Company registration number 06317215 (England and Wales)
AGFA HEALTHCARE UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
AGFA HEALTHCARE UK LIMITED
COMPANY INFORMATION
Directors
Mr J G Bossink
Mr R B Peeters
(Appointed 7 November 2023)
Company number
06317215
Registered office
515 Coldhams Lane
Cambridge
CB1 3JS
Auditor
MHA
14 Mannin Way
Lancaster Business Park
Lancaster
LA1 3SW
AGFA HEALTHCARE UK LIMITED
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 6
Income statement
7
Statement of financial position
8
Statement of changes in equity
9
Notes to the financial statements
10 - 22
AGFA HEALTHCARE UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company continued to be that of the sale and marketing of various medical imaging equipment, materials, software and related services.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £10,500,000. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr A B Bonetti Netto
(Resigned 7 November 2023)
Mr J G Bossink
Mr R B Peeters
(Appointed 7 November 2023)
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr R B Peeters
Director
25 March 2025
AGFA HEALTHCARE UK LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are 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 directors are required to:

 

The directors are 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are 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.

AGFA HEALTHCARE UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF AGFA HEALTHCARE UK LIMITED
- 3 -

Qualified opinion on financial statements

We have audited the financial statements of AGFA Healthcare UK Limited (the 'company') for the year ended 31 December 2023 which comprise the income statement, the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 Reduced Disclosure Framework (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the possible effects on the corresponding figures of the matter described in the basis for qualified opinion section of our report, the financial statements:

Basis for qualified opinion

We were not appointed as auditor of the company until after 31 December 2021 and thus did not observe the counting of physical inventories at the end of that year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities of £886,823 held at 31 December 2021 by using other audit procedures. Consequently, we were unable to determine whether any adjustments to this amount was necessary or whether there was any consequential effect on the cost of sales for the year ended 31 December 2022. Our opinion on the current period’s financial statements is also modified because of the possible effect of this matter on the comparability of the current period’s figures and the corresponding figure. In addition, were any adjustment in inventory balance to be required, the directors' report would also need to be amended.

 

For the years ending 31 December 2022 and 31 December 2023, we were able to observe the counting of physical stock at the year end and therefore, we were able to obtain assurance over stock quantities held on the statement of financial position at those respective dates.

 

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 UK, including the FRC’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 qualified opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' 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 directors with respect to going concern are described in the relevant sections of this report.

AGFA HEALTHCARE UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF AGFA HEALTHCARE UK LIMITED (CONTINUED)
- 4 -

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 directors are responsible for the other information contained within the annual report. Our 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.

 

As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the inventory quantities of £886,823 held at 31 December 2021. We have concluded that where the other information refers to the stock balances such as comparative cost of sales, it may be materially misstated for the same reason.

Opinions on other matters prescribed by the Companies Act 2006

Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

Except for the matter described in the basis for qualified opinion section of our report, 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 directors' report.

 

Arising solely from the limitation on the scope of our work relating to inventory, referred to above:

 

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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

AGFA HEALTHCARE UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF AGFA HEALTHCARE UK LIMITED (CONTINUED)
- 5 -
Auditor 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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below:

 

 

 

 

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

AGFA HEALTHCARE UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF AGFA HEALTHCARE UK LIMITED (CONTINUED)
- 6 -

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 2006. Our 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.

Jack Steer BA(Hons) ACA
Senior Statutory Auditor
For and on behalf of MHA, Statutory Auditor
Lancaster, United Kingdom
25 March 2025
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)
AGFA HEALTHCARE UK LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
2023
2022
Notes
£'000
£'000
Revenue
3
8,737
14,329
Cost of sales
(5,633)
(10,519)
Gross profit
3,104
3,810
Administrative expenses
(2,346)
(4,357)
Operating profit/(loss)
4
758
(547)
Investment income
8
570
159
Finance costs
9
(6)
(2)
Profit/(loss) before taxation
1,322
(390)
Tax on profit/(loss)
10
(257)
-
0
Profit/(loss) and total comprehensive income for the financial year
1,065
(390)
AGFA HEALTHCARE UK LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 8 -
2023
2022
Notes
£'000
£'000
£'000
£'000
Non-current assets
Property, plant and equipment
12
238
261
Deferred tax asset
19
617
874
855
1,135
Current assets
Inventories
13
844
1,545
Trade and other receivables
15
4,359
15,683
Cash and cash equivalents
-
0
1
5,203
17,229
Current liabilities
16
(3,337)
(6,224)
Net current assets
1,866
11,005
Total assets less current liabilities
2,721
12,140
Non-current liabilities
16
(89)
(73)
Net assets
2,632
12,067
Equity
Called up share capital
21
1,000
12,500
Retained earnings
1,632
(433)
Total equity
2,632
12,067

