Company registration number 08047857 (England and Wales)
HAEMONETICS ASIA UK LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
HAEMONETICS ASIA UK LTD
COMPANY INFORMATION
Director
Mr J C D'arecca
(Appointed 22 June 2022)
Company number
08047857
Registered office
Lynwood House
373-375 Station Road
Harrow
Middlesex
HA1 2AW
Auditor
RDP Newmans LLP
Lynwood House
373-375 Station Road
Harrow
Middlesex
HA1 2AW
Business address
Business Innovation Centre
Harry Weston Road
Coventry
CV3 2TX
HAEMONETICS ASIA UK LTD
CONTENTS
Page
Strategic report
1 - 2
Director's report
3
Director's responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 18
HAEMONETICS ASIA UK LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2022
- 1 -
The director presents the strategic report for the year ended 31 March 2022.
Principal activities
The principal activity of the company continued to be that of a holding company.
Fair review of the business
The results for the year and the financial position at the year end were considered satisfactory by the director who expects growth in the foreseeable future.
Principal risks and uncertainties
The principal risk facing the company
is
the performance of
its subsidiary,
Haemonetics Singapore Pte. Ltd., and
the performance of the subsidiaries of Haemonetics Singapore Pte Ltd.
Financial instruments
The main risk
s
arising from the company's financial instruments are credit risk, liquidity risk and foreign currency exposure of it's subsidiaries. The board reviews and agrees policies for managing each of these risks and they are summarised below.
Credit risk
The subsidiaries perform ongoing credit evaluations of
their
customers and to date ha
ve
not experienced any material losses.
Liquidity risk
Liquidity risk arises in relation to the company's
subsidiaries
management of working capital and the risk that the
y
will encounter difficulties in meeting financial obligations as and when they fall due. To minimise this risk, the liquidity position and ongoing working capital requirements are regularly reviewed by the directors.
Foreign currency exposure
A major risk attached to the subsidiaries' business relates to foreign exchange exposures by virtue of dealing
with various currencies
. The
company
and its subsidiaries are aware of such exposure and have various systems to monitor and control it.
Brexit risk
Although the company is not directly trading with entities based in
the
European
Union, the c
ompany management is monitoring the situation and will respond to any changes arising from Brexit.
Coronavirus pandemic risk
The risk arising from market uncertainty due to the worldwide outbreak of coronavirus. This can impact the chain of supply and deliveries. The company's management monitors the situation and responds to changes as necessary.
Key performance indicators
The key performance indicators of the company are the performances of it's subsidiary, Haemonetics Singapore Pte Ltd and its subsidiaries.
HAEMONETICS ASIA UK LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 2 -
Section 172 (1) statement
Interests of members of the company
The company is a private company and a wholly owned subsidiary of Haemonetics Corporation
Inc
in USA. The company has
one
director who
has
representation on the Board. The day-to-day operations of the company are managed by the director who
is
closely involved in the activities of the company and provide
s
day-to-day support as and when required.
In common with many private companies the interests of the Board and the ultimate shareholders are broadly aligned in that the company should create value by generating strong and sustainable results.
Board decisions during the year
The company itself has no trade and there were therefore no major Board decisions in the year.
Community and
e
nvironment
The company recognises the importance of climate change to society and has considered how to preserve the planet by aiming to minimise our carbon footprint. Part of this strategy is to work toward a paperless office, by reducing all printing internally as well as requesting that any documentation from outside the organisation be electronic only.
Cultures and values
Our values
aligned with our main stakeholder are:
-
Think big, take action
-
Win together
-
Always learn and improve
These values are the drivers tha
t
enable the success of the company. With people at the centre of our culture, a significant focus is placed on the well-being of our people and maintaining the unique culture of the company; by nurturing this unique and enabling culture, and fostering a sense of purpose as well as giving our employees the opportunity to grow, develop and maintain a healthy life-balance.
Maintaining a reputation for high standards of business conduct
We are committed to maintaining a reputation of high standards of business conduct. We have an ethics policy for all employees to follow and review this annually. Each year we consider and approve our modern slavery statement which explains the activities we have taken to demonstrate our commitment to seeking to ensure that there is no slavery, forced labour or human trafficking within any part of our business or supply chains.
