Culzean Medical Devices Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC398109 (Scotland)

Financial Statements for the Year Ended 30 April 2018

for

Culzean Medical Devices Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTOR:

D M Richmond

REGISTERED OFFICE:

6 Skye Road

Shawfarm Industrial Estate

PRESTWICK

Ayrshire

KA9 2TA

REGISTERED NUMBER:

SC398109 (Scotland)

ACCOUNTANTS:

IDS and Co

Chartered Accountants

38 Beansburn

Kilmarnock

Ayrshire

KA3 1RL

FIXED ASSETS

Intangible assets

4

10,000

60,000

Tangible assets

5

1,126,761

1,034,665

Investments

6

40,000

-

1,176,761

1,094,665

CURRENT ASSETS

Stocks

30,529

30,862

Debtors

7

148,869

98,078

Cash at bank and in hand

684,909

780,706

864,307

909,646

CREDITORS

Amounts falling due within one year

8

797,012

1,079,496

NET CURRENT ASSETS/(LIABILITIES)

67,295

(169,850

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,244,056

924,815

PROVISIONS FOR LIABILITIES

128,907

118,719

NET ASSETS

1,115,149

806,096

CAPITAL AND RESERVES

Called up share capital

9

3

2

Retained earnings

1,115,146

806,094

SHAREHOLDERS' FUNDS

1,115,149

806,096

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director on 8 November 2018 and were signed by:

D M Richmond - Director

1.	STATUTORY INFORMATION

Culzean Medical Devices Limited is a private company, limited by shares , registered in Scotland. 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

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 2013, is being amortised evenly over its estimated useful life of five 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 five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

2% on cost

Plant and machinery etc

-

25% on cost, 20% on reducing balance and 10% on cost

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account,

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.

Hire purchase and leasing commitments

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2017 - 15 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 May 2017

and 30 April 2018

200,000

50,000

250,000

AMORTISATION

At 1 May 2017

160,000

30,000

190,000

Charge for year

40,000

10,000

50,000

At 30 April 2018

200,000

40,000

240,000

NET BOOK VALUE

At 30 April 2018

-

10,000

10,000

At 30 April 2017

40,000

20,000

60,000

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 May 2017

320,503

941,731

1,262,234

Additions

-

211,741

211,741

At 30 April 2018

320,503

1,153,472

1,473,975

DEPRECIATION

At 1 May 2017

9,027

218,542

227,569

Charge for year

6,410

113,235

119,645

At 30 April 2018

15,437

331,777

347,214

NET BOOK VALUE

At 30 April 2018

305,066

821,695

1,126,761

At 30 April 2017

311,476

723,189

1,034,665

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

Additions

40,000

At 30 April 2018

40,000

NET BOOK VALUE

At 30 April 2018

40,000

The investment in Q Spine is held at cost less any adjustment for impairment.

7.

DEBTORS

30.4.18

30.4.17

£

£

Amounts falling due within one year:

Trade debtors

31,752

3,324

Other debtors

7,522

1,811

VAT

37,282

27,944

Prepayments and accrued income

70,657

64,999

147,213

98,078

Amounts falling due after more than one year:

Other debtors

1,656

-

Aggregate amounts

148,869

98,078

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.18

30.4.17

£

£

Other loans

-

150,000

Trade creditors

118,625

107,517

Corporation Tax

28,287

84,968

Social security and other taxes

15,032

6,682

Other creditors

1,960

78

Credit card

3,105

4,037

Pension contributions payable

19,395

528

Accrued expenses

21,916

11,106

Deferred income

588,692

714,580

797,012

1,079,496

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.4.18

30.4.17

value:

£

£

1

Ordinary A

1

1

1

1

Ordinary B

1

1

1

1

Ordinary C

1

1

-

3

2

10.	RELATED PARTY DISCLOSURES

During the year dividends of £103,500 were paid to the director and family shareholders.

Culzean Medical Devices Limited uses the trading name RUA Medical.

RUA Medical Limited, a separate company in which David Richmond is both a shareholder and director, owes

Culzean Medical Devices Limited £1,656 (2017- £1,811).

The following reproduces the text of the report prepared for the director 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 Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Culzean Medical Devices Limited for the year ended 30 April 2018 which comprise the

Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting

records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the director of Culzean Medical Devices Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Culzean Medical Devices Limited and state those matters that we have agreed to state to the director of Culzean Medical Devices Limited in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Culzean Medical Devices Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Culzean Medical Devices Limited. You consider that Culzean Medical Devices Limited 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 financial statements of Culzean Medical Devices Limited. 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 financial statements.

IDS and Co

Chartered Accountants

38 Beansburn

Kilmarnock

Ayrshire

KA3 1RL

8 November 2018