Vital Europe UK Limited Small abridged accounts

VITAL EUROPE UK LTD - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of Vital Europe UK Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 December 2016 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 06489587

Vital Europe UK Limited

Unaudited Abridged Financial Statements

31 December 2016

Vital Europe UK Limited

Abridged Financial Statements

Year ended 31 December 2016

Contents	Page

Officers and professional advisers	1

Directors' report	2

Abridged statement of income and retained earnings	3

Abridged statement of financial position	4

Notes to the abridged financial statements	6

The following pages do not form part of the abridged financial statements

Detailed abridged income statement	11

Notes to the detailed abridged income statement	12

Vital Europe UK Limited

Officers and Professional Advisers

The board of directors	Mr Thomas Antalffy
	Dr Peter Dudas
	Ms Monika Moysova

Company secretary	Mr Thomas Antalffy

Registered office	33 Riding House Street
	London
	W1W 7DZ

Accountants	Elan & Co LLP
	Chartered Certified Accountants
	Unit 3 Cedar Court
	1 Royal Oak Yard
	London
	SE1 3GA

Bankers	HSBC plc
	117 Great Portland Street
	London
	W1A 4UY

Vital Europe UK Limited

Directors' Report

Year ended 31 December 2016

The directors present their report and the unaudited abridged financial statements of the company for the year ended 31 December 2016 .

Directors

The directors who served the company during the year were as follows:

Mr Thomas Antalffy
Dr Peter Dudas
Ms Monika Moysova	(Appointed 10 August 2016)
Miss Eva Andrea Szabo	(Retired 8 August 2016)

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 19 September 2017 and signed on behalf of the board by:

Mr Thomas Antalffy Company Secretary

Registered office:

33 Riding House Street

London

W1W 7DZ

Vital Europe UK Limited

Abridged Statement of Income and Retained Earnings

Year ended 31 December 2016

	2016	2015
Note	£	£
Gross profit	1,061,820	765,968

Administrative expenses	663,394	682,904
	--------------	--------------
Operating profit	398,426	83,064

Other interest receivable and similar income		–	( 3)
Interest payable and similar expenses		–	19
		--------------	--------------
Profit before taxation	5	398,426	83,042

Tax on profit	84,530	4,768
	--------------	--------------
Profit for the financial year and total comprehensive income	313,896	78,274
	--------------	--------------

Retained earnings at the start of the year	214,915	136,641
	--------------	--------------
Retained earnings at the end of the year	528,811	214,915
	--------------	--------------

All the activities of the company are from continuing operations.

Vital Europe UK Limited

Abridged Statement of Financial Position

31 December 2016

	2016		2015
Note	£	£	£	£

Fixed assets

Tangible assets	6		55,207		73,109

Current assets

Stocks	10,000	10,000
Debtors	7,193	6,362
Cash at bank and in hand	612,123	254,626
	--------------	--------------
	629,316	270,988

Creditors: amounts falling due within one year	145,712		119,182
	--------------		--------------
Net current assets		483,604		151,806
		--------------		--------------
Total assets less current liabilities		538,811		224,915
		--------------		--------------
Net assets		538,811		224,915
		--------------		--------------

Capital and reserves

Called up share capital	10,000	10,000
Profit and loss account	528,811	214,915
	--------------	--------------
Members funds	538,811	224,915
	--------------	--------------

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

For the year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

Vital Europe UK Limited

Abridged Statement of Financial Position (continued)

31 December 2016

These abridged financial statements were approved by the board of directors and authorised for issue on 19 September 2017 , and are signed on behalf of the board by:

Dr Peter Dudas

Director

Company registration number: 06489587

Vital Europe UK Limited

Notes to the Abridged Financial Statements

Year ended 31 December 2016

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 33 Riding House Street, London, W1W 7DZ.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 January 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.

Disclosure exemptions

(a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Income tax

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.

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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Surgery Equipment	-	25% reducing balance
Fixtures & Fittings	-	20% reducing balance
Office Equipment	-	33% straight line

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.

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.

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.

4. Employee numbers

The average number of persons employed by the company during the year, including the directors, amounted to 57 (2015: 63 ).

