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Registration number: 02623493

Hillside Medical Supplies Limited

Annual Report and Financial Statements

for the Year Ended 30 June 2023

 

Hillside Medical Supplies Limited

Contents

Company Information

1

Directors' Report

2 to 3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 8

Profit and Loss Account

9

Balance Sheet

10

Statement of Changes in Equity

11

Statement of Cash Flows

12

Notes to the Financial Statements

13 to 22

 

Hillside Medical Supplies Limited

Company Information

Directors

Mr Dara Murphy

Mr John Gannon

Mr Declan Devine

Company secretary

Mr Dara Murphy

Registered office

8 Manor Park
Wildmere Industrial Estate
Banbury
Oxfordshire
OX16 3TB
United Kingdom

Solicitors

Flynn O'Driscoll
Business Lawyers
No.1 Grant's Row
Lower Mount Street
Dublin 2
D02 HX96
Ireland

Bankers

Barclays PLC
Leicester
LE87 2BB
United Kingdom

Auditors

TB Millar & Co
6 Doagh Road
Ballyclare
Co Antrim
BT39 9BG
Northern Ireland

 

Hillside Medical Supplies Limited

Directors' Report for the Year Ended 30 June 2023

The directors present their report and the financial statements for the year ended 30 June 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr Dara Murphy

Mr John Gannon

Mr Declan Devine

Principal activity

The principal activity of the company is the supply of medical equipment and consumables.

Fair review of the business

The company achieved a turnover of £842,297 for the year under review, compared to £1,419,373 for the previous year. The directors are satisfied with this performance, against the backdrop of a number of operational and organisational changes that were completed during the year to position the business for its future growth potential. An element of the company’s trading performance can also depend on the pattern and timing of equipment sales with certain customers.

As a result, an operating loss of £163,024 was incurred for the year under review compared to a loss of £96,000 for the previous year. The company is forecasting turnover growth and profitability in the financial year ending 30 June 2024.

At the end of the financial year the company had gross assets of £819,002 (2022: £695,141) and net liabilities of £108,204 compared to net assets of £53,786 at 30 June 2022.

Principal risks and uncertainties

The principal risks and uncertainties affecting the company are:
- changes in health related government expenditure;
- competition in the market place;
- changes in dynamics and structures within the healthcare sector;
- disruption caused to IT and/or facilities that could disrupt the company’s supply chain;
- loss of key personnel;
- changes in distribution arrangements with suppliers.

Future developments

The directors have no plans to change the activities and operations of the company in the foreseeable future.

Research and development

The company did not engage in research and development activities during the financial period.

 

Hillside Medical Supplies Limited

Directors' Report for the Year Ended 30 June 2023

Directors and secretary and their interests
The directors and secretary, at the year end, had no direct interest in the shares of the company.

The directors and secretary at the year end and their interests in the shares of the ultimate holding company, Pharmed Holdings Limited, were as follows:

30/06/23

01/07/22

Directors:

Number

Number

Declan Devine

168

168

Dara Murphy

39

60

John Gannon

30

48

Company secretary:

Dara Murphy

39

60

Accounting records

The measures taken by the directors to secure compliance with the requirements of the Companies Act 2006 with regard to the keeping of accounting records are the implementation of necessary policies and procedures for recording transactions, the employment of competent accounting personnel with appropriate expertise and the provision of adequate resources to the financial function. The accounting records of the company are located at 8 Manor Park, Wildmere Industrial Estate, Banbury, Oxfordshire, England.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of auditors

The auditors TB Millar & Co are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Approved and authorised by the Board on 27 March 2024 and signed on its behalf by:
 

.........................................
Mr Dara Murphy
Director

.........................................
Mr Declan Devine
Director

 

Hillside Medical Supplies Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Hillside Medical Supplies Limited

Independent Auditor's Report to the Members of Hillside Medical Supplies Limited

Opinion

We have audited the financial statements of Hillside Medical Supplies Limited (the 'company') for the year ended 30 June 2023, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 30 June 2023 and of its loss for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

the directors’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

 

Hillside Medical Supplies Limited

Independent Auditor's Report to the Members of Hillside Medical Supplies Limited

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 4], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

Hillside Medical Supplies Limited

Independent Auditor's Report to the Members of Hillside Medical Supplies Limited

We considered the opportunities and incentives that may exist within the company for fraud and identified the greatest potential for fraud in relation to revenue recognition and payment of amounts from the company. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations in Companies Act 2006 were considered in this context.

