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Hutz Medical UK Limited

Registered number: 13454064
Information for
filing with Registrar
For the year ended 28 February 2023

 
 13454064
28 February 2023
HUTZ MEDICAL UK LIMITED
REGISTERED NUMBER: 13454064

STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2023

2023
2022
Note
$
$

  

Current assets
  

Stocks
 4 
171,607
-

Debtors: amounts falling due within one year
 5 
591,647
-

Cash at bank and in hand
  
27,312
-

  
790,566
-

Creditors: amounts falling due within one year
 6 
(753,306)
(13,683)

Net current assets/(liabilities)
  
 
 
37,260
 
 
(13,683)

Total assets less current liabilities
  
37,260
(13,683)

  

Net assets/(liabilities)
  
37,260
(13,683)


Capital and reserves
  

Called up share capital 
 7 
141
141

Profit and loss account
  
37,119
(13,824)

Total equity
  
37,260
(13,683)


- 1 -

 
 13454064
28 February 2023
HUTZ MEDICAL UK LIMITED
REGISTERED NUMBER: 13454064
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 28 FEBRUARY 2023

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




J Hutz
Director

Date: 27 October 2023

The notes on pages 3 to 8 form part of these financial statements.

- 2 -

 
 13454064
28 February 2023
HUTZ MEDICAL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

Hutz Medical UK Limited is a private company limited by shares, incorporated in England and Wales. The registered number of the company is 13454064. The address of its registered office is 30 Old Bailey, London, United Kingdom, EC4M 7AU.
The principal activity of the company is to provide turnkey solutions to healthcare projects in Africa and the United Kingdom.
The prior period results cover less than twelve months therefore the results are not directly comparable.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
These financial statements have been prepared in United States Dollars as this is the company's functional currency and the currency in which the company undertakes its major financial transactions and is rounded to the nearest dollar.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have assessed the company's ability to continue as a going concern and have a reasonable expectation that the company has adequate resources to continue in operational existence for period of at least 12 months from the date of signature of these financial statements. In doing this, they have considered the results for the period, expectations of future trading and the availability of continued funding. On the basis of this information the directors are satisfied that the company will continue as a going concern and so the financial statements have been prepared on this basis.

- 3 -

 
 13454064
28 February 2023
HUTZ MEDICAL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentation currency is USD.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

All other foreign exchange gains and losses are presented in the Statement of comprehensive income within 'administrative expenses'.

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

- 4 -

 
 13454064
28 February 2023
HUTZ MEDICAL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

- 5 -

 
 13454064
28 February 2023
HUTZ MEDICAL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.10

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable.
Financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is identified, an impairment loss is recognised in profit or loss.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and its recoverable amount, which is an estimate of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial liabilities
Basic financial liabilities, including trade and other payables are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a rate of interest.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payables are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transactions price and subsequently measured at amortised costs.
Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an 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.  


3.


Employees

The company does not have any employees other than the two directors during the year (2022: nil). 


4.


Stocks

2023
2022
$
$

Finished goods
171,607
-


- 6 -

 
 13454064
28 February 2023
HUTZ MEDICAL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

5.


Debtors

2023
2022
$
$


Trade debtors
591,647
-



6.


Creditors: Amounts falling due within one year

2023
2022
$
$

Trade creditors
733,371
-

Amounts owed to group undertakings
8,428
6,928

Corporation tax payable
8,707
-

Accruals
2,800
6,755

753,306
13,683


Included within trade creditors is an amount of $733,371 which is owed to a wholly owned member of the group.
Amounts owed to group undertakings are unsecured, interest-free and repayable on demand.


7.


Called up share capital

2023
2022
$
$
Authorised, allotted, called up and fully paid



100 (2022: 100) Ordinary shares of £1 each
141
141

The company has one class of ordinary shares; each share has attached to it full voting, dividend and capital distribution rights.



8.


Related party transactions

The company is has taken advantage of the exemption from disclosing related party transactions undertaken between wholly owned members of the group that have been concluded under normal market conditions.


9.


Post balance sheet events

There have been no significant events affecting the company since the year end.

- 7 -

 
 13454064
28 February 2023
HUTZ MEDICAL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

10.


Controlling party

The immediate parent company is Hutz Lighting Technique 1986 (Pty) Ltd, a company registered in South Africa. 
The ultimate parent undertaking is Hutz Medical Groupe SARL, which is registered in France. The ultimate controlling party is considered to be J Hutz by virtue of his majority shareholding in Hutz Medical Groupe SARL. 

- 8 -