SU Medical Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08623058 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 July 2019

for

Su Medical Limited

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

40,975

54,425

CURRENT ASSETS

Debtors

5

46,710

50,328

Cash at bank

93,538

69,075

140,248

119,403

CREDITORS

Amounts falling due within one year

6

(84,662

)

(38,496

)

NET CURRENT ASSETS

55,586

80,907

TOTAL ASSETS LESS CURRENT LIABILITIES

96,561

135,332

CREDITORS

Amounts falling due after more than one year

7

-

(47,734

)

PROVISIONS FOR LIABILITIES

(7,785

)

(10,341

)

NET ASSETS

88,776

77,257

CAPITAL AND RESERVES

Called up share capital

8

101

101

Retained earnings

88,675

77,156

SHAREHOLDERS' FUNDS

88,776

77,257

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 applicable to companies subject to the small companies regime.

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

The financial statements were approved by the director on 20 March 2020 and were signed by:

Dr J Kim - Director

1.	COMPANY INFORMATION

Su Medical Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address are as below:

Registered number:

08623058

Registered office:

49 Peter Street

Manchester

M2 3NG

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make

judgements, estimates and assumptions about the carrying amount of assets and liabilities that

are not readily apparent from other sources. The estimates and associated assumptions are

based on historical experience and other factors that are considered to be relevant. Actual results

may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to

accounting estimates are recognised in the period in which the estimate is revised where the

revision affects only that period, or in the period of the revision and future periods where the

revision affects both current and future periods.

There have been no critical judgements, estimates and assumptions made in the preparation of

these financial statements.

Turnover

Revenue from the provision of professional services is recognised on delivery of the service.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or

valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual

values over their useful lives on the following bases:

Equipment - 20% straight line

Motor vehicles - 25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the

sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Taxation

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

Income and Retained Earnings, 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 balance sheet date.

Deferred tax

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

reversed at the balance sheet 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.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless

those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s

services are received.

Termination benefits are recognised immediately as an expense when the company is

demonstrably committed to terminate the employment of an employee or to provide termination

benefits.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all

the risks and rewards of ownership to the lessees. All other leases are classified as operating

leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at

the date of inception and the present value of the minimum lease payments. The related liability is

included in the balance sheet as a finance lease obligation. Lease payments are treated as

consisting of capital and interest elements. The interest is charged to the profit and loss account

so as to produce a constant periodic rate of interest on the remaining balance of the liability.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2018 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 August 2018

68,000

6,179

74,179

Additions

-

670

670

At 31 July 2019

68,000

6,849

74,849

DEPRECIATION

At 1 August 2018

17,000

2,754

19,754

Charge for year

12,750

1,370

14,120

At 31 July 2019

29,750

4,124

33,874

NET BOOK VALUE

At 31 July 2019

38,250

2,725

40,975

At 31 July 2018

51,000

3,425

54,425

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

26,775

14,848

S455 recoverable

4,890

-

Directors' current accounts

15,045

35,480

46,710

50,328

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Tax

29,184

23,193

s455 payable

4,890

-

Other creditors

47,735

12,189

Accrued expenses

2,853

3,114

84,662

38,496

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Other creditors

-

47,734

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

1

Ordinary A

1

1

1

100

Ordinary B

1

100

100

101

101

The ordinary A shares confer on the holders the right to vote upon any resolution proposed at any

general meeting of the company.

The ordinary B shares do not confer on the holders the right to vote upon any resolution proposed

at any general meeting of the company.

The A and B shares rank pari passu in respect of dividend and capital distribution rights.

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 July 2019

and 31 July 2018:

2019

2018

£

£

Dr J Kim

Balance outstanding at start of year

35,480

135,646

Amounts advanced

159,270

130,509

Amounts repaid

(179,705

)

(230,675

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

15,045

35,480

This loan is repayable on demand and includes interest of £367 at the HMRC approved rate of

2.5%.

10.

CONTROL

The ultimate controlling party is Dr J Kim by virtue of his 100% holding of the voting share capital.