Cardio Solutions (UK) Limited 31/12/2019 iXBRL

Cardio Solutions (UK) Limited 31/12/2019 iXBRL

CARDIO SOLUTIONS (UK) LIMITED - Company Information

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Cardio Solutions (UK) Limited
Unaudited filleted financial statements
31 December 2019
Company registration number: 05443377
Cardio Solutions (UK) Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Cardio Solutions (UK) Limited
Directors and other information
Directors T. Rodgers (Appointed 10 March 2020) (Appointed 10 March 2020)
D. C. Frederick (Appointed 10 March 2020) (Appointed 10 March 2020)
Secretary T. Rodgers
Company number 05443377
Registered office Unit B1 B2 Bond Close
Kingsland Business Park
Basingstoke
RG24 8PZ
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
Period ended 31 December 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 period ended 31 December 2019 which comprise the statement of financial position 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 (ICAEW), 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 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 period.
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
8 June 2020
Cardio Solutions (UK) Limited
Statement of financial position
31 December 2019
31/12/19 31/05/19
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 13,404 13,631
_______ _______
13,404 13,631
Current assets
Stocks 495,590 248,355
Debtors 7 810,624 1,285,508
Cash at bank and in hand 5,763,867 5,281,184
_______ _______
7,070,081 6,815,047
Creditors: amounts falling due
within one year 8 ( 593,517) ( 564,526)
_______ _______
Net current assets 6,476,564 6,250,521
_______ _______
Total assets less current liabilities 6,489,968 6,264,152
Provisions for liabilities - ( 3,393)
_______ _______
Net assets 6,489,968 6,260,759
_______ _______
Capital and reserves
Called up share capital 9 125,000 125,000
Share premium account 725,000 725,000
Capital redemption reserve 10 10
Profit and loss account 5,639,958 5,410,749
_______ _______
Shareholders funds 6,489,968 6,260,759
_______ _______
For the period ending 31 December 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 period 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 Section 1A of 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 08 June 2020 , and are signed on behalf of the board by:
T. Rodgers
Director
Company registration number: 05443377
Cardio Solutions (UK) Limited
Notes to the financial statements
Period ended 31 December 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 Unit B1 B2 Bond Close, Kingsland Business Park, Basingstoke, RG24 8PZ.
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'. The Triennial review 2017 amendments to the standard have been early adopted.
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 period amounted to 7 (2019: 9 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 June 2019 and 31 December 2019 750,000 750,000
_______ _______
Amortisation
At 1 June 2019 and 31 December 2019 750,000 750,000
_______ _______
Carrying amount
At 31 December 2019 - -
_______ _______
At 31 May 2019 - -
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 June 2019 56,463 56,463
Additions 2,911 2,911
Disposals ( 2,106) ( 2,106)
_______ _______
At 31 December 2019 57,268 57,268
_______ _______
Depreciation
At 1 June 2019 42,832 42,832
Charge for the period 2,345 2,345
Disposals ( 1,313) ( 1,313)
_______ _______
At 31 December 2019 43,864 43,864
_______ _______
Carrying amount
At 31 December 2019 13,404 13,404
_______ _______
At 31 May 2019 13,631 13,631
_______ _______
7. Debtors
31/12/19 31/05/19
£ £
Trade debtors 612,562 1,130,666
Other debtors 198,062 154,842
_______ _______
810,624 1,285,508
_______ _______
The debtors above include the following amounts falling due after more than one year:
31/12/19 31/05/19
£ £
Trade debtors - 300,000
Other debtors - 14,747
_______ _______
- 314,747
_______ _______
8. Creditors: amounts falling due within one year
31/12/19 31/05/19
£ £
Trade creditors 183,223 148,515
Corporation tax 250,640 154,460
Social security and other taxes 118,738 91,376
Other creditors 40,916 170,175
_______ _______
593,517 564,526
_______ _______
9. Called up share capital
Issued, called up and fully paid
31/12/19 31/05/19
No £ No £
Ordinary shares of £ 1.00 each 125,000 125,000 125,000 125,000
_______ _______ _______ _______
10. 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 21,300 40,000
Later than 1 year and not later than 5 years - 20,000
_______ _______
21,300 60,000
_______ _______
11. Related party transactions
During the period the company entered into the following transactions with related parties:
Balance owed by/(owed to)
Period Year
ended ended
31/12/19 31/05/19
£ £
A director ( 22,099) ( 142,643)
_______ _______