Incus Surgical Limited Filleted accounts for Companies House (small and micro)

INCUS SURGICAL LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02267621

INCUS SURGICAL LIMITED

FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 October 2018

INCUS SURGICAL LIMITED

ABRIDGED FINANCIAL STATEMENTS

YEAR ENDED 31 OCTOBER 2018

Contents	Page

Officers and professional advisers	1

Abridged statement of financial position	2

Notes to the abridged financial statements	4

INCUS SURGICAL LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

The board of directors	P A Rae
	C M Rae

Company secretary	Streets Financial Consulting plc

Registered office	Mabrook House
	Bocking End
	Braintree
	Essex
	CM7 9AA

Accountants	Streets LLP
	Chartered accountant
	Tower House
	Lucy Tower Street
	Lincoln
	Lincolnshire
	LN1 1XW

Bankers	Barclays Bank Plc
	1 Bank Street
	Braintree
	Essex
	CM7 7UG

INCUS SURGICAL LIMITED

ABRIDGED STATEMENT OF FINANCIAL POSITION

31 October 2018

	2018		2017
Note	£	£	£

FIXED ASSETS

Tangible assets	5		15,905	20,083

CURRENT ASSETS

Stocks	169,430	126,360
Debtors	1,089,772	814,794
Cash at bank and in hand	1,933	11,304
	-------------	----------
	1,261,135	952,458

CREDITORS: amounts falling due within one year	905,850		606,023
	-------------		----------
NET CURRENT ASSETS		355,285	346,435
		----------	----------
TOTAL ASSETS LESS CURRENT LIABILITIES		371,190	366,518
		----------	----------
NET ASSETS		371,190	366,518
		----------	----------

INCUS SURGICAL LIMITED

ABRIDGED STATEMENT OF FINANCIAL POSITION (continued)

31 October 2018

	2018		2017
Note	£	£	£

CAPITAL AND RESERVES

Called up share capital	8,500	8,500
Share premium account	156,000	156,000
Other reserves	12,000	12,000
Profit and loss account	194,690	190,018
	----------	----------
SHAREHOLDERS FUNDS	371,190	366,518
	----------	----------

These abridged 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 abridged statement of comprehensive income has not been delivered.

For the year ending 31 October 2018 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 .

All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 October 2018 in accordance with Section 444(2A) of the Companies Act 2006.

These abridged financial statements were approved by the board of directors and authorised for issue on 31 July 2019 , and are signed on behalf of the board by:

P A Rae
Director

Company registration number: 02267621

INCUS SURGICAL LIMITED

NOTES TO THE ABRIDGED FINANCIAL STATEMENTS

YEAR ENDED 31 OCTOBER 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 Mabrook House, Bocking End, Braintree, Essex, CM7 9AA.

2. Statement of compliance

These abridged 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 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.

Revenue recognition

The turnover shown in the profit and loss account represents the value of all work done during the period, exclusive of Value Added Tax. Turnover is recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the sale have been transferred to the customer.

Income tax

Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. The only exception is that deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet 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. 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:

Freehold Property	-	Not Provided
Motor Vehicles	-	25% straight line
Equipment	-	25% 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 valued at the lower of cost and net realisable value, on a first-in-first-out basis, after making due allowance for obsolete and slow moving items. Cost is based on purchase price.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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 7 (2017: 7 ).

5. Tangible assets

	£
Cost
At 1 November 2017	44,885
Additions	1,370
	---------
At 31 October 2018	46,255
	---------
Depreciation
At 1 November 2017	24,802
Charge for the year	5,548
	---------
At 31 October 2018	30,350
	---------
Carrying amount
At 31 October 2018	15,905
	---------
At 31 October 2017	20,083
	---------

6. Related party transactions

The company was under the control of P A and C Rae throughout the current and previous year. P A & C Rae are the only directors and majority shareholders. PA Rae is also the director and a shareholder in Medical Innovation Limited. The company is registered in England and Wales, number 05123828. As at 31 October 2017 an amount of £506,750 (2017 - £127,025) was owed to Medical Innovation Limited. No further transactions with related parties were undertaken such as are required to be disclosed in accordance with FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.