Company registration number 04858052 (England and Wales)
VASCULAR PERSPECTIVES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
VASCULAR PERSPECTIVES LIMITED
COMPANY INFORMATION
Directors
Mr A D Brown
Mr S G Carroll
Mr K Inukai
Secretary
Mr S G Carroll
Company number
04858052
Registered office
35 Westgate
Huddersfield
West Yorkshire
HD1 1PA
Auditor
Wheawill & Sudworth Limited
Chartered Accountants
35 Westgate
Huddersfield
West Yorkshire
HD1 1PA
VASCULAR PERSPECTIVES LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Independent auditor's report
4 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 22
The following pages do not form part of the statutory financial statements
VASCULAR PERSPECTIVES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -

The directors present the strategic report for the year ended 30 September 2024.

Principal activities

The principal activity of the company continued to be that of a MedTech company, supplying and accelerating the adoption of innovative, patient-focused medical technologies and techniques.

Review of the business

 

A Year of Purposeful Growth and Innovation in MedTech Distribution:

VP MED Group has continued to redefine the role of the medical technology distributor, transforming traditional boundaries through its unique approach built around the company’s core MED principles: Marketing, Education, and Distribution. Our mission is to ensure that every innovation we bring to market is understood, supported, and adopted through a well-structured system of clinical education, thought leadership, and market intelligence.

 

Learning from the Frontlines:

Our success is driven by a commitment to listen and learn—from our sales teams, who are embedded at the clinical front line, and from our education teams, who work hand-in-hand with healthcare professionals to build trusted learning pathways. This continuous feedback loop ensures that our strategies remain agile, relevant, and impactful, adapting to the real-world needs of clinicians and patients alike.

 

The Power of the MED Principles:

At the core of our success lies our MED principles – Marketing, Education, and Distribution. These pillars are not just operational strategies but an ethos that shapes every decision we make. By combining best-in-class market research, robust educational initiatives, and agile distribution channels, we create an ecosystem that accelerates the adoption of medical innovation to advance patient care.

 

 

 

 

Accelerating Innovation through Partnership:

In 2025, VP MED Group expanded its strategic reach to work more closely with early-stage MedTech companies and MedTech investors. Establishing VP

MED Ventures. Our goal is to fast-track go-to-market strategies —through early KOL engagements using VP

MED’s Fuel + Friction workshops to provide deep learning, clinical insights, educational gaps, regulatory understanding, and strategic market entry needs and support. 

By aligning with investors and innovators early in the product lifecycle, we ensure every device is launched with the necessary ecosystem to thrive—education, advocacy, and commercial strategy all integrated from day one. 

 

Shaping the Future of Medical Technology:

Our long-term vision is rooted in sustainable innovation. We believe every new technology needs a new technique and every new technique needs educating, not just sold. Our role is to ensure clinicians not only have access to the tools of the future, but also the confidence and competence to use them.

 

As we look ahead, VP MED Group will continue to expand our educational platforms, invest in data-driven marketing, and deepen our strategic collaborations, work with key opinion leaders on fuel and friction —making sure that every innovation we support is positioned to make a real difference in patient care.

VASCULAR PERSPECTIVES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -

Conclusion

VP MED Group is not just a distributor—we are an enabler of creative innovation. Guided by our MED principles, and powered by a culture of learning, education and collaboration, we are now focusing on how we maximise all that we have learned to expand our portfolio of technologies, education of techniques and apply to new territories - we will always remain committed to accelerating MedTech adoption to advance patient care.

On behalf of the board

Mr A D Brown
Director
21 July 2025
VASCULAR PERSPECTIVES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -

The directors present their annual report and financial statements for the year ended 30 September 2024.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £2,317,362. The directors do not recommend payment of a further 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 D Brown
Mr S G Carroll
Mr K Inukai
Statement of directors' responsibilities

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.

 

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.

On behalf of the board
Mr A D Brown
Director
21 July 2025
VASCULAR PERSPECTIVES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF VASCULAR PERSPECTIVES LIMITED
- 4 -
Opinion

We have audited the financial statements of Vascular Perspectives Limited (the 'company') for the year ended 30 September 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows 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 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 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.

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.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

VASCULAR PERSPECTIVES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF VASCULAR PERSPECTIVES LIMITED (CONTINUED)
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

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

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.

Auditor's responsibilities for the audit of the financial statements

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

VASCULAR PERSPECTIVES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF VASCULAR PERSPECTIVES LIMITED (CONTINUED)
- 6 -

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

 

Obtained an understanding of the legal and regulatory framework applicable to the entity and how the entity is complying with that framework;

 

Assessment of the susceptibility of the entity’s financial statements to material misstatement, including how fraud might occur;

 

Ensured whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations;

 

Gained clear understanding of the entity’s current activities, the scope of its authorisation and confirmed the effectiveness of its control environment where the entity is a regulated entity;

 

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

 

·Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

 

·Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.

