S-L Medical Diagnostic Equipment LLP
Annual Report and Unaudited Financial Statements
For the year ended 31 May 2023
Limited Liability Partnership Registration No. OC337125 (England and Wales)
S-L Medical Diagnostic Equipment LLP
Limited Liability Partnership Information
Designated members
Mr A R Munoz de la Rosa
Mr R Rodriguez Bernal
Limited liability partnership number
OC337125
Registered office
4 Victoria Square
St Albans
Hertfordshire
AL1 3TF
Accountants
Moore Kingston Smith LLP
4 Victoria Square
St Albans
Hertfordshire
AL1 3TF
S-L Medical Diagnostic Equipment LLP
Contents
Page
Members' report
1
Accountants' report
2
Profit and loss account
3
Statement of comprehensive income
4
Balance sheet
5
Reconciliation of members' interests
6 - 7
Notes to the financial statements
8 - 12
S-L Medical Diagnostic Equipment LLP
Members' Report
For the year ended 31 May 2023
Page 1

The members present their annual report and financial statements for the year ended 31 May 2023.

Principal activities
The principal activity of the limited liability partnership was that of agents trading in medical diagnostic equipment.
Members' drawings, contributions and repayments

The members' drawing policy allows each member to draw a proportion of their profit share, subject to the cash requirements of the business.

 

A member's capital requirement is linked to their share of profit and the financing requirement of the limited liability partnership. There is no opportunity for appreciation of the capital subscribed. Just as incoming members introduce their capital at "par", so the retiring members are repaid their capital at "par".

Designated members

The designated members who held office during the year and up to the date of signature of the financial statements were as follows:

Mr A R Munoz de la Rosa
Mr R Rodriguez Bernal
On behalf of the members
Mr A R Munoz de la Rosa
Designated Member
8 November 2023
S-L Medical Diagnostic Equipment LLP
Chartered Accountants' Report to the Members on the Preparation of the Unaudited Statutory Financial Statements of S-L Medical Diagnostic Equipment LLP for the year ended 31 May 2023
Page 2

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of S-L Medical Diagnostic Equipment LLP for the year ended 31 May 2023 set out on pages 3 to 12 from the limited liability partnership’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 https://www.icaew.com/regulation

This report is made solely to the limited liability partnership's members as a body, in accordance with the terms of our engagement letter dated 6 September 2022. Our work has been undertaken solely to prepare for your approval the financial statements of S-L Medical Diagnostic Equipment LLP and state those matters that we have agreed to state to the Board of Directors of S-L Medical Diagnostic Equipment LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at icaew.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than S-L Medical Diagnostic Equipment LLP and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that S-L Medical Diagnostic Equipment LLP 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 S-L Medical Diagnostic Equipment LLP. You consider that S-L Medical Diagnostic Equipment LLP 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 S-L Medical Diagnostic Equipment LLP. 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.

Moore Kingston Smith LLP
15 November 2023
Chartered Accountants
4 Victoria Square
St Albans
Hertfordshire
AL1 3TF
S-L Medical Diagnostic Equipment LLP
Profit and Loss Account
For the year ended 31 May 2023
Page 3
2023
2022
Notes
Turnover
5,000
5,000
Profit for the financial year before members' remuneration and profit shares available for discretionary division among members
5,000
5,000

The Profit and Loss Account has been prepared on the basis that all operations are continuing operations.

S-L Medical Diagnostic Equipment LLP
Statement of Comprehensive Income
For the year ended 31 May 2023
Page 4
2023
2022
Profit for the financial year available for discretionary division among members
5,000
5,000
Other comprehensive income
-
-
Total comprehensive income for the year
5,000
5,000
S-L Medical Diagnostic Equipment LLP
Balance Sheet
As at 31 May 2023
Page 5
2023
2022
Notes
Current assets
Stocks
3
658,379
658,379
Cash at bank and in hand
237,302
256,217
895,681
914,596
Creditors: amounts falling due within one year
4
(732,059)
(755,974)
Net current assets
163,622
158,622
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
162,364
157,364
Members' other interests
Members' capital classified as equity
1,258
1,258
163,622
158,622
Total members' interests
Loans and other debts due to members
162,364
157,364
Members' other interests
1,258
1,258
163,622
158,622

For the financial year ended 31 May 2023 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008).

