HealthSTATS Technologies (UK) Ltd - Period Ending 2022-12-31

HealthSTATS Technologies (UK) Ltd

(Registration number: 07685007)
Balance Sheet as at 31 December 2022

	Note	2022 £	2021 £
Fixed assets
Tangible assets	5	-	-
Current assets
Stock	6	26,052	14,725
Debtors	7	40,665	40,092
Cash at bank and in hand		10,385	2,394
		77,102	57,211
Creditors: Amounts falling due within one year	8	(146,650)	(147,925)
Net current liabilities		(69,548)	(90,714)
Net liabilities		(69,548)	(90,714)
Capital and reserves
Called up share capital		1,000	1,000
Share premium reserve		1,599,833	1,599,833
Profit and loss account		(1,670,381)	(1,691,547)
Total equity		(69,548)	(90,714)

For the financial year ending 31 December 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Directors' responsibilities:

•	The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

HealthSTATS Technologies (UK) Ltd

(Registration number: 07685007)
Balance Sheet as at 31 December 2022

Approved and authorised by the Board on 20 June 2023 and signed on its behalf by:
 

.........................................

Mr C C Lian

Director

HealthSTATS Technologies (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 December 2022

1	General information

The Company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
114 St. Martin's Lane
London
WC2N 4BE
England

Principal activity

The principal activity of the company is sales and marketing of innovative bio-monitoring devices for hypertension and related illnesses.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The company made a small profit in the period and has net current liabilities. The company is therefore dependent on the support from the shareholders to continue as a going concern. The shareholders have confirmed their support for at least the next twelve months.

The financial statements have been prepared on a going concern basis that assumes further funding will be obtained if required.

HealthSTATS Technologies (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 December 2022

Turnover recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Office equipment	20% straight line
Fixtures and fittings	20% straight line
Plant and machinery	20% straight line

HealthSTATS Technologies (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 December 2022

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are 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 profit or loss.

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.

Stock

Stock is stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stock are assessed for impairment. If stock are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Debtors

Basic financial assets, including trade and other debtors, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Trade debtors are amounts due from customers for merchandise sold and services rendered in the ordinary course of business.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

HealthSTATS Technologies (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 December 2022

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Significant judgements and estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Directors' opinion there are no significant judgements or key sources of estimation uncertainty.

4	Staff numbers

The average number of persons employed by the Company (including directors) during the year, was 2 (2021 - 2).

HealthSTATS Technologies (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 December 2022

5	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 January 2022	10,326	10,326
Disposals	(10,326)	(10,326)
At 31 December 2022	-	-
Depreciation
At 1 January 2022	10,326	10,326
Eliminated on disposal	(10,326)	(10,326)
At 31 December 2022	-	-
Carrying amount
At 31 December 2022	-	-
At 31 December 2021	-	-

HealthSTATS Technologies (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 December 2022

6

Stock

	2022 £	2021 £
Finished goods and goods for resale	26,052	14,725

7

Debtors

	2022 £	2021 £
Trade debtors	34,902	32,772
Prepayments	1,365	2,923
Other debtors	4,398	4,397
	40,665	40,092

8

Creditors

Creditors: amounts falling due within one year

	2022 £	2021 £
Due within one year
Trade creditors	3,657	3,306
Amounts owed to group undertakings	134,534	129,956
Taxation and social security	4,764	5,475
Other creditors	3,695	9,188
	146,650	147,925

9	Share capital

Allotted, called up and not fully paid shares

	2022		2021
	No.	£	No.	£
Ordinary shares of £0.00 each	10,000,000	1,000.00	10,000,000	1,000.00

HealthSTATS Technologies (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 December 2022

10

Dividends

There were no dividends paid or proposed in either the current year or the previous year.

11	Parent and ultimate parent undertaking

The Company's immediate parent is HealthSTATS International Pte Limited, incorporated in Singapore.

 The ultimate parent is Tupai (Singapore) Pte Ltd, incorporated in Singapore.

  These financial statements are available upon request from 30 Tai Seng Street, #09-03 BreadTalk IHQ, Singapore 534013.