Caseware UK (AP4) 2023.0.135 2023.0.135 2024-12-31021757952024-12-31172024-01-01false23truetrue 02175795 2024-01-01 2024-12-31 02175795 2023-01-01 2023-12-31 02175795 2024-12-31 02175795 2023-12-31 02175795 c:Director2 2024-01-01 2024-12-31 02175795 d:FurnitureFittings 2024-01-01 2024-12-31 02175795 d:FurnitureFittings 2024-12-31 02175795 d:FurnitureFittings 2023-12-31 02175795 d:FurnitureFittings d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02175795 d:OfficeEquipment 2024-01-01 2024-12-31 02175795 d:OfficeEquipment 2024-12-31 02175795 d:OfficeEquipment 2023-12-31 02175795 d:OfficeEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02175795 d:OtherPropertyPlantEquipment 2024-01-01 2024-12-31 02175795 d:OtherPropertyPlantEquipment 2024-12-31 02175795 d:OtherPropertyPlantEquipment 2023-12-31 02175795 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02175795 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02175795 d:ComputerSoftware 2024-12-31 02175795 d:ComputerSoftware 2023-12-31 02175795 d:OtherResidualIntangibleAssets 2024-01-01 2024-12-31 02175795 d:CurrentFinancialInstruments 2024-12-31 02175795 d:CurrentFinancialInstruments 2023-12-31 02175795 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 02175795 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 02175795 d:ShareCapital 2024-12-31 02175795 d:ShareCapital 2023-12-31 02175795 d:SharePremium 2024-01-01 2024-12-31 02175795 d:SharePremium 2024-12-31 02175795 d:SharePremium 2023-12-31 02175795 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 02175795 d:RetainedEarningsAccumulatedLosses 2024-12-31 02175795 d:RetainedEarningsAccumulatedLosses 2023-12-31 02175795 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-01-01 2024-12-31 02175795 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-12-31 02175795 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-12-31 02175795 c:OrdinaryShareClass1 2024-01-01 2024-12-31 02175795 c:OrdinaryShareClass1 2024-12-31 02175795 c:OrdinaryShareClass1 2023-12-31 02175795 c:FRS102 2024-01-01 2024-12-31 02175795 c:Audited 2024-01-01 2024-12-31 02175795 c:FullAccounts 2024-01-01 2024-12-31 02175795 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 02175795 d:WithinOneYear 2024-12-31 02175795 d:WithinOneYear 2023-12-31 02175795 d:BetweenOneFiveYears 2024-12-31 02175795 d:BetweenOneFiveYears 2023-12-31 02175795 d:PlantEquipmentOtherAssetsUnderOperatingLeases 2024-12-31 02175795 d:PlantEquipmentOtherAssetsUnderOperatingLeases 2023-12-31 02175795 d:PlantEquipmentOtherAssetsUnderOperatingLeases d:WithinOneYear 2024-12-31 02175795 d:PlantEquipmentOtherAssetsUnderOperatingLeases d:WithinOneYear 2023-12-31 02175795 d:PlantEquipmentOtherAssetsUnderOperatingLeases d:BetweenOneFiveYears 2024-12-31 02175795 d:PlantEquipmentOtherAssetsUnderOperatingLeases d:BetweenOneFiveYears 2023-12-31 02175795 c:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 02175795 d:ComputerSoftware d:ExternallyAcquiredIntangibleAssets 2024-01-01 2024-12-31 02175795 2 2024-01-01 2024-12-31 02175795 d:ComputerSoftware d:OwnedIntangibleAssets 2024-01-01 2024-12-31 02175795 e:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:shares xbrli:pure



















Vision Pharmaceuticals Ltd (Trading as Spectrum)

Registered number: 02175795
Information for filing with the Registrar
For the year ended 31 December 2024

 
 02175795
31 December 2024
VISION PHARMACEUTICALS LTD (TRADING AS SPECTRUM)
REGISTERED NUMBER: 02175795

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 5 
131,425
171,635

Tangible assets
 6 
69,529
160,207

  
200,954
331,842

Current assets
  

Stocks
 7 
828,713
914,889

Debtors: amounts falling due within one year
 8 
8,591,091
8,569,299

Cash at bank and in hand
 9 
16,265
280,078

  
9,436,069
9,764,266

Creditors: amounts falling due within one year
 10 
(3,923,250)
(3,850,580)

Net current assets
  
 
 
