Medico Electrodes Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07949031 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020

FOR

MEDICO ELECTRODES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

A Mehra

R S Sharma

A Seth

C J Stansfield

REGISTERED OFFICE:

4, The Barford Exchange

Wellesbourne Road

Barford

Warwick

Warwickshire

CV35 8AQ

REGISTERED NUMBER:

07949031 (England and Wales)

SENIOR STATUTORY AUDITOR:

Jeremy S Chapman

AUDITORS:

Chapman Nash Accountancy Limited

Statutory auditor

4, The Barford Exchange

Wellesbourne Road

Barford

Warwick

Warwickshire

CV35 8AQ

BANKERS:

HSBC Bank Plc

126 The Parade

Leamington Spa

Warwickshire

CV32 4AJ

FIXED ASSETS

Tangible assets

4

3,821

10,804

CURRENT ASSETS

Stocks

225,075

199,703

Debtors

5

271,466

134,254

Cash at bank

391,230

184,627

887,771

518,584

CREDITORS

Amounts falling due within one year

6

(168,408

)

(170,241

)

NET CURRENT ASSETS

719,363

348,343

TOTAL ASSETS LESS CURRENT LIABILITIES

723,184

359,147

PROVISIONS FOR LIABILITIES

(542

)

(1,857

)

NET ASSETS

722,642

357,290

CAPITAL AND RESERVES

Called up share capital

7

1,001

1,001

Share premium

1,164,999

1,164,999

Retained earnings

(443,358

)

(808,710

)

SHAREHOLDERS' FUNDS

722,642

357,290

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 August 2020 and were signed on its behalf by:

C J Stansfield - Director

1.	STATUTORY INFORMATION

Medico Electrodes Limited is a private company, limited by shares , registered in England and Wales. 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.

Turnover

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

value added tax and other sales taxes.

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

Office equipment

-

20% 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.

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 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.

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.

Going concern

The financial statements of the company have been prepared on a going concern basis. On 31 May 2015 the

company was acquired by Medico Electrodes International Limited. Medico Electrodes International Limited will

continue to provide the company with sufficient funds to ensure it continues to trade and meet its obligations as

they fall due for at least twelve months from the date of signing the financial statements.

The directors have also considered the impact of Covid 19 on the business and have taken necessary steps to

make the workplace as safe as possible. The directors consider that the Company operates in an industry that

has not been and is unlikely to be severely affected by the pandemic. Management figures produced following

the year-end of 31 March 2020 indicate that the Company remains profitable.

Given the continued support of the parent company and the low risk that the Company will be materially affected

by Covid 19 is considered appropriate that these financial statements are prepared on a going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2019 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Office

machinery

equipment

Totals

£

£

£

COST

At 1 April 2019

29,185

34,766

63,951

Additions

-

107

107

At 31 March 2020

29,185

34,873

64,058

DEPRECIATION

At 1 April 2019

27,443

25,704

53,147

Charge for year

1,100

5,990

7,090

At 31 March 2020

28,543

31,694

60,237

NET BOOK VALUE

At 31 March 2020

642

3,179

3,821

At 31 March 2019

1,742

9,062

10,804

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade debtors

221,873

109,627

Amounts owed by group undertakings

16,063

-

Other debtors

33,530

24,627

271,466

134,254

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade creditors

53,297

50,036

Amounts owed to group undertakings

-

46,901

Taxation and social security

90,403

47,321

Other creditors

24,708

25,983

168,408

170,241

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.20

31.3.19

value:

£

£

1,001

Ordinary

£1

1,001

1,001

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Jeremy S Chapman (Senior Statutory Auditor)

for and on behalf of Chapman Nash Accountancy Limited

9.	RELATED PARTY DISCLOSURES

During the year the total sales made by the Company to it's parent company, Medico Electrodes International Ltd

amounted to £65,568 (2019 - £389,016).

At the 31 March 2020, the company was owed by Medico Electrodes International Ltd £16,063 (2019 - owing to

Medico Electrodes International Ltd £46,901).

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Medico Electrodes International Limited, incorporated in India.