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The financial statements were approved by the members and authorised for issue on 8 November 2023 and are signed on their behalf by:
08 November 2023
Mr A R Munoz de la Rosa
Designated member
Limited Liability Partnership Registration No. OC337125
S-L Medical Diagnostic Equipment LLP
Reconciliation of Members' Interests
For the year ended 31 May 2023
Page 6
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital (classified as equity)
Other reserves
Total
Other amounts
Total
Total
2023
Amounts due to members
157,364
Members' interests at 1 June 2022
1,258
-
1,258
157,364
157,364
158,622
Profit for the financial year available for discretionary division among members
-
5,000
5,000
-
-
5,000
Members' interests after profit for the year
1,258
5,000
6,258
157,364
157,364
163,622
Allocation of profit for the financial year
-
(5,000)
(5,000)
5,000
5,000
-
Members' interests at 31 May 2023
1,258
-
1,258
162,364
162,364
163,622
Amounts due to members
162,364
162,364
S-L Medical Diagnostic Equipment LLP
Reconciliation of Members' Interests (Continued)
For the year ended 31 May 2023
Page 7
Prior financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital (classified as equity)
Other reserves
Total
Other amounts
Total
Total
2022
Amounts due to members
152,364
Members' interests at 1 June 2021
1,258
-
1,258
152,364
152,364
153,622
Profit for the financial year available for discretionary division among members
-
5,000
5,000
-
-
5,000
Members' interests after profit for the year
1,258
5,000
6,258
152,364
152,364
158,622
Allocation of profit for the financial year
-
(5,000)
(5,000)
5,000
5,000
-
Members' interests at 31 May 2022
1,258
-
1,258
157,364
157,364
158,622
Amounts due to members
157,364
157,364
S-L Medical Diagnostic Equipment LLP
Notes to the Financial Statements
For the year ended 31 May 2023
Page 8
1
Accounting policies
Limited liability partnership information

S-L Medical Diagnostic Equipment LLP is a limited liability partnership incorporated in England and Wales. The registered office is 4 Victoria Square, St Albans, Hertfordshire, AL1 3TF.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in euros which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest euro.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

The company acts as an agent, turnover represents commissions earned.

1.4
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

 

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

 

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

S-L Medical Diagnostic Equipment LLP
Notes to the Financial Statements (Continued)
For the year ended 31 May 2023
1
Accounting policies
(Continued)
Page 9

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
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 current liabilities.

1.7
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention 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.

S-L Medical Diagnostic Equipment LLP
Notes to the Financial Statements (Continued)
For the year ended 31 May 2023
1
Accounting policies
(Continued)
Page 10
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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 limited liability partnership after deducting all of its liabilities.

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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

S-L Medical Diagnostic Equipment LLP
Notes to the Financial Statements (Continued)
For the year ended 31 May 2023
1
Accounting policies
(Continued)
Page 11
1.8
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.9
Foreign exchange

The financial statements are stated in euros (€) and are translated at a rate of 1.1361 to the £.

 

Monetary assets and liabilities denominated in foreign currencies are translated into euros (€) at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

2
Information in relation to members
2023
2022
Number
Number
Average number of members during the year
2
2
3
Stocks
2023
2022
Raw materials and consumables
658,379
658,379
4
Creditors: amounts falling due within one year
2023
2022
Other creditors
727,759
751,674
Accruals and deferred income
4,300
4,300
732,059
755,974
5
Loans and other debts due to members
2023
2022
Analysis of loans
Amounts falling due within one year
162,364
157,364
S-L Medical Diagnostic Equipment LLP
Notes to the Financial Statements (Continued)
For the year ended 31 May 2023
Page 12
6
Related party transactions

As at 31 May 2023, stock acquired from a business with common beneficial owners, totalled €658,379 (2022: €658,379)

2023-05-312022-06-01falseCCH SoftwareCCH Accounts Production 2023.2000OC3371252022-06-012023-05-31OC337125bus:PartnerLLP12022-06-012023-05-31OC337125bus:PartnerLLP22022-06-012023-05-31OC3371252023-05-31OC3371252021-06-012022-05-31OC337125bus:LimitedLiabilityPartnershipLLP2022-06-012023-05-31OC337125bus:FRS1022022-06-012023-05-31OC337125bus:AuditExemptWithAccountantsReport2022-06-012023-05-31OC337125bus:FullAccounts2022-06-012023-05-31xbrli:purexbrli:sharesiso4217:GBP