Rua Medical Devices Limited - Accounts to registrar (filleted) - small 18.2
Rua Medical Devices Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Financial Statements for the Period 1 May 2019 to 31 March 2020 |
| for |
| Rua Medical Devices Limited |
| Rua Medical Devices Limited (Registered number: SC398109) |
| Contents of the Financial Statements |
| for the Period 1 May 2019 to 31 March 2020 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 5 |
| Chartered Accountants' Report | 10 |
| Rua Medical Devices Limited |
| Company Information |
| for the Period 1 May 2019 to 31 March 2020 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 38 Beansburn |
| Kilmarnock |
| Ayrshire |
| KA3 1RL |
| Rua Medical Devices Limited (Registered number: SC398109) |
| Balance Sheet |
| 31 March 2020 |
| 31.3.20 | 30.4.19 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| Investments | 6 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 10 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| Rua Medical Devices Limited (Registered number: SC398109) |
| Balance Sheet - continued |
| 31 March 2020 |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
| Rua Medical Devices Limited (Registered number: SC398109) |
| Balance Sheet - continued |
| 31 March 2020 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Rua Medical Devices Limited (Registered number: SC398109) |
| Notes to the Financial Statements |
| for the Period 1 May 2019 to 31 March 2020 |
| 1. | STATUTORY INFORMATION |
| Rua Medical Devices Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Turnover is represented from the design and manufacture of implantable medical devices. |
| Tangible fixed assets |
| Land and buildings | - |
| Plant and machinery etc | - |
| Government grants |
| Government grants towards revenue costs are recognised in the year the grants are received. |
| Grants towards capital expenditure are amortised over the estimated useful life of the assets with the un-amortised amount treated as deferred income. |
| Stock and work in progress |
| Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
| Financial instruments |
| Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss. |
| Taxation |
| Taxation for the period 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. |
| Rua Medical Devices Limited (Registered number: SC398109) |
| Notes to the Financial Statements - continued |
| for the Period 1 May 2019 to 31 March 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 period 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. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| 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 period was |
| 4. | INTANGIBLE FIXED ASSETS |
| Other |
| intangible |
| Goodwill | assets | Totals |
| £ | £ | £ |
| COST |
| At 1 May 2019 |
| and 31 March 2020 |
| AMORTISATION |
| At 1 May 2019 |
| and 31 March 2020 |
| NET BOOK VALUE |
| At 31 March 2020 |
| At 30 April 2019 |
| Rua Medical Devices Limited (Registered number: SC398109) |
| Notes to the Financial Statements - continued |
| for the Period 1 May 2019 to 31 March 2020 |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST |
| At 1 May 2019 |
| Additions |
| At 31 March 2020 |
| DEPRECIATION |
| At 1 May 2019 |
| Charge for period |
| At 31 March 2020 |
| NET BOOK VALUE |
| At 31 March 2020 |
| At 30 April 2019 |
| 6. | FIXED ASSET INVESTMENTS |
| Other |
| investments |
| £ |
| COST |
| At 1 May 2019 |
| and 31 March 2020 |
| PROVISIONS |
| Provision for period | 40,000 |
| At 31 March 2020 | 40,000 |
| NET BOOK VALUE |
| At 31 March 2020 |
| At 30 April 2019 |
| The investment in Q Spine was written off during the period. |
| 7. | DEBTORS |
| 31.3.20 | 30.4.19 |
| £ | £ |
| Amounts falling due within one year: |
| Trade debtors |
| Other debtors |
| Director's loan accs less 1yr | 5,494 | - |
| Corporation Tax |
| VAT |
| Prepayments and accrued income |
| Rua Medical Devices Limited (Registered number: SC398109) |
| Notes to the Financial Statements - continued |
| for the Period 1 May 2019 to 31 March 2020 |
| 7. | DEBTORS - continued |
| 31.3.20 | 30.4.19 |
| £ | £ |
| Amounts falling due after more than one year: |
| Associated companies | - | 4,479 |
| Aggregate amounts |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.3.20 | 30.4.19 |
| £ | £ |
| Hire purchase contracts |
| Trade creditors |
| Social security and other taxes |
| Other creditors |
| Credit card | 3,492 | 5,422 |
| Pension contributions payable | 4,255 | 3,791 |
| Directors' current accounts | - | 18 |
| Accrued expenses |
| Deferred government grants |
| Deferred income | 41,075 | 622,249 |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.3.20 | 30.4.19 |
| £ | £ |
| Hire purchase contracts |
| Deferred government grants |
| 10. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.3.20 | 30.4.19 |
| value: | £ | £ |
| Ordinary A | 1 | 1 | 1 |
| Ordinary B | 1 | 1 | 1 |
| Ordinary C | 1 | 1 | 1 |
| 3 | 3 |
| Rua Medical Devices Limited (Registered number: SC398109) |
| Notes to the Financial Statements - continued |
| for the Period 1 May 2019 to 31 March 2020 |
| 11. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the period ended 31 March 2020 and the year ended 30 April 2019: |
| 31.3.20 | 30.4.19 |
| £ | £ |
| Balance outstanding at start of period | ( |
) |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of period | ( |
) |
| 12. | RELATED PARTY DISCLOSURES |
| Culzean Medical Limited, a separate company in which David Richmond is both a shareholder and director, owes Rua Medical Devices Limited NIL (2019 -£1,909). |
| EDF Medical Ltd, a separate company in which David Richmond is both a shareholder and director, owes Rua Medical Devices Limited NIL (2019 - -£2570). |
| 13. | POST BALANCE SHEET EVENTS |
| COVID-19 |
| In common with many other businesses the company has been affected by the Covid-19 pandemic. All measures have been taken to reduce costs and outgoings and applications made for available business support including Job Retention Scheme furlough claims and Pivotal Enterprise Resilience grant. These forms of support have enabled the business to continue to trade. |
| Chartered Accountants' Report to the Board of Directors |
| on the Unaudited Financial Statements of |
| Rua Medical Devices Limited |
| The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Rua Medical Devices Limited for the period ended 31 March 2020 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
| As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance. |
| This report is made solely to the Board of Directors of Rua Medical Devices Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Rua Medical Devices Limited and state those matters that we have agreed to state to the Board of Directors of Rua Medical Devices Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
| It is your duty to ensure that Rua Medical Devices 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 Rua Medical Devices Limited. You consider that Rua Medical Devices 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 Rua Medical Devices 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. |
| Chartered Accountants |
| 38 Beansburn |
| Kilmarnock |
| Ayrshire |
| KA3 1RL |