5,512,819
 
 
5,913,686

Total assets less current liabilities
  
5,713,773
6,245,528

Provisions for liabilities
  

Other provisions
 11 
-
(203,697)

Net assets
  
 
 
5,713,773
 
 
6,041,831


Capital and reserves
  

Called up share capital 
 12 
94,002
94,002

Share premium account
 13 
245,000
245,000

Profit and loss account
 13 
5,374,771
5,702,829

  
5,713,773
6,041,831


- 1 -

 
 02175795
31 December 2024
VISION PHARMACEUTICALS LTD (TRADING AS SPECTRUM)
REGISTERED NUMBER: 02175795
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024

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 comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 April 2025.


S M Arundel
Director

The notes on pages 3 to 15 form part of these financial statements.

- 2 -

 
 02175795
31 December 2024
VISION PHARMACEUTICALS LTD (TRADING AS SPECTRUM)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Vision Pharmaceuticals Ltd (Trading as Spectrum) (the "Company") is a private company limited by shares, incorporated in England and Wales, registered number 02175795. Its registered head office is located at Fernbank House, Tytherington Business Park, Macclesfield, Cheshire, SK10 2XA.
The Company's principal activity is that of specialising in high-quality ophthalmic products, technologies, and services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis. After reviewing the business forecast for the next 12 months and current funding arrangements, the director believes this approach remains appropriate. The planning process has incorporated various economic scenarios, considering the current economic climate. Furthermore, the Parent Group has confirmed its continued support for the UK business through financial measures and cash injections if needed. The ultimate Parent Company, AddLife AB, has also affirmed its commitment to providing financial support, should it be required.

- 3 -

 
 02175795
31 December 2024
VISION PHARMACEUTICALS LTD (TRADING AS SPECTRUM)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

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

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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

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

Rendering of services
Revenue is recognised in the period in which the services are provided in accordance with the stage of completion of the contract. 

- 4 -

 
 02175795
31 December 2024
VISION PHARMACEUTICALS LTD (TRADING AS SPECTRUM)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
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

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

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.

- 5 -

 
 02175795
31 December 2024
VISION PHARMACEUTICALS LTD (TRADING AS SPECTRUM)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.9

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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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 reporting date.

 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Computer software
-
5
years

- 6 -

 
 02175795
31 December 2024
VISION PHARMACEUTICALS LTD (TRADING AS SPECTRUM)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.11

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:

Fixtures & fittings
-
15%
Office equipment
-
25%
Demonstration equipment
-
50%

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.

 
2.12

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. Work in progress and finished goods include labour and attributable overheads.

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.

 
2.13

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.

 
2.14

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.

 
2.15

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.

- 7 -

 
 02175795
31 December 2024
VISION PHARMACEUTICALS LTD (TRADING AS SPECTRUM)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.16

Provisions for liabilities

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

 
2.17

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.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs 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 receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

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

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

- 8 -

 
 02175795
31 December 2024
VISION PHARMACEUTICALS LTD (TRADING AS SPECTRUM)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.17
Financial instruments (continued)

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments 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 payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument 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.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables 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.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

- 9 -

 
 02175795
31 December 2024
VISION PHARMACEUTICALS LTD (TRADING AS SPECTRUM)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Critical accounting judgments and key sources of estimation uncertainty

The Company made judgments, estimates and assumptions about the carrying amounts of assets and liabilities that were not readily apparent from other sources in the application of the Company’s accounting policies. Estimates and judgments are continually evaluated and are based on historical experience and other factors that are considered to be reasonable under the circumstances. Actual results may differ from the estimates.
3.1 Critical judgments made in applying the Company accounting policies
Management is of the opinion that there are no critical judgments (other than those involving estimates) that have a significant effect on the amounts recognised in the financial statements.
3.2 Key sources of estimation uncertainty
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
Stock provision
The Company includes a stock provision for slow moving and obsolete stock. The director assesses the stock on a regular basis to ensure that stock is correctly valued at the lower of net realisable value and cost price. In assessing the net realisable value there is a certain amount of estimation required. The director reviews historic sales and assess the likelihood of selling the item before making their provision. 


4.


Employees

The average monthly number of employees, including directors, during the year was 17 (2023 - 23).

