Accounts filed on 31-07-2015
Accounts filed on 31-07-2015
truePrima Medical Limited048317492015-07-31-3445298591355501685932270000700003555016859388778117024124328285617324592148066197634158266522226306325640045389158265286152556655659186970811858196299160507820Basis of accounting
The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.
Research and development
Development expenditure incurred on clearly defined projects whose outcome can be assessed with reasonable certainty is carried forward and amortisation is charged from that time over the lesser of the life of the project or three years.
This is a change in accounting policy. In previous years Development expenditure has been written off in the year in which it was incurred, however the new expenditure relates to a group of products which are expected to have a life of at least ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over
the useful economic life of that asset as follows:
Over 3 years
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance
for obsolete and slow moving items.
Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not
reversed at the balance sheet date where transactions or events have occurred at that date that
will result in an obligation to pay more, or a right to pay less or to receive more tax, with
the following exceptions:
Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments)
of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement
assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose
of the assets concerned. However, no provision is made where, on the basis of all available
evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled
over into replacement assets and charged to tax only where the replacement assets are sold.
Deferred tax assets are recognised only to the extent that the director considers that it is more
likely than not that there will be suitable taxable profits from which the future reversal of the
underlying timing differences can be deducted.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected
to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or
substantively enacted at the balance sheet date.
Fixed Assets
All fixed assets are initially recorded at cost.
Plant & Machinerystraight line0.2000Fixtures & Fittingsstraightline0.2000Motor Vehiclesreducing balance0.2500Equipmentstraight line0.3300
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
22610212860097502140283656097467471139697531386650896193331562972411983539888820537212754277830Ordinary1000000.0110001000Ordinary0.0122211EVENTS DURING THE YEAR
EVENTS DURING THE YEAR
Over the last few years the company has been conducting a major Research & Development programme. This resulted in the launch of a new range of products in May 2015. The company expects to see a significant increase in sales and profitability in 2015/16.2016-01-06Mr G M Brooketruetruetruetruexbrli:sharesiso4217:GBPxbrli:purePrima Medical Limited2014-08-012015-07-31Prima Medical Limited2013-08-012014-07-31Prima Medical Limited2013-07-31Prima Medical Limited2014-07-31Prima Medical Limited2014-07-31Prima Medical Limited2015-07-31 2016-01-06
