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COMPANY REGISTRATION NUMBER: 08946944
Sage Medical (UK) Limited
Filleted Unaudited Financial Statements
30 June 2023
Sage Medical (UK) Limited
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
19,067
27,077
Current assets
Stocks
6,050
6,050
Debtors
6
409,765
434,060
Cash at bank and in hand
214,236
272,662
---------
---------
630,051
712,772
Creditors: amounts falling due within one year
7
637,007
668,154
---------
---------
Net current (liabilities)/assets
( 6,956)
44,618
--------
--------
Total assets less current liabilities
12,111
71,695
--------
--------
Net assets
12,111
71,695
--------
--------
Capital and reserves
Called up share capital
103
103
Profit and loss account
12,008
71,592
--------
--------
Shareholders funds
12,111
71,695
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Sage Medical (UK) Limited
Statement of Financial Position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 8 February 2024 , and are signed on behalf of the board by:
J Bell
A Fairbank
Director
Director
Company registration number: 08946944
Sage Medical (UK) Limited
Notes to the Financial Statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite 1, First floor, 1 Duchess Street, London, W1W 6AN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover comprises revenue recognised by the company in respect of medical services and associated goods supplied during the period. Income is recognised upon completion of appointments and an adjustment is made to include any unbilled work at the period end.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% straight line
Fixtures and fittings
-
33% straight line
Equipment
-
33% straight line
Website development
-
20% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2022: 11 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Equipment
Website development
Total
£
£
£
£
£
Cost
At 1 July 2022 and 30 June 2023
33,648
899
15,760
12,000
62,307
--------
----
--------
--------
--------
Depreciation
At 1 July 2022
7,851
899
15,280
11,200
35,230
Charge for the year
6,730
480
800
8,010
--------
----
--------
--------
--------
At 30 June 2023
14,581
899
15,760
12,000
43,240
--------
----
--------
--------
--------
Carrying amount
At 30 June 2023
19,067
19,067
--------
----
--------
--------
--------
At 30 June 2022
25,797
480
800
27,077
--------
----
--------
--------
--------
6. Debtors
2023
2022
£
£
Trade debtors
400,503
425,679
Other debtors
9,262
8,381
---------
---------
409,765
434,060
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
163,361
168,048
Amounts owed to group undertakings and undertakings in which the company has a participating interest
199,060
193,025
Corporation tax
21,632
30,491
Social security and other taxes
5,217
3,292
Other creditors
247,737
273,298
---------
---------
637,007
668,154
---------
---------
8. Related party transactions
Fairbank Associates Limited is a company controlled by Adrian Fairbank. During the year, medical fees of £171,913 (2022: £175,311) were charged by Fairbank Associates Limited and an additional £33,813 (2022: £29,639) fees accrued. At the balance sheet date, £13,496 (2022: £16,786) was owed to Fairbank Associates Limited and £33,813 (2022: £29,639) of fees accrued. At the year end, included within other creditors was £49,016 (2022: £46,335) due to Fairbank Associates Limited. The interest on the agreed loan is charged at a rate of 7.5% and repayable on demand. Jonathan Bell Limited is a company controlled by Jonathan Bell. During the year, medical fees of £389,982 (2022: £421,782) were charged by Jonathan Bell Limited and an additional £96,020 (2022: £85,887) fees accrued. At the year end £30,554 (2022: £51,766) was owed to Jonathan Bell Limited and £96,020 (2022: £85,887) of fees accrued. At the year end, included within other creditors was £68,236 (2022: £64,504) due to Jonathan Bell Limited. The interest on the agreed loan is charged at a rate of 7.5% and repayable on demand.