Medistim UK Limited - Accounts

Medistim UK Limited

Report and Financial Statements

31 December 2016

Registered number

08189785

Medistim UK Limited
Report and accounts
Contents
Page
Company information	1
Directors' report	2
Independent auditors' report	3
Income statement	4
Statement of comprehensive income	5
Statement of financial position	6
Statement of changes in equity	7
Notes to the financial statements	8

Medistim UK Limited

Company Information

Directors

K E Krogstad

R R Morberg

Auditors

Longleys

81 Melton Road

West Bridgford

Nottingham

NG2 6EN

Registered office

34 Nottingham South Industrial Estate

Ruddington Lane

Wilford

Nottingham

NG11 7EP

Registered number

08189785

Medistim UK Limited
Registered number:				08189785
Directors' Report
The directors present their report and financial statements for the year ended 31 December 2016.
Principal activities
The company's principal activity during the year continued to be the sale of medical equipment.
Future developments
The company plans to increase the installation of Medistim equipment to more UK hospitals during the year.
Directors
The following persons served as directors during the year:
	K E Krogstad
	R R Morberg
Directors' responsibilities

The directors are responsible for preparing the report and financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102 and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
●	select suitable accounting policies and then apply them consistently;
●	make judgements and estimates that are reasonable and prudent;
●	state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
●	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each person who was a director at the time this report was approved confirms that:
●	so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and
●	he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This report was approved by the board on 16 March 2017 and signed on its behalf.

K E Krogstad

Director

Medistim UK Limited

Independent auditors' report

to the member of Medistim UK Limited

We have audited the financial statements of Medistim UK Limited for the year ended 31 December 2016 which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Respective responsibilities of directors and auditors

As explained more fully in the Statement of Directors' Responsibilities, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.

Scope of the audit of the accounts

A description of the scope of an audit of financial statements is provided on the APB’s website at www.frc.org.uk/auditscopeukprivate

Opinion on the accounts

In our opinion the accounts:
●	give a true and fair view of the state of the company's affairs as at 31 December 2016 and of its loss for the year then ended;
●	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
●	have been prepared in accordance with the requirements of the Companies Act 2006.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion the information given in the Directors' Report and the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements.

Emphasis of matter - going concern

On forming our opinion on the accounts, which is not qualified, we have considered the adequacy of the disclosure made in Note 1 to the accounts concerning the company's ability to continue as a going concern.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
●	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
●	the accounts are not in agreement with the accounting records and returns; or
●	certain disclosures of directors’ remuneration specified by law are not made; or
●	we have not received all the information and explanations we require for our audit.

M R Longley
(Senior Statutory Auditor)		81 Melton Road
for and on behalf of		West Bridgford
Longleys		Nottingham
Accountants and Statutory Auditors
		NG2 6EN
24 March 2017

Medistim UK Limited
Income Statement
for the year ended 31 December 2016
Notes						2016		2015
£							£
Turnover				2		259,403		52,445
Cost of sales						(133,862)		(36,452)
Gross profit						125,541		15,993
Distribution costs						(5,306)		(7,109)
Administrative expenses						(162,596)		(105,801)
Operating loss				3		(42,361)		(96,917)
Loss on ordinary activities before taxation						(42,361)		(96,917)
Tax on loss on ordinary activities				5		-		-
Loss for the financial year						(42,361)		(96,917)

Medistim UK Limited
Statement of comprehensive income
for the year ended 31 December 2016
Notes					2016		2015
£						£
Loss for the financial year					(42,361)		(96,917)
Other comprehensive income					-		-
Total comprehensive income for the year					(42,361)		(96,917)

Medistim UK Limited
Statement of Financial Position
as at 31 December 2016
Notes				2016			2015
£					£
Fixed assets
Tangible assets	6			72,816			36,817
Current assets
Stocks	7		29,398			109,535
Debtors	8		52,713			17,051
Cash at bank and in hand			49,543			56,577
			131,654			183,163
Creditors: amounts falling due within one year	9		(711,197)			(684,346)
Net current liabilities				(579,543)			(501,183)
Net liabilities				(506,727)			(464,366)
Capital and reserves
Called up share capital	10			100			100
Profit and loss account	11			(506,827)			(464,466)
Total equity				(506,727)			(464,366)
K E Krogstad
Director
Approved by the board on 16 March 2017

Medistim UK Limited
Statement of Changes in Equity
for the year ended 31 December 2016
Share			Profit			Total
capital			and loss
account
£			£			£
At 1 January 2015		100			(367,549)		(367,449)
Profit for the financial year					(96,917)		(96,917)
At 31 December 2015		100			(464,466)		(464,366)
At 1 January 2016		100			(464,466)		(464,366)
Profit for the financial year					(42,361)		(42,361)
At 31 December 2016		100			(506,827)		(506,727)