These financial statements have been prepared 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 25 March 2025 and are signed on its behalf by:
Mr R B Peeters
Director
Company registration number 06317215 (England and Wales)
AGFA HEALTHCARE UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
Share capital
Retained earnings
Total
Notes
£'000
£'000
£'000
Balance at 1 January 2022
12,500
(43)
12,457
Year ended 31 December 2022:
Loss and total comprehensive income
-
(390)
(390)
Balance at 31 December 2022
12,500
(433)
12,067
Year ended 31 December 2023:
Profit and total comprehensive income
-
1,065
1,065
Transactions with owners:
Dividends
11
-
(10,500)
(10,500)
Reduction in shares
21
(11,500)
11,500
-
0
Balance at 31 December 2023
1,000
1,632
2,632
AGFA HEALTHCARE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
1
Accounting policies
Company information

AGFA Healthcare UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 515 Coldhams Lane, Cambridge, CB1 3JS. The company's principal activities and nature of its operations are disclosed in the directors' report.

1.1
Accounting convention

The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.

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 £'000.

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

The company has taken advantage of the following disclosure exemptions under FRS 101:

 

 

Where required, equivalent disclosures are given in the group accounts Agfa-Gavaert NV. The group accounts of of Agfa-Gavaert NV are available to the public and may be obtained from http://www.agfa.com under the investor relations pages.

1.2
Going concern

The directors have considered the factors that impact the Company's future development, performance, cash flows, and financial position, including the Company's role within the group and its participation in centralised bank arrangements along with the Company's current liquidity, in forming their opinion on going concern basis. The directors have reasonable expectation that, with continued support from its parent company, the company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of the accounting in preparing the annual financial statements.true

 

The directors have at the time of approving the financial statements, a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

AGFA HEALTHCARE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 11 -
1.3
Revenue

Revenue from contracts with customer is measured at the transaction price being the amount of consideration that the company expects to be entitled to in exchange for transferring promised services to the customer. The transaction price is net of discounts and excludes amounts collected on behalf of third parties, sales taxes and VAT.

 

The company applies the five-stage model to its contracts for revenue with customers and performs the following analysis for each transaction:

1.    Identify the contract

2.    Identify the performance obligations

3.    Identify the consideration

4.    Allocate the consideration to each performance obligation

5.    Recognise revenue as or when each performance obligation is satisfied.

 

Turnover for the company comprises of hardware, software, services and support agreements.

 

Hardware turnover is recognised at the point of delivery to the customer.

 

Software turnover is recognised after successful installation and acceptance by the customer.

 

Service (for installation) turnover is recognised as services are rendered to the customer (progress is measured based on labour hours incurred versus the estimated hours to be spent).

 

Support and maintenance turnover is recognised linearly, over the length of time the support agreement is contracted for.

1.4
Property, plant and equipment

Property, plant and equipment 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:

Leasehold land and buildings
Life of the lease
Leasehold improvements
Life of the lease
Fixtures and fittings
3-7 years straight line
Computers
1 year straight line
Motor vehicles
Life of the lease

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 recognised in the income statement.

1.5
Impairment of tangible and intangible assets

At each reporting 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.

AGFA HEALTHCARE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 12 -

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 is estimated to be less than its carrying amount, the carrying amount of the asset 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.

1.6
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.7
Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held at call with banks.

1.8
Financial assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

 

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

 

Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting end date.

 

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

 

1.9
Financial liabilities

The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

AGFA HEALTHCARE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense. 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.

1.13
Retirement benefits

Defined contribution plan

A defined contribution plan is a post-employment benefit plan under which the company pays fixed contributions into a separate entity which will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense in the profit and loss account in the periods during which services are rendered employees.