In addition, we considered provisions of relevant laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.

Our procedures to respond to risks identified included the following:

• reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
• enquiring of management regarding actual and potential litigation and claims;
• performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
• reading minutes of meetings of those charged with governance and reviewing regulatory correspondence with Companies House;
• in addressing the risk of fraud through management override of controls we, tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; evaluated the business rationale of any significant transactions; and where possible obtained direct confirmation of balances independently from the relevant party.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

Hillside Medical Supplies Limited

Independent Auditor's Report to the Members of Hillside Medical Supplies Limited

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Barry Millar (Senior Statutory Auditor)
For and on behalf of TB Millar & Co, Statutory Auditor

6 Doagh Road
Ballyclare
Co Antrim
BT39 9BG

27 March 2024

 

Hillside Medical Supplies Limited

Profit and Loss Account for the Year Ended 30 June 2023

Note

2023
£

2022
£

Turnover

3

842,297

1,419,373

Cost of sales

 

(808,191)

(1,137,236)

Gross profit

 

34,106

282,137

Distribution costs

 

(38,353)

(46,135)

Administrative expenses

 

(158,777)

(332,002)

Operating loss

5

(163,024)

(96,000)

Loss before tax

 

(163,024)

(96,000)

Tax on loss

8

1,034

490

Loss for the financial year

 

(161,990)

(95,510)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Hillside Medical Supplies Limited

(Registration number: 02623493)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

9

7,715

13,158

Current assets

 

Stocks

10

122,935

111,559

Debtors

11

197,732

500,280

Cash at bank and in hand

 

490,620

70,144

 

811,287

681,983

Creditors: Amounts falling due within one year

13

(925,996)

(641,845)

Net current (liabilities)/assets

 

(114,709)

40,138

Total assets less current liabilities

 

(106,994)

53,296

Provisions for liabilities

14

(1,210)

490

Net (liabilities)/assets

 

(108,204)

53,786

Capital and reserves

 

Called up share capital

129,000

129,000

Retained earnings

(237,204)

(75,214)

Shareholders' (deficit)/funds

 

(108,204)

53,786

Approved and authorised by the Board on 27 March 2024 and signed on its behalf by:
 

.........................................
Mr Dara Murphy
Director

.........................................
Mr Declan Devine
Director

 

Hillside Medical Supplies Limited

Statement of Changes in Equity for the Year Ended 30 June 2023

Share capital
£

Retained earnings
£

Total
£

At 1 July 2022

129,000

(75,214)

53,786

Loss for the year

-

(161,990)

(161,990)

At 30 June 2023

129,000

(237,204)

(108,204)

Share capital
£

Retained earnings
£

Total
£

At 1 July 2021

129,000

20,296

149,296

Loss for the year

-

(95,510)

(95,510)

At 30 June 2022

129,000

(75,214)

53,786

 

Hillside Medical Supplies Limited

Statement of Cash Flows for the Year Ended 30 June 2023

Note

2023
£

2022
£

Cash flows from operating activities

Loss for the year

 

(161,990)

(95,510)

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

5,442

5,537

Tax expense

8

(1,034)

(490)

 

(157,582)

(90,463)

Working capital adjustments

 

Increase in stocks

10

(11,376)

(28,375)

Decrease in debtors

11

305,282

328,246

Increase/(decrease) in creditors

13

284,152

(253,995)

Net cash flow from operating activities

 

420,476

(44,587)

Cash flows from investing activities

 

Acquisitions of tangible assets

-

(2,959)

Net increase/(decrease) in cash and cash equivalents

 

420,476

(47,546)

Cash and cash equivalents at 1 July

 

70,144

117,690

Cash and cash equivalents at 30 June

 

490,620

70,144

 

Hillside Medical Supplies Limited

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

1

General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
8 Manor Park
Wildmere Industrial Estate
Banbury
Oxfordshire
OX16 3TB
England

These financial statements were authorised for issue by the Board on 27 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in GBP.

Going concern

The financial statements have been prepared on a going concern basis.

