REGISTERED NUMBER:
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VIO HEALTHTECH LIMITED |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2022 |
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REGISTERED NUMBER:
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VIO HEALTHTECH LIMITED |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2022 |
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VIO HEALTHTECH LIMITED (REGISTERED NUMBER: 05546719) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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VIO HEALTHTECH LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants and Statutory Auditors |
15 Warwick Road |
Stratford upon Avon |
Warwickshire |
CV37 6YW |
VIO HEALTHTECH LIMITED (REGISTERED NUMBER: 05546719) |
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BALANCE SHEET |
31 DECEMBER 2022 |
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2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Stocks |
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Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Other reserves |
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Retained earnings |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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VIO HEALTHTECH LIMITED (REGISTERED NUMBER: 05546719) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
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1. | STATUTORY INFORMATION |
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Vio HealthTech Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements have been prepared on a going concern basis despite the loss after tax this year of £465,522 (2021: £821,455). As at 31 December 2022 the company has losses since trading of £12,446,332. Based on ongoing discussions with potential investors, the directors believe that the company has sufficient financial resources to enable it to continue in operational existence for the foreseeable future meeting its liabilities as they fall due. The company is reliant on the support of the directors and investors whilst developing its product and market. |
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The board believes it has the necessary funding to continue to increase the profitability of the company through the year. |
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The 100% US subsidiary company, Vio Heathtech Inc. generated incremental turnover of $984k (£813k) for the year ended 31 December 2022 (2021: $1,151k (£851k)) and a net loss of $468k (£387k) (2021:$304k (£225k)). |
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Judgements and key sources of estimation uncertainty |
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the date of financial position 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. |
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Turnover |
Turnover represents net invoiced sales of goods and services, excluding value added tax |
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Tangible fixed assets |
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Plant and machinery | - |
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Computer equipment | - |
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Investments in subsidiaries |
lnvestments in subsidiary undertakings are recognised at cost less provision for diminution in value. |
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Stocks |
Stock is valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stock. Cost includes all direct costs and an appropriate proportion of variable overheads. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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VIO HEALTHTECH LIMITED (REGISTERED NUMBER: 05546719) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Foreign currencies |
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 rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Pensions |
The company contributes to personal pension plans and the pension charge represents the amount payable by the company to these funds in respect of the year. |
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Patent and trademarks |
The company owns rights to the patent and trademark of Fertiloscope and DuoFertility Sensors. Patents are valued at cost less accumulated amortisation. Amortisation is provided at 10 - 20% straight line. |
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Investments |
Fixed asset investments are stated at cost less provision for diminution in value. |
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Holiday pay |
Holiday pay is recognised as an expense in the period in which the service is received. |
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Share-based payments |
Equity-settled share based payments are measured at fair value at the date of grant by reference to a recent third party approved share valuation. The fair value determined at the grant date is expensed on a straight-line basis over the term of the vesting period subject to variables within the company's scheme rules, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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VIO HEALTHTECH LIMITED (REGISTERED NUMBER: 05546719) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
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4. | INTANGIBLE FIXED ASSETS |
Patents |
and |
licences |
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COST |
At 1 January 2022 |
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Disposals | ( |
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At 31 December 2022 |
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AMORTISATION |
At 1 January 2022 |
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Eliminated on disposal | ( |
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At 31 December 2022 |
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NET BOOK VALUE |
At 31 December 2022 |
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At 31 December 2021 |
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5. | TANGIBLE FIXED ASSETS |
Plant and | Computer |
machinery | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2022 |
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Additions |
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At 31 December 2022 |
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DEPRECIATION |
At 1 January 2022 |
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Charge for year |
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At 31 December 2022 |
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NET BOOK VALUE |
At 31 December 2022 |
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At 31 December 2021 |
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6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2022 |
and 31 December 2022 |
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NET BOOK VALUE |
At 31 December 2022 |
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At 31 December 2021 |
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VIO HEALTHTECH LIMITED (REGISTERED NUMBER: 05546719) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Tax |
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Prepayments and accrued income |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Other loans |
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Trade creditors |
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Social security and other taxes |
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Other creditors |
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Accruals and deferred income |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2022 | 2021 |
£ | £ |
Other loans - 2-5 years |
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Within the balance of other creditors due within one year is an amount of £28,250 (2021: £28,250) relating to creditor balances to be converted into share capital at a later date. |
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10. | LEASING AGREEMENTS |
The company had total commitments at the balance sheet date of £7,055 (2021: £15,521). |
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11. | SECURED DEBTS |
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Fse Meif Gp Ltd holds a fixed and floating charge over the company and its assets. |
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12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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In forming our opinion, which is not qualified, we have considered the adequacy of the disclosure made in note 2 of the financial statements concerning the company's ability to continue as a going concern. The company incurred a net loss after tax this year of £465,522 (2021: £821,455). As at 31 December 2022 the company has losses since trading of £12,446,332. These conditions along with the other matters explained in note 2 to the financial statements indicate the existence of material uncertainty which may cast significant doubt about the company's ability to continue as a going concern. However, the directors believe that it is appropriate to prepare the financial statements on the going concern basis. The financial statements do not include adjustments that would result if the company was unable to continue as a going concern. |
VIO HEALTHTECH LIMITED (REGISTERED NUMBER: 05546719) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
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13. | ULTIMATE CONTROLLING PARTY |
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The directors believe that there is no ultimate controlling party. |
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14. | SHARE-BASED PAYMENT TRANSACTIONS |
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The company operates share based payment schemes for its employees. The schemes are all equity settled, with no vesting requirements and lapse after 10 years. |
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The company also operates share based payment schemes for some of its suppliers in lieu of payment for goods and services. |
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As at 31 December 2022, the company has 83,479 options in existence (2021: 68,696). During the year there were 22,861 options granted and 17,942 options cancelled. |
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During the year, the company recognised an expense of £76,945 (2021: £14,601) in respect of its share-based payment schemes. |
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The company have provided for the share based payment using the fair value at grant date. |