Medistim UK Limited
Notes to the Accounts
for the year ended 31 December 2016
1	Summary of significant accounting policies
	Basis of preparation
	The financial statements have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
	Going concern
	The financial statements are prepared on a going concern basis which assumes that the company will continue trading for the foreseeable future. The directors consider this to be appropriate and in the interest of the shareholder.
	The company incurred a loss during the year and has net liabilities at the year end. The appropriateness of the going concern basis is dependant upon continued support from within the group. Medistim ASA, the parent company, has agreed to maintain financial support to the company for a period of at least 12 months from the signing of these accounts.
	The directors have made their own enquiries of the going concern status of the parent company and are satisfied that it is able to maintain financial support for the relevent period.
	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
	Cash flow statement
	The company has taken advantage of the exemption conferred by Financial Reporting Standard 1 'Cash Flow Statements (Revised 1996)' not to prepare a cash flow statement on the grounds that at least 90% of the voting rights are controlled within the group headed by Medistim ASA and the company is included in consolidated financial statements.
	Tangible fixed assets

	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
	Loan equipment			3 to 7 years

	Stocks
	Stock is valued at the lower of cost and net realisable value.
	Deferred taxation
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
	Foreign currency translation
	Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.
	Leasing and hire purchase commitments
	Rentals paid under operating leases are charged to income on a straight line basis over the lease term.
	Pensions
	The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2	Analysis of turnover					2016		2015
£							£
	Sale of goods					259,403		52,445
	By geographical market:
	UK					232,160		38,243
	Europe					-		4,740
	Rest of world					27,243		9,462
						259,403		52,445
3	Operating profit					2016		2015
£							£
	This is stated after charging:
	Depreciation of owned fixed assets					11,632		11,423
	Operating lease rentals					13,536		6,315
	Auditors' remuneration for audit services					4,000		4,000
	Auditors' remuneration for other services					800		800
4	Staff costs					2016		2015
£							£
	Wages and salaries					40,983		41,967
	Social security costs					2,263		3,678
	Other pension costs					1,330		1,995
						44,576		47,640
	Average number of employees during the year					Number	Number
	Sales					1		1
5	Taxation					2016		2015
£							£
	Analysis of charge in period
	Tax on profit on ordinary activities					-		-
	Factors affecting tax charge for period
	The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:
						2016		2015
£							£
	Loss on ordinary activities before tax					(42,361)		(96,917)
	Standard rate of corporation tax in the UK					20%		20%
£							£
	Profit on ordinary activities multiplied by the standard rate of corporation tax					(8,472)		(19,383)
	Effects of:
	Expenses not deductible for tax purposes					8,472		19,383
	Current tax charge for period					-		-
6	Tangible fixed assets
								Plant and machinery
								At cost
£
	Cost or valuation
	At 1 January 2016							50,098
	Additions							47,631
	At 31 December 2016							97,729
	Depreciation
	At 1 January 2016							13,281
	Charge for the year							11,632
	At 31 December 2016							24,913
	Carrying amount
	At 31 December 2016							72,816
	At 31 December 2015							36,817
7	Stocks					2016		2015
£							£
	Finished goods and goods for resale					29,398		109,535
8	Debtors					2016		2015
£							£
	Trade debtors					43,511		2,977
	Other debtors					399		9,400
	Prepayments and accrued income					8,803		4,674
						52,713		17,051
9	Creditors: amounts falling due within one year					2016		2015
£							£
	Trade creditors					7,155		14,657
	Amounts owed to group undertakings					697,147		663,291
	Other taxes and social security costs					2,100		1,598
	Accruals and deferred income					4,795		4,800
						711,197		684,346
10	Share capital	Nominal		2016		2016		2015
value			Number		£		£
	Allotted, called up and fully paid:
	Ordinary shares	£1 each		100		100		100
11	Profit and loss account					2016		2015
£							£
	At 1 January					(464,466)		(367,549)
	Loss for the financial year					(42,361)		(96,917)
	At 31 December					(506,827)		(464,466)
12	Controlling party
	The company is wholly owned by Medistim ASA, a company incorporated in Norway. Copies of the consolidated accounts may be obtained from the parent company at Økernveien 94,0579 Oslo, Norway or at http://medistim.com/.
13	Presentation currency
	The financial statements are presented in Sterling.
14	Legal form of entity and country of incorporation
	Medistim UK Limited is a private company limited by shares and incorporated in England.
15	Principal place of business
	The address of the company's principal place of business and registered office is:
	34 Nottingham South Industrial Estate
	Ruddington Lane
	Wilford
	Nottingham
	NG11 7EP
16	Reconciliations on adoption of FRS 102
	Profit and loss for the year ended 31 December 2015					£
	Loss under former UK GAAP					(96,917)
	Loss under FRS 102					(96,917)
	Balance sheet at 31 December 2015					£
	Equity under former UK GAAP					(464,366)
	Equity under FRS 102					(464,366)
	Balance sheet at 1 January 2015					£
	Equity under former UK GAAP					(367,449)
	Equity under FRS 102					(367,449)