Disclosure exemptions

The company has adopted the disclosure exemptions permitted under FRS102. The company's financial statements are consolidated in the Pharmed Holdings Limited consolidated financial statements which may be obtained from the company's registered office at Unit 3, Clonmore Business Park, Mullingar, Co. Westmeath, Ireland.

 

Hillside Medical Supplies Limited

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

Judgements and key sources of estimation uncertainty

The preparation of these financial statements requires management to make judgements, estimates and assumptions in arriving at the figures in the financial statements. The areas requiring a higher degree of judgement, or complexity, and areas where assumptions or estimates are most significant to the financial statements are disclosed below:

Going Concern
The directors of the ultimate parent company, Pharmed Holdings Limited, have confirmed that repayment of amounts to and from companies within the group may only occur when the relevant company within the group is in a position to do so, and that the company shall have the continued support of the group.

Impairment of Stocks
The directors are of the view that an adequate charge has been made to reflect the possibility of stocks being sold at less than cost. However, this estimate is subject to inherent uncertainty.

Turnover, revenue recognition and other income

Turnover is stated net of trade discounts, volume rebates, VAT and similar taxes and derives from the provision of goods and services falling within the company's ordinary activities.

Turnover on sale of goods is recognised when the company has transferred the significant risks and rewards of ownership of the goods, which usually takes place when the goods have been dispatched to the buyer.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the financial year end date. Non monetary items that are measured at historical cost are translated at the foreign exchange rate ruling at the rate of exchange at the date of valuation. All foreign exchange differences are taken to the profit and loss account.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Hillside Medical Supplies Limited

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

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

Straight line at 25%

Fixtures and fittings

Straight line at 10-20%

Office equipment

Straight line at 33%

Computer software

Straight line at 20%

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of historical cost and estimated selling price less costs to complete and sell. Stocks are recognised as an expense in the period in which the related revenue is recognised. Cost includes the purchase price, inluding taxes and duties in transport and other costs directly attributable to bringing the inventory to its present location and condition.

At the end of each reporting period stocks are assessed for impairment. If an item of inventory is impaired, the inventory concerned is reduced to its selling price less costs to complete and sell and the related impairment cost is recognised in the profit and loss account. Where a reversal of the impairment occurs, the impairment charge is reversed and recognised in the profit and loss account.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Hillside Medical Supplies Limited

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

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance Sheet and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost as an asset.

Defined contribution plans

The company operates a defined contribution scheme. Retirement benefit contributions in respect of the scheme for employees are charged to the profit and loss account as they become payable in accordance with the rules of the scheme. The assets are held separately from those of the company in an independently administered fund. Differences between the amounts charged in the profit and loss account and payments made to the retirement benefit scheme are treated as assets or liabilities.

Financial instruments

Recognition and measurement
Sections 11 and 12 of FRS102 in full have been adopted in respect of financial instruments.

Financial assets
Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at transaction price. If the arrangement constitutes a financing transaction, the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets are assessed for objective evidence of impairment as described in the accounting policy for impairment.

Cash and cash equivalents consists of cash on hand and demand deposits. Cash equivalents consist of short term highly liquid investments that are readily convertible to known amounts of cash that are subject to an insignificant risk of change in value.

Financial liabilities
Basic financial liabilities, including trade and other payables, bank loans and loans from fellow group companies, are initially recognised at transaction price. If the arrangement constitutes a financing transaction, the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost using the effective interest method.

The computation of amortised cost includes any issue costs, transaction costs and fees, and any discount or premium on settlement, and the effect of this is to amortise these amounts over the expected borrowing period. Loans with no stated interest rate and repayable within one year or on demand are not amortised. Loans and borrowings are classified as current assets or liabilities unless the borrower has an unconditional right to defer settlement of the liability for at least twelve months after the financial year end date.

 

 

Hillside Medical Supplies Limited

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

3

Turnover

The analysis of the company's turnover for the year from continuing operations is as follows:

2023
£

2022
£

Sale of goods

842,297

1,419,373

4

Other gains and losses

The analysis of the company's other gains and losses for the year is as follows:

2023
£

2022
£

Loss from changes in provisions

-

(6,000)

5

Operating loss

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

5,442

5,537

Operating lease expense - plant and machinery

1,245

1,362

Operating lease expense - other

8,231

8,885

6

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2023
£

2022
£

Wages and salaries

32,000

147,982

Social security costs

3,257

10,181

Pension costs, defined contribution scheme

1,200

2,295

Other employee expense

-

2,721

36,457

163,179

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2023
No.

