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COMPANY REGISTRATION NUMBER: 08866896
Salar Surgical Ltd
Filleted Unaudited Financial Statements
For the year ended
31 January 2023
Salar Surgical Ltd
Financial Statements
Year ended 31 January 2023
Contents
Page
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
Salar Surgical Ltd
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Salar Surgical Ltd
Year ended 31 January 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Salar Surgical Ltd for the year ended 31 January 2023, which comprise the statement of financial position 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 the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation.
CLAY SHAW THOMAS LTD Chartered accountants
2 Oldfield Road Bocam Park Bridgend CF35 5LJ
20 October 2023
Salar Surgical Ltd
Statement of Financial Position
31 January 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
4
25,563
22,645
Tangible assets
5
2,815
3,754
--------
--------
28,378
26,399
Current assets
Debtors
6
632
469
Cash at bank and in hand
5,969
7,987
-------
-------
6,601
8,456
Creditors: amounts falling due within one year
7
7,479
10,205
-------
--------
Net current liabilities
878
1,749
--------
--------
Total assets less current liabilities
27,500
24,650
Provisions
Taxation including deferred tax
535
713
--------
--------
Net assets
26,965
23,937
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
26,865
23,837
--------
--------
Shareholders funds
26,965
23,937
--------
--------
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 Section 1A of 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 income and retained earnings has not been delivered.
For the year ending 31 January 2023 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 .
Salar Surgical Ltd
Statement of Financial Position (continued)
31 January 2023
These financial statements were approved by the board of directors and authorised for issue on 20 October 2023 , and are signed on behalf of the board by:
Dr S Evans
Director
Company registration number: 08866896
Salar Surgical Ltd
Notes to the Financial Statements
Year ended 31 January 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Oldfield Road, Pencoed, Bridgend, CF35 5LJ.
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 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
The turnover represents the amounts invoiced for the provision of consultancy services and royalties on intellectual property received during the year. The amounts are exclusive of Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. Royalties shall be recognised on an accrual basis in accordance with the substance of the relevant agreement.
Taxation
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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
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:
Patents
-
10% straight line
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.
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:
Plant and machinery
-
25% reducing balance
Computer equipment
-
25% reducing balance
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Intangible assets
Patents, trademarks and licences
£
Cost
At 1 February 2022
40,106
Additions
7,483
--------
At 31 January 2023
47,589
--------
Amortisation
At 1 February 2022
17,461
Charge for the year
4,565
--------
At 31 January 2023
22,026
--------
Carrying amount
At 31 January 2023
25,563
--------
At 31 January 2022
22,645
--------
5. Tangible assets
Plant and machinery
Equipment
Total
£
£
£
Cost
At 1 February 2022 and 31 January 2023
20,894
2,881
23,775
--------
-------
--------
Depreciation
At 1 February 2022
17,803
2,218
20,021
Charge for the year
773
166
939
--------
-------
--------
At 31 January 2023
18,576
2,384
20,960
--------
-------
--------
Carrying amount
At 31 January 2023
2,318
497
2,815
--------
-------
--------
At 31 January 2022
3,091
663
3,754
--------
-------
--------
6. Debtors
2023
2022
£
£
Other debtors
632
469
----
----
7. Creditors: amounts falling due within one year
2023
2022
£
£
Social security and other taxes
1,959
399
Other creditors
5,520
9,806
-------
--------
7,479
10,205
-------
--------
8. Ultimate controlling party
The company is under the ultimate control of Dr S Evans , by virtue of him owning 52% of the issued share capital.