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REGISTERED NUMBER: 03244148 (England and Wales)















HIRUMED LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST AUGUST 2023






HIRUMED LIMITED (REGISTERED NUMBER: 03244148)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST AUGUST 2023










Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 8


HIRUMED LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST AUGUST 2023







DIRECTORS: Mr P A Sharp
Mrs V A Rodgers
Mrs S C Wear
Mrs P Roberts



SECRETARY: Mr R Wear



REGISTERED OFFICE: Integer Park
Common Hill
CRICKLADE
Wiltshire
SN6 6HA



REGISTERED NUMBER: 03244148 (England and Wales)



ACCOUNTANTS: Morris Owen
Chartered Accountants
43-45 Devizes Road
SWINDON
Wiltshire
SN1 4BG



BANKERS: HSBC Bank Plc
1 Marlborough Road
SWINDON
Wiltshire
SN3 1QN

HIRUMED LIMITED (REGISTERED NUMBER: 03244148)

STATEMENT OF FINANCIAL POSITION
31ST AUGUST 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 132 176
Tangible assets 5 620,281 643,957
Investments 6 - 12,500
Investment property 7 240,000 240,000
860,413 896,633

CURRENT ASSETS
Stocks - 3,707
Debtors 8 220,961 206,721
Cash at bank and in hand 305,829 184,047
526,790 394,475
CREDITORS
Amounts falling due within one year 9 301,427 163,463
NET CURRENT ASSETS 225,363 231,012
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,085,776

1,127,645

CREDITORS
Amounts falling due after more than
one year

10

(304,611

)

(322,999

)

PROVISIONS FOR LIABILITIES (13,772 ) (15,320 )
NET ASSETS 767,393 789,326

CAPITAL AND RESERVES
Called up share capital 13 100 100
Retained earnings 767,293 789,226
SHAREHOLDERS' FUNDS 767,393 789,326

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

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

HIRUMED LIMITED (REGISTERED NUMBER: 03244148)

STATEMENT OF FINANCIAL POSITION - continued
31ST AUGUST 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24th July 2024 and were signed on its behalf by:





Mr P A Sharp - Director


HIRUMED LIMITED (REGISTERED NUMBER: 03244148)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST AUGUST 2023


1. STATUTORY INFORMATION

Hirumed Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 03244148

Registered office: Integer Park, Common Hill, Cricklade, Wiltshire, SN6 6HA

The presentation currency of the financial statements is the Pound Sterling (£) rounded to the nearest pound.

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 as modified by the revaluation of certain assets.

Significant judgements and estimates
In preparing these financial statements, the directors have made the following judgements:

- Determine whether leases entered into by the company as a lessee are operating leases or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.

- Determine the period of useful economic life and any residual value of all tangible fixed assets order to write off the value of each asset over that period.

- Determine an appropriate provision for bad and doubtful debts by assessing the recoverability of all balances on a balance by balance basis.

- Determine an appropriate provision for obsolete and slow moving stocks by assessing the net realisable value of all stock lines on a line by line basis.

- Determine an appropriate basis for the revaluation of investment properties.

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

Intangible assets
Intangible assets are initially measured at costs. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation on patents and licences is provided at 25% reducing balance, in order to write off each asset over it's estimated useful life.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Freehold property is not depreciated because the property is kept in a good state of repair and therefore the directors believe this gives a true and fair view.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

HIRUMED LIMITED (REGISTERED NUMBER: 03244148)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2023


2. ACCOUNTING POLICIES - continued

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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

Financial instruments
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Short term creditors are measured at transaction price, less any impairment. Other financial liabilities, including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 6 ) .

HIRUMED LIMITED (REGISTERED NUMBER: 03244148)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2023


4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1st September 2022
and 31st August 2023 2,501
AMORTISATION
At 1st September 2022 2,325
Charge for year 44
At 31st August 2023 2,369
NET BOOK VALUE
At 31st August 2023 132
At 31st August 2022 176

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1st September 2022 576,632 205,638 782,270
Additions - 5,361 5,361
Disposals - (42,607 ) (42,607 )
At 31st August 2023 576,632 168,392 745,024
DEPRECIATION
At 1st September 2022 - 138,313 138,313
Charge for year - 16,639 16,639
Eliminated on disposal - (30,209 ) (30,209 )
At 31st August 2023 - 124,743 124,743
NET BOOK VALUE
At 31st August 2023 576,632 43,649 620,281
At 31st August 2022 576,632 67,325 643,957

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1st September 2022 12,500
Impairments (12,500 )
At 31st August 2023 -
NET BOOK VALUE
At 31st August 2023 -
At 31st August 2022 12,500

HIRUMED LIMITED (REGISTERED NUMBER: 03244148)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2023


6. FIXED ASSET INVESTMENTS - continued

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Point of Care Services Limited
Registered office:
Nature of business: Medical diagnostic equipment and software.
%
Class of shares: holding
Ordinary 75.00

Point of Care Services Limited was dissolved on 29 August 2023.

7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st September 2022
and 31st August 2023 240,000
NET BOOK VALUE
At 31st August 2023 240,000
At 31st August 2022 240,000

Fair value at 31st August 2023 is represented by:
£   
Valuation in 2016 3,670
Valuation in 2017 12,000
Valuation in 2018 36,500
Valuation in 2019 (20,000 )
Cost 207,830
240,000

If the investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 207,830 207,830

Investment properties were revalued in 2019 by way of a formal valuation provided in the year by a qualified surveyor. The directors are satisfied that the investment properties have not substantially changed in value in the subsequent years and the carrying value in the balance sheet continues to be a fair reflection of their market value as at 31 August 2023. The directors have obtained a post year end valuation dated 23 November 2023 which values the property at £248,000.

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 155,433 142,280
Amounts owed by group undertakings - 2,190
Other debtors 65,528 62,251
220,961 206,721

HIRUMED LIMITED (REGISTERED NUMBER: 03244148)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2023


9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 4,506 4,991
Taxation and social security 55,302 29,565
Other creditors 241,619 128,907
301,427 163,463

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other creditors 304,611 322,999

Amounts falling due in more than five years:

Repayable by instalments
Other loans more 5yrs instal 218,182 240,031

11. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 11,691 14,029
Between one and five years - 11,691
11,691 25,720

12. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Other loans 317,271 334,891

A first legal charge dated 28/11/2013 held by the Lloyds bank over freehold property at Top Yard, Common Hill, Cricklade.

A first legal charge dated 27/02/2015 held by the Lloyds bank over freehold property at Coped Hall Business Park, Royal Wootton Bassett .

The company also has provided the bank with an unlimited debenture dated 20/06/2013.

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100