2022
No.

Administration and support

1

2

Sales, marketing and distribution

-

1

Other departments

-

1

1

4

 

Hillside Medical Supplies Limited

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

7

Auditors' remuneration

2023
£

2022
£

Audit of the financial statements

6,000

5,000


 

8

Taxation

Tax charged/(credited) in the profit and loss account

2023
£

2022
£

Deferred taxation

Arising from origination and reversal of timing differences

(1,034)

(490)

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2022 - the same as the standard rate of corporation tax in the UK) of 19% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Loss before tax

(163,024)

(96,000)

Corporation tax at standard rate

-

-

Other tax effects for reconciliation between accounting profit and tax expense (income)

(1,034)

(490)

Total tax credit

(1,034)

(490)

 

Hillside Medical Supplies Limited

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

Deferred tax

Deferred tax assets and liabilities

2023

Asset
£

Liability
£

Reversal of timing differences between tax allowances and depreciation

-

1,210

-

1,210

2022

Asset
£

Liability
£

Reversal of timing differences between tax allowances and depreciation

-

2,244

Trading losses available for relief

9,500

-

9,500

2,244

In prior years the company provided for a deferred tax asset of £9,500 in recognition of available tax losses for carry forward and offset against future profits.

While the directors are confident that future taxable profits will be generated to utilise the remaining trading losses, the uncertainty over the limiting of those profits means that the directors do not consider it appropriate to recognise any deferred tax assets.

9

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2022

91,434

91,434

At 30 June 2023

91,434

91,434

Depreciation

At 1 July 2022

78,277

78,277

Charge for the year

5,442

5,442

At 30 June 2023

83,719

83,719

Carrying amount

At 30 June 2023

7,715

7,715

At 30 June 2022

13,158

13,158

 

Hillside Medical Supplies Limited

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

10

Stocks

2023
£

2022
£

Equipment and consumables

122,935

111,559

Stocks are stated after provisions for impairment of £30,070 (2022: £Nil).

In the opinion of the directors there are no material differences between the carrying amount of stock and the replacement cost.

11

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

175,747

323,904

Amounts owed by related parties

-

159,417

Other debtors

 

4,959

-

Prepayments

 

17,026

10,193

Deferred tax assets

8

-

6,766

   

197,732

500,280

Trade debtors are due within the company's normal terms, which is 30 days from date of invoice.

Amounts owed by related parties are unsecured, interest free and are repayable on demand.

12

Cash and cash equivalents

2023
£

2022
£

Cash on hand

-

28

Cash at bank

490,620

70,116

490,620

70,144

 

Hillside Medical Supplies Limited

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

13

Creditors

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

513,757

493,219

Amounts due to related parties

388,082

95,025

Social security and other taxes

 

-

8,864

Other payables

 

-

5,984

Accruals

 

24,157

38,753

 

925,996

641,845

The repayment terms of trade creditors vary between thirty and sixty days. No interest is payable on trade creditors.

Social security and other taxes are subject to the terms of the relevant legislation.

The terms of the accruals are based on the underlying contracts.

Other amounts included within creditors not covered by specific note disclosures are unsecured, interest free and repayable on demand.

Trade creditors include amounts owing to suppliers who purport to include reservation of title clauses in their conditions of sale. It is not practical to quantify either this amount or the amount included in year end stocks.

14

Provisions for liabilities

Deferred tax
£

Total
£

At 1 July 2022

(7,256)

(7,256)

Increase (decrease) in existing provisions

8,466

8,466

At 30 June 2023

1,210

1,210

15

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £1,200 (2022 - £2,295).

 

Hillside Medical Supplies Limited

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

16

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

129,000

129,000

129,000

129,000

         

17

Parent, ultimate parent undertaking and controlling party

Transactions with other companies in the Pharmed Holdings Group are not disclosed as the company has taken advantage of the exemption available to wholly owned members of a group under FRS "Related Party Disclosures".

The company has available to it the financial resources of the Group.

 The company's immediate parent is Cambridge Life Sciences Limited, incorporated in England.

 The ultimate parent is Pharmed Holdings Limited, incorporated in Ireland.

The ultimate controlling party is Declan Devine.