Ypsomed Limited Company accounts

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COMPANY REGISTRATION NUMBER: 07132723

YPSOMED LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 March 2020

YPSOMED LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2020

CONTENTS	PAGES

Officers and professional advisers	1

Directors' report	2 to 3

Independent auditor's report to the members	4 to 6

Statement of income and retained earnings	7

Statement of financial position	8

Notes to the financial statements	9 to 15

YPSOMED LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

THE BOARD OF DIRECTORS	S Michel
	N Ramseier

REGISTERED OFFICE	1 Park Court
	Riccall Road
	Escrick
	North Yorkshire
	YO19 6ED

AUDITOR	Wine & Co
	Chartered Accountants & statutory auditor
	20-22 Bridge End
	Leeds
	LS1 4DJ

YPSOMED LIMITED

DIRECTORS' REPORT

YEAR ENDED 31 MARCH 2020

The directors present their report and the financial statements of the company for the year ended 31 March 2020 .

DIRECTORS

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

S Michel
N Ramseier

DIVIDENDS

The directors do not recommend the payment of a dividend.

FUTURE DEVELOPMENTS

The company aims to expand its product portfolio by taking advantage of advances in technology in order to meet NHS budgetary constraints and the future development of patient care. Ensuring the company remains at the forefront of product development is deemed to be key to achieving future growth.

FINANCIAL INSTRUMENTS

The company's principal financial instruments comprise bank balances, trade creditors and trade debtors. The main purpose of these instruments is to raise funds for the company's operation and to finance the company's operations.

Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the accounting instruments concerned is shown below.

In respect of bank balances the liquidity risk is managed by maintaining the continuity of funding. Additional finance is only obtained from group companies.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. AUDITOR

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This report was approved by the board of directors on 19 November 2020 and signed on behalf of the board by:

N Ramseier

Director

Registered office:

1 Park Court

Riccall Road

Escrick

North Yorkshire

YO19 6ED

YPSOMED LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF YPSOMED LIMITED

YEAR ENDED 31 MARCH 2020

OPINION

We have audited the financial statements of Ypsomed Limited (the 'company') for the year ended 31 March 2020 which comprise the statement of income and retained earnings, statement of financial position and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 March 2020 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

- the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

- the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

OTHER INFORMATION

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

In our opinion, based on the work undertaken in the course of the audit:

- the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the directors' report has been prepared in accordance with applicable legal requirements.

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the directors were not entitled to take advantage of the small companies' exemptions from the requirement to prepare a strategic report.

RESPONSIBILITIES OF DIRECTORS

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. USE OF OUR REPORT

This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

DAVID SCOTT

(Senior Statutory Auditor)

For and on behalf of

Wine & Co

Chartered Accountants & statutory auditor

20-22 Bridge End

Leeds

LS1 4DJ

23 November 2020

YPSOMED LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

YEAR ENDED 31 MARCH 2020

		2020	2019
Note		£	£
TURNOVER	4	5,143,084	10,522,191

Cost of sales	( 4,244,362)	( 8,109,257)
	------------	-------------
GROSS PROFIT	898,722	2,412,934

Distribution costs		( 14,479)	( 112,258)
Administrative expenses		( 725,706)	( 1,978,156)
		---------	------------
OPERATING PROFIT	5	158,537	322,520

Other interest receivable and similar income	8	2,080	3,165
		---------	------------
PROFIT BEFORE TAXATION		160,617	325,685

Tax on profit	9	( 37,000)	( 67,158)
		---------	---------
PROFIT FOR THE FINANCIAL YEAR AND TOTAL COMPREHENSIVE INCOME		123,617	258,527
		---------	---------

RETAINED EARNINGS AT THE START OF THE YEAR	3,380,802	3,122,275
	------------	------------
RETAINED EARNINGS AT THE END OF THE YEAR	3,504,419	3,380,802
	------------	------------

All the activities of the company are from continuing operations.

YPSOMED LIMITED

STATEMENT OF FINANCIAL POSITION

31 March 2020

	2020		2019
Note	£	£	£

FIXED ASSETS

Intangible assets	10	–	272,017
Tangible assets	11	–	1,278
		----	---------
		–	273,295

CURRENT ASSETS

Stocks	12	2,105,880	1,927,585
Debtors	13	1,434,839	1,150,162
Cash at bank and in hand		1,396,241	963,656
		------------	------------
		4,936,960	4,041,403

CREDITORS: amounts falling due within one year	14	( 1,132,541)		( 633,896)
		------------		------------
NET CURRENT ASSETS			3,804,419	3,407,507
			------------	------------
TOTAL ASSETS LESS CURRENT LIABILITIES			3,804,419	3,680,802
			------------	------------
NET ASSETS			3,804,419	3,680,802
			------------	------------

CAPITAL AND RESERVES

Called up share capital	16	300,000	300,000
Profit and loss account		3,504,419	3,380,802
		------------	------------
SHAREHOLDERS FUNDS		3,804,419	3,680,802
		------------	------------

These financial statements were approved by the board of directors and authorised for issue on 19 November 2020 , and are signed on behalf of the board by:

N Ramseier

Director

Company registration number: 07132723

YPSOMED LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2020

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Park Court, Riccall Road, Escrick, North Yorkshire, YO19 6ED.