 

Defined benefit pension plan

The company participates in a group pension scheme providing benefits based on final pensionable pay. The assets of the scheme are held separately from those of the company, and the company pays a non contractual contribution towards the scheme each year. Under IAS19, paragraph 41, this is accounted for as a cost equal to contributions payable for the period.

AGFA HEALTHCARE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
1.14
Leases

At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within tangible fixed assets, apart from those that meet the definition of investment property.

 

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.

 

The right-of-use asset is subsequently depreciated using the straight-line method from the

commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of other tangible fixed assets. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

 

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.

 

The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in: future lease payments arising from a change in an index or rate; the company's estimate of the amount expected to be payable under a residual value guarantee; or the company's assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has

been reduced to zero.

 

The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

1.15
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.

AGFA HEALTHCARE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
2
Critical accounting estimates and judgements

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, 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.

 

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

Critical judgements
Useful economic lives of tangible assets

The annual depreciation charge for the tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect the current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

Impairment of trade receivables

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other receivables, management considers factors including the credit rating of the receivable, the ageing profile of receivables and historical experience. The company applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected allowance for all trade receivables and contract assets.

3
Revenue
2023
2022
£'000
£'000
Revenue analysed by class of business
Sale of goods
3,261
6,732
Sale of services
5,476
7,597
8,737
14,329

The directors have considered the impact of the application of IFRS 15 on the timing and amount of revenue recognition and are satisfied that no material impact to the company's financial accounting arises.

AGFA HEALTHCARE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
4
Operating profit/(loss)
2023
2022
Operating profit/(loss) for the year is stated after charging/(crediting):
£'000
£'000
Exchange losses
8
2
Depreciation of property, plant and equipment
171
164
Cost of inventories recognised as an expense
3,578
8,158
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£'000
£'000
For audit services
Audit of the financial statements of the company
23
16
6
Employees

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

2023
2022
Number
Number
Directors
2
2
Sales, Marketing and Support
31
33
Total
33
35

Their aggregate remuneration comprised:

2023
2022
£'000
£'000
Wages and salaries
1,754
1,897
Social security costs
217
248
Pension costs
120
123
2,091
2,268

The pensions costs include £120,000 (2022: £123,000) Company contributions relating to the defined contribution scheme.

AGFA HEALTHCARE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
7
Directors' remuneration

During the year no directors were remunerated through this company (2022: £nil) and no retirement benefits were accruing to directors (2022: £nil) in respect of defined contribution scheme.

8
Investment income
2023
2022
£'000
£'000
Interest income
Other interest income
570
159
9
Finance costs
2023
2022
£'000
£'000
Interest on financial liabilities measured at amortised cost:
Interest on other loans
6
2
10
Taxation
Deferred tax
Origination and reversal of temporary differences
257
-
0

The charge for the year can be reconciled to the profit/(loss) per the income statement as follows:

2023
2022
£'000
£'000
Profit/(loss) before taxation
1,322
(390)
Expected tax charge/(credit) based on a corporation tax rate of 25.00% (2022: 19.00%)
331
(74)
Effect of expenses not deductible in determining taxable profit
3
6
Effect of change in UK corporation tax rate
-
0
26
Group relief
(42)
169
Permanent capital allowances in excess of depreciation
-
0
(19)
Deferred tax adjustments in respect of prior years
-
(120)
Other tax adjustments
(35)
12
Taxation charge for the year
257
-

Factors affecting future tax and charges

 

The enacted UK corporation tax rate existing at the year of 25% forms the basis for the UK element of the deferred tax calculation, following the UK budget in 2021 when the chancellor announced an increase to the main rate of corporation tax in the UK to 25% from April 2023.

