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Registered Number: 06009025
England and Wales

 

 

 


Report of the Director and Unaudited Financial Statements

for the year ended 31 December 2022

for

AVIDA MEDICAL LIMITED

 
 
Notes
 
2022
£
  2021
£
Fixed assets
Tangible fixed assets 4 403,908    500,001 
403,908    500,001 
 
Current assets
Inventories 5 224,474    359,318 
Debtors 6 563,657    200,572 
Cash at bank and in hand 41,136   
829,267    559,890 
Creditors: amount falling due within one year 7 (287,422)   (3,886,764)
Net current assets 541,845    (3,326,874)
 
Total assets less current liabilities 945,753    (2,826,873)
Net assets 945,753    (2,826,873)
 

Capital and reserves
Called up share capital 3    3 
Share premium account 8 1,829,999    1,829,999 
Profit and loss account 9 (884,249)   (4,656,875)
Shareholders fund 945,753    (2,826,873)
 
For the year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's Responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the companies act 2006.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime of Part 15 of the Companies Act 2006.
Signed on behalf of the board of directors:


----------------------------------
William Joseph Handley
Director

Date approved: 09 February 2024
1
Statutory Information
AVIDA MEDICAL LIMITED is a private limited company, limited by shares, domiciled in England and Wales, registration number 06009025, registration address Genesis House, Merrow Lane, Guildford, GU4 7BN, United Kingdom.

The presentation currency is £ sterling.
1.

Accounting Policies

Basis of accounting
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Financial Reporting Standard for Smaller Entities (effective January 2016).
Going Concern
The financial statements have been prepared on a going concern basis. The company's ongoing activities are dependent upon the continued support of the directors who have undertaken to provide such support for the foreseeable future. If the going concern basis were not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that may arise and to reclassify fixed assets as current assets and long term liabilities as current liabilities.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Website cost
Planning and operating costs for the company's website are charged to the profit and loss account as incurred.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate 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 foreign exchange differences are included to the profit and loss account.
Deferred taxation
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill.
Computer software development costs
Development costs of computer software are capitalised once a detailed program design has been established and are amortised on a straight line basis.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.

Interest receivable and similar income

2022
£
  2021
£
Cash Pool Write off 4,860,924   
4,860,924   
3.

Intangible fixed assets

Cost or Valuation Goodwill   Development costs   Computer software   Total
  £   £   £   £
At 01 January 2022 17,084,773    1,744,701    127,427    18,956,901 
Additions      
Disposals      
At 31 December 2022 17,084,773    1,744,701    127,427    18,956,901 
Amortisation
At 01 January 2022 17,084,773    1,744,701    127,427    18,956,901 
Charge for year      
On disposals      
At 31 December 2022 17,084,773    1,744,701    127,427    18,956,901 
Net book values
At 31 December 2022      
At 31 December 2021      

4.

Tangible fixed assets

Cost or Valuation Plant and Machinery   Fixtures and Fittings   Building   Total
  £   £   £   £
At 01 January 2022 747,345    935,039    334,020    2,016,404 
Additions 4,950        4,950 
Disposals      
At 31 December 2022 752,295    935,039    334,020    2,021,354 
Depreciation
At 01 January 2022 530,168    769,735    216,500    1,516,403 
Charge for year 43,340    51,578    6,125    101,043 
On disposals      
At 31 December 2022 573,508    821,313    222,625    1,617,446 
Net book values
Closing balance as at 31 December 2022 178,787    113,726    111,395    403,908 
Opening balance as at 01 January 2022 217,177    165,304    117,520    500,001 

5.

Inventories

2022
£
  2021
£
Stocks 224,474    359,318 
224,474    359,318 
6.

Debtors: amounts falling due within one year

2022
£
  2021
£
Trade debtors 499,918    200,572 
Avida Labs Interco 64,000   
Avida global interco (854)  
Prepayments & accrued income 593   
563,657    200,572 
7.

Creditors: amount falling due within one year

2022
£
  2021
£
Trade creditors 218,323    3,886,762 
Accrued expenses 15,049   
Other creditors 62,237    2 
VAT (8,187)  
287,422    3,886,764 
8.

Share premium account

2022
£
  2021
£
Share premium 1,829,999    1,829,999 
1,829,999    1,829,999 
9.

Profit and loss account

  2022
£
Balance at 01 January 2022 (4,656,875)
Profit for the year 3,772,626 
Balance at 31 December 2022 (884,249)

10.

Average number of employees

Average number of employees during the year was 0  (2021: 0).
2