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COMPANY REGISTRATION NUMBER: SC322549
Scottish Medical Supplies Ltd
Unaudited Financial Statements
31 March 2018
Scottish Medical Supplies Ltd
Financial Statements
Year ended 31 March 2018
Contents
Page
Directors' report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the financial statements
5
The following pages do not form part of the financial statements
Detailed income statement
10
Notes to the detailed income statement
11
Scottish Medical Supplies Ltd
Directors' Report
Year ended 31 March 2018
The directors present their report and the unaudited financial statements of the company for the year ended 31 March 2018 .
Directors
The directors who served the company during the year were as follows:
Mrs L Hadden
Mr A Ellis
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 6 November 2018 and signed on behalf of the board by:
Mrs L Hadden
Director
Registered office:
90 George Street
Stranraer
Wigtownshire
Scotland
DG9 7JS
Scottish Medical Supplies Ltd
Statement of Income and Retained Earnings
Year ended 31 March 2018
2018
2017
Note
£
£
Turnover
91,391
69,716
Cost of sales
79,450
53,078
--------
--------
Gross profit
11,941
16,638
Administrative expenses
24,105
18,077
--------
--------
Operating loss
( 12,164)
( 1,439)
Interest payable and similar expenses
941
--------
--------
Loss before taxation
5
( 12,164)
( 2,380)
Tax on loss
--------
-------
Loss for the financial year and total comprehensive income
( 12,164)
( 2,380)
--------
-------
Dividends paid and payable
( 10,000)
Retained (losses)/earnings at the start of the year
( 3,384)
8,996
--------
--------
Retained losses at the end of the year
( 15,548)
( 3,384)
--------
--------
All the activities of the company are from continuing operations.
Scottish Medical Supplies Ltd
Statement of Financial Position
31 March 2018
2018
2017
Note
£
£
£
Fixed assets
Tangible assets
6
12,841
17,122
Current assets
Stocks
30,225
31,400
Debtors
7
20,907
13,138
--------
--------
51,132
44,538
Creditors: amounts falling due within one year
8
40,438
65,043
--------
--------
Net current assets/(liabilities)
10,694
( 20,505)
--------
--------
Total assets less current liabilities
23,535
( 3,383)
Creditors: amounts falling due after more than one year
9
38,083
--------
-------
Net liabilities
( 14,548)
( 3,383)
--------
-------
Capital and reserves
Called up share capital
1,000
1
Profit and loss account
( 15,548)
( 3,384)
--------
-------
Members deficit
( 14,548)
( 3,383)
--------
-------
These financial statements have been prepared 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'.
For the year ending 31 March 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 .
Scottish Medical Supplies Ltd
Statement of Financial Position (continued)
31 March 2018
These financial statements were approved by the board of directors and authorised for issue on 6 November 2018 , and are signed on behalf of the board by:
Mrs L Hadden
Director
Company registration number: SC322549
Scottish Medical Supplies Ltd
Notes to the Financial Statements
Year ended 31 March 2018
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 90 George Street, Stranraer, Wigtownshire, DG9 7JS, Scotland.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, '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.
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.
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:
-
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2017: 2 ).
5. Profit before taxation
Loss before taxation is stated after charging:
2018
2017
£
£
Depreciation of tangible assets
4,281
5,708
-------
-------
6. Tangible assets
Motor vehicles
Total
£
£
Cost
At 1 April 2017 and 31 March 2018
22,830
22,830
--------
--------
Depreciation
At 1 April 2017
5,708
5,708
Charge for the year
4,281
4,281
--------
--------
At 31 March 2018
9,989
9,989
--------
--------
Carrying amount
At 31 March 2018
12,841
12,841
--------
--------
At 31 March 2017
17,122
17,122
--------
--------
7. Debtors
2018
2017
£
£
Trade debtors
5,103
1,700
Other debtors
15,804
11,438
--------
--------
20,907
13,138
--------
--------
8. Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
19,853
55,696
Trade creditors
20,360
7,100
Corporation tax
2,022
Other creditors
225
225
--------
--------
40,438
65,043
--------
--------
9. Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
38,083
--------
----
10. Directors' advances, credits and guarantees
11. Related party transactions
The company was under the control of Mrs Hadden and Mr Ellis throughout the current year. Mrs Hadden is the managing director. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.
Scottish Medical Supplies Ltd
Management Information
Year ended 31 March 2018
The following pages do not form part of the financial statements.
Scottish Medical Supplies Ltd
Detailed Income Statement
Year ended 31 March 2018
2018
2017
£
£
Turnover
91,391
69,716
Cost of sales
Opening stock - finished goods
31,400
28,850
Purchases
52,494
38,573
Directors salaries
21,500
11,347
Depreciation of tangible assets
4,281
5,708
---------
--------
109,675
84,478
Closing stock - resale - type 5
30,225
31,400
---------
--------
79,450
53,078
--------
--------
Gross profit
11,941
16,638
Overheads
Administrative expenses
24,105
18,077
--------
--------
Operating loss
( 12,164)
( 1,439)
Interest payable and similar expenses
(941)
--------
-------
Loss before taxation
(12,164)
(2,380)
--------
-------
Scottish Medical Supplies Ltd
Notes to the Detailed Income Statement
Year ended 31 March 2018
2018
2017
£
£
Administrative expenses
Rent rates and water
4,677
3,874
Light and heat
69
699
Insurance
680
1,099
Repairs and maintenance (allowable)
4,767
710
Motor expenses
5,424
2,515
Travel and subsistence
158
Telephone
1,189
935
Printing postage and stationery
1,934
405
General expenses (allowable)
266
269
Advertising
(51)
796
Legal and professional fees (allowable)
424
933
Accountancy fees
960
960
(Gain)/loss on disposal of tangible assets
717
Bad debts written off
2,569
Bank charges
3,608
1,596
--------
--------
24,105
18,077
--------
--------
Interest payable and similar expenses
Interest on hire purchase and finance lease contracts
941
----
----