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Registered number: 14775814 ECHOVISTA ULTRASOUND SURFACE CLEANING LTD FINANCIAL STATEMENTS FOR THE YEAR 31 DECEMBER 2024
ECHOVISTA ULTRASOUND SURFACE CLEANING LTD CONTENTS
| Page
Company information | 1
Balance sheet | 2
Statement of changes in equity | 3
Notes to the financial statements | 4 - 12
ECHOVISTA ULTRASOUND SURFACE CLEANING LTD COMPANY INFORMATION
Director | Dr M Shin
Registered number | 14775814
Registered office | Unit 2 Sleepy Hollow Business Park
| Ampfield
| Romsey
| Hampshire
| SO51 9AW
Independent auditor | Blick Rothenberg Audit LLP
| Chartered Accountants & Statutory Auditor
| 16 Great Queen Street
| Covent Garden
| London
| WC2B 5AH
Page 1
|  | REGISTERED NUMBER: 14775814
ECHOVISTA ULTRASOUND SURFACE CLEANING LTD BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 4 |  | - |  | 54,948
Tangible assets | 5 |  | 5,630 |  | 12,455
|  |  | 5,630 |  | 67,403
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 6 | 118,320 |  | 53,849 |
Cash at bank and in hand |  | 64,059 |  | - |
|  | 182,379 |  | 53,849 |
Creditors: amounts falling due within one year | 7 | (4,612,458) |  | (3,956,991) |
Net current liabilities |  |  | (4,430,079) |  | (3,903,142)
Total assets less current liabilities |  |  | (4,424,449) |  | (3,835,739)
Net liabilities |  |  | (4,424,449) |  | (3,835,739)
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 200 |  | 200
Profit and loss account |  |  | (4,424,649) |  | (3,835,939)
Deficiency on shareholders' funds |  |  | (4,424,449) |  | (3,835,739)
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 profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved, authorised for issue and signed by the sole director.
Dr M Shin
Director
Date: 27 May 2026
The notes on pages 4 to 12 form part of these financial statements. Page 2
ECHOVISTA ULTRASOUND SURFACE CLEANING LTD STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Profit and loss account | Deficiency on shareholders' funds
| £ | £ | £
Comprehensive income for the 9-month period |  |  |
Loss for the 9-month period | - | (3,835,939) | (3,835,939)
Total comprehensive income for the 9-month period | - | (3,835,939) | (3,835,939)
Contributions by and distributions to owners |  |  |
Shares issued during the 9-month period | 200 | - | 200
Total transactions with owners | 200 | - | 200
At 31 December 2023 and 1 January 2024 | 200 | (3,835,939) | (3,835,739)
Comprehensive income for the year |  |  |
Loss for the year | - | (588,710) | (588,710)
Total comprehensive income for the year | - | (588,710) | (588,710)
At 31 December 2024 | 200 | (4,424,649) | (4,424,449)
| The notes on pages 4 to 12 form part of these financial statements.
Page 3
ECHOVISTA ULTRASOUND SURFACE CLEANING LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
EchoVista Ultrasound Surface Cleaning Ltd is a private company limited by shares incorporated in England and Wales. The address of its registered office is Unit 2 Sleepy Hollow Business Park, Ampfield, Romsey, Hampshire, United Kingdom SO51 9AW. The company was incorporated on 3 April 2023 and commenced trade on 31 December 2023. The comparatives are therefore not directly comparable. The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. 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. The following principal accounting policies have been applied:
| 2.2 | Going concern
The company is reliant on the support of its ultimate parent undertaking. It has received a letter confirming their continued support for at least the next twelve months. After making enquiries, the director has a reasonable expectation that the company and its ultimate parent undertaking, have adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, he continues to adopt the going concern basis in preparing the financial statements. Page 4
ECHOVISTA ULTRASOUND SURFACE CLEANING LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2. Accounting policies (continued)
| 2.3 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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. Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income. Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet 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. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.4 | 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. 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 profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within administrative expenses. Page 5
ECHOVISTA ULTRASOUND SURFACE CLEANING LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2. Accounting policies (continued)
| 2.5 | 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 from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 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.
