Scott Medical Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: NI065193 (Northern Ireland)

Unaudited Financial Statements for the Year Ended 31 July 2018

for

Scott Medical Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

11

DIRECTORS:

Mr J Scott

Mr S Tollerton

SECRETARY:

Mr J Scott

REGISTERED OFFICE:

Saintfield Park

Saintfield Road

Lisburn

Co Antrim

BT27 5BG

REGISTERED NUMBER:

NI065193 (Northern Ireland)

ACCOUNTANTS:

McIlveen Howard Limited

Chartered Accountants

169a Upper Newtownards Road

Belfast

BT4 3HZ

BANKERS:

Danske Bank

Belfast Finance Centre

PO Box 183

Donegal Square West

Belfast

BT1 6JZ

FIXED ASSETS

Intangible assets

5

-

-

Tangible assets

6

107,282

104,300

107,282

104,300

CURRENT ASSETS

Stocks

7

256,978

243,680

Debtors

8

136,269

162,329

Cash at bank and in hand

199,717

199,195

592,964

605,204

CREDITORS

Amounts falling due within one year

9

140,165

239,243

NET CURRENT ASSETS

452,799

365,961

TOTAL ASSETS LESS CURRENT LIABILITIES

560,081

470,261

CREDITORS

Amounts falling due after more than one year

10

(20,587

)

(26,434

)

PROVISIONS FOR LIABILITIES

11

(2,779

)

(3,180

)

NET ASSETS

536,715

440,647

CAPITAL AND RESERVES

Called up share capital

12

2

2

Retained earnings

536,713

440,645

SHAREHOLDERS' FUNDS

536,715

440,647

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 15 November 2018 and were signed on its behalf by:

Mr S Tollerton - Director

1.	STATUTORY INFORMATION

Scott Medical Limited is a private company, limited by shares , registered in Northern Ireland. The company's

registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements, estimates

and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other

sources. The estimates and associated assumptions are based on historical experience and other factors that are

considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates

are recognised in the period in which the estimate is revised where the revision affects only that period, or in the

period of revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts

recognised in the financial statements

Useful economic life of tangible assets

The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic

lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually.

They are amended when necessary to reflect current estimates, based on technological advancement, future

investments, economic utilisation and the physical condition of the assets.

Useful economic life of goodwill

The company establishes a reliable estimate of the useful life of goodwill. This estimate is based on a variety of

factors such as the expected use of the acquired business, the expected useful life of the cash generating units to

which the goodwill is attributed and assumptions that market participants would consider in respect of similar

businesses.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Patents & licences

Patents, being the amount paid for the copyright of a design and development product, is being amortised evenly

over its estimated useful life of two years.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of

depreciation and any impairment losses.

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value

of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the

shorter.

Long leasehold - 10% on cost

Plant and machinery - 20% on reducing balance

Motor vehicles - 25% on reducing balance

Computer equipment - 33 1/3% straight line

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Financial instruments

The company has elected to apply the provisions of section 11 'Basic Financial Instruments' and section 12

'Other Financial Instrument Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the

contractual provisions of the instrument.

Financial assets.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at

transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at

the present value of future receipts discounted at a market rate of interest. Such assets are subsequently carried

at amortised cost using the effective interest method.

Derivatives, including forward exchange contracts, are not basic financial instruments. Derivatives are initially

recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their

fair value. Changes in the fair value of derivatives are recognised in the profit and loss in finance costs or

finance income as appropriate.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for impairment at each

reporting date.

Financial assets are impaired when there is objective evidence that, as a result of one or more events that

occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If

an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of

the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is

recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occuring after the impairment was recognised,

the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the

carrying amount would have been, had the impairment not previously been recognised. The impairment reversal

is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to cash flows from the asset expire or are

settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership

to another entity, or if some of the risks and rewards of ownership are retained but control of the asset has

transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities

Basic financial liabilities, including trade and other creditors and bank loans and overdrafts, are initially

recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction

is measured at the present value of future receipts discounted at a market rate of interest. Such assets are

subsequently carried at amortised cost using the effective interest method.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of

business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or

less. If not, they are presented as non-current liabilities. Trade creditors are initially recognised at transaction

price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or

cancelled.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

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

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

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.

Foreign currencies

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 transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

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 profit or loss in the period to which they relate.

Dividends

Dividends are included in the financial statements in the period in which they are actually paid.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2017 - 11 ) .

5.	INTANGIBLE FIXED ASSETS

Patents

and

Goodwill

licences

Totals

£

£

£

COST

At 1 August 2017

and 31 July 2018

300,000

12,615

312,615

AMORTISATION

At 1 August 2017

and 31 July 2018

300,000

12,615

312,615

NET BOOK VALUE

At 31 July 2018

-

-

-

At 31 July 2017

-

-

-

6.	TANGIBLE FIXED ASSETS

Long

Plant and

Motor

Computer

leasehold

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 August 2017

16,560

86,102

105,458

-

208,120

Additions

-

15,431

31,000

3,009

49,440

Disposals

-

(3,997

)

(23,500

)

-

(27,497

)

At 31 July 2018

16,560

97,536

112,958

3,009

230,063

DEPRECIATION

At 1 August 2017

16,560

38,025

49,235

-

103,820

Charge for year

-

12,442

18,501

993

31,936

Eliminated on disposal

-

(2,694

)

(10,281

)

-

(12,975

)

At 31 July 2018

16,560

47,773

57,455

993

122,781

NET BOOK VALUE

At 31 July 2018

-

49,763

55,503

2,016

107,282

At 31 July 2017

-

48,077

56,223

-

104,300

The net book value of tangible fixed assets includes £ 60,828 (2017 - £ 62,879 ) in respect of assets held under

hire purchase contracts.

7.

STOCKS

2018

2017

£

£

Stocks

256,978

243,680

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

106,385

128,177

Prepayments

29,884

34,152

136,269

162,329

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Hire purchase contracts

21,059

22,418

Trade creditors

54,588

105,013

Tax

32,390

39,812

VAT

12,679

-

Directors' current accounts

16,048

69,000

Accrued expenses

3,401

3,000

140,165

239,243

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts

20,587

25,395

Directors loan account

-

1,039

20,587

26,434

11.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Deferred tax

2,779

3,180

Deferred

tax

£

Balance at 1 August 2017

3,180

Provision for year

(401

)

Balance at 31 July 2018

2,779

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

2

Ordinary

£1

2

2

13.	ULTIMATE CONTROLLING PARTY

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

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Directors are not required to be filed with the Registrar of Companies.

In accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company for the year ended 31 July 2018 which comprise the Income Statement, Balance Sheet and the related notes from the accounting records and information and explanations you have given to us.

This report is made to the company's Board of Directors, as a body, in accordance with the terms of our engagement.

Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile,

report to the company's Board of Directors that we have done so, and state those matters that we have agreed to state to

them in this 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 Board of Directors, as a body, for our work or for

this report.

We have carried out this engagement in accordance with guidance issued by the Institute of Chartered Accountants in

Ireland and have complied with the ethical guidance laid down by the Institute relating to members undertaking the

compilation of financial statements.

You have acknowledged on the Balance Sheet as at 31 July 2018 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.

We have not been instructed to carry out an audit of the financial statements. 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 financial statements.

McIlveen Howard Limited

Chartered Accountants

169a Upper Newtownards Road

Belfast

BT4 3HZ

15 November 2018