Company No: 05464465 (England and Wales)

Contents

• Company Information
• Statement of Financial Position
• Notes to the Financial Statements

DIRECTORS	Jane Maude
	Erika Maude

SECRETARY

Jane Maude

REGISTERED OFFICE	Century House
	Nicholson Road
	TQ2 7TD
	Torquay
	United Kingdom

COMPANY NUMBER

05464465 (England and Wales)

CHARTERED ACCOUNTANTS	Bishop Fleming LLP
	Century House
	Nicholson Road
	Torquay
	TQ2 7TD

	Note	2021		2020
		£		£
Fixed assets
Tangible assets	3	3,199,749		2,128,015
Investment property	4	1,552,931		969,498
Investments	5	0		50,000
		4,752,680		3,147,513
Current assets
Stocks		12,476		14,981
Debtors	6	1,988,395		1,764,706
Cash at bank and in hand		309,661		330,595
		2,310,532		2,110,282
Creditors
Amounts falling due within one year	7	( 348,259)		( 236,908)
Net current assets		1,962,273		1,873,374
Total assets less current liabilities		6,714,953		5,020,887
Creditors
Amounts falling due after more than one year	8	( 1,174,365)		( 1,300,124)
Provisions for liabilities	9	( 511,861)		( 73,134)
Net assets		5,028,727		3,647,629
Capital and reserves
Called-up share capital	10	100		100
Revaluation reserve		1,849,824		318,353
Profit and loss account		3,178,803		3,329,176
Total shareholders' funds		5,028,727		3,647,629

For the financial year ending 31 May 2021 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 financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Scoliosis SOS Limited (registered number: 05464465) were approved and authorised for issue by the Board of Directors on 07 April 2022. They were signed on its behalf by:

Jane Maude Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year.

General information and basis of accounting

Scoliosis SOS Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Century House, Nicholson Road, TQ2 7TD, Torquay, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.

The functional currency of Scoliosis SOS Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

The Company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Directors’ Report.

The Company's forecasts and projections, taking account of the continued possible impact of COVID-19 in trading performance, show that the company should be able to operate within the level of its current facilities.

Therefore, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.

Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Freehold Property - Not depreciated
Equipment - 15% straight line
Fixtures and fittings - 15% straight line
Yacht - 15% straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Investment property

Investment property is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by external valuers and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

	2021		2020
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	28		23

3. Tangible assets

	Land and buildings		Plant and machinery		Fixtures and fittings		Total
	£		£		£		£
Cost
At 01 June 2020	2,055,502		100,232		120,830		2,276,564
Additions	( 46,550)		0		0		( 46,550)
Revaluations	1,138,117		0		0		1,138,117
At 31 May 2021	3,147,069		100,232		120,830		3,368,131
Accumulated depreciation
At 01 June 2020	0		85,584		62,965		148,549
Charge for the financial year	0		4,734		15,099		19,833
At 31 May 2021	0		90,318		78,064		168,382
Net book value
At 31 May 2021	3,147,069		9,914		42,766		3,199,749
At 31 May 2020	2,055,502		14,648		57,865		2,128,015

4. Investment property

	Investment property
	£
Valuation
As at 01 June 2020	969,498
Additions	46,550
Fair value movement	536,883
As at 31 May 2021	1,552,931

Historic cost

If the investment properties had been accounted for cost accounting rules, the properties would have been measured as follows:

	2021		2020
	£		£
Historic cost	659,578		659,578

5. Fixed asset investments

	Other investments		Total
	£		£
Carrying value before impairment
At 01 June 2020	50,000		50,000
Disposals	( 50,000)		( 50,000)
At 31 May 2021	0		0
Provisions for impairment
At 01 June 2020	0		0
At 31 May 2021	0		0
Carrying value at 31 May 2021	0		0
Carrying value at 31 May 2020	50,000		50,000

6. Debtors

	2021		2020
	£		£
Trade debtors	7,137		37,103
Amounts owed by Group undertakings	1,942,348		1,692,359
Amounts owed by directors	0		476
Prepayments	34,257		34,528
Other debtors	4,653		240
	1,988,395		1,764,706

7. Creditors: amounts falling due within one year

	2021		2020
	£		£
Bank loans	106,646		104,512
Trade creditors	43,135		40,721
Amounts owed to directors	92,132		11,924
Other creditors	0		500
Accruals and deferred income	70,510		57,536
Corporation tax	21,039		10,814
Other taxation and social security	14,797		10,901
	348,259		236,908

8. Creditors: amounts falling due after more than one year

	2021		2020
	£		£
Bank loans	1,174,365		1,300,124

There are no amounts included above in respect of which any security has been given by the small entity.

9. Deferred tax

	2021		2020
	£		£
At the beginning of financial year	( 73,134)		( 64,103)
Charged to the Statement of Income and Retained Earnings	( 438,727)		( 9,031)
At the end of financial year	( 511,861)		( 73,134)

10. Called-up share capital

	2021		2020
	£		£
Allotted, called-up and fully-paid
40 A ordinary shares of £ 1.00 each	40		40
60 Ordinary shares of £ 1.00 each	60		60
	100		100

11. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

	2021		2020
	£		£
Other pensions commitments not shown in the Balance Sheet	10,183		8,797

12. Related party transactions

Transactions with entities in which the entity itself has a participating interest

	2021		2020
	£		£
Maudelet Limited, a company under common control (debtor)	1,942,348		1,684,740

Interest has been charged on the above balance at 2.5% and there is no fixed date for repayment.

Transactions with the entity's directors

	2021		2020
	£		£
Amounts owed to J Maude, director	42,132		(11,924)
Amounts owed to E Maude, director	50,000		(476)

No interest has been charged on these balances and there are no fixed dates for repayment.