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Company registration number: 7278351







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024


OCCLUTECH (UK) LIMITED






































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OCCLUTECH (UK) LIMITED
 


 
COMPANY INFORMATION


Directors
M J Galloway 
J P De La Cortina Castaneda 




Registered number
7278351



Registered office
R+
2 Blagrave Street

Reading

Berkshire

RG1 1AZ




Trading Address
The Mille
3rd Floor, Great West Road

Brentford

TW8 9DW






Independent auditor
Menzies LLP
Chartered Accountants & Statutory Auditor

95 Gresham Street

London

EC2V 7AB





 


OCCLUTECH (UK) LIMITED
 



CONTENTS



Page
Statement of financial position
1
Notes to the financial statements
2 - 7


 


OCCLUTECH (UK) LIMITED
REGISTERED NUMBER:7278351



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
-
177

  
-
177

Current assets
  

Stocks
  
987,303
1,159,701

Debtors
 5 
156,496
1,074,101

Cash at bank and in hand
  
870,604
543,976

  
2,014,403
2,777,778

Creditors: amounts falling due within one year
 6 
(717,334)
(863,759)

Net current assets
  
 
 
1,297,069
 
 
1,914,019

Total assets less current liabilities
  
1,297,069
1,914,196

  

Net assets
  
1,297,069
1,914,196


Capital and reserves
  

Called up share capital 
  
500,000
500,000

Profit and loss account
  
797,069
1,414,196

  
1,297,069
1,914,196


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

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




M J Galloway
Director

Date: 1 April 2025

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 


OCCLUTECH (UK) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Occlutech (UK) Limited is a private company limited by shares, incorporated in England & Wales under the Companies Act.
The address of the registered office, its trading address and company registration number are located on the company information page.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

In preparing the financial statements, the directors are required to assess the Company’s ability to continue to trade as a going concern for the foreseeable future.
The Company's financial statements are prepared on a going concern basis on the grounds that current and future sources of funding or support will be adequate for the company's needs.  The companies profitability is guaranteed, due to the transfer pricing agreements in place with Occlutech International AB, which will support the company's cashflows, along with funding from the group, as and when required.  
We also confirm our plans for future action required to enable the company to continue as a going concern are feasible. We have considered a period of twelve months from the date of approval of the financial statements. We believe that no further disclosures relating to the company's ability to continue as a going concern need to be made in the financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 2

 


OCCLUTECH (UK) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenues on the sale are recognised when a contractual promise to a customer (performance obligation) has been fulfilled by transferring control over the promised goods to the customer, in the case of direct sales at hospitals, when the product is taken from the consignment inventory. There is only one performance obligation being the sale of the good.
The amount of revenue to be recognised is based on the consideration the Company expects to receive in exchange for its goods.
The transaction price may comprise both fixed and variable components. Products are, in most transactions sold at pre-defined fixed prices, however in some contracts a volume discount is agreed based on specific targets. Revenue is recognised, as soon as the performance obligation is satisfied, at the transaction price identified.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Interest income

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

 
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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Taxation

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 reporting date in the countries where the Company operates and generates income.


Page 3

 


OCCLUTECH (UK) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.9

Tangible fixed assets

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

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

Depreciation is provided on the following basis:

Equipment
-
33%
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

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. 

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

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2023 - 8).

Page 4

 


OCCLUTECH (UK) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Tangible fixed assets





Equipment

£



Cost or valuation


At 1 January 2024
1,592



At 31 December 2024

1,592



Depreciation


At 1 January 2024
1,415


Charge for the year on owned assets
177



At 31 December 2024

1,592



Net book value



At 31 December 2024
-



At 31 December 2023
177

Page 5

 


OCCLUTECH (UK) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Debtors


2024
2023
£
£



Trade debtors
149,426
535,029

Amounts owed by group undertakings
-
530,675

Other debtors
5,000
6,150

Prepayments and accrued income
2,070
2,247

156,496
1,074,101



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
3,525
11,573

Amounts owed to group undertakings
21,757
395,714

Corporation tax
27,192
93,294

Other taxation and social security
210,011
225,365

Other creditors
51,070
2,413

Accruals and deferred income
403,779
135,400

717,334
863,759



7.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
10,500
6,500

Later than 1 year and not later than 5 years
8,000
10,250

18,500
16,750


8.


Consolidated financial statements

The parent undertaking of the smallest group in which consolidated financial statements are prepared, which include Occlutech (UK) Limited, is Occlutech Holding AG which has an address of Feldstrasse 22 8200 Schaffhausen.

Page 6

 


OCCLUTECH (UK) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2024 was qualified.

The qualification in the audit report was as follows:

In the previous year, the company held stock, for which we did not observe the counting of physical inventories at the end of that year. We were unable to satisfy ourselves by alternatives means concerning the inventory quantities of £1,159,701 held at 31 December 2023 by using other audit procedures. Consequently, we were unable to determine whether any adjustment to this amount or any adjustment to revenue in respect of orders fulfilled during the year ended 31 December 2023, was necessary.
In addition the company had recognised a provision for obsolete stock of £387,513, for which we were unable to gain sufficient appropriate audit evidence.
Therefore, based on the above two points, we were unable to determine whether there was any consequential effect on both cost of sales or revenue for the year ended 31 December 2024.

The audit report was signed on 1 April 2025 by Sarah Hallam FCCA (Senior statutory auditor) on behalf of Menzies LLP.

 
Page 7