| 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 balance sheet. The assets of the plan are held separately from the company in independently administered funds. Page 6
ECHOVISTA ULTRASOUND SURFACE CLEANING LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2. Accounting policies (continued)
| 2.8 | 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:
|  |  |  | Patents | - | 2 | years
| 2.9 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. 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:
|  |  |  | Office equipment | - | 20 - 33.3%
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.10 | Share capital
Ordinary shares are classified as equity.
| 2.11 | Cash
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Page 7
ECHOVISTA ULTRASOUND SURFACE CLEANING LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2. Accounting policies (continued)
| 2.12 | Financial instruments
The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments. Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 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. The company’s policies for its major classes of financial assets and financial liabilities are set out below. Financial assets Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. Financial liabilities Basic financial liabilities, including trade and other creditors and loans from fellow group companies that are classified as debt, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Page 8
ECHOVISTA ULTRASOUND SURFACE CLEANING LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2. Accounting policies (continued)
|  | Financial instruments (continued)
Impairment of financial assets Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. Derecognition of financial assets and financial liabilities Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. Offsetting of financial assets and financial liabilities Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.
3. | Employees
| The average monthly number of employees, including directors, during the year was 6 (2023 - 0).
Page 9
ECHOVISTA ULTRASOUND SURFACE CLEANING LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
4. | Intangible assets
|  | Patents
|  | £
| Cost |
| At 1 January 2024 | 54,948
| At 31 December 2024 | 54,948
| Amortisation |
| Impairment charge | 54,948
| At 31 December 2024 | 54,948
| Net book value |
| At 31 December 2024 | -
| At 31 December 2023 | 54,948
5. | Tangible fixed assets
|  | Office equipment
|  | £
| Cost |
| At 1 January 2024 | 12,455
| At 31 December 2024 | 12,455
| Depreciation |
| Charge for the year | 6,825
| At 31 December 2024 | 6,825
| Net book value |
| At 31 December 2024 | 5,630
| At 31 December 2023 | 12,455
Page 10
ECHOVISTA ULTRASOUND SURFACE CLEANING LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
6. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 39,453 | -
| Amounts owed by group undertakings | - | 34,286
| Other debtors | 31,778 | -
| Prepayments and accrued income | 9,513 | 19,563
| Tax recoverable | 37,576 | -
|  | 118,320 | 53,849
| Amounts owed by group undertakings are interest free, have no fixed repayment date and are repayable on demand.
7. | Creditors: amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade creditors | 26,521 | -
| Amounts owed to group undertakings | 4,493,294 | 3,923,453
| Other taxation and social security | 15,471 | -
| Other creditors | 25,624 | -
| Accruals and deferred income | 51,548 | 33,538
|  | 4,612,458 | 3,956,991
| Included within amounts owed to group undertakings is €370,000 (2023: €370,000) bearing interest at 4% per annum. The remaining amount bears interest at 2% per annum. Amounts owed to group undertakings have no fixed repayment date and are repayable on demand.
8. | Related party transactions
Transactions with related parties are as follows:
| Relationship | Transaction | Amount | Amount due (to)/from related parties |
|  |  | 2024 |  | 2023 | 2024 | 2023 |
|  |  | £ |  | £ | £ | £ |
| Intermediate parent undertaking | Funding | - | - | (4,493,294) | (3,923,453) |
|  | Interest payable | (88,900) | - | - | - |
| Entities under common control | Sales | 4,173 | - | - | - |
Page 11
ECHOVISTA ULTRASOUND SURFACE CLEANING LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
9. | Commitments under operating leases
| At 31 December 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Not later than 1 year | 39,771 | -
| Later than 1 year and not later than 5 years | 162,557 | -
| Later than 5 years | 127,050 | -
|  | 329,378 | -
10. | Parent undertaking
The immediate parent undertaking is EchoVista GmbH. The parent undertaking of the smallest group of undertakings for which group financial statements are drawn up and of which the company is a member is HEMA Maschinen-und Apparateschutz GmbH, whose registered office is at Am Klinggraben 2, 63500 Seligenstadt, Hessen, Germany.
11. | 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 5 June 2026 by Nicholas Anderson (senior statutory auditor) on behalf of Blick Rothenberg Audit LLP.
Page 12