31/12/2018
2018-12-31
false
false
false
false
false
false
false
false
false
false
true
false
false
true
false
false
false
false
false
false
false
false
No description of principal activities is disclosed
2018-01-01
Sage Accounts Production 18.30 Update 1 - FRS
xbrli:pure
xbrli:shares
iso4217:GBP
07921150
2018-01-01
2018-12-31
07921150
2018-12-31
07921150
2017-12-31
07921150
2017-01-01
2017-12-31
07921150
2017-12-31
07921150
core:PlantMachinery
2018-01-01
2018-12-31
07921150
bus:RegisteredOffice
2018-01-01
2018-12-31
07921150
bus:LeadAgentIfApplicable
2018-01-01
2018-12-31
07921150
bus:Director1
2018-01-01
2018-12-31
07921150
bus:Director2
2018-01-01
2018-12-31
07921150
core:WithinOneYear
2018-12-31
07921150
core:WithinOneYear
2017-12-31
07921150
core:RetainedEarningsAccumulatedLosses
2017-12-31
07921150
core:RetainedEarningsAccumulatedLosses
2016-12-31
07921150
core:RetainedEarningsAccumulatedLosses
2018-12-31
07921150
core:RetainedEarningsAccumulatedLosses
2017-12-31
07921150
core:ShareCapital
2018-12-31
07921150
core:ShareCapital
2017-12-31
07921150
bus:SmallEntities
2018-01-01
2018-12-31
07921150
bus:AuditExemptWithAccountantsReport
2018-01-01
2018-12-31
07921150
bus:AbridgedAccounts
2018-01-01
2018-12-31
07921150
bus:SmallCompaniesRegimeForAccounts
2018-01-01
2018-12-31
07921150
bus:PrivateLimitedCompanyLtd
2018-01-01
2018-12-31
07921150
core:NetGoodwill
2018-01-01
2018-12-31
07921150
1
2018-01-01
2018-12-31
Statement of consent to prepare abridged financial statements
All of the members of VASCULAR INNOVATIONS (UK) LIMITED have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the current year ending 31 December 2018 in accordance with Section 444(2A) of the Companies Act 2006.
Company registration number:
07921150
VASCULAR INNOVATIONS (UK) LIMITED
Unaudited abridged financial statements
31 December 2018
VASCULAR INNOVATIONS (UK) LIMITED
Contents
Directors and other information
Directors report
Accountant's report
Abridged statement of income and retained earnings
Abridged statement of financial position
Notes to the financial statements
VASCULAR INNOVATIONS (UK) LIMITED
Directors and other information
|
|
|
|
Directors
|
Mr Swaminathan Jayaraman
|
|
|
Mrs Kala Swaminathan
|
|
|
|
|
|
|
|
Company number
|
07921150
|
|
|
|
|
|
|
|
Registered office
|
104 Eastcote Avenue
|
|
|
Greenford
|
|
|
Middlesex
|
|
|
UB6 0NR
|
|
|
|
|
|
|
|
Business address
|
2 Deans Hall Business Park
|
|
|
Oak Road
|
|
|
Little Maplestead
|
|
|
Halstead. Essex
|
|
|
CO9 2RT
|
|
|
|
|
|
|
|
Accountant
|
Xpress Accountancy Services Limited
|
|
|
104 Eastcote Avenue
|
|
|
Greenford
|
|
|
Middlesex
|
|
|
UB6 0NR
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bankers
|
Lloyds Bank Plc
|
|
|
Chelmsford Legg ST OSC
|
|
|
1 Legg Street
|
|
|
Essex
|
|
|
CM1 1JS
|
|
|
|
VASCULAR INNOVATIONS (UK) LIMITED
Directors report
Year ended 31 December 2018
The directors present their report and the unaudited financial statements of the company for the year ended 31 December 2018.
Directors
The directors who served the company during the year were as follows:
|
Mr Swaminathan Jayaraman
|
Mrs Kala Swaminathan
|
|
Other matters
The company ceased trading on 10th October 2018.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on
03 May 2019
and signed on behalf of the board by:
Mr Swaminathan Jayaraman
Director
VASCULAR INNOVATIONS (UK) LIMITED
Report to the board of directors on the preparation of the
unaudited statutory financial statements of VASCULAR INNOVATIONS (UK) LIMITED
Year ended 31 December 2018
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of VASCULAR INNOVATIONS (UK) LIMITED for the year ended 31 December 2018 as set out on pages 4 to 10 from the company's accounting records and from information and explanations you have given me.
This report is made solely to the board of directors of VASCULAR INNOVATIONS (UK) LIMITED, as a body, in accordance with the terms of my engagement letter. My work has been undertaken solely to prepare for your approval the financial statements of VASCULAR INNOVATIONS (UK) LIMITED and state those matters that we have agreed to state to the board of directors of VASCULAR INNOVATIONS (UK) LIMITED as a body, in this report. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than VASCULAR INNOVATIONS (UK) LIMITED and its board of directors as a body for my work or for this report.
