ACCOUNTS - Final Accounts

Company registration number: 11182853

	FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 30 SEPTEMBER 2025

	VISIOPHARM UK LIMITED


VISIOPHARM UK LIMITED

COMPANY INFORMATION

Directors	M Grunkin
	K Nielsen


Registered number	11182853


Registered office	Magna House
	18-32 London Road
	Staines-Upon-Thames
	Staines
	TW18 4BP


Independent auditor	Menzies LLP
	Chartered Accountants & Statutory Auditor
	4th Floor
	95 Gresham Street
	London
	EC2V 7AB


VISIOPHARM UK LIMITED

CONTENTS

	Page
Statement of Financial Position	1
Notes to the Financial Statements	2 - 5


VISIOPHARM UK LIMITED REGISTERED NUMBER:11182853

STATEMENT OF FINANCIAL POSITION

AS AT 30 SEPTEMBER 2025

		2025		2024
Note		£		£


Current assets
Debtors		756,724		1,019,490
		756,724		1,019,490
Creditors: amounts falling due within one year	6	(979,393)		(2,595,355)
Net current liabilities			(222,669)		(1,575,865)
Total assets less current liabilities			(222,669)		(1,575,865)
Creditors: amounts falling due after more than one year	7		(2,154,508)		(462,100)

Net liabilities			(2,377,177)		(2,037,965)

Capital and reserves
Called up share capital	100	100
Profit and loss account	(2,377,277)	(2,038,065)
	(2,377,177)	(2,037,965)

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:

K Nielsen

Director

Date: 30 October 2025

The notes on pages 2 to 5 form part of these financial statements.

Page 1


VISIOPHARM UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

1.	General information

Visiopharm UK Limited is a private company limited by shares incorporated in England and Wales, registration number 11182853. The registered office is disclosed on the company information page and the company does not have a principal place of business.

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 following principal accounting policies have been applied:

2.2

Going concern

The company made a loss before tax of £339,212 and has net liabilities at the reporting date, which includes a group loan which is not due for repayment until 30 September 2027. The management are investing in building the foundations for revenue growth and profit. The parent entity has confirmed to the directors that it has the ability and will provide financial support as and when required so that the company will be able to meet its financial obligations as and when they fall due for at least twelve months from the date the financial statements are approved.

The Directors therefore consider it appropriate for the financial statements to be prepared on a going concern basis.

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.

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 generated by selling medical software and associated equipment and is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Hardware revenue is recognised upon installation of the equipment as this is considered the point where risks and rewards is transferred.
Maintenance and licence income is deferred and recognised on a monthly basis over the course of the contract.

Page 2


VISIOPHARM UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

2.Accounting policies (continued)

2.5

Interest income

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

2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Page 3


VISIOPHARM UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Employees

The average monthly number of employees, including directors, during the year was 6 (2024 - 7).

4.	Interest payable and similar expenses
		2025	2024
		£	£

Bank interest payable	-	85
Loans from group undertakings	125,397	117,736
	125,397	117,821

5.	Cash and cash equivalents

	Cash at bank and in hand

In 2024, the company's bankers had no security charge held in a deposit account, in 2023 they held £20,010.

6.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Trade creditors	6,794	56,694
Amounts owed to group undertakings	-	1,573,755
Other taxation and social security	67,839	97,009
Other creditors	25,589	34,088
Accruals and deferred income	879,171	833,809
	979,393	2,595,355

7.	Creditors: Amounts falling due after more than one year
		2025	2024
		£	£

Amounts owed to group undertakings	1,818,720	-
Deferred income	335,788	462,100
	2,154,508	462,100

Page 4


VISIOPHARM UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

8.	Controlling party

The immediate and ultimate parent undertaking is Visiopharm A/S, a company incorporated in Denmark, which prepares group financial statements which includes the company. The parent company's registered office is Agern Allé 24, 2970 Hørsholm, Denmark.

9.	Auditor's information

The auditor's report on the financial statements for the year ended 30 September 2025 was unqualified.

The audit report was signed on 30 October 2025 by Sarah Hallam FCCA (Senior Statutory Auditor) on behalf of Menzies LLP.

Page 5