SI-Bone UK LTD - Period Ending 2017-12-31
SI-Bone UK LTD - Period Ending 2017-12-31
Registration number:
SI-Bone UK LTD
for the Year Ended 31 December 2017
Chartered Certified Accountants
58 Pannal Ash Drive
Harrogate
HG2 0HS
SI-Bone UK LTD
Contents
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Company Information |
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Directors' Report |
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Accountants' Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
SI-Bone UK LTD
Company Information
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Directors |
Mr Richard Moss Mr Andrea Mercanti |
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Registered office |
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Accountants |
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Page 1 |
SI-Bone UK LTD
Directors' Report for the Year Ended 31 December 2017
The directors present their report and the financial statements for the year ended 31 December 2017.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is Supply of medial devices for orthopaedic operations
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the Board on
.........................................
Mr Richard Moss
Director
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Page 2 |
Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
SI-Bone UK LTD
for the Year Ended 31 December 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of SI-Bone UK LTD for the year ended 31 December 2017 as set out on pages 4 to 13 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/discover/public-value/rulebook.html.
This report is made solely to the Board of Directors of SI-Bone UK LTD, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of SI-Bone UK LTD and state those matters that we have agreed to state to the Board of Directors of SI-Bone UK LTD, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than SI-Bone UK LTD and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that SI-Bone UK LTD has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of SI-Bone UK LTD. You consider that SI-Bone UK LTD 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 accounts of SI-Bone UK LTD. 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 accounts.
......................................
Chartered Certified Accountants
Harrogate
HG2 0HS
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Page 3 |
SI-Bone UK LTD
Profit and Loss Account for the Year Ended 31 December 2017
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Note |
Total |
Total |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Other operating income |
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Operating loss |
( |
( |
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Interest payable and similar expenses |
( |
( |
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(3,127) |
(16,060) |
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Loss before tax |
( |
( |
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Loss for the financial year |
( |
( |
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
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Page 4 |
SI-Bone UK LTD
Statement of Comprehensive Income for the Year Ended 31 December 2017
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Note |
2017 |
2016 |
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Loss for the year |
( |
( |
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Total comprehensive income for the year |
( |
( |
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Page 5 |
SI-Bone UK LTD
(Registration number: 09719342)
Balance Sheet as at 31 December 2017
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Note |
2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
( |
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Creditors: Amounts falling due after more than one year |
- |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
( |
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Total equity |
( |
( |
For the financial year ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
For the financial year ending 31 December 2017 the company was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.
Directors' responsibilities:
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• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
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Page 6 |
SI-Bone UK LTD
(Registration number: 09719342)
Balance Sheet as at 31 December 2017
Approved and authorised by the
.........................................
Mr Richard Moss
Director
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Page 7 |
SI-Bone UK LTD
Statement of Changes in Equity for the Year Ended 31 December 2017
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Share capital |
Profit and loss account |
Total |
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At 1 January 2017 |
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( |
( |
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Loss for the year |
- |
( |
( |
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Total comprehensive income |
- |
( |
( |
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At 31 December 2017 |
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( |
( |
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Share capital |
Profit and loss account |
Total |
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At 1 January 2016 |
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( |
( |
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Loss for the year |
- |
( |
( |
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Total comprehensive income |
- |
( |
( |
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At 31 December 2016 |
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( |
( |
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Page 8 |
SI-Bone UK LTD
Notes to the Financial Statements for the Year Ended 31 December 2017
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General information |
The company is a private company limited by share capital incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Surgical instruments |
4 years in equal annual instalments. |
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Page 9 |
SI-Bone UK LTD
Notes to the Financial Statements for the Year Ended 31 December 2017
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Page 10 |
SI-Bone UK LTD
Notes to the Financial Statements for the Year Ended 31 December 2017
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Loss before tax |
Arrived at after charging/(crediting)
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2017 |
2016 |
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Depreciation expense |
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Page 11 |
SI-Bone UK LTD
Notes to the Financial Statements for the Year Ended 31 December 2017
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Tangible assets |
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Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 January 2017 |
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Additions |
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At 31 December 2017 |
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Depreciation |
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At 1 January 2017 |
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Charge for the year |
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At 31 December 2017 |
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Carrying amount |
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At 31 December 2017 |
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At 31 December 2016 |
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Stocks |
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2017 |
2016 |
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Finished goods and goods for resale |
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Debtors |
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2017 |
2016 |
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Trade debtors |
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Other debtors |
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Total current trade and other debtors |
