Company Registration No. 06425174 (England and Wales)
Aseptika Limited
UNAUDITED ACCOUNTS
for the year ended 31 March 2023
Aseptika Limited
Statement of financial position
as at 31 March 2023
Intangible assets
187,237
182,664
Tangible assets
7,078
5,367
Cash at bank and in hand
149,064
2,163
Creditors: amounts falling due within one year
(599,711)
(142,867)
Net current (liabilities)/assets
(179,718)
62,452
Total assets less current liabilities
14,597
250,483
Creditors: amounts falling due after more than one year
(525,256)
(491,282)
Net liabilities
(510,659)
(240,799)
Called up share capital
110
110
Revaluation reserve
117,491
117,491
Profit and loss account
(628,260)
(358,400)
Shareholders' funds
(510,659)
(240,799)
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 17 May 2023 and were signed on its behalf by
Mr K Auton
Director
Company Registration No. 06425174
Aseptika Limited
Notes to the Accounts
for the year ended 31 March 2023
Aseptika Limited is a private company, limited by shares, registered in England and Wales, registration number 06425174. The registered office is Suite 5, Sitwo (formerly LDH House), Parsons Green, St Ives, Cambs, PE27 4AA.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
33% straight line
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Aseptika Limited
Notes to the Accounts
for the year ended 31 March 2023
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company develops, designs and delivers telemedicine-type product platforms to healthcare providers who are supporting patients that have cardiovascular or respiratory long-term health conditions and support patients that have cancer with (p)rehabilitation support. The Company’s technology platform enables the delivery of healthcare services remotely but alongside the gold-standard healthcare services for patients which are conducted in-person. This increases the breadth of choice of services offered to patients, increases patient access to these services and reduces the demand for precious in-person appointments with clinical staff. The Company is certified to the medical device quality standard ISO13485:2016 by BSI, and its products are UKCA and CE marked. The Company is certified to Cyber Essentials Plus, complies fully with the UK’s GPDR and the NHS Data Security and Protection Toolkit to enable it to sell its products to the NHS and Local Government Services.
After the initial COVID-19 lock-downs in 2020, during 2021 and up to the end of 2022, our main customer (the UK’s Public Sector, including the UK’s grant funders) struggled to re-establish their operations. This had a significant and negative impact on the Company’s ability to generate income during this period. As the UK moved into recovering the operation of its Public Services in late 2022, Government tenders for products and services which are relevant to the Company started being issued and grant funding once again became available.
Since April 2022, the Company has installed its products in eight NHS Hospitals and was awarded three UK Government Grants with a total value of £1,094,808, which the company stated to draw down in late 2022 and will continue to fund the business through 2023 and 2024.
The directors have grown the company's operations in 2023 as it expands to offer more of its products and services to the UK’s Public Sector and National Health Service.
In addition, the Directors would draw attention to the R&D tax credit regulations, which preclude the business from capitalising the majority of its R&D / Intellectual property investment, which would, were this not the case, materially improve the net asset value of the business.
At the end of the accounting year, the company was insolvent with net liabilities of £510,659 (2022 £240,799). The accounts have been prepared on a going concern basis as the Directors are of the opinion that solvency will be secured over the next twelve months.
Aseptika Limited
Notes to the Accounts
for the year ended 31 March 2023
4
Intangible fixed assets
Other
Charge for the year
17,753
5
Tangible fixed assets
Plant & machinery
Amounts falling due within one year
Trade debtors
1,080
36,338
Other debtors
236,019
119,981
Aseptika Limited
Notes to the Accounts
for the year ended 31 March 2023
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
124,288
37,758
Trade creditors
5,842
21,187
Taxes and social security
49,508
38,277
Other creditors
28,568
28,495
Deferred income
391,505
17,150
8
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
258,970
237,741
Other creditors
266,286
253,541
9
Operating lease commitments
2023
2022
At 31 March 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
25,385
-
Later than one year and not later than five years
57,839
-
10
Average number of employees
During the year the average number of employees was 7 (2022: 7).
