Lindare Medical Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 03596334 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

LINDARE MEDICAL LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M Kyne

A Kyne

SECRETARY:

M Kyne

REGISTERED OFFICE:

Summerfield

Romden Road

Smarden

Kent

TN27 8QZ

REGISTERED NUMBER:

03596334 (England and Wales)

ACCOUNTANTS:

Higson & Co (Deal) Ltd

45 Queen Street

Deal

Kent

CT14 6EY

FIXED ASSETS

Tangible assets

4

34,673

54,865

Investments

5

50

50

34,723

54,915

CURRENT ASSETS

Stocks

6

96,828

117,235

Debtors

7

531,872

620,802

Cash at bank

154,543

132,880

783,243

870,917

CREDITORS

Amounts falling due within one year

8

127,981

266,115

NET CURRENT ASSETS

655,262

604,802

TOTAL ASSETS LESS CURRENT LIABILITIES

689,985

659,717

PROVISIONS FOR LIABILITIES

9

1,967

11,654

NET ASSETS

688,018

648,063

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

687,918

647,963

SHAREHOLDERS' FUNDS

688,018

648,063

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 December 2023 and were signed on its behalf by:

M Kyne - Director

A Kyne - Director

1.	STATUTORY INFORMATION

Lindare Medical Limited 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 (£).

The Financial Statements are presented in round pound sterling £.

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.

Turnover

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

Revenue from the sale of medical goods is recognised when all the risks and rewards of the ownership are transferred.

Revenue from the hire of equipment is recognised over the period of the hire period.

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 and 10% on reducing balance

Plant and machinery

-

20% on cost

Fixtures and fittings

-

25% on reducing balance and 10% on cost

Computer equipment

-

33% on cost and 25% on reducing balance

Tangible fixed assets are tested for impairment annually.

It is the Company's policy to capitalise items with an estimated useful life in excess of two years, and for

amounts in excess of £350.

A full year of depreciation is charged in the year of acquisition.

Investments in subsidiaries

Investments in Subsidiaries and Associates are shown at Fair Value.

Stocks

Stocks are valued at fair value less costs to sell, after making due allowance for obsolete and slow moving stock.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 4 (2022 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 April 2022

and 31 March 2023

15,163

609,944

13,026

22,962

661,095

DEPRECIATION

At 1 April 2022

13,582

558,391

13,026

21,231

606,230

Charge for year

1,517

18,138

-

537

20,192

At 31 March 2023

15,099

576,529

13,026

21,768

626,422

NET BOOK VALUE

At 31 March 2023

64

33,415

-

1,194

34,673

At 31 March 2022

1,581

51,553

-

1,731

54,865

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2022

and 31 March 2023

50

NET BOOK VALUE

At 31 March 2023

50

At 31 March 2022

50

The Company has taken exemption from preparing Group Accounts under the Small Companies Regime.

The Company owns 64% of the share capital of Polar Medical Limited.

Lindare Medical Limited has control over Polar Medical, and therefore the Company is accounted for as a Subsidiary Company, rather than an Associate.

6.

STOCKS

2023

2022

£

£

Stocks

96,828

117,235

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

214,290

314,698

Other debtors

265,878

297,929

VAT

39,772

-

Prepayments and accrued income

11,932

8,175

531,872

620,802

Other debtors represents an amount due from a subsidiary. Interest accrues throughout the year.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

84,323

153,918

Tax

26,060

13,121

Social security and other taxes

1,909

2,060

VAT

-

33,491

Other creditors

12,760

19,933

Dividends undrawn

-

40,000

Directors' current accounts

304

1,192

Accrued expenses

2,625

2,400

127,981

266,115

9.	PROVISIONS FOR LIABILITIES

2023

2022

£

£

Deferred tax

1,967

11,654

Deferred

tax

£

Balance at 1 April 2022

11,654

Provided during year

(9,687

)

Balance at 31 March 2023

1,967

The above is in respect of accelerated capital allowances.

10.	RELATED PARTY DISCLOSURES

Polar Medical Limited - Related Party

Polar Medical Limited is a associated company, and a subsidiary by virtue of control.

During the year Lindare Medical Limited advanced Polar Medical Limited £Nil (2022: £Nil).

During the year Polar Medical Limited repaid Lindare Medical Limited £Nil (2022: £Nil

During the year interest was charged of £8,192 (2022: £8,794)

As at the 31 March 2023, the balance owing from Polar Medical Limited amounted to £265,878 (2022:

£297,929.

The heads of terms for the related party loan are;

Interest accrues at 3% per annum, and is repayable on demand.