AGFA HEALTHCARE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
11
Dividends
2023
2022
2023
2022
Amounts recognised as distributions:
per share
per share
Total
Total
£
£
£'000
£'000
Ordinary shares
Interim dividend paid
10.50
-
10,500
-
12
Property, plant and equipment
Leasehold land and buildings
Leasehold improvements
Fixtures and fittings
Computers
Motor vehicles
Total
£'000
£'000
£'000
£'000
£'000
£'000
Cost
At 1 January 2023
108
99
166
321
173
867
Additions
-
0
-
0
-
0
62
89
151
Disposals
-
0
-
0
-
0
-
0
(40)
(40)
Revaluation increase
-
0
-
0
-
0
-
0
(1)
(1)
At 31 December 2023
108
99
166
383
221
977
Accumulated depreciation and impairment
At 1 January 2023
41
35
163
258
109
606
Charge for the year
22
20
1
80
49
172
Eliminated on disposal
-
0
-
0
-
0
-
0
(40)
(40)
At 31 December 2023
63
55
164
338
118
738
Carrying amount
At 31 December 2023
45
44
2
45
103
239
At 31 December 2022
67
64
3
63
64
261

Property, plant and equipment includes right-of-use assets, as follows:

Right-of-use assets
2023
2022
£'000
£'000
Net values at the year end
Property
45
67
Motor vehicles
105
64
150
131
AGFA HEALTHCARE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12
Property, plant and equipment
(Continued)
- 19 -
Depreciation charge for the year
Property
22
22
Motor vehicles
48
55
70
77
13
Inventories
2023
2022
£'000
£'000
Finished goods
844
1,545
14
Contracts with customers
2023
2022
2022
Period end
Period end
Period start
£'000
£'000
£'000
Contracts in progress
Contract liabilities
(2,031)
(2,055)
(1,248)
15
Trade and other receivables
2023
2022
£'000
£'000
Trade receivables
811
1,975
Amounts owed by fellow group undertakings
3,420
12,720
Other receivables
60
9
Prepayments and accrued income
68
979
4,359
15,683
16
Liabilities
Current
Non-current
2023
2022
2023
2022
Notes
£'000
£'000
£'000
£'000
Trade and other payables
17
2,868
5,448
-
0
-
0
Taxation and social security
409
720
-
-
Lease liabilities
18
60
56
89
73
3,337
6,224
89
73
AGFA HEALTHCARE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
17
Trade and other payables
2023
2022
£'000
£'000
Trade payables
212
493
Contract liabilities (note 14)
2,031
2,055
Amounts owed to fellow group undertakings
516
2,461
Accruals and deferred income
109
439
2,868
5,448
18
Lease liabilities
2023
2022
Maturity analysis
£'000
£'000
Within one year
60
56
In two to five years
89
73
Total undiscounted liabilities
149
129

Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:

2023
2022
£'000
£'000
Current liabilities
60
56
Non-current liabilities
89
73
149
129
19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.

Retirement benefit obligations
Total
£'000
£'000
Asset at 1 January 2023
(874)
(874)
Asset at 31 December 2023
(617)
(617)
AGFA HEALTHCARE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
20
Retirement benefit schemes
2023
2022
Defined contribution schemes
£'000
£'000
Charge to profit or loss in respect of defined contribution schemes
120
123

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

21
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£'000
£'000
Issued and fully paid
Ordinary shares of 8p each
12,500,000
12,500,000
1,000
12,500

Each ordinary share has equal voting and distribution rights, including repayment of capital in the event of winding up.

 

In December 2023 the company reduced its share capital from £12,500,000 to £1,000,000 which created £11,500,000 of distributable reserves. Subsequent to this, a distribution was made of £10,500,000 to the parent company.

22
Related party transactions

As a wholly owned subsidiary of Agfa N.V., the Company is exempt from the requirements of FRS101 to disclose transactions with other members of the group headed by Agfa Gevaert N.V.

 

 

 

 

 

 

 

 

 

AGFA HEALTHCARE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
23
Controlling party

At 31 December 2023 the immediate parent undertaking was Agfa N.V., incorporated and registered in Belgium.

 

The ultimate parent undertaking is Agfa -Gevaert N.V.

 

The largest group in which the results of the Company are consolidated is that headed by Agfa-Gevaert N.V. Copies of the group financial statements for Agfa Gevaert N.V. are available from the company's registered office at:

 

Agfa -Gevaert N.V.

Septestraat 27

2640 Mortsel

Belgium

 

The smallest group in which the results of the Company are consolidated is that headed by Agfa N.V. Copies of the group financial statements for Agfa N.V. are available from that company's registered office

at:

 

Agfa N.V.

Septestraat 27

2640 Mortsel

Belgium

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