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Registered number: 10916177
OSTEON MEDICAL LTD
Unaudited Financial Statements
For The Year Ended 31 July 2023
AMCI ASSOCIATES LTD
Unaudited Financial Statements
Contents
Page
Company Information 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Company Information
Director Mrs Maneeza Ehsan
Company Number 10916177
Registered Office 133 Tame Road
Witton
Birmingham
West Midlands
B6 7DG
Accountants AMCI ASSOCIATES LTD
133 Tame Road
Witton
Birmingham
West Midlands
B6 7DG
Page 1
Page 2
Balance Sheet
Registered number: 10916177
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 55,505 65,474
55,505 65,474
CURRENT ASSETS
Stocks 5 12,560 18,750
Debtors 6 12,310 6,261
Cash at bank and in hand 174,832 111,139
199,702 136,150
Creditors: Amounts Falling Due Within One Year 7 (105,955 ) (91,747 )
NET CURRENT ASSETS (LIABILITIES) 93,747 44,403
TOTAL ASSETS LESS CURRENT LIABILITIES 149,252 109,877
Creditors: Amounts Falling Due After More Than One Year 8 (33,117 ) (73,117 )
NET ASSETS 116,135 36,760
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 116,035 36,660
SHAREHOLDERS' FUNDS 116,135 36,760
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For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Maneeza Ehsan
Director
19/03/2024
The notes on pages 4 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
OSTEON MEDICAL LTD is a private company, limited by shares, incorporated in England & Wales, registered number 10916177 . The registered office is 133 Tame Road, Witton, Birmingham, West Midlands, B6 7DG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20%
Motor Vehicles 20%
Fixtures & Fittings 20%
Computer Equipment 20%
2.5. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.9. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 3)
2 3
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 August 2022 61,228 23,294 7,476 4,041 96,039
Additions - - - 3,895 3,895
As at 31 July 2023 61,228 23,294 7,476 7,936 99,934
Depreciation
As at 1 August 2022 12,244 13,974 2,391 1,956 30,565
Provided during the period 6,123 4,659 1,495 1,587 13,864
As at 31 July 2023 18,367 18,633 3,886 3,543 44,429
...CONTINUED
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Net Book Value
As at 31 July 2023 42,861 4,661 3,590 4,393 55,505
As at 1 August 2022 48,984 9,320 5,085 2,085 65,474
5. Stocks
2023 2022
£ £
Finished goods 12,560 18,750
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 12,310 5,823
Other debtors - 438
12,310 6,261
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors - 10,571
Corporation tax 24,540 14,461
Other taxes and social security 25 1,746
VAT 41,822 21,085
Other creditors 184 2,633
Director's loan account 39,384 41,251
105,955 91,747
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 33,117 73,117
33,117 73,117
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
10. Directors Advances, Credits and Guarantees
Dividends paid to directors
2023 2022
£ £
Mrs Maneeza Ehsan 20,000 20,000
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