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Creditors |
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Page 12 |
SI-Bone UK LTD
Notes to the Financial Statements for the Year Ended 31 December 2017
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Note |
2017 |
2016 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Due after one year |
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Other non-current financial liabilities |
- |
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Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
The most senior parent entity producing publicly available financial statements is
The ultimate controlling party is
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Page 13 |
SI-Bone UK LTD
Detailed Profit and Loss Account for the Year Ended 31 December 2017
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2017 |
2016 |
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Turnover (analysed below) |
511,024 |
307,066 |
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Cost of sales (analysed below) |
(86,531) |
(34,174) |
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Gross profit |
424,493 |
272,892 |
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Gross profit (%) |
83.07% |
88.87% |
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Administrative expenses |
||
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Employment costs (analysed below) |
(412,514) |
(376,758) |
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Establishment costs (analysed below) |
(24,626) |
(22,717) |
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General administrative expenses (analysed below) |
(251,715) |
(175,791) |
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Finance charges (analysed below) |
(662) |
(393) |
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Depreciation costs (analysed below) |
(10,119) |
(4,136) |
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(699,636) |
(579,795) |
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Other operating income (analysed below) |
256,100 |
268,536 |
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Operating loss |
(19,043) |
(38,367) |
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Interest payable and similar expenses (analysed below) |
(3,127) |
(16,060) |
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Loss before tax |
(22,170) |
(54,427) |
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Page 14 |
SI-Bone UK LTD
Detailed Profit and Loss Account for the Year Ended 31 December 2017
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2017 |
2016 |
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Turnover |
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Rev - iFuse 4mm Implants |
5,675 |
2,470 |
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Rev - iFuse 7mm Implants |
409,059 |
263,041 |
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Rev - Surgical Instr Tool |
44,854 |
22,532 |
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Revenue - Other |
12,350 |
5,675 |
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Rev - iFuse 4mm Dispos |
1,740 |
230 |
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Rev - iFuse 7mm Dispos |
37,346 |
13,118 |
|
511,024 |
307,066 |
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Cost of sales |
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Opening finished goods |
- |
(19,323) |
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COGS - Disposable |
18,397 |
7,336 |
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COGS - Implants |
35,721 |
22,461 |
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Damaged Stock |
(1,005) |
1,540 |
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Stock Revaluation |
(5,718) |
- |
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Subcontract cost |
11,433 |
8,180 |
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Freight and carriage |
23,166 |
8,744 |
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Exp Equip/Prototype |
368 |
1,174 |
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Sales Distributors Comm |
- |
3,406 |
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Samples/bone Models |
4,169 |
656 |
|
86,531 |
34,174 |
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Employment costs |
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|
Salaries - Wages |
(344,793) |
(318,652) |
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Salaries - Bonuses |
(43,929) |
(45,166) |
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Staff pensions (Defined contribution) |
(6,749) |
(5,630) |
|
Recruitment Fees |
(7,729) |
- |
|
Training Labs - Flouroscopy |
(9,314) |
(7,310) |
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(412,514) |
(376,758) |
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Establishment costs |
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Rent |
(15,043) |
(12,600) |
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Rates |
(708) |
(1,783) |
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Insurance Exp - Corporate |
(8,875) |
(8,334) |
|
(24,626) |
(22,717) |
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General administrative expenses |
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Telephone and mobiles |
(5,750) |
(4,353) |
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Kitchen Supplies |
(38) |
(163) |
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Office Supplies |
(2,300) |
(4,878) |
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Computer software and maintenance costs |
(3,299) |
(5,133) |
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Printing, postage and stationery |
(229) |
(83) |
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Page 15 |
SI-Bone UK LTD
Detailed Profit and Loss Account for the Year Ended 31 December 2017
|
Tradeshows |
(39,796) |
(17,062) |
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Employee subscriptions |
- |
(507) |
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Employee Training & Conferences |
(1,495) |
(2,325) |
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Auto Allowance |
(35,800) |
(26,850) |
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Travel Auto |
(18,822) |
(16,876) |
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Travel - Ground Transport |
(10,466) |
(4,182) |
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Travel - Airfare |
(21,661) |
(7,967) |
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Meals - Business |
(19,956) |
(14,175) |
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Travel - Hotel |
(24,318) |
(14,724) |
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Advertising Exp - Internet |
(2,686) |
(1,547) |
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Advertising Exp - Print |
(6,741) |
(2,408) |
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Customer entertaining (disallowable for tax) |
(1,000) |
(338) |
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Accountancy fees |
(31,083) |
(24,048) |
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Consultancy fees |
(11,538) |
(4,508) |
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Hospital Admin Fee |
(704) |
(479) |
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Professional fee |
(8,765) |
(23,185) |
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Bad debts written off |
(5,268) |
- |
|
(251,715) |
(175,791) |
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Finance charges |
||
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Bank charges |
(662) |
(393) |
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Depreciation costs |
||
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Depreciation Expense |
(10,119) |
(4,136) |
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Other operating income |
||
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Management charges receivable |
256,100 |
268,536 |
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Interest payable and similar expenses |
||
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Finance lease interest |
526 |
159 |
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Foreign currency (gains)/losses |
2,601 |
15,901 |
|
3,127 |
16,060 |
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Page 16 |