2. STATEMENT OF COMPLIANCE

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

3. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Ypsomed Holding AG which can be obtained from Ypsomed Holding AG, Brunnmattstrasse 6, CH-3401 Burgdorf, Switzerland. As such, advantage has been taken of the disclosure exemption available under paragraph 1.12 of FRS 102 not to present a cash flow statement.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises revenue recognised by the company in respect of goods and services supplied, exclusive of Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

Income tax

The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in profit or loss. 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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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:

Fixtures and fittings	-	20% straight line
Plant and equipment	-	50% straight line

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.

Financial instruments

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 entity after deducting all of its financial liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. TURNOVER

Turnover arises from:

	2020	2019
	£	£
Sale of goods	5,062,187	10,447,763
Carriage	80,897	74,428
	------------	-------------
	5,143,084	10,522,191
	------------	-------------

The turnover is attributable to the one principal activity of the company. An analysis of turnover by the geographical markets that substantially differ from each other is given below:

	2020	2019
	£	£
United Kingdom	4,807,074	10,515,656
Overseas	336,010	6,535
	------------	-------------
	5,143,084	10,522,191
	------------	-------------

5. OPERATING PROFIT

Operating profit or loss is stated after charging/crediting:

	2020	2019
	£	£
Amortisation of intangible assets	272,017	272,016
Depreciation of tangible assets	1,278	3,069
Impairment of trade debtors	(15,169)	35,929
Foreign exchange differences	( 3,123)	881
	---------	---------

6. AUDITOR'S REMUNERATION

	2020	2019
	£	£
Fees payable for the audit of the financial statements	6,000	6,000
	-------	-------

7. STAFF COSTS

The average number of persons employed by the company during the year, including the directors, amounted to:

	2020	2019
	No.	No.
Distribution staff	15	18
Administrative staff	9	10
	----	----
	24	28
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2020	2019
	£	£
Wages and salaries	1,286,046	1,451,575
Social security costs	144,216	157,398
Other pension costs	92,347	173,585
	------------	------------
	1,522,609	1,782,558
	------------	------------

8. OTHER INTEREST RECEIVABLE AND SIMILAR INCOME

	2020	2019
	£	£
Interest on cash and cash equivalents	2,080	1,407
Corporation tax interest receivable	–	1,758
	-------	-------
	2,080	3,165
	-------	-------

9. TAX ON PROFIT

Major components of tax expense

	2020	2019
	£	£

Current tax:

UK current tax expense	37,000	67,000
Adjustments in respect of prior periods	–	158
	--------	--------
Total current tax	37,000	67,158
	--------	--------
	--------	--------
Tax on profit	37,000	67,158
	--------	--------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is higher than (2019: higher than) the standard rate of corporation tax in the UK of 19 % (2019: 19 %).

	2020	2019
	£	£
Profit on ordinary activities before taxation	160,617	325,685
	---------	---------
Profit on ordinary activities by rate of tax	30,517	61,880
Effect of expenses not deductible for tax purposes	6,470	4,895
Effect of capital allowances and depreciation	243	583
Tax increase/(decrease) from other short-term timing differences	( 230)	( 200)
	---------	---------
Tax on profit	37,000	67,158
	---------	---------

10. INTANGIBLE ASSETS

	Goodwill
	£
Cost
At 1 April 2019 and 31 March 2020	2,720,168
	------------
Amortisation
At 1 April 2019	2,448,151
Charge for the year	272,017
	------------
At 31 March 2020	2,720,168
	------------
Carrying amount
At 31 March 2020	–
	------------
At 31 March 2019	272,017
	------------

11. TANGIBLE ASSETS

	Fixtures and fittings	Plant and equipment	Total
	£	£	£
Cost
At 1 April 2019 and 31 March 2020	15,342	3,254	18,596
	--------	-------	--------
Depreciation
At 1 April 2019	14,064	3,254	17,318
Charge for the year	1,278	–	1,278
	--------	-------	--------
At 31 March 2020	15,342	3,254	18,596
	--------	-------	--------
Carrying amount
At 31 March 2020	–	–	–
	--------	-------	--------
At 31 March 2019	1,278	–	1,278
	--------	-------	--------

12. STOCKS

	2020	2019
	£	£
Finished goods and goods for resale	2,105,880	1,927,585
	------------	------------

13. DEBTORS

	2020	2019
	£	£
Trade debtors	871,778	749,221
Amounts owed by group undertakings	543,069	–
Prepayments and accrued income	13,692	26,665
Other debtors	6,300	374,276
	------------	------------
	1,434,839	1,150,162
	------------	------------

14. CREDITORS: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	42,300	124,839
Amounts owed to group undertakings	768,378	135,829
Accruals and deferred income	216,876	299,277
Corporation tax	19,000	36,000
Social security and other taxes	75,323	37,951
Other creditors	10,664	–
	------------	---------
	1,132,541	633,896
	------------	---------

15. EMPLOYEE BENEFITS

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 92,347 (2019: £ 173,585 ).

16. CALLED UP SHARE CAPITAL

Issued, called up and fully paid

	2020		2019
	No.	£	No.	£
Ordinary shares of £ 1 each	300,000	300,000	300,000	300,000
	---------	---------	---------	---------

17. OPERATING LEASES

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2020	2019
	£	£
Not later than 1 year	10,792	25,900
Later than 1 year and not later than 5 years	–	10,792
	--------	--------
	10,792	36,692
	--------	--------

18. RELATED PARTY TRANSACTIONS

The company is a wholly-owned subsidiary of Ypsomed AG, a company incorporated in Switzerland. The ultimate controlling party is Ypsomed Holding AG, a company incorporated in Switzerland.