Company Registration No. 08047857 (England and Wales)
HAEMONETICS ASIA UK LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
HAEMONETICS ASIA UK LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
HAEMONETICS ASIA UK LTD
BALANCE SHEET
AS AT 31 MARCH 2019
31 March 2019
- 1 -
2019
2018
Notes
USD
USD
USD
USD
Fixed assets
Investments
2
5,088,391
5,088,391
Current assets
Debtors
3
1,286,609
1,286,609
Creditors: amounts falling due within one year
4
(52,513)
(44,779)
Net current assets
1,234,096
1,241,830
Net assets
6,322,487
6,330,221
Capital and reserves
Called up share capital
5
637,502
637,502
Share premium account
5,737,500
5,737,500
Profit and loss reserves
(52,515)
(44,781)
Total equity
6,322,487
6,330,221
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 30 January 2020 and are signed on its behalf by:
Mr D Goldstein
Director
Company Registration No. 08047857
HAEMONETICS ASIA UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
- 2 -
1
Accounting policies
Company information
Haemonetics Asia UK Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Lynwood House, 373-375 Station Road, Harrow, Middlesex, HA1 2AW.
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 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in
USD
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest USD.
The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 40
1
of the
Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group
.
Haemonetics Asia UK Ltd is a wholly owned subsidiary of Haemonetics Corporation and the results of Haemonetics Asia UK Ltd are included in the consolidated financial statements of Haemonetics Corporation which are available from 400 Wood Road, Braintree, Massachusetts 02184-9114, United States of America.
1.2
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.3
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
HAEMONETICS ASIA UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 3 -
1.4
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 and 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.
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, bank loans, loans from
fellow group companies and preference shares 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
paymen
ts 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. A
m
ounts 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.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Fixed asset investments
2019
2018
USD
USD
Investments
5,088,391
5,088,391
HAEMONETICS ASIA UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
2
Fixed asset investments
(Continued)
- 4 -
Movements in fixed asset investments
Shares in group undertakings
USD
Cost or valuation
At 1 April 2018 & 31 March 2019
5,088,391
Carrying amount
At 31 March 2019
5,088,391
At 31 March 2018
5,088,391
3
Debtors
2019
2018
Amounts falling due within one year:
USD
USD
Amounts owed by group undertakings
1,286,609
1,286,609
4
Creditors: amounts falling due within one year
2019
2018
USD
USD
Amounts owed to group undertakings
36,353
35,861
Other creditors
16,160
8,918
52,513
44,779
5
Called up share capital
2019
2018
USD
USD
Ordinary share capital
Issued and fully paid
392,209 Ordinary shares of £1 each
637,502
637,502
6
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Lyndon Perez.
The auditor was RDP Newmans LLP.
HAEMONETICS ASIA UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 5 -
7
Related party transactions
The company has taken advantage of the exemption available in accordance with FRS
102 para 33.1A
not to disclose transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the group to which it is party to the
t
ransactions.
8
Parent company
The company is a wholly owned subsidiary undertaking of Haemonetics Corporation incorporated in USA. The shares of Haemonetics Corporation are publicly traded on the New York Stock Exchange.
The largest and smallest group in which the results of Haemonetics Limited are consolidated is headed by Haemonetics Corporation. The consolidated financial statements are available to the public and may be obtained from Haemonetics Corporation, 400 Wood Road, Braintree, Massachusetts, USA.