Scinomed Ltd - Accounts to registrar (filleted) - small 23.2.5
Scinomed Ltd - Accounts to registrar (filleted) - small 23.2.5
| REGISTERED NUMBER: |
| SCINOMED LTD |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 29 DECEMBER 2022 |
| SCINOMED LTD (REGISTERED NUMBER: 06509477) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 29 DECEMBER 2022 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| SCINOMED LTD |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 29 DECEMBER 2022 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants |
| Statutory Auditors |
| Tattersall House |
| East Parade |
| Harrogate |
| North Yorkshire |
| HG1 5LT |
| SCINOMED LTD (REGISTERED NUMBER: 06509477) |
| BALANCE SHEET |
| 29 DECEMBER 2022 |
| 2022 | 2021 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| Investments | 6 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 7 |
| Prepayments and accrued income |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 9 | ( |
) | ( |
) |
| ACCRUALS AND DEFERRED INCOME | ( |
) | ( |
) |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| SCINOMED LTD (REGISTERED NUMBER: 06509477) |
| BALANCE SHEET - continued |
| 29 DECEMBER 2022 |
| 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 |
| SCINOMED LTD (REGISTERED NUMBER: 06509477) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 29 DECEMBER 2022 |
| 1. | STATUTORY INFORMATION |
| Scinomed Ltd is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 £10,202,933. |
| 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 |
| Improvements to property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Office Equipment | - |
| 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. |
| SCINOMED LTD (REGISTERED NUMBER: 06509477) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 29 DECEMBER 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| 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 |
| 4. | INTANGIBLE FIXED ASSETS |
| Other |
| intangible |
| assets |
| £ |
| COST |
| At 30 December 2021 |
| and 29 December 2022 |
| AMORTISATION |
| At 30 December 2021 |
| Charge for year |
| At 29 December 2022 |
| NET BOOK VALUE |
| At 29 December 2022 |
| At 29 December 2021 |
| SCINOMED LTD (REGISTERED NUMBER: 06509477) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 29 DECEMBER 2022 |
| 5. | TANGIBLE FIXED ASSETS |
| Improvements | Fixtures |
| to | Plant and | and | Office |
| property | machinery | fittings | Equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 30 December 2021 |
| Additions |
| At 29 December 2022 |
| DEPRECIATION |
| At 30 December 2021 |
| Charge for year |
| At 29 December 2022 |
| NET BOOK VALUE |
| At 29 December 2022 |
| At 29 December 2021 |
| 6. | FIXED ASSET INVESTMENTS |
| Shares in | Interest |
| group | in joint |
| undertakings | venture | Totals |
| £ | £ | £ |
| COST |
| At 30 December 2021 | 1,812,845 |
| Additions | 141,937 |
| Reclassification/transfer | ( |
) | - |
| At 29 December 2022 | 1,954,782 |
| NET BOOK VALUE |
| At 29 December 2022 | 1,954,782 |
| At 29 December 2021 | 1,812,845 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| SCINOMED LTD (REGISTERED NUMBER: 06509477) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 29 DECEMBER 2022 |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Amounts owed to group undertakings |
| 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 unqualified. |
| for and on behalf of |
| 11. | POST BALANCE SHEET EVENTS |
| On 1 August 2023 the company issued a further 300,000 ordinary shares at £10 per share. |
| 12. | ULTIMATE CONTROLLING PARTY |
| The controlling party is International Investments II Limited, a company incorporated in Hong Kong. |