Silverfin false 30/06/2022 01/07/2021 30/06/2022 K Dechan 23/03/2019 S D Dechan 23/03/2019 J O J Lawrence 13/04/2022 09/04/2020 05 October 2023 The principal activity of the Company during the financial period was that of a holding company 11901341 2022-06-30 11901341 bus:Director1 2022-06-30 11901341 bus:Director2 2022-06-30 11901341 bus:Director3 2022-06-30 11901341 2021-06-30 11901341 core:CurrentFinancialInstruments 2022-06-30 11901341 core:CurrentFinancialInstruments 2021-06-30 11901341 core:ShareCapital 2022-06-30 11901341 core:ShareCapital 2021-06-30 11901341 core:CapitalRedemptionReserve 2022-06-30 11901341 core:CapitalRedemptionReserve 2021-06-30 11901341 core:RetainedEarningsAccumulatedLosses 2022-06-30 11901341 core:RetainedEarningsAccumulatedLosses 2021-06-30 11901341 core:CostValuation 2021-06-30 11901341 core:AdditionsToInvestments 2022-06-30 11901341 core:DisposalsDecreaseInInvestments 2022-06-30 11901341 core:CostValuation 2022-06-30 11901341 core:ProvisionsForImpairmentInvestments 2021-06-30 11901341 core:ProvisionsForImpairmentInvestments 2022-06-30 11901341 core:SubsidiariesWithMaterialNon-controllingInterests core:CurrentFinancialInstruments 2022-06-30 11901341 core:SubsidiariesWithMaterialNon-controllingInterests core:CurrentFinancialInstruments 2021-06-30 11901341 bus:OrdinaryShareClass1 2022-06-30 11901341 bus:OrdinaryShareClass2 2022-06-30 11901341 2021-07-01 2022-06-30 11901341 bus:FullAccounts 2021-07-01 2022-06-30 11901341 bus:SmallEntities 2021-07-01 2022-06-30 11901341 bus:AuditExempt-NoAccountantsReport 2021-07-01 2022-06-30 11901341 bus:PrivateLimitedCompanyLtd 2021-07-01 2022-06-30 11901341 bus:Director1 2021-07-01 2022-06-30 11901341 bus:Director2 2021-07-01 2022-06-30 11901341 bus:Director3 2021-07-01 2022-06-30 11901341 2020-01-01 2021-06-30 11901341 bus:OrdinaryShareClass1 2021-07-01 2022-06-30 11901341 bus:OrdinaryShareClass1 2020-01-01 2021-06-30 11901341 bus:OrdinaryShareClass2 2021-07-01 2022-06-30 11901341 bus:OrdinaryShareClass2 2020-01-01 2021-06-30 11901341 bus:OrdinaryShareClass3 2021-07-01 2022-06-30 11901341 bus:OrdinaryShareClass3 2020-01-01 2021-06-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 11901341 (England and Wales)

PAIN MEDICAL LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2022
Pages for filing with the registrar

PAIN MEDICAL LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2022

Contents

PAIN MEDICAL LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 June 2022
PAIN MEDICAL LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 June 2022
Note 30.06.2022 30.06.2021
£ £
Restated - note 2
Fixed assets
Investments 4 2,117,775 2,117,789
2,117,775 2,117,789
Current assets
Debtors 5 0 200,000
Cash at bank and in hand 780 3,020
780 203,020
Creditors: amounts falling due within one year 6 ( 1,216,829) ( 2,385,668)
Net current liabilities (1,216,049) (2,182,648)
Total assets less current liabilities 901,726 (64,859)
Net assets/(liabilities) 901,726 ( 64,859)
Capital and reserves
Called-up share capital 7 60 100
Capital redemption reserve 40 0
Profit and loss account 901,626 ( 64,959 )
Total shareholders' funds/(deficit) 901,726 ( 64,859)

For the financial year ending 30 June 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Pain Medical Limited (registered number: 11901341) were approved and authorised for issue by the Director on 05 October 2023. They were signed on its behalf by:

S D Dechan
Director
PAIN MEDICAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2022
PAIN MEDICAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2022
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Pain Medical Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 11th Floor The Plaza, 100 Old Hall Street, Liverpool, L3 9QJ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

These financial statements covers from 1 July 2021 to 30 June 2022. The previous financial statements covers from 1 January 2020 to 30 June 2021. Therefore, the comparatives are not entirely comparable.

Prior year error

The previous year's financial statements was restated as a result of an incorrect dividend being shown in the accounts. No dividend was voted and no cash received and therefore, the previous period's amounts owed by own subsidiaries and profit or loss has been reduced by £10,000,000.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

A subsidiary is an entity controlled by a company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Prior year adjustment

As previously reported Adjustment As restated
Year ended 30 June 2021 £ £ £
Amounts owed by/(to) own subsidiaries 7,631,124 (10,000,000) (2,368,876)
Income from fixed asset investments 10,000,000 (10,000,000) 0

3. Employees

Year ended
30.06.2022
Period from
01.01.2020 to
30.06.2021
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 3

4. Fixed asset investments

Investments in subsidiaries

30.06.2022
£
Cost
At 01 July 2021 189
Additions 75
Disposals ( 89)
At 30 June 2022 175
Carrying value at 30 June 2022 175
Carrying value at 30 June 2021 189
Other investments Total
£ £
Carrying value before impairment
At 01 July 2021 2,117,600 2,117,600
At 30 June 2022 2,117,600 2,117,600
Provisions for impairment
At 01 July 2021 0 0
At 30 June 2022 0 0
Carrying value at 30 June 2022 2,117,600 2,117,600
Carrying value at 30 June 2021 2,117,600 2,117,600

5. Debtors

30.06.2022 30.06.2021
£ £
Other debtors 0 200,000

6. Creditors: amounts falling due within one year

30.06.2022 30.06.2021
£ £
Trade creditors 0 1,698
Amounts owed to Group undertakings 370,329 0
Amounts owed to own subsidiaries 831,695 2,368,876
Taxation and social security 14,305 14,593
Other creditors 500 501
1,216,829 2,385,668

7. Called-up share capital

30.06.2022 30.06.2021
£ £
Allotted, called-up and fully-paid
50 Ordinary shares of £ 1.00 each 50 50
10 A Ordinary shares of £ 1.00 each 10 10
nil B Ordinary shares (30.06.2021: 40 shares of £ 1.00 each) 0 40
60 100

8. Related party transactions

Transactions with owners holding a participating interest in the entity

30.06.2022 30.06.2021
£ £
Loans by shareholder 0 200,000

Other related party transactions

30.06.2022 30.06.2021
£ £
Amounts owed to P14 Medical Limited 831,606 2,368,788

During the period, £18,750 dividends (2021: £nil) was paid to the directors.