Cosmesurge Ltd - Period Ending 2017-12-31

Company Registration Number: 04737976 (England and Wales)

Cosmesurge Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2017

Cosmesurge Ltd

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 7

Cosmesurge Ltd

Company Information

Directors

Yazen Abu Gulal Jagannath Rout Dr Georges Maurice Feghali

Company secretary

Lorraine O'Connor

Business address

51 Harley Street Marylebone Marylebone W1G 8QQ

Registered office

51 Harley Street Marylebone London W1G 8QQ

Accountants

Russell Phillips Limited Chartered Accountants 23 Station Road Gerrards Cross Buckinghamshire SL9 8ES

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Cosmesurge Ltd

(Registration number: 04737976)
Balance Sheet as at 31 December 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	4,691,980	3,616,015
Current assets
Debtors	5	269,057	-
Cash at bank and in hand		4,608	2,186
		273,665	2,186
Creditors: Amounts falling due within one year	6	(196,525)	(14,769)
Net current assets/(liabilities)		77,140	(12,583)
Total assets less current liabilities		4,769,120	3,603,432
Creditors: Amounts falling due after more than one year	6	(5,594,116)	(4,054,619)
Net liabilities		(824,996)	(451,187)
Capital and reserves
Called up share capital		100	100
Profit and loss account		(825,096)	(451,287)
Total equity		(824,996)	(451,187)

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:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 18 October 2018 and signed on its behalf by:
 

......................................... Lorraine O'Connor Company secretary

The notes on pages 3 to 7 form an integral part of these financial statements.

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Cosmesurge Ltd

Notes to the Financial Statements for the Year Ended 31 December 2017

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
51 Harley Street
Marylebone
London
W1G 8QQ

These financial statements were authorised for issue by the Board on 18 October 2018.

2	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.

Going concern

The Company made a loss of £373,809 (2016 £299,563) and had net liabilities of £824,996 (2016 £451,187) As a consequence the Company is reliant upon the continued support of it's creditors to continue trading. Company reqistered with the Care Quality Commission on 9 November 2017 and welcomed it's first patient in January 2018.The directors are therefore confident that the company will generate sufficient income to be financially stable. Emirate Hospitals Group, a company under common control, and the shareholder have guaranteed financial support and the directors have, therefore, prepared the financial statements on a going concern basis.

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:

Asset class	Depreciation method and rate
Long leasehold land and buildings	Long leasehold land and buildings are not depreciated. Leasehold improvements are depreciated over 12 years on straight line basis
Other property, plant and equipment	25% of written down value

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Cosmesurge 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.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2016 - 2).

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Cosmesurge Ltd

Notes to the Financial Statements for the Year Ended 31 December 2017

4	Tangible assets

	Land and buildings £	Other tangible assets £	Total £
Cost or valuation
At 1 January 2017	3,586,325	266,344	3,852,669
Additions	893,461	224,875	1,118,336
At 31 December 2017	4,479,786	491,219	4,971,005
Depreciation
At 1 January 2017	-	236,654	236,654
Charge for the year	13,106	29,265	42,371
At 31 December 2017	13,106	265,919	279,025
Carrying amount
At 31 December 2017	4,466,680	225,300	4,691,980
At 31 December 2016	3,586,325	29,690	3,616,015

Included within the net book value of land and buildings above is £4,466,680 (2016 - £3,586,325) in respect of long leasehold land and buildings.
 

5

Debtors

	2017 £	2016 £
Other debtors	269,057	-
	269,057	-

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Cosmesurge Ltd

Notes to the Financial Statements for the Year Ended 31 December 2017

6

Creditors

Creditors: amounts falling due within one year

	Note	2017 £	2016 £
Due within one year
Trade creditors		185,184	-
Taxation and social security		7,341	-
Other creditors		4,000	14,769
		196,525	14,769
Due after one year
Due to related party	8	3,167,334	1,627,837
Other non-current financial liabilities		2,426,782	2,426,782
		5,594,116	4,054,619

Creditors: amounts falling due after more than one year

	Note	2017 £	2016 £
Due after one year
Loans and borrowings	8	3,167,334	1,627,837
Other non-current financial liabilities		2,426,782	2,426,782
		5,594,116	4,054,619

Other non-current financial liabilities represent amount due to Mr. Khaleefa Butti Al Muhairi, the sole shareholder. No interest is payable.

7	Share capital

Allotted, called up and fully paid shares

	2017		2016
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

8	Loans and borrowings

	2017 £	2016 £
Non-current loans and borrowings
Due to related party	3,167,334	1,627,837

Page 6

Cosmesurge Ltd

Notes to the Financial Statements for the Year Ended 31 December 2017

9	Related party transactions

Summary of transactions with entities with joint control or significant interest

Related party is Emirates Hospitals Group, a Company under common control and registered in the United Arab Emirates. No interest is payable.
 

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