 

·Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

 

·Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.

 

·Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

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.

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.

VASCULAR PERSPECTIVES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF VASCULAR PERSPECTIVES LIMITED (CONTINUED)
- 7 -
David Butterworth
Senior Statutory Auditor
For and on behalf of Wheawill & Sudworth Limited
21 July 2025
Chartered Accountants
Statutory Auditor
35 Westgate
Huddersfield
West Yorkshire
HD1 1PA
VASCULAR PERSPECTIVES LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
15,839,945
14,952,850
Cost of sales
(8,902,824)
(8,475,009)
Gross profit
6,937,121
6,477,841
Administrative expenses
(4,815,361)
(3,997,894)
Other operating income
160,000
-
0
Operating profit
4
2,281,760
2,479,947
Interest receivable and similar income
7
258,566
108,726
Profit before taxation
2,540,326
2,588,673
Tax on profit
8
(632,343)
(562,887)
Profit for the financial year
1,907,983
2,025,786

The profit and loss account has been prepared on the basis that all operations are continuing operations.

VASCULAR PERSPECTIVES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
2024
2023
£
£
Profit for the year
1,907,983
2,025,786
Other comprehensive income
-
-
Total comprehensive income for the year
1,907,983
2,025,786
VASCULAR PERSPECTIVES LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
10
38,602
64,476
Tangible assets
11
431,129
270,568
Investments
12
64,400
-
0
534,131
335,044
Current assets
Stocks
13
1,454,721
2,502,477
Debtors
14
2,999,030
1,523,081
Cash at bank and in hand
722,952
2,034,322
5,176,703
6,059,880
Creditors: amounts falling due within one year
15
(1,125,104)
(1,409,946)
Net current assets
4,051,599
4,649,934
Total assets less current liabilities
4,585,730
4,984,978
Provisions for liabilities
Deferred tax liability
16
92,283
82,152
(92,283)
(82,152)
Net assets
4,493,447
4,902,826
Capital and reserves
Called up share capital
18
95
95
Capital redemption reserve
5
5
Profit and loss reserves
4,493,347
4,902,726
Total equity
4,493,447
4,902,826

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 21 July 2025 and are signed on its behalf by:
Mr A D Brown
Director
Company registration number 04858052 (England and Wales)
VASCULAR PERSPECTIVES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 11 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2022
95
5
7,000,819
7,000,919
Year ended 30 September 2023:
Profit and total comprehensive income
-
-
2,025,786
2,025,786
Dividends
9
-
-
(4,123,879)
(4,123,879)
Balance at 30 September 2023
95
5
4,902,726
4,902,826
Year ended 30 September 2024:
Profit and total comprehensive income
-
-
1,907,983
1,907,983
Dividends
9
-
-
(2,317,362)
(2,317,362)
Balance at 30 September 2024
95
5
4,493,347
4,493,447
VASCULAR PERSPECTIVES LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
21
2,307,002
4,158,107
Income taxes paid
(336,802)
(480,000)
Net cash inflow from operating activities
1,970,200
3,678,107
Investing activities
Purchase of intangible assets
-
0
(12,210)
Purchase of tangible fixed assets
(246,474)
(171,844)
Provision of loans
(976,300)
-
0
Interest received
258,566
108,726
Net cash used in investing activities
(964,208)
(75,328)
Financing activities
Dividends paid
(2,317,362)
(4,123,879)
Net cash used in financing activities
(2,317,362)
(4,123,879)
Net decrease in cash and cash equivalents
(1,311,370)
(521,100)
Cash and cash equivalents at beginning of year
2,034,322
2,555,422
Cash and cash equivalents at end of year
722,952
2,034,322
VASCULAR PERSPECTIVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 13 -
1
Accounting policies
Company information

Vascular Perspectives Limited is a private company limited by shares incorporated in England and Wales. The registered office is 35 Westgate, Huddersfield, West Yorkshire, HD1 1PA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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 £.

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

1.2
Going concern

Atruet the time of approving the financial statements, the directors have 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.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value added Tax.

 

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

1.4
Intangible fixed assets other than goodwill

Intangible assets are initially recorded at cost, and are subsequently measured at cost less accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of the revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

 

Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably..

Amortisation 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:

Web applications
20% straight line

Website development costs are amortised from launch of the site.

 

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

VASCULAR PERSPECTIVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

 

Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss.

 

A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Fixtures, fittings and equipment
25% reducing balance

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 credited or charged to profit or loss.

1.6
Fixed asset investments

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

 

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.

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 (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) 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.

VASCULAR PERSPECTIVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 15 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

1.9
Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

1.10
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 profit and loss account 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 liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing 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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Retirement benefits

Contributions to defined contribution plans are recognised as an expense in the period in which the realted service is provided.

 

Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discount present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

VASCULAR PERSPECTIVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.12

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably.

