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REGISTERED NUMBER: 02800699 (England and Wales)















Financial Statements

for the Year Ended 30 November 2023

for

MED-EL UK Limited

MED-EL UK Limited (Registered number: 02800699)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


MED-EL UK Limited

Company Information
for the Year Ended 30 November 2023







DIRECTORS: Doctor I J Hochmair
C J S Dippenaar





SECRETARY: Miss S Munt





REGISTERED OFFICE: 3 Park Square
Thorncliffe Park Estate
Newton Chambers Road
Sheffield
South Yorkshire
S35 2PH





REGISTERED NUMBER: 02800699 (England and Wales)

MED-EL UK Limited (Registered number: 02800699)

Statement of Financial Position
30 November 2023

30.11.23 30.11.22
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 86,435 73,386

CURRENT ASSETS
Stocks 1,074,011 1,437,209
Debtors 5 1,006,233 1,121,941
Prepayments and accrued income 39,804 34,455
Cash at bank and in hand 359,335 392,704
2,479,383 2,986,309
CREDITORS
Amounts falling due within one year 6 1,790,124 2,157,357
NET CURRENT ASSETS 689,259 828,952
TOTAL ASSETS LESS CURRENT
LIABILITIES

775,694

902,338

PROVISIONS FOR LIABILITIES (19,738 ) (8,977 )

ACCRUALS AND DEFERRED INCOME (226,615 ) (253,074 )
NET ASSETS 529,341 640,287

CAPITAL AND RESERVES
Called up share capital 8 32,000 32,000
Retained earnings 497,341 608,287
SHAREHOLDERS' FUNDS 529,341 640,287

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 February 2024 and were signed on its behalf by:





C J S Dippenaar - Director


MED-EL UK Limited (Registered number: 02800699)

Notes to the Financial Statements
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

MED-EL UK 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The directors are satisfied that the company has sufficient cash flows to continue meeting its liabilities as they fall due for at least one year from the date of the approval of the financial statements, thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Turnover
Turnover is the amount derived from ordinary activities, and stated after trade discounts, VAT and any other sales taxes. Income is recognised upon delivery of the goods.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold - 20% straight line over lease term
Plant and machinery - 33% on cost
Fixtures and fittings - 12.5% on cost
Motor Vehicles - 12.5% on cost

Tangible fixed assets are stated at cost. Cost includes directly attributable to making the asset capable of operating as intended.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, cost of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow moving stock where appropriate.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


MED-EL UK Limited (Registered number: 02800699)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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
The company makes payments to a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate.

Hire purchase and operating leasing commitments
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 46 (2022 - 41 ) .

MED-EL UK Limited (Registered number: 02800699)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£ £ £ £
COST
At 1 December 2022 114,755 131,229 12,999 258,983
Additions 66,269 - - 66,269
Disposals - - (12,999 ) (12,999 )
At 30 November 2023 181,024 131,229 - 312,253
DEPRECIATION
At 1 December 2022 96,042 87,930 1,625 185,597
Charge for year 24,886 16,960 406 42,252
Eliminated on disposal - - (2,031 ) (2,031 )
At 30 November 2023 120,928 104,890 - 225,818
NET BOOK VALUE
At 30 November 2023 60,096 26,339 - 86,435
At 30 November 2022 18,713 43,299 11,374 73,386

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£ £
Trade debtors 1,001,983 1,113,852
Other debtors 4,250 8,089
1,006,233 1,121,941

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£ £
Trade creditors 60,810 21,914
Amounts owed to group undertakings 1,292,345 1,474,664
Taxation and social security 341,631 511,645
Other creditors 95,338 149,134
1,790,124 2,157,357

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
30.11.23 30.11.22
£ £
Within one year 168,408 78,519
Between one and five years 428,453 299,420
596,861 377,939

MED-EL UK Limited (Registered number: 02800699)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

8. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 30.11.23 30.11.22
value: £ £
32,000 Ordinary shares £1 32,000 32,000

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Thomas Bond ACA (Senior Statutory Auditor)
for and on behalf of Thomas Coombs Limited

10. THE IMMEDIATE CONTROLLING PARTY

The controlling party is MED-EL ELEKTROMEDIZININSCHE GERATE GMBH.

The ultimate controlling party is Doctor I J Hochmair.