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REGISTERED NUMBER: 01437361 (England and Wales)

























Unaudited Financial Statements for the Year Ended 31 December 2023

for

SCIMED LTD

SCIMED LTD (Registered number: 01437361)






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




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 8


SCIMED LTD

Company Information
for the Year Ended 31 December 2023







DIRECTORS: J Booth
Dr A J Rucklidge
P D Vanden Branden





SECRETARY: Dr A J Rucklidge





REGISTERED OFFICE: Unit 4 The Embankment Business Park
Vale Road
Stockport
Cheshire
SK4 3GN





REGISTERED NUMBER: 01437361 (England and Wales)





ACCOUNTANTS: IN Accountancy Limited
6 Station View
Bramhall Moor Lane
Hazel Grove
Stockport
Cheshire
SK7 5ER

SCIMED LTD (Registered number: 01437361)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 38,489 72,017

CURRENT ASSETS
Stocks 1,451,915 1,881,142
Debtors 5 3,087,064 1,881,163
Cash at bank 103,240 664,074
4,642,219 4,426,379
CREDITORS
Amounts falling due within one year 6 3,120,258 2,845,300
NET CURRENT ASSETS 1,521,961 1,581,079
TOTAL ASSETS LESS CURRENT LIABILITIES 1,560,450 1,653,096

CREDITORS
Amounts falling due after more than one
year

7

(121,703

)

(172,814

)

PROVISIONS FOR LIABILITIES (9,622 ) (4,108 )
NET ASSETS 1,429,125 1,476,174

CAPITAL AND RESERVES
Called up share capital 4,078 4,078
Share premium 20,122 20,122
Capital redemption reserve 12,803 12,803
Retained earnings 1,392,122 1,439,171
SHAREHOLDERS' FUNDS 1,429,125 1,476,174

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

SCIMED LTD (Registered number: 01437361)

Balance Sheet - continued
31 December 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 March 2024 and were signed on its behalf by:





Dr A J Rucklidge - Director


SCIMED LTD (Registered number: 01437361)

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

1. STATUTORY INFORMATION

SCIMED LTD 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 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 £.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 33% on cost and 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

SCIMED LTD (Registered number: 01437361)

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

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 38 (2022 - 35 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 168,651
Disposals (34,554 )
At 31 December 2023 134,097
DEPRECIATION
At 1 January 2023 96,634
Charge for year 19,374
Eliminated on disposal (20,400 )
At 31 December 2023 95,608
NET BOOK VALUE
At 31 December 2023 38,489
At 31 December 2022 72,017

SCIMED LTD (Registered number: 01437361)

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

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 January 2023 45,164
Disposals (34,554 )
At 31 December 2023 10,610
DEPRECIATION
At 1 January 2023 21,435
Charge for year 4,310
Eliminated on disposal (20,400 )
At 31 December 2023 5,345
NET BOOK VALUE
At 31 December 2023 5,265
At 31 December 2022 23,729

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 2,988,671 1,777,349
Other debtors 98,393 103,814
3,087,064 1,881,163

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 9,900 9,851
Hire purchase contracts (see note 8) 26,087 54,603
Trade creditors 1,126,820 671,599
Taxation and social security 585,121 549,753
Other creditors 1,372,330 1,559,494
3,120,258 2,845,300

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans 16,703 26,629
Hire purchase contracts (see note 8) - 41,185
Other creditors 105,000 105,000
121,703 172,814

SCIMED LTD (Registered number: 01437361)

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

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.12.23 31.12.22
£    £   
Gross obligations repayable:
Within one year 26,087 57,897
Between one and five years - 41,982
26,087 99,879

Finance charges repayable:
Within one year - 3,294
Between one and five years - 797
- 4,091

Net obligations repayable:
Within one year 26,087 54,603
Between one and five years - 41,185
26,087 95,788

Non-cancellable operating leases
31.12.23 31.12.22
£    £   
Within one year 118,084 89,492
Between one and five years 321,278 239,430
In more than five years 7,000 55,000
446,362 383,922

9. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Hire purchase contracts 26,087 95,788

The Hire Purchase is secured on the assets acquired and on stocks held.

10. RELATED PARTY DISCLOSURES

P & A Lettings (Cheshire) Limited
A company in which A J Rucklidge and P D Vanden Branden are directors.

The company rents premises, under an operating lease, from P&A Lettings (Cheshire) Limited. During the year the charge for rent and related costs amounted to £48,000 (2022: £48,000).

SCIMED LTD (Registered number: 01437361)

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

11. ULTIMATE CONTROLLING PARTY

The company is considered to be under the control of the directors acting in concert.