Scinomed Ltd - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 06509477 (England and Wales)

SCINOMED LTD

FINANCIAL STATEMENTS

FOR THE PERIOD

1 JANUARY 2021 TO 29 DECEMBER 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr A P Lane

Mr M Hauck

Mr J Simkins

REGISTERED OFFICE:

Windsor House

Cornwall Road

Harrogate

HG1 2PW

REGISTERED NUMBER:

06509477 (England and Wales)

AUDITORS:

DSC Accountants Ltd

Chartered Accountants

Statutory Auditors

Tattersall House

East Parade

Harrogate

North Yorkshire

HG1 5LT

FIXED ASSETS

Intangible assets

4

717,848

721,891

Tangible assets

5

77,085

711,342

Investments

6

1,812,845

1,812,845

2,607,778

3,246,078

CURRENT ASSETS

Stocks

836,358

1,122,529

Debtors

7

3,954,934

3,530,622

Prepayments and accrued income

3,164,076

2,984,016

Cash at bank and in hand

1,126,089

91,883

9,081,457

7,729,050

CREDITORS

Amounts falling due within one year

8

1,157,626

1,315,314

NET CURRENT ASSETS

7,923,831

6,413,736

TOTAL ASSETS LESS CURRENT LIABILITIES

10,531,609

9,659,814

CREDITORS

Amounts falling due after more than one year

9

(18,401,701

)

(16,224,528

)

ACCRUALS AND DEFERRED INCOME

(22,999

)

(574,947

)

NET LIABILITIES

(7,893,091

)

(7,139,661

)

CAPITAL AND RESERVES

Called up share capital

250,000

200,000

Share premium

1,265,000

315,000

Retained earnings

(9,408,091

)

(7,654,661

)

SHAREHOLDERS' FUNDS

(7,893,091

)

(7,139,661

)

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 20 March 2022 and were signed on its behalf by:

Mr A P Lane - Director

1.	STATUTORY INFORMATION

Scinomed Ltd 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.

Preparation of consolidated financial statements

The financial statements contain information about Scinomed Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Going concern

At the balance sheet date, the company had net liabilities of £7,893,091.

The parent undertaking and ultimate parent undertaking have confirmed that they will provide further financial support to the company as required to enable it to meet its liabilities as and when they fall due for at least twelve months from the date of approval of the financial statements of the company. Consequently, the financial statements have been prepared on a going concern basis.

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

Amortisation is provided at the following annual rate in order to write off each asset over its estimated useful life.

Intellectual Property - 25% on cost

Research & development costs

Where research and development costs are capitalised, amortisation is provided at the following annual rate in order to write off each asset over its estimated useful life.

Research and development costs - between 10% and 20% on cost

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

10% on cost

Plant and machinery

-

20% on cost

Fixtures and fittings

-

10% on cost

Office Equipment

-

25% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at 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 period 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 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.

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 5 (2020 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2021

999,858

Additions

100,610

Disposals

(2,515

)

At 29 December 2021

1,097,953

AMORTISATION

At 1 January 2021

277,967

Charge for period

104,653

Eliminated on disposal

(2,515

)

At 29 December 2021

380,105

NET BOOK VALUE

At 29 December 2021

717,848

At 31 December 2020

721,891

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Office

property

machinery

fittings

Equipment

Totals

£

£

£

£

£

COST

At 1 January 2021

1,579

845,026

18,934

28,172

893,711

Additions

-

1,224,442

-

8,215

1,232,657

Disposals

-

(1,983,604

)

-

-

(1,983,604

)

At 29 December 2021

1,579

85,864

18,934

36,387

142,764

DEPRECIATION

At 1 January 2021

1,579

151,905

5,968

22,917

182,369

Charge for period

-

190,794

1,611

2,685

195,090

Eliminated on disposal

-

(311,780

)

-

-

(311,780

)

At 29 December 2021

1,579

30,919

7,579

25,602

65,679

NET BOOK VALUE

At 29 December 2021

-

54,945

11,355

10,785

77,085

At 31 December 2020

-

693,121

12,966

5,255

711,342

6.	FIXED ASSET INVESTMENTS

Shares in

Interest

group

in joint

undertakings

venture

Totals

£

£

£

COST

At 1 January 2021

and 29 December 2021

29,832

1,783,013

1,812,845

NET BOOK VALUE

At 29 December 2021

29,832

1,783,013

1,812,845

At 31 December 2020

29,832

1,783,013

1,812,845

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

45,752

673,271

Amounts owed by group undertakings

3,505,499

2,558,066

Other debtors

403,683

299,285

3,954,934

3,530,622

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

855,308

944,123

Taxation and social security

96,567

164,661

Other creditors

205,751

206,530

1,157,626

1,315,314

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Amounts owed to group undertakings

18,401,701

16,224,528

The loans are unsecured with no set repayment date. A market rate of interest is payable on the loans.

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

The Report of the Auditors was qualified on the following basis:

Basis for qualified opinion

We were not appointed as auditor of the company until after 31 December 2020 and thus did not observe the counting of physical inventories at the end of the year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 31 December 2020, which are included in the balance sheet at £1,122,529, by using other audit procedures. Consequently, we were unable to determine whether any adjustment to this amount was necessary.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our

responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial

statements section of our report. We are independent of the company in accordance with the ethical requirements that are

relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other

ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient

and appropriate to provide a basis for our qualified opinion.

Matters required to report by exception

Arising solely from the limitations on the scope of our work relating to inventory, referred to above:

- we have not obtained all the information and explanations that we considered necessary for the purpose of our audit.

We have nothing to report in respect of the following matters where the Companies Act requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made.

- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Graham French (Senior Statutory Auditor)

for and on behalf of DSC Accountants Ltd

11.	POST BALANCE SHEET EVENTS

In 2022 the company acquired the remaining 50% in its Chinese Joint Venture, Scinomed (Shanghai) Bio-Tech Co. Ltd. The company is now a 100% subsidiary of Scinomed Limited.

12.	ULTIMATE CONTROLLING PARTY

The controlling party is International Investments II Limited, a company incorporated in Hong Kong.