Company registration number 09890252 (England and Wales)
VERSO BIOSENSE R & D LIMITED (PREVIOUSLY VIVOPLEX ANIMAL HEALTH LIMITED)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
VERSO BIOSENSE R & D LIMITED (PREVIOUSLY VIVOPLEX ANIMAL HEALTH LIMITED)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
VERSO BIOSENSE R & D LIMITED (PREVIOUSLY VIVOPLEX ANIMAL HEALTH LIMITED)
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Current assets
Debtors
3
10
10
Creditors: amounts falling due within one year
4
(8,972)
(8,972)
Net current liabilities
(8,962)
(8,962)
Capital and reserves
Called up share capital
10
10
Profit and loss reserves
(8,972)
(8,972)
Total equity
(8,962)
(8,962)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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 29 September 2023 and are signed on its behalf by:
Mr C E Dickson
Director
Company Registration No. 09890252
VERSO BIOSENSE R & D LIMITED (PREVIOUSLY VIVOPLEX ANIMAL HEALTH LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information
Verso Biosense R & D Limited (Previously Vivoplex Animal Health Limited) is a private company limited by shares incorporated in England and Wales. The registered office is 115B Innovation Drive, Milton Park, Milton, Abingdon, OX14 4RZ and the place of business is 115B Innovation Drive, Milton Park, Abingdon Oxfordshire, OX14 4RZ.
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 sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on a going concern basis. The Directors consider that the company has sufficient reserves to meet liabilities as they fall due for a period of at least twelve months from the date of the signing of the accounts and as such the preparation of the accounts on a going concern basis is appropriate.true
1.3
Income
Other income from grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them.
1.4
Cash at bank and in hand
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.
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.
VERSO BIOSENSE R & D LIMITED (PREVIOUSLY VIVOPLEX ANIMAL HEALTH LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -
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 and loans from fellow group companies 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. 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. Amounts 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.
1.6
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
2
Employees
During the current and prior year, the company had no employees other than the directors.
2022
2021
Number
Number
Total
3
Debtors
2022
2021
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
10
10
VERSO BIOSENSE R & D LIMITED (PREVIOUSLY VIVOPLEX ANIMAL HEALTH LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
4
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
864
864
Amounts owed to group undertakings
8,108
8,108
8,972
8,972
5
Financial commitments, guarantees and contingent liabilities
The company is part of a VAT group with its' parent and fellow subsidiary, Verso Biosense Group Limited and Verso Biosense Limited. As such it is jointly and severally liable for the VAT liabilities of other group members.
6
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
The following amounts were outstanding at the reporting end date:
2022
2021
Amounts due to related parties
£
£
Other related parties
8,108
8,108
The following amounts were outstanding at the reporting end date:
2022
2021
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
10
10
7
Parent company
The parent company of Vivoplex Medical Limited is Verso Biosense Group Limited, a company registered in England and Wales. The registered office is Richard House, Winckley Square, Preston, PR1 3HP.