Our statement can be found on our website at www.haemonetics.com
Mr J C D'arecca
Director
19 December 2022
HAEMONETICS ASIA UK LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2022
- 3 -
The director presents his report and financial statements for the year ended 31 March 2022. The financial statements have been prepared in USD, which is the presentational and functional currency of the company.
Results and dividends
The results for the year are set out on page 8.
No ordinary dividends were paid. The director does not recommend payment of a final dividend.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
Mr D Goldstein
(Resigned 9 August 2022)
Mr W P Burke
(Resigned 30 June 2022)
Mr J C D'arecca
(Appointed 22 June 2022)
Future developments
The director expects growth in the present level of turnover and profit of it's subsidiaries for the foreseeable
future.
Auditor
The auditor, RDP Newmans LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Energy and carbon report
As the company has no trading activity, there is no energy and carbon information to be reported.
Strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.
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 J C D'arecca
Director
19 December 2022
HAEMONETICS ASIA UK LTD
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2022
- 4 -
The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is 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. He is 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.
HAEMONETICS ASIA UK LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HAEMONETICS ASIA UK LTD
- 5 -
Opinion
We have audited the financial statements of Haemonetics Asia UK Ltd (the 'company') for the year ended 31 March 2022 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity 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:
-
give a true and fair view of the state of the company's affairs as at 31 March 2022 and of its profit for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
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 director's 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 director with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is 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
:
-
the information given in the strategic report and the director's
r
eport for the financial year for which the financial statements are prepared is consistent with the financial statements
; and
-
the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
HAEMONETICS ASIA UK LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HAEMONETICS ASIA UK LTD
- 6 -
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 identifie
d
material misstatements in the strategic report or the director's
r
eport
. 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:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of
remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of director
As explained more fully in the director's
r
esponsibilities
s
tatement, the director is 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 director determines 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
director is
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 director either intends to liquidate the company or to cease operations, or has
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
.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below
.
-
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
-
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of
the
sector;
-
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery
and
employment
;
-
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
-
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
-
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
-
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
HAEMONETICS ASIA UK LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HAEMONETICS ASIA UK LTD
- 7 -
To address the risk of fraud through management bias and override of controls, we:
-
performed analytical procedures to identify any unusual or unexpected relationships;
-
reviewed and tested journal entries to identify unusual transactions and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business;
-
assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and
-
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
-
reviewing and agreeing financial statement disclosures and testing to underlying supporting documentation;
-
enquiring of management as to actual and potential litigation and claims; and
-
reviewing correspondence with HMRC.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may
involve deliberate concealment or collusion.
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.
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.
Mahesh Sachdev FCA (Senior Statutory Auditor)
For and on behalf of RDP Newmans LLP
19 December 2022
Chartered Accountants
Statutory Auditor
Lynwood House
373-375 Station Road
Harrow
Middlesex
HA1 2AW
HAEMONETICS ASIA UK LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2022
- 8 -
2022
2021
Notes
USD
USD
Administrative expenses
56,378
(8,742)
Profit/(loss) before taxation
56,378
(8,742)
Tax on profit/(loss)
5
(8,182)
Profit/(loss) for the financial year
48,196
(8,742)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
HAEMONETICS ASIA UK LTD
BALANCE SHEET
AS AT 31 MARCH 2022
31 March 2022
- 9 -
2022
2021
Notes
USD
USD
USD
USD
Fixed assets
Investments
6
40,580,988
5,088,391
Current assets
Debtors
9
1,286,609
1,286,609
Creditors: amounts falling due within one year
10
(20,410)
(68,606)
Net current assets
1,266,199
1,218,003
Net assets
41,847,187
6,306,394
Capital and reserves
Called up share capital
11
637,639
637,502
Share premium account
12
41,229,960
5,737,500
Profit and loss reserves
13
(20,412)
(68,608)
Total equity
41,847,187
6,306,394
The financial statements were approved by the board of directors and authorised for issue on 19 December 2022 and are signed on its behalf by:
Mr J C D'arecca
Director
Company Registration No. 08047857
HAEMONETICS ASIA UK LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022
- 10 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
USD
USD
USD
USD
Balance at 1 April 2020
637,502
5,737,500
(59,866)
6,315,136
Year ended 31 March 2021:
Loss and total comprehensive income for the year
-
-
(8,742)
(8,742)
Balance at 31 March 2021
637,502
5,737,500
(68,608)
6,306,394
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
-
48,196
48,196
Issue of share capital
11
137
35,492,460
-
35,492,597
Balance at 31 March 2022
637,639
41,229,960
(20,412)
41,847,187
HAEMONETICS ASIA UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 11 -
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.
