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REGISTERED NUMBER: 04261709 (England and Wales)















Hospital Innovations Limited

Unaudited Financial Statements for the Year Ended 31 March 2023






Hospital Innovations Limited (Registered number: 04261709)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Hospital Innovations Limited

Company Information
for the Year Ended 31 March 2023







Directors: D Devine
J Gannon





Secretary: P J Clarke





Registered office: Concept House
1 Heol Y Twyn
Talbot Green Business Park
Talbot Green
CF72 9FG





Registered number: 04261709 (England and Wales)





Accountants: Haines Watts Wales LLP
7 Neptune Court
Vanguard Way
Cardiff
CF24 5PJ

Hospital Innovations Limited (Registered number: 04261709)

Balance Sheet
31 March 2023

2023 2022
Notes £    £   
Fixed assets
Tangible assets 4 1,193,869 1,163,983
Investments 5 20 20
Investment property 6 - 200,000
1,193,889 1,364,003

Current assets
Stocks 7 442,999 457,215
Debtors 8 1,308,318 1,007,787
Cash at bank and in hand 236,373 280,233
1,987,690 1,745,235
Creditors
Amounts falling due within one year 9 (1,526,090 ) (1,564,733 )
Net current assets 461,600 180,502
Total assets less current liabilities 1,655,489 1,544,505

Creditors
Amounts falling due after more than one year 10 (211,358 ) (324,357 )

Provisions for liabilities 12 (164,284 ) (219,428 )
Net assets 1,279,847 1,000,720

Capital and reserves
Called up share capital 100 100
Revaluation reserve 13 507,889 519,268
Retained earnings 13 771,858 481,352
1,279,847 1,000,720

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Hospital Innovations Limited (Registered number: 04261709)

Balance Sheet - continued
31 March 2023


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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 November 2023 and were signed on its behalf by:





J Gannon - Director


Hospital Innovations Limited (Registered number: 04261709)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. Statutory information

Hospital Innovations Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance 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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of leasehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods 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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - 2% on cost
Short leasehold - 10% on cost
Plant and machinery - 15% on cost
Fixtures and fittings - 33% on cost and 25% on cost
Motor vehicles - 25% on cost
Computer equipment - 15% on cost

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Freehold land is not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Hospital Innovations Limited (Registered number: 04261709)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. Accounting policies - continued

Investments in subsidiaries
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

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.

Research and development
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Hospital Innovations Limited (Registered number: 04261709)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. Accounting policies - continued

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.

Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes 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 where there exists a legally enforceable right to set off the recognised amounts, the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Hospital Innovations Limited (Registered number: 04261709)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. Accounting policies - continued
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

3. Employees and directors

The average number of employees during the year was 20 (2022 - 16 ) .

4. Tangible fixed assets
Freehold Short Plant and
property leasehold machinery
£    £    £   
Cost
At 1 April 2022 1,196,883 60,927 102,682
Additions 7,388 - 20,057
Disposals - - (26,353 )
At 31 March 2023 1,204,271 60,927 96,386
Depreciation
At 1 April 2022 92,895 56,461 86,727
Charge for year 33,875 4,466 8,662
Eliminated on disposal - - (26,353 )
At 31 March 2023 126,770 60,927 69,036
Net book value
At 31 March 2023 1,077,501 - 27,350
At 31 March 2022 1,103,988 4,466 15,955

Hospital Innovations Limited (Registered number: 04261709)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. Tangible fixed assets - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
Cost
At 1 April 2022 124,940 - 644,215 2,129,647
Additions 25,000 32,527 24,244 109,216
Disposals - - (223,770 ) (250,123 )
At 31 March 2023 149,940 32,527 444,689 1,988,740
Depreciation
At 1 April 2022 119,824 - 609,757 965,664
Charge for year 7,200 2,711 22,416 79,330
Eliminated on disposal - - (223,770 ) (250,123 )
At 31 March 2023 127,024 2,711 408,403 794,871
Net book value
At 31 March 2023 22,916 29,816 36,286 1,193,869
At 31 March 2022 5,116 - 34,458 1,163,983

Included in cost of land and buildings is freehold land of £ 150,000 (2022 - £ 150,000 ) which is not depreciated.

Land and buildings with a carrying amount of £1,185,000 were revalued during 2019 by Chris Clarke Surveyors Limited, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

The director has reviewed the carrying value as at 31 March 2023 and is of the opinion that the market value of land and buildings does not materially differ to the above valuation.

