| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 31 December 2024 |
| for |
| Carelide UK Limited |
| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 31 December 2024 |
| for |
| Carelide UK Limited |
| Carelide UK Limited (Registered number: 11952574) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Carelide UK Limited |
| Company Information |
| for the Year Ended 31 December 2024 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Certified Accountants and |
| Statutory Auditor |
| 9 Exchange Place |
| International Financial Services Centre |
| Dublin |
| Ireland |
| D01 X8H2 |
| BANK: |
| 8 Canada Square |
| London |
| E14 5HQ |
| United Kingdom |
| Carelide UK Limited (Registered number: 11952574) |
| Balance Sheet |
| 31 December 2024 |
| 31.12.24 | 31.12.23 |
| Notes | £ | £ |
| CURRENT ASSETS |
| Stocks | 5 |
| Debtors | 6 |
| Cash in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 8 |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 9 |
| Retained earnings | 10 | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| The financial statements were approved by the director and authorised for issue on |
| Carelide UK Limited (Registered number: 11952574) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2024 |
| 1. | STATUTORY INFORMATION |
| Carelide UK Limited is a |
| The functional currency and the presentation currency of the financial statements is the Pound Sterling (£). |
| These accounts are individual financial statements and do not form part of a group accounts. |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1 A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
| Critical accounting judgements and key sources of estimation uncertainty |
| In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised where the |
| revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
| (a) Provision for doubtful debts |
| The company makes an estimate of the recoverable value of trade and other debtors. The company uses estimates based on historical experience in determining the level of debts, which the company believes, will not be collected. These estimates include such factors as the current credit rating of the debtor, the ageing profile of debtors and historical experience. Any significant reduction in the level of customers that default on payments or other significant improvements that resulted in a reduction in the level of bad debt provision would have a positive impact on the operating results. The level of provision required is reviewed on an on-going basis. |
| (b) Inventory provisioning |
| The company is involved in the sale, on a wholesale basis, of medical equipment and consumables. It is necessary to consider the recoverability of the cost of inventory and the associated provisioning required. When calculating the inventory provision, management considers the estimated realisable value. The level of provision required is reviewed on an on-going basis. |
| Carelide UK Limited (Registered number: 11952574) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Turnover is recognised in line with section 23 with FRS102 when all conditions for the sale of goods are met. Any payment received in advance from customers is not recognised in the turnover figures for the period, these amounts are included as 'Customer deposits' within Creditors Amounts falling due within 1 year. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| 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. |
| Financial instruments |
| The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' 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. |
| 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 debtors, loans from fellow group companies, cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised. |
| Carelide UK Limited (Registered number: 11952574) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Classification of 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 deducting all of its liabilities. |
| Basic financial liabilities |
| Basic financial liabilities, including creditors, accruals and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
| Ordinary share capital |
| The ordinary share capital of the company is presented as equity. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Carelide UK Limited (Registered number: 11952574) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| The non-monetary items are measured at historical cost and translated at the exchange rate on the date of transaction. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Going concern |
| The Financial Statements have been prepared on the going concern basis which assumes the entity will continue in operational existence for the foreseeable future and for at least a period of 12 months from the date of approval of the Financial Statements. |
| The company has recorded a profit of £443,377 (prior period: -£1,350,126) and had net liabilities of £8,442,908 (prior period: £8,886,285) for the year ending 31 December 2024. |
| The Board of Directors have prepared prudent and conservative cashflow projections and forecasts for the period of 12 months from the date of approval of the financial statements and acknowledge that the future success of the company is underpinned by the successful achievement of the budgeted targets identified, in conjunction with the optimization of the developing business opportunities and most significantly the continued receipt of funding and support of the parent company. |
| At the date of approval of the financial statements the board of directors have received confirmation from the parent company of its intention to provide continued financial support to the company in order to ensure that the company remains in operational existence for the foreseeable future which may require the continued support of its parent company including the non-call of the intercompany loan balance of £9,018,271 (prior period: £10,013,722) for at least a period of 12 months from the date of approval of the financial statements. |
| Given the prudent and conservative cashflows and projections, along with the continued use of the support of the Ultimate parent company the Directors are satisfied that the company has the necessary resources to continue trading for the foreseeable future and accordingly they believe that it is appropriate for the Financial Statements to be prepared on a going concern basis. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 5. | STOCKS |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Finished goods |
| Carelide UK Limited (Registered number: 11952574) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| VAT |
| Accrued income and prepayments |
| The Amounts owed by group undertakings are interest free and repayable on demand. |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| VAT | 117,089 | - |
| Other creditors |
| Accruals |
| Trade Creditors are payable at various dates over the coming months in accordance with the suppliers' usual and customary credit terms. |
| The terms of the accruals are based on the underlying contracts. |
| Taxes including social insurance are payable at various dates over the coming months in accordance with the applicable statutory provisions. |
| All amounts are rounded to the nearest £. |
| 8. | PROVISIONS FOR LIABILITIES |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Other provisions | 480,000 | 480,000 |
| On 8 July 2024 the company received a letter of claim in respect of an alleged breach of contract in respect of an agency agreement entered into in 2019. The company has engaged with independent legal advisors to assist with this claim, and based on the preliminary evaluation of the claim in conjunction with the advice of independent legal advisors has determined that the probable settlement amount of the claim amounts to £480,000 and as such has provided for same in the financial statements. |
| Carelide UK Limited (Registered number: 11952574) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 9. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.12.24 | 31.12.23 |
| value: | £ | £ |
| Ordinary | £1 | 1,000 | 1,000 |
| Called up Share Capital - This represents the nominal value of the shares that have been issued. |
| 10. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 January 2024 | ( |
) |
| Profit for the year |
| At 31 December 2024 | ( |
) |
| Profit and Loss Account - This included all current and prior period retained profits and losses. |
| 11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 12. | RELATED PARTY DISCLOSURES |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| 13. | ULTIMATE CONTROLLING PARTY |
| The company's immediate and ultimate controlling parent company is Laboratoire Aguettant a company incorporated in France, whose registered address is 1 Rue Alexander Fleming, 69007 Lyon, France |
| 14. | APPROVAL OF THE FINANCIAL STATEMENTS |
| The director approved these financial statements for issue on _________ |