Surgease Innovations Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 10051324 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

SURGEASE INNOVATIONS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

F Iqbal

M N J Poole

J G Bateson

REGISTERED OFFICE:

Pendle Innovation Centre

Brook Street

Nelson

Lancashire

BB9 9PU

REGISTERED NUMBER:

10051324 (England and Wales)

ACCOUNTANTS:

Ainsworths Limited

Charter House

Stansfield Street

Nelson

Lancashire

BB9 9XY

FIXED ASSETS

Tangible assets

4

180,352

193,155

CURRENT ASSETS

Stocks

238,006

238,602

Debtors

5

292,445

261,335

Cash at bank

2,037,533

210,131

2,567,984

710,068

CREDITORS

Amounts falling due within one year

6

251,914

158,921

NET CURRENT ASSETS

2,316,070

551,147

TOTAL ASSETS LESS CURRENT LIABILITIES

2,496,422

744,302

CREDITORS

Amounts falling due after more than one year

7

3,162,700

-

NET (LIABILITIES)/ASSETS

(666,278

)

744,302

CAPITAL AND RESERVES

Called up share capital

211

203

Share premium

6,060,086

5,978,077

Retained earnings

(6,726,575

)

(5,233,978

)

(666,278

)

744,302

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23rd May 2024 and were signed on its behalf by:

F Iqbal - Director

1.	STATUTORY INFORMATION

Surgease Innovations 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.

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, 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 etc

-

20% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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 27 (2022 - 28 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st January 2023

282,740

Additions

50,335

At 31st December 2023

333,075

DEPRECIATION

At 1st January 2023

89,585

Charge for year

63,138

At 31st December 2023

152,723

NET BOOK VALUE

At 31st December 2023

180,352

At 31st December 2022

193,155

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.23

31.12.22

£

£

Trade debtors

275,038

243,436

Other debtors

17,407

17,899

292,445

261,335

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.23

31.12.22

£

£

Trade creditors

85,716

60,465

Taxation and social security

166,198

39,191

Other creditors

-

59,265

251,914

158,921

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.23

31.12.22

£

£

Other creditors

3,162,700

-

The other creditors balance relates to a loan which is accruing interest at a rate of 9% pa.