Trimedika Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: NI636113 (Northern Ireland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

TRIMEDIKA LIMITED

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

7

DIRECTORS:

Ms J A Brien

Dr. R Molloy

P Molloy

REGISTERED OFFICE:

E3 Building Springvale Campus

398 Springfeld Road

Belfast

Co. Antrim

BT12 7DU

REGISTERED NUMBER:

NI636113 (Northern Ireland)

ACCOUNTANTS:

Baker Tilly Mooney Moore

17 Clarendon Road

Clarendon Dock

Belfast

BT1 3BG

FIXED ASSETS

Intangible assets

4

232,320

191,788

Tangible assets

5

16,958

16,745

249,278

208,533

CURRENT ASSETS

Stocks

509,591

526,165

Debtors

6

1,124,676

1,053,590

Cash at bank

636,480

1,610,041

2,270,747

3,189,796

CREDITORS

Amounts falling due within one year

7

651,017

1,005,032

NET CURRENT ASSETS

1,619,730

2,184,764

TOTAL ASSETS LESS CURRENT LIABILITIES

1,869,008

2,393,297

CAPITAL AND RESERVES

Called up share capital

13

13

Share premium

290,388

290,388

Retained earnings

1,578,607

2,102,896

1,869,008

2,393,297

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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 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 1 June 2022 and were signed on its behalf by:

P Molloy - Director

1.	STATUTORY INFORMATION

Trimedika Limited is a private company, limited by shares , registered in Northern Ireland. 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.

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 ten years.

Development costs are being amortised evenly over their estimated useful life of ten 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 etc

-

33% on cost and 20% on reducing balance

Fixtures, Fittings and equipment - 20% reducing balance

Computer Equipment - 20% reducing balance

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

All financial instruments of the company are considered to meet the definition of basic financial instruments.

- Short term debtors and creditors

Debtors and creditors with no stated interest rate and are receivable or payable on demand are recognised at transaction price, and subject to annual impairment reviews. Any losses arising on impairment are recognised in the profit and loss account.

- Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

- Loans and borrowings

All loans and borrowings are initially recorded at the present value of cash payable to the lender in settlement of the liability discounted at the market interest rate. Subsequently loans and borrowings are stated at amortised cost using the effective interest rate method. The computation of amortised cost includes any issue costs, transaction costs and fees, and any discount or premium on settlement, and the effect of this is to amortise these amounts over the expected borrowing period. Loans with no stated interest rate and repayable within one period or on demand are not amortised. Loans and borrowings are classified as current liabilities unless the borrower has an unconditional right to defer settlement of the liability for at least 12 months after the financial period end date.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2020 - 9 ) .

4.	INTANGIBLE FIXED ASSETS

Patents

and

Development

licences

costs

Totals

£

£

£

COST

At 1 January 2021

51,548

147,028

198,576

Additions

12,369

59,073

71,442

Disposals

(2,140

)

-

(2,140

)

At 31 December 2021

61,777

206,101

267,878

AMORTISATION

At 1 January 2021

1,678

5,110

6,788

Amortisation for year

11,220

18,064

29,284

Eliminated on disposal

(514

)

-

(514

)

At 31 December 2021

12,384

23,174

35,558

NET BOOK VALUE

At 31 December 2021

49,393

182,927

232,320

At 31 December 2020

49,870

141,918

191,788

5.	TANGIBLE FIXED ASSETS

Fixtures,

fittings

Computer

& equipment

equipment

Totals

£

£

£

COST

At 1 January 2021

7,240

11,501

18,741

Additions

-

4,007

4,007

Disposals

-

(72

)

(72

)

At 31 December 2021

7,240

15,436

22,676

DEPRECIATION

At 1 January 2021

668

1,328

1,996

Charge for year

1,314

2,425

3,739

Eliminated on disposal

-

(17

)

(17

)

At 31 December 2021

1,982

3,736

5,718

NET BOOK VALUE

At 31 December 2021

5,258

11,700

16,958

At 31 December 2020

6,572

10,173

16,745

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade debtors

60,545

(605

)

Other debtors

1,064,131

1,054,195

1,124,676

1,053,590

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade creditors

93,141

171,955

Taxation and social security

492,447

554,599

Other creditors

65,429

278,478

651,017

1,005,032

8.	CONTINGENT LIABILITIES

A contingent liability may exist in respect of a repayment of grant income should the conditions under which a grant was awarded to the company not be met. Due to the nature of these contingencies, it is not currently possible to estimate the likelihood of this occurring, nor quantify the financial effect or provide an indication of timing as to the potential liability that may arise.