It is your duty to ensure that VASCULAR INNOVATIONS (UK) LIMITED has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of VASCULAR INNOVATIONS (UK) LIMITED. You consider that VASCULAR INNOVATIONS (UK) LIMITED is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of VASCULAR INNOVATIONS (UK) LIMITED. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Xpress Accountancy Services Limited
Accountants & Tax Consultants
104 Eastcote Avenue
Greenford
Middlesex
UB6 0NR
3 May 2019
VASCULAR INNOVATIONS (UK) LIMITED
Abridged statement of income and retained earnings
Year ended 31 December 2018
|
|
|
|
2018
|
2017
|
|
|
|
|
Note
|
|
£
|
£
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
|
368,462
|
237,426
|
|
|
|
|
|
|
|
|
|
|
Administrative expenses
|
|
|
|
(
184,948)
|
(
176,139)
|
|
|
|
|
|
|
_______
|
_______
|
|
|
Operating profit
|
|
|
|
183,514
|
61,287
|
|
|
|
|
|
|
|
|
|
|
Other interest receivable and similar income
|
|
|
|
8,829
|
3,697
|
|
|
|
|
|
|
_______
|
_______
|
|
|
Profit before taxation
|
|
4
|
|
192,343
|
64,984
|
|
|
|
|
|
|
|
|
|
|
Tax on profit
|
|
|
|
(
36,794)
|
(
12,822)
|
|
|
|
|
|
|
_______
|
_______
|
|
|
Profit for the financial year and total comprehensive income
|
|
|
|
155,549
|
52,162
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
Retained earnings at the start of the year
|
|
|
|
229,682
|
177,520
|
|
|
|
|
|
|
_______
|
_______
|
|
|
Retained earnings at the end of the year
|
|
|
|
385,231
|
229,682
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
All the activities of the company are from continuing operations.
VASCULAR INNOVATIONS (UK) LIMITED
Abridged statement of financial position
31 December 2018
|
|
|
2018
|
|
|
|
2017
|
|
|
|
|
Note
|
£
|
|
£
|
|
£
|
|
£
|
|
|
|
|
|
|
|
|
|
|
Fixed assets
|
|
|
|
|
|
|
|
|
|
Intangible assets
|
|
5
|
-
|
|
|
|
28,880
|
|
|
Tangible assets
|
|
6
|
5,243
|
|
|
|
6,554
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
5,243
|
|
|
|
35,434
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
Stocks
|
|
|
-
|
|
|
|
71,150
|
|
|
Debtors
|
|
|
389,792
|
|
|
|
135,368
|
|
|
Cash at bank and in hand
|
|
|
690,360
|
|
|
|
549,951
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
1,080,152
|
|
|
|
756,469
|
|
|
Creditors: amounts falling due
|
|
|
|
|
|
|
|
|
|
within one year
|
|
|
(
700,064)
|
|
|
|
(
562,121)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
Net current assets
|
|
|
|
|
380,088
|
|
|
|
194,348
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Total assets less current liabilities
|
|
|
|
|
385,331
|
|
|
|
229,782
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Net assets
|
|
|
|
|
385,331
|
|
|
|
229,782
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
Capital and reserves
|
|
|
|
|
|
|
|
|
|
Called up share capital
|
|
|
|
|
100
|
|
|
|
100
|
Profit and loss account
|
|
|
|
|
385,231
|
|
|
|
229,682
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Shareholders funds
|
|
|
|
|
385,331
|
|
|
|
229,782
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
For the year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements were approved by the
board of directors
and authorised for issue on
03 May 2019
, and are signed on behalf of the board by:
Mr Swaminathan Jayaraman
Director
Company registration number:
07921150
VASCULAR INNOVATIONS (UK) LIMITED
Notes to the financial statements
Year ended 31 December 2018
1.
General information
The company is a private company limited by shares, registered in UK. The address of the registered office is 104 Eastcote Avenue, Greenford, Middlesex, UB6 0NR.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured 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 the 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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of 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 recorded at the fair value at the acquisition date.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
|
|
Research & Development |
- |
Over its useful life
|
|
|
|
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.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Plant and machinery
|
-
|
20 %
|
reducing balance
|
|
|
|
|
|
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 stocks to their present location and condition.
4.
Profit before taxation
Profit before taxation is stated after charging/(crediting):
|
|
|
|
2018
|
2017
|
|
|
|
|
£
|
£
|
|
Depreciation of tangible assets
|
|
|
1,311
|
1,638
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
|
5.
Intangible assets
£
Cost
At 1 January 2018 and 31 December 2018
66,760
_______
|
Amortisation
At 1 January 2018
37,880
Charge for the year
28,880
_______
|
At 31 December 2018
66,760
_______
|
Carrying amount
At 31 December 2018
-
_______
|
At 31 December 2017
28,880
_______
|
Development costs have been fully amortised as the company has ceased trading.
6.
Tangible assets
|
|
|
|
|
|
|
|
|
|
|
£
|
|
|
|
|
|
|
|
Cost
|
|
|
|
|
|
|
|
|
At 1 January 2018 and 31 December 2018
|
12,800
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
|
|
|
|
Depreciation
|
|
|
|
|
|
|
|
|
At 1 January 2018
|
6,246
|
|
|
|
|
|
|
|
Charge for the year
|
1,311
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
|
|
|
|
At 31 December 2018
|
7,557
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
|
|
|
|
Carrying amount
|
|
|
|
|
|
|
|
|
At 31 December 2018
|
5,243
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
|
|
|
|
At 31 December 2017
|
6,554
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7.
Creditors: amounts falling due after more than one year
Loan to connected company is payable to Vascular Innovations Co Ltd, a company incorporated in Thailand, of which both the directors of the company are the directors and minority shareholders and the loan is interest free and not repayable on demand. The loan was fully repaid on 24th March 2017.
8.
Controlling party
The company was controlled by Mauritius Cardiomed Holdings, a company incorporated in Mauritius by virtue of their 100% holding in the issued share capital of the company until 20th December 2016 when a company called Mauritius Vascular Innovations Ltd a company incorporated in Mauritius by virtue of a share sale agreement dated 20th December 2016 acquired 100% of the issued share caliptal of Vascular Innovations Limited. Mauritius Vascular Innovations Limited is the holding company.