barclays Bank PLC hold a fixed charge over the bank accounts of the Company.


17.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Accruals and deferred income
405,920
127,220



18.


Deferred taxation




2024
2023


£

£






At beginning of year
(66,649)
45,999


Charged to profit or loss
29,382
(112,648)



At end of year
(37,267)
(66,649)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(46,815)
(69,180)

Timing differences
9,548
2,531

(37,267)
(66,649)

Page 24

 
FUJIFILM SONOSITE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

19.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,000,000 (2023 - 1,000,000) Ordinary shares of £1.00 each
1,000,000
1,000,000



20.


Reserves

Profit and loss account

The profit and loss account includes all current and prior year retained profits and losses.


21.


Prior year adjustment

It has been identified that proceeds received on assets disposed of were historically included within revenue. This error impacted the accounts for the year ended 31 March 2023 and that revenue was overstated by £296,829 and admin costs were overstated by the same amount.  An adjustment has been made to the 31 March 2023 comparatives to reflect this.
This was no impact on the profit and the reserves for the year to March 2023 once the adjustments were reflected in the financial statements.


22.


Pension commitments

The Company operates a defined contribution 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 £109,785 (2023 - £121,655). Contributions totalling £12,021 (2023 - £6,000) were payable to the fund at the balance sheet date and are included in creditors.


23.


Ultimate controlling party and ultimate parent company

The directors consider there to be no one ultimate controlling party. The immediate parent company is FUJIFILM Sonosite, Inc.
FUJIFILM Holdings Corporation, a company incorporated in Japan, is regarded by the directors to be the ultimate parent company. FUJIFILM Holdings Corporation is the smallest and largest company for which consolidated accounts including FUJIFILM Sonosite Limited are prepared. The consolidated financial statements of FUJIFILM Holdings Corporation are available to the public from 7-3, Akasaka 9-chrome, Minato-ku, Tokyo, 107-0052, Japan.

 
Page 25