Pentland Medical Ltd. - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: SC223422 (Scotland)

Unaudited Financial Statements for the Year Ended 31 December 2022

for

Pentland Medical Ltd.

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Mr S Munro

Mr J Munro

Mr R Munro

REGISTERED OFFICE:

157 Broomhall Crescent

Edinburgh

Midlothian

EH12 7PJ

REGISTERED NUMBER:

SC223422 (Scotland)

ACCOUNTANTS:

One Accounting Ltd

Chartered Management Accountants

Drumsheugh Toll

2 Belford Road

Edinburgh

Midlothian

EH4 3BL

FIXED ASSETS

Tangible assets

4

42,443

78,121

CURRENT ASSETS

Stocks

163,774

153,411

Debtors

5

342,821

374,837

Cash at bank and in hand

280,957

380,768

787,552

909,016

CREDITORS

Amounts falling due within one year

6

282,383

307,039

NET CURRENT ASSETS

505,169

601,977

TOTAL ASSETS LESS CURRENT LIABILITIES

547,612

680,098

CREDITORS

Amounts falling due after more than one year

7

(137,494

)

(217,377

)

PROVISIONS FOR LIABILITIES

(10,219

)

(14,492

)

NET ASSETS

399,899

448,229

CAPITAL AND RESERVES

Called up share capital

140

140

Retained earnings

399,759

448,089

SHAREHOLDERS' FUNDS

399,899

448,229

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 Income Statement has not been delivered.

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

Mr S Munro - Director

1.	STATUTORY INFORMATION

Pentland Medical Ltd. is a private company, limited by shares , registered in Scotland. 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 principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

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

-

20% on cost

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

20% on cost

Computer equipments

-

33% 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

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties.

Debt instruments, including loans and other accounts receivable and payable are initially measured at transaction price adjusted for transaction costs. They are subsequently recognised at amortised costs using the effective interest method.

Creditors payable within one year, typically trade payables, are measured initially and subsequently at the undiscounted amount of the cash or other consideration expected to be paid.

Debtors payable within one year, typically trade receivables, are measured initially and subsequently at the undiscounted amount of the cash or other consideration expected to be received.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 statement of financial position 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.

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 6 (2021 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipments

Totals

£

£

£

£

£

COST

At 1 January 2022

9,663

17,791

187,905

22,803

238,162

Additions

-

-

-

4,765

4,765

At 31 December 2022

9,663

17,791

187,905

27,568

242,927

DEPRECIATION

At 1 January 2022

9,567

15,371

115,451

19,652

160,041

Charge for year

96

605

37,068

2,674

40,443

At 31 December 2022

9,663

15,976

152,519

22,326

200,484

NET BOOK VALUE

At 31 December 2022

-

1,815

35,386

5,242

42,443

At 31 December 2021

96

2,420

72,454

3,151

78,121

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade debtors

195,193

236,347

Amounts owed by group undertakings

120,792

108,148

Other debtors - S455

189

4,800

Other debtors

3,840

3,840

Directors' current accounts

559

-

Prepayments and accrued income

22,248

21,702

342,821

374,837

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans and overdrafts

62,231

59,004

Trade creditors

93,593

157,356

Other Loans

17,652

17,652

Tax

5,740

26,696

Social security and other taxes

9,518

5,903

VAT

48,979

25,032

Other creditors

1,462

1,566

Credit card

16,941

2,700

Directors' current accounts

23,664

8,516

Accrued expenses

2,603

2,614

282,383

307,039

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans - 1-2 years

65,458

62,231

Bank loans - 2-5 years

39,674

105,132

Other Loans

32,362

50,014

137,494

217,377

8.	CONTINGENT LIABILITIES

At the year end there were no contingent liabilities.

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

31.12.22

31.12.21

£

£

Mr R Munro

Balance outstanding at start of year

(428

)

2,804

Amounts advanced

987

2,305

Amounts repaid

-

(5,537

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

559

(428

)

These loans are interest free and repayable on demand.

10.	RELATED PARTY DISCLOSURES

During the year, total dividends of £45,000 (2021 - £54,500) were paid to the directors .

The company was owed £120,792 (2021 - £108,148) by Innovel Ltd at the year end date. This loan is interest free and repayable on demand.

11.	ULTIMATE CONTROLLING PARTY

The controlling party is Pentland Medical Holdings Ltd.

Stewart Munro is the ultimate controlling party due to his majority shareholding in the parent company.