K2 Medical Systems Holdings Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 03782939 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

K2 MEDICAL SYSTEMS HOLDINGS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Mr J Bender

SECRETARY:

Mr J A Evans

REGISTERED OFFICE:

101B Park Drive

Milton Park

Abingdon

Oxfordshire

OX14 4RY

REGISTERED NUMBER:

03782939 (England and Wales)

AUDITORS:

Kings CAP Ltd

Statutory Auditor

4 Grovelands

Boundary Way

Hemel Hempstead

Hertfordshire

HP2 7TE

FIXED ASSETS

Investments

4

2,987,581

2,987,581

CURRENT ASSETS

Debtors

5

3,449,469

1,200,000

Cash in hand

43

23

3,449,512

1,200,023

CREDITORS

Amounts falling due within one year

6

6,344,624

4,094,925

NET CURRENT LIABILITIES

(2,895,112

)

(2,894,902

)

TOTAL ASSETS LESS CURRENT LIABILITIES

92,469

92,679

CAPITAL AND RESERVES

Called up share capital

7

259

259

Share premium

92,422

92,422

Capital redemption reserve

23

23

Retained earnings

(235

)

(25

)

SHAREHOLDERS' FUNDS

92,469

92,679

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 December 2023 and were signed by:

Mr J Bender - Director

1.	STATUTORY INFORMATION

K2 Medical Systems Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company's going concern status is dependent upon the continued financial support of the parent

undertaking. Having made appropriate enquiries at the time of approving these accounts the director considers that the company and the parent undertaking have adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis in preparing these accounts.

Preparation of consolidated financial statements

The financial statements contain information about K2 Medical Systems Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption

The company has taken advantage of 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.

Investments in subsidiaries

Investments in subsidiaries are measured at cost less impairment. Cost is initially measured at purchase price incorporating contingent consideration where it is probable such consideration will be paid and it can be measured reliably. At each reporting end date each investment is assessed for impairment. If impairment is indicated, it is immediately recognised in profit or loss.

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,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.

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, 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2021 - 1 ) .

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2022

and 31 December 2022

2,987,581

NET BOOK VALUE

At 31 December 2022

2,987,581

At 31 December 2021

2,987,581

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Amounts owed by group undertakings

3,449,469

1,200,000

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Amounts owed to group undertakings

6,329,156

4,064,650

Other creditors

15,438

30,275

Accruals

30

-

6,344,624

4,094,925

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.22

31.12.21

value:

£

£

1,290,797

Ordinary

£0.0001

129

129

500,000

Ordinary A

£0.01

50

50

800,000

Ordinary B

£0.01

80

80

259

259

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Sara Brown (Senior Statutory Auditor)

for and on behalf of Kings CAP Ltd

9.	CONTINGENT LIABILITIES

The company is subject to potential future payments arising from its acquisition of subsidiaries which are payable annually until 2027. As at the balance sheet date these potential liabilities cannot be quantified with reasonable certainty and have therefore not been provided in the financial statements until reasonable certainty of the financial effect can be determined.

10.	ULTIMATE CONTROLLING PARTY

The ultimate parent undertaking and controlling party is Constellation Software Inc. The registered office of

Constellation Software Inc is 1200-20 Adelaide Street East, Toronto, ON M5C 2T6, Canada.