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 applied the disclosure exemption under FRS102 section 1.12 from the requirement to prepare a Cash Flow Statement on the basis that it is a wholly owned subsidiary of Haemonetics Corporation
Inc.
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
Inc
and the results of Haemonetics Asia UK Ltd are included in the consolidated financial statements of Haemonetics Corporation
Inc
which are available from 125 Summer Street, Braintree, Massachusetts 02184-9114, United States of America.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he director has a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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
.
1.4
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 2022
1
Accounting policies
(Continued)
- 12 -
1.5
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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in
profit
or
loss
, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
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
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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.
HAEMONETICS ASIA UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 13 -
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.
Other financial liabilities
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as
being measured at
fair value th
r
ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.6
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.
1.7
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.
HAEMONETICS ASIA UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 14 -
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.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Foreign exchange
Transactions in currencies other than
US dollars
are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is 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.
In the opinion of the directors, there are no key estimates or assumptions in respect of these accounts.
HAEMONETICS ASIA UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 15 -
3
Auditor's remuneration
2022
2021
Fees payable to the company's auditor and associates:
USD
USD
For audit services
Audit of the financial statements of the company
-
7,444
For other services
Taxation compliance services
705
All other non-audit services
593
-
1,298
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
5
Taxation
2022
2021
USD
USD
Current tax
UK corporation tax on profits for the current period
8,182
The charge for the year can be reconciled to the profit/(loss) per the profit and loss account as follows:
2022
2021
USD
USD
Profit/(loss) before taxation
56,378
(8,742)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
10,712
(1,661)
Tax effect of utilisation of tax losses not previously recognised
(2,530)
Group relief
1,661
Taxation charge for the year
8,182
-
HAEMONETICS ASIA UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 16 -
6
Fixed asset investments
2022
2021
Notes
USD
USD
Investments in subsidiaries
7
40,580,988
5,088,391
Movements in fixed asset investments
Shares in subsidiaries
USD
Cost or valuation
At 1 April 2021
5,088,391
Additions
35,492,597
At 31 March 2022
40,580,988
Carrying amount
At 31 March 2022
40,580,988
At 31 March 2021
5,088,391
7
Subsidiaries
Details of the company's subsidiaries at 31 March 2022 are as follows:
Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Haemonetics Singapore Pte. Ltd.
333 North Bridge Road, #08-00 KH KEA Building, Singapore 188721
Manufacturing and marketing support services to its related corporations
Ordinary shares
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
USD
USD
Haemonetics Singapore Pte. Ltd.
40,683,391
28,843
HAEMONETICS ASIA UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 17 -
8
Significant undertakings
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Haemonetics Australia Pty Limited (i)
Australia
Trading of medical devices and consumables for blood management solutions
Ordinary shares
100.00
Heamonetics Malaysia Sdn. Bhd. (ii)
Malaysia
Trading of medical devices and consumables for blood management solutions
Ordinary shares
100.00
Haemonetics New Zealand Limited (i)
New Zealand
Trading of medical devices and consumables for blood management solutions
Ordinary share
100.00
Haemonetics Healthcare India Private Limited (i)
India
Manufacturing of medical devices and consumables for blood management solutions
Ordinary shares
99.00
The aggregate capital and reserves and the result for the year of significant undertakings noted above was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
USD
USD
Haemonetics Australia Pty Limited (i)
180,286
3,741,564
Heamonetics Malaysia Sdn. Bhd. (ii)
(107,672)
30,894,367
Haemonetics New Zealand Limited (i)
197,499
1,165,391
Haemonetics Healthcare India Private Limited (i)
2,711
81,551
(i)
Unaudited
(ii) Audited
9
Debtors
2022
2021
Amounts falling due within one year:
USD
USD
Amounts owed by group undertakings
1,286,609
1,286,609
10
Creditors: amounts falling due within one year
2022
2021
USD
USD
Amounts owed to group undertakings
12,228
59,864
Corporation tax
8,182
Accruals and deferred income
8,742
20,410
68,606
HAEMONETICS ASIA UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 18 -
11
Share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
USD
USD
Issued and fully paid
Ordinary shares at £1 each
392,309
392,209
637,639
637,502
During the year, the company allotted 100
O
rdinary shares of £1 each at
a
premium of £258,918.86 per share.
