4T Medical Ltd - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 07932878 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

4T MEDICAL LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J T Tordjmann

L R E Tordjmann

REGISTERED OFFICE:

G12 Blenheim House

Cambridge Innovation Park

Denny End Road. Waterbeach

Cambridge

Cambridgeshire

CB25 9GL

REGISTERED NUMBER:

07932878 (England and Wales)

ACCOUNTANTS:

Thompson Taraz Rand Ltd

Chartered Accountants

10 Jesus Lane

Cambridge

Cambridgeshire

CB5 8BA

FIXED ASSETS

Intangible assets

5

37,428

44,008

Tangible assets

6

46,367

59,166

83,795

103,174

CURRENT ASSETS

Stocks

608,974

467,505

Debtors

7

385,455

199,250

Cash at bank

1,760,721

1,301,938

2,755,150

1,968,693

CREDITORS

Amounts falling due within one year

8

(558,342

)

(503,760

)

NET CURRENT ASSETS

2,196,808

1,464,933

TOTAL ASSETS LESS CURRENT LIABILITIES

2,280,603

1,568,107

PROVISIONS FOR LIABILITIES

9

(11,092

)

(17,800

)

NET ASSETS

2,269,511

1,550,307

CAPITAL AND RESERVES

Called up share capital

10

2

2

Retained earnings

2,269,509

1,550,305

SHAREHOLDERS' FUNDS

2,269,511

1,550,307

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 August 2023 and were signed on its behalf by:

J T Tordjmann - Director

1.	STATUTORY INFORMATION

4T Medical 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty

Useful economic lives of tangible fixed assets:

Tangible fixed assets are depreciated over their expected useful lives taking into consideration residual values, where appropriate. The actual lives of the assets and residual values are assessed and amended when necessary to reflect the current estimates based on economic utilisation and physical condition of the assets.

Doubtful debts:

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade debtors , management considers factors including the current credit rating of the debtor, the ageing of the debtor and historical experience regarding payment history.

Turnover

Turnover represents the sale of skincare products and is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue is recognised in the profit and loss account when a sales invoice is raised and this occurs on the dispatch of goods.

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.

Computer software is being amortised evenly over its 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.

Leasehold Improvements

20% on cost

Plant and Machinery

25% on cost

Fixtures and Fittings

25% on cost

Motor vehicles

25% on cost

Computer equipment

25% 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.

Financial instruments

Basic financial assets and basic financial liabilities as defined under section 11 of FRS 102, including trade and other debtors, trade and other creditors, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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 material 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2021 - 13 ) .

5.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2022

and 31 December 2022

65,791

AMORTISATION

At 1 January 2022

21,783

Charge for year

6,580

At 31 December 2022

28,363

NET BOOK VALUE

At 31 December 2022

37,428

At 31 December 2021

44,008

Other intangible fixed assets relate to computer software.

6.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

leasehold

machinery

fittings

£

£

£

COST

At 1 January 2022

27,438

9,434

72,202

Additions

-

-

9,084

At 31 December 2022

27,438

9,434

81,286

DEPRECIATION

At 1 January 2022

19,950

197

45,756

Charge for year

5,488

2,358

10,859

At 31 December 2022

25,438

2,555

56,615

NET BOOK VALUE

At 31 December 2022

2,000

6,879

24,671

At 31 December 2021

7,488

9,237

26,446

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2022

8,250

46,326

163,650

Additions

-

6,403

15,487

At 31 December 2022

8,250

52,729

179,137

DEPRECIATION

At 1 January 2022

5,328

33,253

104,484

Charge for year

2,063

7,518

28,286

At 31 December 2022

7,391

40,771

132,770

NET BOOK VALUE

At 31 December 2022

859

11,958

46,367

At 31 December 2021

2,922

13,073

59,166

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

201,568

174,789

Other debtors

183,887

24,461

385,455

199,250

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

82,105

72,657

Taxation and social security

441,442

405,578

Other creditors

34,795

25,525

558,342

503,760

9.	PROVISIONS FOR LIABILITIES

2022

2021

£

£

Deferred tax

11,092

17,800

Deferred

tax

£

Balance at 1 January 2022

17,800

Provided during year

(6,708

)

Balance at 31 December 2022

11,092

Deferred tax is recognised in respect of the excess of capital allowances over depreciation.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

2

Ordinary

£1

2

2

11.	OTHER FINANCIAL COMMITMENTS

Total financial commitments which are not included in the balance sheet amount to £123,779 for operating lease payments (2021: £153,791).

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2022 and 31 December 2021:

2022

2021

£

£

J T Tordjmann and L R E Tordjmann

Balance outstanding at start of year

-

-

Amounts advanced

258,531

-

Amounts repaid

(96,000

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

162,531

-

Included in the advances is beneficial loan interest charged at 2% of £1,609 (2021: nil).

13.	RELATED PARTY DISCLOSURES

Included in other debtors is an amount due to the company on a directors loan account of £162,531 (2021: (£1,636)). This amount includes beneficial loan interest charged at 2% of £1,609 (2021: nil).