Edge Medical Ltd - Accounts to registrar (filleted) - small 23.1.5

REGISTERED NUMBER: 07884317 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

EDGE MEDICAL LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

M P Vujovich

REGISTERED OFFICE:

500 Styal Road

Manchester

M22 5HQ

REGISTERED NUMBER:

07884317 (England and Wales)

ACCOUNTANTS:

Sedulo Accountants Limited

Chartered Certified Accountants

62-66 Deansgate

Manchester

M3 2EN

FIXED ASSETS

Tangible assets

4

348,273

146,662

Investments

5

250,065

65

598,338

146,727

CURRENT ASSETS

Stocks

375,000

170,000

Debtors

6

1,859,434

2,336,534

Cash at bank

393,227

157,283

2,627,661

2,663,817

CREDITORS

Amounts falling due within one year

7

1,677,809

1,131,434

NET CURRENT ASSETS

949,852

1,532,383

TOTAL ASSETS LESS CURRENT LIABILITIES

1,548,190

1,679,110

CREDITORS

Amounts falling due after more than one year

8

(105,798

)

(355,496

)

PROVISIONS FOR LIABILITIES

(36,666

)

(36,666

)

NET ASSETS

1,405,726

1,286,948

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,405,626

1,286,848

1,405,726

1,286,948

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 director acknowledges his 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 director and authorised for issue on 30 August 2023 and were signed by:

M P Vujovich - Director

1.	STATUTORY INFORMATION

Edge 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.

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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer 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.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial statements.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which includes debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at present value of the future receipts discounted at a market rate of interest. Financial asserts classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less, if not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest rate method.

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.

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 year was 14 (2021 - 10 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2022

349,475

39,591

33,312

3,289

425,667

Additions

281,587

4,680

-

2,458

288,725

Disposals

(8,878

)

(13,825

)

-

-

(22,703

)

At 31 December 2022

622,184

30,446

33,312

5,747

691,689

DEPRECIATION

At 1 January 2022

253,554

11,148

13,311

992

279,005

Charge for year

57,481

7,983

5,000

1,257

71,721

Eliminated on disposal

(2,774

)

(4,536

)

-

-

(7,310

)

At 31 December 2022

308,261

14,595

18,311

2,249

343,416

NET BOOK VALUE

At 31 December 2022

313,923

15,851

15,001

3,498

348,273

At 31 December 2021

95,921

28,443

20,001

2,297

146,662

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2022

65

Additions

250,000

At 31 December 2022

250,065

NET BOOK VALUE

At 31 December 2022

250,065

At 31 December 2021

65

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade debtors

1,223,710

1,184,031

Other debtors

635,724

1,152,503

1,859,434

2,336,534

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans and overdrafts

230,922

252,432

Trade creditors

757,453

464,226

Amounts owed to group undertakings

296,084

230,430

Taxation and social security

126,442

115,137

Other creditors

266,908

69,209

1,677,809

1,131,434

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans

105,798

355,496

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.22

31.12.21

£

£

Iwoca Skye Finance

169,236

324,179

The loan monies owed to Iwoca Skye Finance Ltd are secured by way of a fixed charge against all equipment the company owns and a floating charge against the remaining assets of the company.

10.	OTHER FINANCIAL COMMITMENTS

At the balance sheet date, the company had total commitments under non-cancellable operating

leases of £30,150 (2021: £40,300).

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

Included in other debtors is a loan to the director of £49,322 (2021: £381,712).

The loan bears interest at the official rate and has no fixed terms of repayment.