MRY Cardiac Supplies Limited Filleted accounts for Companies House (small and micro)

MRY CARDIAC SUPPLIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06633331

MRY Cardiac Supplies Limited

Filleted unaudited financial statements

30 April 2018

MRY Cardiac Supplies Limited

Statement of financial position

30 April 2018

	2018		2017
Note	£	£	£

Fixed assets

Intangible assets	5	240,600	300,750
Tangible assets	6	1,136	1,514
		---------	---------
		241,736	302,264

Current assets

Debtors	7	331,755	298,619
Cash at bank and in hand		151,256	50,414
		---------	---------
		483,011	349,033

Creditors: amounts falling due within one year	8	481,856		237,857
		---------		---------
Net current assets			1,155	111,176
			---------	---------
Total assets less current liabilities			242,891	413,440
			---------	---------
Net assets			242,891	413,440
			---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	242,791	413,340
	---------	---------
Shareholders funds	242,891	413,440
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 30 April 2018 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

MRY Cardiac Supplies Limited

Statement of financial position (continued)

30 April 2018

These financial statements were approved by the board of directors and authorised for issue on 7 December 2018 , and are signed on behalf of the board by:

Dr P R Roberts

Director

Company registration number: 06633331

MRY Cardiac Supplies Limited

Notes to the financial statements

Year ended 30 April 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Highview House, 1st Floor, Tattenham Crescent, Epsom, Surrey, KT18 5QJ.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	Straight line over 10 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	-	25% reducing balance
Equipment	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2017: 5 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 May 2017 and 30 April 2018	601,500
	---------
Amortisation
At 1 May 2017	300,750
Charge for the year	60,150
	---------
At 30 April 2018	360,900
	---------
Carrying amount
At 30 April 2018	240,600
	---------
At 30 April 2017	300,750
	---------

6. Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 May 2017 and 30 April 2018	1,386	4,552	5,938
	-------	-------	-------
Depreciation
At 1 May 2017	1,282	3,142	4,424
Charge for the year	26	352	378
	-------	-------	-------
At 30 April 2018	1,308	3,494	4,802
	-------	-------	-------
Carrying amount
At 30 April 2018	78	1,058	1,136
	-------	-------	-------
At 30 April 2017	104	1,410	1,514
	-------	-------	-------

7. Debtors

	2018	2017
	£	£
Trade debtors	281,108	294,761
Other debtors	50,647	3,858
	---------	---------
	331,755	298,619
	---------	---------

8. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	94	4,423
Trade creditors	244,075	–
Corporation tax	52,446	39,230
Social security and other taxes	1,042	8,943
Other creditors Professor J Morgan	100,001	–
Other creditors Credit card	103	–
Other creditors	84,095	185,261
	---------	---------
	481,856	237,857
	---------	---------

9. Directors' advances, credits and guarantees

During the year Dr P Roberts, a director and shareholder of the company, withdrew £150,240 (2017 : £139,637)and repaid £140,000 (2017 : £156,000) of which £140,000 (2017 : £156,000) was in respect of dividend distribution during the year, leaving a balance due from MRY Cardiac Supplies Limited , at the year end, of £65,905 (2017 : £76,145). During the year professor J Morgan, a previous director and shareholder of the company withdrew £48,125 (2017 : £113,104)and repaid £100,000 (2017 : £113,882) of which £nil (2017 : £100,000) was in respect of dividend distribution during the year, leaving a balance due from MRY Cardiac Supplies Limited , at the year end, of £100,000 (2017 : £48,125). During the year Dr A Yue, a director and shareholder of the company, withdrew £181,234 (2017 : £95,019)and repaid £140,000 (2017 : £106,000) of which £140,000 (2017 : £106,000) was in respect of dividend distribution during the year, leaving a balance due to MRY Cardiac Supplies Limited , at the year end, of £240 (2017 : credit £40,994). During the year Dr J R Paisey, a director and shareholder of the company, withdrew £97,842 (2017 : £25,499)and repaid £70,000 (2017 : £28,000) of which £70,000 (2017 : £28,000) was in respect of dividend distribution during the year, leaving a balance due to MRY Cardiac Supplies Limited , at the year end, of £25,341 (2017 : credit £2,501). As at the year end, Dr P Roberts and Dr A Yue hold 40% each with Dr J R Paisey holding the remaining 20%, of MRY Cardiac Supplies Limited issued share capital.