5. Profit before taxation

Profit before taxation is stated after charging:

	2016	2015
	£	£
Depreciation of tangible assets	24,586	28,312
	--------------	--------------

6. Tangible assets

	£
Cost
At 1 January 2016	153,100
Additions	6,684
	--------------
At 31 December 2016	159,784
	--------------
Depreciation
At 1 January 2016	79,991
Charge for the year	24,586
	--------------
At 31 December 2016	104,577
	--------------
Carrying amount
At 31 December 2016	55,207
	--------------
At 31 December 2015	73,109
	--------------

7. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2016
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr Thomas Antalffy	134	5,556	( 556)	5,134
	--------------	--------------	--------------	--------------

	2015
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr Thomas Antalffy	( 31,927)	33,133	( 1,072)	134
	--------------	--------------	--------------	--------------

8. Related party transactions

The company's entire share capital is held by Vital Europe Holdings Ltd a company that is registered in Malta. The company is under the control of Vital Europe Holdings Ltd.

9. Transition to FRS 102

These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 January 2015.

No transitional adjustments were required in equity or profit or loss for the year.

Vital Europe UK Limited

Management Information

Year ended 31 December 2016

The following pages do not form part of the abridged financial statements.

Vital Europe UK Limited

Detailed Abridged Income Statement

Year ended 31 December 2016

	2016	2015
	£	£

Turnover

Private fees	2,803,282	2,670,703

Cost of sales

Opening stock - raw materials	10,000	10,000
Materials, consumables, etc	40,311	58,681
Laboratory fees	826	2,474
Direct salaries	153,049	157,622
National insurance contributions on direct salaries	10,975	11,866
Associates and assistants fees	1,504,810	1,620,057
Hygienists fees	12,748	14,816
Other professional fees	14,512	37,123
Disposal of clinical waste	4,231	4,046
	--------------	--------------
	1,751,462	1,916,685

Closing stock - resale	10,000	10,000
	--------------	--------------
	1,741,462	1,906,685
	--------------	--------------

Other operating income	–	1,950

	--------------	--------------
Gross profit	1,061,820	765,968

Overheads

Administrative expenses	663,394	682,904

	--------------	--------------
Operating profit	398,426	83,064

Other interest receivable and similar income	–	(3)
Interest payable and similar expenses	–	(19)

	--------------	--------------
Profit before taxation	398,426	83,042
	--------------	--------------

Vital Europe UK Limited

Notes to the Detailed Abridged Income Statement

Year ended 31 December 2016

	2016	2015
	£	£

Other operating income

Rent receivable	–	1,950
	--------------	--------------

Administrative expenses

Directors salaries	4,802	4,803
Wages and salaries	272,519	265,529
Agency staff	4,910	8,911
Health benefit	2,780	2,232
Staff national insurance contributions	14,419	11,273
Staff pension contributions	473	–
Rent rates and water	56,716	78,771
Service charge	9,705	1,354
Light and heat	2,380	4,113
Insurance	1,252	1,814
Repairs and maintenance	5,989	1,020
Cleaning costs	2,134	2,059
Travel and subsistence	26,578	27,032
Telephone	3,071	2,383
Mobile phone	1,720	1,454
Internet and data management expenses	9,967	8,164
Equipment repairs and maintenance	7,109	5,117
Computer software and maintenance	1,028	2,248
Printing postage and stationery	3,606	4,326
Staff training	396	1,680
Staff welfare	3,198	1,886
Sundry expenses	1,664	1,021
Laundry and cleaning	–	25
Subscriptions	12,467	14,486
Protective clothing	878	–
Course fees	250	498
Advertising	147,296	146,588
Entertaining	–	295
Legal and professional fees	2,808	1,112
Insurance	17,468	5,840
Book keeping	11,520	9,840
Bureau payroll	2,667	2,290
Accountancy fees	12,768	9,114
Depreciation of tangible assets	24,586	28,312
Operating lease payments - equipment	2,803	9,974
Credit card charges	9,573	10,770
Bank charges	7,659	10,812
Foreign currency gains/losses	(26,393)	(4,874)
	--------------	--------------
	662,766	682,272
	--------------	--------------

Other interest receivable and similar income

Other interest	–	19
Other interest	–	(22)
	--------------	--------------
	–	(3)
	--------------	--------------

Vital Europe UK Limited

Notes to the Detailed Abridged Income Statement (continued)

Year ended 31 December 2016

	2016	2015
	£	£

Interest payable and similar expenses

Bank interest	–	19
	--------------	--------------