Culzean Medical Devices Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: SC398109 (Scotland)

Abbreviated Accounts for the Year Ended 30 April 2016

for

Culzean Medical Devices Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

Chartered Accountants' Report

6

DIRECTOR:

D M Richmond

REGISTERED OFFICE:

6 Skye Road

Shawfarm Industrial Estate

PRESTWICK

Ayrshire

KA9 2TA

REGISTERED NUMBER:

SC398109 (Scotland)

ACCOUNTANTS:

IDS and Co

Chartered Accountants

38 Beansburn

Kilmarnock

Ayrshire

KA3 1RL

FIXED ASSETS

Intangible assets

2

110,000

160,000

Tangible assets

3

986,344

457,083

1,096,344

617,083

CURRENT ASSETS

Stocks

37,070

23,213

Debtors

100,413

30,779

Cash at bank and in hand

624,405

354,928

761,888

408,920

CREDITORS

Amounts falling due within one year

4

973,442

421,465

NET CURRENT LIABILITIES

(211,554

)

(12,545

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

884,790

604,538

CREDITORS

Amounts falling due after more than one
year

4

(306,466

)

(300,000

)

PROVISIONS FOR LIABILITIES

(103,830

)

(74,280

)

NET ASSETS

474,494

230,258

CAPITAL AND RESERVES

Called up share capital

5

2

Profit and loss account

474,492

230,256

SHAREHOLDERS' FUNDS

474,494

230,258

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 12 August 2016 and were signed by:

D M Richmond - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of five years.

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

-

25% on cost, 20% on reducing balance and 10% on cost

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

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 the profit and loss account in the period to which they relate.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 May 2015

and 30 April 2016

250,000

AMORTISATION

At 1 May 2015

90,000

Amortisation for year

50,000

At 30 April 2016

140,000

NET BOOK VALUE

At 30 April 2016

110,000

At 30 April 2015

160,000

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 May 2015

519,314

Additions

595,715

Disposals

(1,913

)

At 30 April 2016

1,113,116

DEPRECIATION

At 1 May 2015

62,231

Charge for year

64,541

At 30 April 2016

126,772

NET BOOK VALUE

At 30 April 2016

986,344

At 30 April 2015

457,083

4.

CREDITORS

Creditors include an amount of £ 179,337 for which security has been given.

They also include the following debts falling due in more than five years:

30.4.16

30.4.15

£

Repayable by instalments

64,986

-

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.4.16

30.4.15

value:

£

1

Ordinary A

1

Ordinary B

1

2

6.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year Mr David Richmond loaned the company £NIL (2015 - £NIL) and had repayment of £2,150

(2015 - £2,340). This leaves a balance of £7,051 (2015 - £9,201 ) due by Culzean Medical Devices Limited.

Mr Richmond does not seek repayment of this amount within any specific time period.

The following reproduces the text of the report prepared for the director in respect of the company's annual

unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages two to five)

have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Culzean Medical Devices Limited for the year ended 30 April 2016 which comprise the Profit

and Loss Account, the Balance Sheet, and the related notes from the company's accounting records and from information

and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.org.uk/accountspreparationguidance.

This report is made solely to the director of Culzean Medical Devices Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Culzean Medical Devices Limited and state those matters that we have agreed to state to the director of Culzean Medical Devices Limited in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.org.uk/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Culzean Medical Devices Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Culzean Medical Devices Limited. You consider that Culzean Medical Devices Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Culzean Medical Devices Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

IDS and Co

Chartered Accountants

38 Beansburn

Kilmarnock

Ayrshire

KA3 1RL

12 August 2016