Cardio Solutions (UK) Limited 31/05/2019 iXBRL

Cardio Solutions (UK) Limited 31/05/2019 iXBRL

CARDIO SOLUTIONS (UK) LIMITED - Company Information

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Cardio Solutions (UK) Limited
Unaudited filleted financial statements
31 May 2019
Company registration number: 05443377
Cardio Solutions (UK) Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Cardio Solutions (UK) Limited
Directors and other information
Directors M. R. Woolley
M. E. Bailham
Secretaries A. D. Woolley & R. L. Bailham
Company number 05443377
Registered office 1 Victoria Court
Bank Square
Morley
Leeds
LS27 9SE
Accountants Novis & Co
1 Victoria Court
Bank Square
Morley
Leeds
LS27 9SE
Bankers HSBC Bank Plc.
7 Prospect Crescent
Harrogate
HG1 1RN
Cardio Solutions (UK) Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Cardio Solutions (UK) Limited
Year ended 31 May 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Cardio Solutions (UK) Limited for the year ended 31 May 2019 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/ regulations-standards-and-guidance/.
This report is made solely to the board of directors of Cardio Solutions (UK) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Cardio Solutions (UK) Limited and state those matters that we have agreed to state to the board of directors of Cardio Solutions (UK) Limited as a body, in this report in accordance with the ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cardio Solutions (UK) Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Cardio Solutions (UK) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Cardio Solutions (UK) Limited. You consider that Cardio Solutions (UK) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Cardio Solutions (UK) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Novis & Co
Chartered Accountants
1 Victoria Court
Bank Square
Morley
Leeds
LS27 9SE
10 July 2019
Cardio Solutions (UK) Limited
Statement of financial position
31 May 2019
2019 2018
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 13,631 69,302
_______ _______
13,631 69,302
Current assets
Stocks 248,355 386,976
Debtors 7 1,285,508 2,260,040
Cash at bank and in hand 5,281,184 5,023,467
_______ _______
6,815,047 7,670,483
Creditors: amounts falling due
within one year 8 ( 564,526) ( 1,489,193)
_______ _______
Net current assets 6,250,521 6,181,290
_______ _______
Total assets less current liabilities 6,264,152 6,250,592
Creditors: amounts falling due
after more than one year 9 - ( 45,201)
Provisions for liabilities 10 ( 3,393) -
_______ _______
Net assets 6,260,759 6,205,391
_______ _______
Capital and reserves
Called up share capital 12 125,000 125,000
Share premium account 725,000 725,000
Capital redemption reserve 10 10
Profit and loss account 5,410,749 5,355,381
_______ _______
Shareholders funds 6,260,759 6,205,391
_______ _______
For the year ending 31 May 2019 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 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 financial statements.
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 income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 10 July 2019 , and are signed on behalf of the board by:
M. R. Woolley
Director
Company registration number: 05443377
Cardio Solutions (UK) Limited
Statement of changes in equity
Year ended 31 May 2019
Called up share capital Share premium account Capital redemption reserve Profit and loss account Total
£ £ £ £ £
At 1 June 2017 125,000 725,000 10 1,552,889 2,402,899
Profit for the year 4,382,492 4,382,492
_______ _______ _______ _______ _______
Total comprehensive income for the year - - - 4,382,492 4,382,492
Dividends paid and payable ( 580,000) ( 580,000)
_______ _______ _______ _______ _______
Total investments by and distributions to owners - - - ( 580,000) ( 580,000)
_______ _______ _______ _______ _______
At 31 May 2018 and 1 June 2018 125,000 725,000 10 5,355,380 6,205,390
Profit for the year 588,369 588,369
_______ _______ _______ _______ _______
Total comprehensive income for the year - - - 588,369 588,369
Dividends paid and payable ( 533,000) ( 533,000)
_______ _______ _______ _______ _______
Total investments by and distributions to owners - - - ( 533,000) ( 533,000)
_______ _______ _______ _______ _______
At 31 May 2019 125,000 725,000 10 5,410,749 6,260,759
_______ _______ _______ _______ _______
Cardio Solutions (UK) Limited
Notes to the financial statements
Year ended 31 May 2019
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 Victoria Court, Bank Square, Morley, Leeds, LS27 9SE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
These financial statements have been prepared on the historical basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
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 - 20 % 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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Fixtures fittings and equipment - 25/33% reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Pension contributions
The pension costs charged in the financial statements represent the contribution payable by the company during the year.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2018: 11 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 June 2018 and 31 May 2019 750,000 750,000
_______ _______
Amortisation
At 1 June 2018 and 31 May 2019 750,000 750,000
_______ _______
Carrying amount
At 31 May 2019 - -
_______ _______
At 31 May 2018 - -
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 June 2018 56,336 120,053 176,389
Additions 2,706 - 2,706
Disposals ( 2,579) ( 120,053) ( 122,632)
_______ _______ _______
At 31 May 2019 56,463 - 56,463
_______ _______ _______
Depreciation
At 1 June 2018 38,780 68,307 107,087
Charge for the year 5,565 1,227 6,792
Disposals ( 1,513) ( 69,534) ( 71,047)
_______ _______ _______
At 31 May 2019 42,832 - 42,832
_______ _______ _______
Carrying amount
At 31 May 2019 13,631 - 13,631
_______ _______ _______
At 31 May 2018 17,556 51,746 69,302
_______ _______ _______
7. Debtors
2019 2018
£ £
Trade debtors 1,130,666 2,167,701
Other debtors 154,842 92,339
_______ _______
1,285,508 2,260,040
_______ _______
The debtors above include the following amounts falling due after more than one year:
2019 2018
£ £
Trade debtors 300,000 800,000
Other debtors 14,747 19,171
_______ _______
314,747 819,171
_______ _______
8. Creditors: amounts falling due within one year
2019 2018
£ £
Trade creditors 148,515 273,437
Corporation tax 154,460 1,058,281
Social security and other taxes 91,376 127,348
Other creditors 170,175 30,127
_______ _______
564,526 1,489,193
_______ _______
9. Creditors: amounts falling due after more than one year
2019 2018
£ £
Other creditors - 45,201
_______ _______
10. Provisions
Deferred tax (note 11) Total
£ £
At 1 June 2018 - -
Additions 3,393 3,393
_______ _______
At 31 May 2019 3,393 3,393
_______ _______
11. Deferred tax
The deferred tax account consists of the tax effect of timing differences in respect of:
2019 2018
£ £
Accelerated capital allowances 3,393 -
_______ _______
12. Called up share capital
Issued, called up and fully paid
2019 2018
No £ No £
Ordinary shares of £ 1.00 each 125,000 125,000 125,000 125,000
_______ _______ _______ _______
13. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 40,000 40,000
Later than 1 year and not later than 5 years 20,000 40,000
_______ _______
60,000 80,000
_______ _______
14. Related party transactions
During the year the company entered into the following transactions with related parties:
Balance owed by/(owed to)
2019 2018
£ £
A director ( 142,643) ( 747)
_______ _______