Prima Medical Limited Filleted accounts for Companies House (small and micro)

PRIMA MEDICAL LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04831749

Prima Medical Limited

Filleted Unaudited Financial Statements

31 July 2018

Prima Medical Limited

Statement of Financial Position

31 July 2018

	2018		2017
Note	£	£	£

Fixed assets

Intangible assets	5	19,467	68,709
Tangible assets	6	6,079	10,298
		--------	--------
		25,546	79,007

Current assets

Stocks		50,000	78,652
Debtors	7	752,545	593,510
Cash at bank and in hand		6,164	4,520
		---------	---------
		808,709	676,682

Creditors: amounts falling due within one year	8	1,040,588		679,847
		------------		---------
Net current liabilities			231,879	3,165
			---------	--------
Total assets less current liabilities			( 206,333)	75,842

Creditors: amounts falling due after more than one year	9	–	30,669
		---------	--------
Net (liabilities)/assets		( 206,333)	45,173
		---------	--------

Prima Medical Limited

Statement of Financial Position (continued)

31 July 2018

	2018		2017
Note	£	£	£

Capital and reserves

Called up share capital	2	2
Share premium account	70,000	70,000
Profit and loss account	( 276,335)	( 24,829)
	---------	--------
Shareholders (deficit)/funds	( 206,333)	45,173
	---------	--------

These financial statements have been prepared and delivered 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'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 July 2018 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 financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 22 July 2019 , and are signed on behalf of the board by:

Mr G M Brooke
Director

Company registration number: 04831749

Prima Medical Limited

Notes to the Financial Statements

Year ended 31 July 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Midway House, Herrick Way, Staverton Technology Park, Staverton, Cheltenham, GL51 6TQ.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of 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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

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

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

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.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.

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:

	Development costs	-	33% 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.

Research and development

Development expenditure incurred on clearly defined projects whose outcome can be assessed with reasonable certainty is carried forward and amortisation is charged from that time over the lesser of the life of the project or three years. This is a change in accounting policy. In previous years Development expenditure has been written off in the year in which it was incurred, however the new expenditure relates to a group of products which are expected to have a life of at least ten years.

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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Plant & machinery	-	20% straight line
Tooling	-	20% straight line
Motor vehicles	-	25% 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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 6 (2017: 4 ).

5. Intangible assets

	Development costs
	£
Cost
At 1 August 2017	262,628
Additions	14,616
Disposals	( 79,158)
	---------
At 31 July 2018	198,086
	---------
Amortisation
At 1 August 2017	193,919
Charge for the year	9,046
Disposals	( 24,346)
	---------
At 31 July 2018	178,619
	---------
Carrying amount
At 31 July 2018	19,467
	---------
At 31 July 2017	68,709
	---------

6. Tangible assets

	Motor vehicles	Equipment	Total
	£	£	£
Cost
At 1 August 2017	4,642	18,408	23,050
Additions	–	595	595
	-------	--------	--------
At 31 July 2018	4,642	19,003	23,645
	-------	--------	--------
Depreciation
At 1 August 2017	2,896	9,856	12,752
Charge for the year	437	4,377	4,814
	-------	--------	--------
At 31 July 2018	3,333	14,233	17,566
	-------	--------	--------
Carrying amount
At 31 July 2018	1,309	4,770	6,079
	-------	--------	--------
At 31 July 2017	1,746	8,552	10,298
	-------	--------	--------

7. Debtors

	2018	2017
	£	£
Trade debtors	161,873	55,437
Amounts owed by group undertakings and undertakings in which the company has a participating interest	127,295	50,000
Other debtors	463,377	488,073
	---------	---------
	752,545	593,510
	---------	---------

8. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	411,109	361,606
Trade creditors	240,031	88,599
Social security and other taxes	34,746	9,671
Factoring Account	129,662	–
Company Credit Cards	15,140	–
Other creditors	209,900	219,971
	------------	---------
	1,040,588	679,847
	------------	---------

9. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Bank loans and overdrafts	–	30,669
	----	--------

10. Operating leases

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

	2018	2017
	£	£
Not later than 1 year	–	4,334
Later than 1 year and not later than 5 years	–	6,501
	----	--------
	–	10,835
	----	--------

11. Director's advances, credits and guarantees

During the year the company loaned money to Mr G Brooke on an interest free basis. The balance at the start of the year was £348,996, however during the year the debt increased by £6,482 resulting in a closing balance of £355,478. This balance was reduced after the year end from funds introduced by the Director.

12. Related party transactions

The company traded with Medpoint Limited (incorporated in Malaysia) during the year, a company of which Mr. G Brooke is a director. There were no balances outstanding between the two companies at the year end.

13. Events during the year

Over the last few years the company has been conducting a major Research & Development programme. This is creating a gradual flow of new product launches. The company expects to see a significant increase in sales and profitability in the future.