Pentland Medical Ltd. - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC223422 (Scotland)

Unaudited Financial Statements for the Year Ended 31 December 2018

for

Pentland Medical Ltd.

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

S Munro

J Munro

R Munro

REGISTERED OFFICE:

157 Broomhall Crescent

Edinburgh

Midlothian

EH12 7PJ

REGISTERED NUMBER:

SC223422 (Scotland)

ACCOUNTANTS:

One Accounting Ltd

Chartered Management Accountants

Drumsheugh Toll

2 Belford Road

Edinburgh

Midlothian

EH4 3BL

FIXED ASSETS

Intangible assets

4

19,545

8,854

Tangible assets

5

78,302

97,467

97,847

106,321

CURRENT ASSETS

Stocks

51,165

75,753

Debtors

6

319,656

265,432

Cash at bank and in hand

93,681

109,232

464,502

450,417

CREDITORS

Amounts falling due within one year

7

202,994

198,991

NET CURRENT ASSETS

261,508

251,426

TOTAL ASSETS LESS CURRENT LIABILITIES

359,355

357,747

CREDITORS

Amounts falling due after more than one year

8

(35,971

)

(53,484

)

PROVISIONS FOR LIABILITIES

(14,877

)

(17,814

)

NET ASSETS

308,507

286,449

CAPITAL AND RESERVES

Called up share capital

140

140

Retained earnings

308,367

286,309

SHAREHOLDERS' FUNDS

308,507

286,449

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 25 September 2019 and were signed on its behalf by:

S Munro - Director

1.	STATUTORY INFORMATION

Pentland Medical Ltd. is a private company, limited by shares , registered in Scotland. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The principal accounting policies adopted in the preparation of the financial statements are set out

below and have remained unchanged from the previous year, and also have been consistently

applied within the same accounts.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Goodwill

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are

measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of eight years.

Patents and licences, being the amount paid in 2017 and 2018, is being amortised over its' estimated

useful life of 8 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on cost

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

20% on cost

Computer equipments

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of

financial assets and liabilities like trade and other accounts receivable and payable, loans from banks

and other third parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans

and other accounts receivable and payable are initially measured at present value of future cash

flows and subsequently amortised at cost using the effective interest method.

Creditors payable within one year, typically trade payables, are measured, initially and subsequently

at the undiscounted amount of the cash or other consideration expected to be paid.

Debtors payable within one year, typically trade receivables, are measured, initially and subsequently

at the undiscounted amount of the cash or other consideration expected to be received.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the statement of financial position date.

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.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at

the statement of financial position 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2017 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 January 2018

15,000

10,000

25,000

Additions

-

13,265

13,265

At 31 December 2018

15,000

23,265

38,265

AMORTISATION

At 1 January 2018

15,000

1,146

16,146

Charge for year

-

2,574

2,574

At 31 December 2018

15,000

3,720

18,720

NET BOOK VALUE

At 31 December 2018

-

19,545

19,545

At 31 December 2017

-

8,854

8,854

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2018

125,427

Additions

2,365

At 31 December 2018

127,792

DEPRECIATION

At 1 January 2018

27,960

Charge for year

21,530

At 31 December 2018

49,490

NET BOOK VALUE

At 31 December 2018

78,302

At 31 December 2017

97,467

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Trade debtors

228,839

242,474

Amounts owed by group undertakings

50,000

-

Other debtors

40,817

22,958

319,656

265,432

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Hire purchase contracts

17,514

17,196

Trade creditors

97,667

101,087

Taxation and social security

69,732

70,515

Other creditors

18,081

10,193

202,994

198,991

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.18

31.12.17

£

£

Hire purchase contracts

35,971

53,484

9.	CONTINGENT LIABILITIES

At the year end there were no contingent liabilities.

10.	RELATED PARTY DISCLOSURES

During the year, total dividends of £68,570 (2017 - £76,708) were paid to the directors .

At the 31 December 2018 the directors owed the company £5,730. This loan is interest free and there

are no fixed terms for repayment. .

11.	ULTIMATE CONTROLLING PARTY

The controlling party is Pentland Medical Holdings Ltd.

Stewart Munro is the ultimate controlling party due to his majority shareholding in the parent

company.