- 10 -

 
 02175795
31 December 2024
VISION PHARMACEUTICALS LTD (TRADING AS SPECTRUM)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Intangible assets




Computer software

£



Cost


At 1 January 2024
242,986


Additions
8,969



At 31 December 2024

251,955



Amortisation


At 1 January 2024
71,351


Charge for the year
49,179



At 31 December 2024

120,530



Net book value



At 31 December 2024
131,425



At 31 December 2023
171,635



- 11 -

 
 02175795
31 December 2024
VISION PHARMACEUTICALS LTD (TRADING AS SPECTRUM)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Tangible fixed assets





Fixtures & fittings
Office equipment
Demonstration equipment
Total

£
£
£
£



Cost


At 1 January 2024
188,964
197,336
855,548
1,241,848


Additions
655
1,276
26,482
28,413


Disposals
-
-
(58,456)
(58,456)



At 31 December 2024

189,619
198,612
823,574
1,211,805



Depreciation


At 1 January 2024
180,546
182,113
718,982
1,081,641


Charge for the year
2,760
9,433
88,215
100,408


Disposals
-
-
(39,773)
(39,773)



At 31 December 2024

183,306
191,546
767,424
1,142,276



Net book value



At 31 December 2024
6,313
7,066
56,150
69,529



At 31 December 2023
8,418
15,223
136,566
160,207


7.


Stocks

2024
2023
£
£

Finished goods and goods for resale
828,713
914,889


An impairment loss of £61,618 (2023: £94,752) was recognised in cost of sales against stock during the year due to slow-moving and obsolete stock.

- 12 -

 
 02175795
31 December 2024
VISION PHARMACEUTICALS LTD (TRADING AS SPECTRUM)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Debtors

2024
2023
£
£


Trade debtors
500,016
488,381

Amounts owed by group undertakings
7,977,084
7,952,462

Other debtors
5,972
18,933

Prepayments and accrued income
108,019
109,523

8,591,091
8,569,299



9.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
16,265
280,078

Less: bank overdrafts
(129,100)
-

(112,835)
280,078



10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
129,100
-

Trade creditors
219,958
419,262

Amounts owed to group undertakings
3,100,852
3,077,924

Other taxation and social security
157,235
129,135

Obligations under finance lease and hire purchase contracts
-
7,180

Other creditors
15,077
-

Accruals and deferred income
301,028
217,079

3,923,250
3,850,580


Obligations under finance lease and hire purchase contracts are secured on the assets to which they relate.

- 13 -

 
 02175795
31 December 2024
VISION PHARMACEUTICALS LTD (TRADING AS SPECTRUM)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Provisions





Restructuring provision

£





At 1 January 2024
203,697


Utilised in year
(203,697)



At 31 December 2024
-

The provision relates to the planned compensation for employees that are affected by the restructure following the planned strategic changes in the Company. This has been settled within the year.


12.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



94,002 (2023 - 94,002) Ordinary shares of £1.00 each
94,002
94,002



13.


Reserves

Share premium account

This represents amounts paid above par value for shares purchased.

Profit & loss account

This represents cumulative profits and losses from trading of the entity.


14.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £28,027 (2023: £41,275).
Contributions totaling £4,198 (2023: £2,612) were payable to the fund at the balance sheet date and are included in creditors.

- 14 -

 
 02175795
31 December 2024
VISION PHARMACEUTICALS LTD (TRADING AS SPECTRUM)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


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
£
£

Land and buildings


Not later than 1 year
71,355
71,550

Later than 1 year and not later than 5 years
241,434
241,434

312,789
312,984

2024
2023

£
£

Motor vehicles


Not later than 1 year
32,814
68,796

Later than 1 year and not later than 5 years
3,919
51,542

36,733
120,338


16.


Related party transactions

The Company has taken the exemption provided under FRS 102 Section 33 Related Party Disclosures  not to disclose transactions between wholly owned group companies.


17.


Controlling party

The Company is a subsidiary undertaking of SSCP Blink BidCo Limited.
As at year end the Company's ultimate parent undertaking, Addlife AB, included the company, in its consolidated financial statements. The consolidated financial statements of Addlife AB are prepared in accordance with IFRS and IAS 34 Interim Financial Reporting, and are available to the public and may be obtained from AddLife AB (publ), Box 3145, Brunkebergstorg 5, SE-103 62 Stockholm.


18.


Auditor's information

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

The audit report was signed on 30 April 2025 by Christopher Martin (Senior Statutory Auditor) on behalf of Forvis Mazars LLP.

- 15 -