The revaluation surplus is disclosed in note 15.

Freehold property is shown at valuation and as at 31 March 2023, that is represented by the original cost of £595,811 and subsequent revaluations in 2016 and 2019.

5. Fixed asset investments
Shares in
group
undertakings
£   
Cost
At 1 April 2022
and 31 March 2023 20
Net book value
At 31 March 2023 20
At 31 March 2022 20

Hospital Innovations Limited (Registered number: 04261709)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

5. Fixed asset investments - continued

The company's investments at the Balance Sheet date in the share capital of companies include the following:


Name of undertaking

Registered office
Class of shares
held

% holding
Hospital Innovations Inc. United States of America Ordinary 100
iCurtis Limited United Kingdom Ordinary 100
iDente Limited United Kingdom Ordinary 100
iFortis Limited United Kingdom Ordinary 100
iGraft Limited United Kingdom Ordinary 100
iHip Limited United Kingdom Ordinary 100
iJoint Limited United Kingdom Ordinary 100
iOrtho Limited United Kingdom Ordinary 100
iSpine Limited United Kingdom Ordinary 100
iStruments Limited United Kingdom Ordinary 100
iSupport Limited United Kingdom Ordinary 100
iSurance Limited United Kingdom Ordinary 100
iSurge Limited United Kingdom Ordinary 100
iTrauma Limited United Kingdom Ordinary 100
Whitebox Medical Limited United Kingdom Ordinary 100

6. Investment property
Total
£   
Fair value
At 1 April 2022 200,000
Disposals (200,000 )
At 31 March 2023 -
Net book value
At 31 March 2023 -
At 31 March 2022 200,000

Investment property comprises a leasehold property. The fair value of the investment property as at 31 March 2022 was on the basis of a valuation carried out by the director as at the year end. During the year, the property was sold.

7. Stocks
2023 2022
£    £   
Stocks 442,999 457,215

8. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 950,746 747,253
Amounts owed by group undertakings 234,809 -
Other debtors 122,763 260,534
1,308,318 1,007,787

Hospital Innovations Limited (Registered number: 04261709)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

9. Creditors: amounts falling due within one year
2023 2022
£    £   
Bank loans and overdrafts (see note 11) 125,044 219,372
Trade creditors 490,715 542,482
Taxation and social security 194,461 216,151
Other creditors 715,870 586,728
1,526,090 1,564,733

10. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Bank loans (see note 11) 211,358 324,357

11. Loans

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 241
Bank loans 125,044 219,131
125,044 219,372

Amounts falling due between one and two years:
Bank loans - 1-2 years 83,807 125,943

Amounts falling due between two and five years:
Bank loans - 2-5 years 127,551 198,414

A debenture is held over the assets of the company by HSBC Bank Plc over all the Company's liabilities to them in relation to any kind and in any currency (whether present or future actual or contingent and whether incurred alone or jointly with another).

12. Provisions for liabilities
2023 2022
£    £   
Deferred tax 164,284 219,428

Deferred
tax
£   
Balance at 1 April 2022 219,428
Credit to Profit and Loss Account during year (55,144 )
Balance at 31 March 2023 164,284

Hospital Innovations Limited (Registered number: 04261709)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

12. Provisions for liabilities - continued

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

LiabilitiesLiabilities
20232022
Balances:£   £   

Accelerated capital allowances31,19237,674
Revaluations172,891222,891
Other timing differences(39,798)(41,137)
164,284219,428

13. Reserves
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 April 2022 481,352 519,268 1,000,620
Profit for the year 629,489 629,489
Dividends (350,362 ) (350,362 )
Revaluation reserve other
movement 11,379 (11,379 ) -
At 31 March 2023 771,858 507,889 1,279,747

14. Director's advances, credits and guarantees

Dividends totalling £350,362 (2022 - £266,875) were paid in the year in respect of shares held by the company director.

At 31 March 2023, the balance owed by the company to the director, Mr W P Davies, was £46,740 (2022: £26,871). This amount is disclosed within other creditors, is non-interest bearing and repayable on demand.

15. Related party disclosures

Hospital Innovations Inc
At 31 March 2023 the balance owed to the company by Hospital Innovations Inc, a subsidiary undertaking, was £234,809 (2022: £103,872). The balance is disclosed within other debtors.