HealthSTATS Technologies (UK) Ltd - Period Ending 2016-12-31

Registration number: 07685007

HealthSTATS Technologies (UK) Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2016

Pages for Filing with Registrar

HealthSTATS Technologies (UK) Ltd

(Registration number: 07685007)
Balance Sheet as at 31 December 2016

	Note	2016 £	2015 £
Fixed assets
Tangible assets	4	3,442	5,602
Current assets
Stock	5	134,687	117,810
Debtors	6	30,144	94,498
Cash at bank and in hand		29,153	3,620
		193,984	215,928
Creditors: Amounts falling due within one year	7	(748,130)	(174,777)
Net current (liabilities)/assets		(554,146)	41,151
Net (liabilities)/assets		(550,704)	46,753
Capital and reserves
Called up share capital		1,000	1,000
Share premium reserve		1,599,833	1,599,833
Profit and loss account		(2,151,537)	(1,554,080)
Total equity		(550,704)	46,753

For the financial 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.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 and the option not to file the Profit and Loss Account has been taken.

The notes on pages 3 to 8 form an integral part of these financial statements.

Page 1

HealthSTATS Technologies (UK) Ltd

(Registration number: 07685007)
Balance Sheet as at 31 December 2016

Approved and authorised by the director on 28 September 2017
 

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

C M Ting

Director

The notes on pages 3 to 8 form an integral part of these financial statements.

Page 2

HealthSTATS Technologies (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 December 2016

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:
Aylesbury House
17-18 Aylesbury Street
London
EC1R 0DB
United Kingdom

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 loss in the period and has net current liabilities. The company is dependent on the support from the shareholders to continue as a going concern.

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

Page 3

HealthSTATS Technologies (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 December 2016

Judgements

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.

Key sources of estimation uncertainty

The annual depreciation charge for tangible fixed assets is sensitive to changes in the useful economic lives and residual values of the assets. The useful lives and residual values are re-assessed annually. The carrying amount is £Nil (2015 -£Nil).

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

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.

Page 4

HealthSTATS Technologies (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 December 2016

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 or services performed in the ordinary course of business.

Stock

Stock are 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.

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.

Page 5

HealthSTATS Technologies (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 December 2016

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.

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.

 

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2015 - 4).

Page 6

HealthSTATS Technologies (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 December 2016

4	Tangible assets

	Furniture, fittings and equipment  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 January 2016	881	12,284	13,165
At 31 December 2016	881	12,284	13,165
Depreciation
At 1 January 2016	861	6,702	7,563
Charge for the year	20	2,140	2,160
At 31 December 2016	881	8,842	9,723
Carrying amount
At 31 December 2016	-	3,442	3,442
At 31 December 2015	20	5,582	5,602

5

Stock

	2016 £	2015 £
Finished goods and goods for resale	134,687	117,810

6

Debtors

	2016 £	2015 £
Trade debtors	26,066	2,613
Other debtors	4,078	91,885
Total current trade and other debtors	30,144	94,498

Page 7

HealthSTATS Technologies (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 December 2016

7

Creditors

	Note	2016 £	2015 £
Due within one year
Trade creditors		5,222	2,415
Amounts owed to group undertakings and undertakings in which the company has a participating interest		721,652	123,064
Taxation and social security		14,506	11,180
Other creditors		6,750	38,118
		748,130	174,777

8

Dividends

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

9	Transition to FRS 102

This is the first year that the company has presented its results under FRS 102. The last financial statements under UK GAAP were for the year ended 31 December 2015. The date of transition to FRS 102 was 1 January 2015. There are no transitional adjustments arising from the first-time adoption of FRS 102.

Page 8