Clinical Innovations Europe Limited Filleted accounts for Companies House (small and micro)

CLINICAL INNOVATIONS EUROPE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08849265

CLINICAL INNOVATIONS EUROPE LIMITED

FILLETED FINANCIAL STATEMENTS

31 March 2022

CLINICAL INNOVATIONS EUROPE LIMITED

FINANCIAL STATEMENTS

Period from 1 January 2021 to 31 March 2022

CONTENTS	PAGE

Balance sheet	1

Notes to the financial statements	2

CLINICAL INNOVATIONS EUROPE LIMITED

BALANCE SHEET

31 March 2022

	31 Mar 22	31 Dec 20
Note	$	$

FIXED ASSETS

Investments	5	7,466,313	7,466,313

CURRENT ASSETS

Stocks		63,205	1,670,644
Debtors	6	5,526,800	4,121,481
Cash at bank and in hand		934,294	2,623,767
		------------	------------
		6,524,299	8,415,892

CREDITORS: amounts falling due within one year	7	( 3,916,063)	( 8,107,681)
		------------	------------
NET CURRENT ASSETS		2,608,236	308,211
		-------------	------------
TOTAL ASSETS LESS CURRENT LIABILITIES		10,074,549	7,774,524
		-------------	------------
NET ASSETS		10,074,549	7,774,524
		-------------	------------

CAPITAL AND RESERVES

Called up share capital	1	1
Other reserves	1,014,132	1,000,000
Profit and loss account	9,060,416	6,774,523
	-------------	------------
SHAREHOLDERS FUNDS	10,074,549	7,774,524
	-------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.

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.

These financial statements were approved by the board of directors and authorised for issue on 21 December 2023 , and are signed on behalf of the board by:

Mr H C W Furstenberg

Director

Company registration number: 08849265

CLINICAL INNOVATIONS EUROPE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

Period from 1 January 2021 to 31 March 2022

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 7 The I.O. Centre, Jugglers Close, BANBURY, OX16 3TA.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 US dollars, which is the functional currency of the entity.

Going concern

On 1 April 2022, the company transferred its trade, assets, liabilities and employees to the UK branch of Medical Measurement Systems B.V., a company headquartered in The Netherlands. As a result, the accounts have been prepared on a break up basis.

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 profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

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 stock to its present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

Share-based payments

Cash-settled share-based payment transactions are measured at the fair value of the liability. Until the liability is settled, the fair value of the liability is re-measured at each reporting date and at the date of settlement, with any changes in fair value recognised in profit or loss for the period.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the period amounted to 8 (2020: 9 ).

5. INVESTMENTS

	Shares in group undertakings
	$
Cost
At 1 January 2021 and 31 March 2022	7,466,313
	------------
Impairment
At 1 January 2021 and 31 March 2022	–
	------------

Carrying amount
At 31 March 2022	7,466,313
	------------
At 31 December 2020	7,466,313
	------------

6. DEBTORS

	31 Mar 22	31 Dec 20
	$	$
Trade debtors	280,241	1,117,148
Amounts owed by group undertakings and undertakings in which the company has a participating interest	5,246,559	2,998,526
Other debtors	–	5,807
	------------	------------
	5,526,800	4,121,481
	------------	------------

7. CREDITORS: amounts falling due within one year

	31 Mar 22	31 Dec 20
	$	$
Trade creditors	4,172	27,919
Amounts owed to group undertakings and undertakings in which the company has a participating interest	1,961,860	6,157,416
Corporation tax	1,912,524	1,424,139
Social security and other taxes	27,507	89,194
Other creditors	10,000	409,013
	------------	------------
	3,916,063	8,107,681
	------------	------------

8. OPERATING LEASES

The total future minimum lease payments under non-cancellable operating leases are as follows:

	31 Mar 22	31 Dec 20
	$	$
Not later than 1 year	–	18,740
Later than 1 year and not later than 5 years	–	1,623
	----	--------
	–	20,363
	----	--------

9. EVENTS AFTER THE END OF THE REPORTING PERIOD

10. SUMMARY AUDIT OPINION

The auditor's report for the period dated 21 December 2023 was unqualified .

The senior statutory auditor was Simon Tee , for and on behalf of Kilsby & Williams LLP .

11. RELATED PARTY TRANSACTIONS

The company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

12. CONTROLLING PARTY

At the balance sheet date the immediate parent undertaking was Clinical Innovations LLC, registered in USA. The ultimate controlling party was Laborie Medical Technologies Corp., registered in USA.