The new shares
rank pari passu with the existing issued shares.
12
Share premium account
2022
2021
USD
USD
At the beginning of the year
5,737,500
5,737,500
Issue of new shares
35,492,460
At the end of the year
41,229,960
5,737,500
13
Profit and loss reserves
2022
2021
USD
USD
At the beginning of the year
(68,608)
(59,866)
Profit/(loss) for the year
48,196
(8,742)
At the end of the year
(20,412)
(68,608)
14
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.
15
Ultimate controlling party
The company is a wholly owned subsidiary undertaking of Haemonetics Corporation Inc incorporated in USA. The shares of Haemonetics Corporation Inc are publicly traded on the New York Stock Exchange.
The largest and smallest group in which the results of Haemonetics
Asia UK Ltd
are consolidated is headed by Haemonetics Corporation Inc. The consolidated financial statements are available to the public and may be obtained from Haemonetics Corporation Inc,
125 Summer Street
, Braintree, Massachusetts, USA.
2022-03-31
2021-04-01
false
CCH Software
CCH Accounts Production 2022.300
No description of principal activity
Mr D Goldstein
Mr W P Burke
Mr J C D'Arecca
08047857
2021-04-01
2022-03-31
08047857
bus:Director7
2021-04-01
2022-03-31
08047857
bus:Director4
2021-04-01
2022-03-31
08047857
bus:Director6
2021-04-01
2022-03-31
08047857
bus:Director1
2021-04-01
2022-03-31
08047857
bus:Director2
2021-04-01
2022-03-31
08047857
bus:Director3
2021-04-01
2022-03-31
08047857
bus:RegisteredOffice
2021-04-01
2022-03-31
08047857
2022-03-31
08047857
2020-04-01
2021-03-31
08047857
core:RetainedEarningsAccumulatedLosses
2020-04-01
2021-03-31
08047857
core:RetainedEarningsAccumulatedLosses
2021-04-01
2022-03-31
08047857
2021-03-31
08047857
core:CurrentFinancialInstruments
2022-03-31
08047857
core:CurrentFinancialInstruments
2021-03-31
08047857
core:ShareCapital
2022-03-31
08047857
core:ShareCapital
2021-03-31
08047857
core:SharePremium
2022-03-31
08047857
core:SharePremium
2021-03-31
08047857
core:RetainedEarningsAccumulatedLosses
2022-03-31
08047857
core:RetainedEarningsAccumulatedLosses
2021-03-31
08047857
core:ShareCapital
2020-03-31
08047857
core:SharePremium
2020-03-31
08047857
core:RetainedEarningsAccumulatedLosses
2020-03-31
08047857
2020-03-31
08047857
core:RetainedEarningsAccumulatedLosses
2021-03-31
08047857
core:ShareCapital
2021-04-01
2022-03-31
08047857
core:SharePremium
2021-04-01
2022-03-31
08047857
core:SharePremium
2020-04-01
2021-03-31
08047857
core:UKTax
2021-04-01
2022-03-31
08047857
core:UKTax
2020-04-01
2021-03-31
08047857
core:Non-currentFinancialInstruments
2022-03-31
08047857
core:Non-currentFinancialInstruments
2021-03-31
08047857
core:Subsidiary1
2021-04-01
2022-03-31
08047857
core:Subsidiary1
1
2021-04-01
2022-03-31
08047857
bus:PrivateLimitedCompanyLtd
2021-04-01
2022-03-31
08047857
bus:FRS102
2021-04-01
2022-03-31
08047857
bus:Audited
2021-04-01
2022-03-31
08047857
bus:FullAccounts
2021-04-01
2022-03-31
xbrli:pure
xbrli:shares
iso4217:GBP