 

Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the best estimate of the amount that would be required to settle the obligation.

 

Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

2
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 recognised 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.

3
Turnover and other revenue

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

2024
2023
£
£
Turnover analysed by class of business
Sale of goods
15,839,945
14,952,850
2024
2023
£
£
Other revenue
Interest income
258,566
108,726
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
13,500
12,500
Depreciation of owned tangible fixed assets
85,913
90,187
Amortisation of intangible assets
25,874
25,874
VASCULAR PERSPECTIVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 17 -
5
Employees

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

2024
2023
Number
Number
28
27

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
2,031,108
1,763,013
Social security costs
226,139
211,534
Pension costs
200,838
190,243
2,458,085
2,164,790
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
110,457
109,706
Company pension contributions to defined contribution schemes
33,808
20,057
144,265
129,763
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest receivable from group companies
245,489
108,726
Other interest income
13,077
-
0
Total income
258,566
108,726
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
245,489
108,726
VASCULAR PERSPECTIVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 18 -
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
624,950
547,448
Adjustments in respect of prior periods
(2,738)
-
0
Total current tax
622,212
547,448
Deferred tax
Origination and reversal of timing differences
10,131
15,439
Total tax charge
632,343
562,887

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
2,540,326
2,588,673
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.01%)
635,082
569,767
Tax effect of expenses that are not deductible in determining taxable profit
-
0
150
Adjustments in respect of prior years
(2,739)
-
0
R&D expenditure relief
-
0
(8,598)
Effect of different UK tax rates on some earnings
-
0
1,848
Effect of capital allowances and depreciation
-
0
(280)
Taxation charge for the year
632,343
562,887
9
Dividends
2024
2023
£
£
Final paid
2,317,362
4,123,879
VASCULAR PERSPECTIVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 19 -
10
Intangible fixed assets
Web applications
£
Cost
At 1 October 2023 and 30 September 2024
129,370
Amortisation and impairment
At 1 October 2023
64,894
Amortisation charged for the year
25,874
At 30 September 2024
90,768
Carrying amount
At 30 September 2024
38,602
At 30 September 2023
64,476
11
Tangible fixed assets
Fixtures, fittings and equipment
£
Cost
At 1 October 2023
538,040
Additions
246,474
At 30 September 2024
784,514
Depreciation and impairment
At 1 October 2023
267,472
Depreciation charged in the year
85,913
At 30 September 2024
353,385
Carrying amount
At 30 September 2024
431,129
At 30 September 2023
270,568
12
Fixed asset investments
2024
2023
£
£
Loans
64,400
-
0
VASCULAR PERSPECTIVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
12
Fixed asset investments
(Continued)
- 20 -
Movements in fixed asset investments
Loans
£
Cost or valuation
At 1 October 2023
-
Additions
64,400
At 30 September 2024
64,400
Carrying amount
At 30 September 2024
64,400
At 30 September 2023
-
0

The investment consists of a convertible loan note which carries no interest. The loan note is secured by a debenture covering the provider's assets.

13
Stocks
2024
2023
£
£
Goods for resale
1,454,721
2,502,477
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,730,568
1,419,798
Other debtors
1,140,775
27,500
Prepayments and accrued income
127,687
75,783
2,999,030
1,523,081

Certain other debtor balances may be recoverable more than one year after the balance sheet date.

15
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
237,831
736,068
Corporation tax
531,677
246,267
Other taxation and social security
229,626
266,169
Accruals and deferred income
125,970
161,442
1,125,104
1,409,946
VASCULAR PERSPECTIVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 21 -
16
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
92,283
82,152
2024
Movements in the year:
£
Liability at 1 October 2023
82,152
Charge to profit or loss
10,131
Liability at 30 September 2024
92,283

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
200,838
190,243

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.

18
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
95
95
95
95
19
Related party transactions

Included in debtors at note 14 is a loan of £661,900 (2023: £nil) to a director including interest charged at the official HMRC rate (2023: £nil). This loan is unsecured.

 

Interest of £245,489 was received in the year from VP Med Group Limited the parent company.

20
Ultimate controlling party

The company is a wholly-owned subsidiary of VP Med Group Limited. This company is controlled by A D Brown and B A Brown.

VASCULAR PERSPECTIVES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 22 -
21
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
1,907,983
2,025,786
Adjustments for:
Taxation charged
632,343
562,887
Investment income
(258,566)
(108,726)
Amortisation and impairment of intangible assets
25,874
25,874
Depreciation and impairment of tangible fixed assets
85,913
90,187
Movements in working capital:
Decrease/(increase) in stocks
1,047,756
(65,524)
(Increase)/decrease in debtors
(564,049)
1,859,815
Decrease in creditors
(570,252)
(232,192)
Cash generated from operations
2,307,002
4,158,107
22
Analysis of changes in net funds
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
2,034,322
(1,311,370)
722,952
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