Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31112023-04-01falseNo description of principal activity10truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 08440789 2023-04-01 2024-03-31 08440789 2022-04-01 2023-03-31 08440789 2024-03-31 08440789 2023-03-31 08440789 2022-04-01 08440789 c:Director3 2023-04-01 2024-03-31 08440789 d:MotorVehicles 2023-04-01 2024-03-31 08440789 d:MotorVehicles 2024-03-31 08440789 d:MotorVehicles 2023-03-31 08440789 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08440789 d:FurnitureFittings 2023-04-01 2024-03-31 08440789 d:FurnitureFittings 2024-03-31 08440789 d:FurnitureFittings 2023-03-31 08440789 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08440789 d:ComputerEquipment 2023-04-01 2024-03-31 08440789 d:ComputerEquipment 2024-03-31 08440789 d:ComputerEquipment 2023-03-31 08440789 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08440789 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08440789 d:CurrentFinancialInstruments 2024-03-31 08440789 d:CurrentFinancialInstruments 2023-03-31 08440789 d:Non-currentFinancialInstruments 2024-03-31 08440789 d:Non-currentFinancialInstruments 2023-03-31 08440789 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 08440789 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 08440789 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 08440789 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 08440789 d:ShareCapital 2024-03-31 08440789 d:ShareCapital 2023-03-31 08440789 d:RetainedEarningsAccumulatedLosses 2024-03-31 08440789 d:RetainedEarningsAccumulatedLosses 2023-03-31 08440789 c:FRS102 2023-04-01 2024-03-31 08440789 c:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 08440789 c:FullAccounts 2023-04-01 2024-03-31 08440789 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08440789 d:WithinOneYear 2024-03-31 08440789 d:WithinOneYear 2023-03-31 08440789 d:BetweenOneFiveYears 2024-03-31 08440789 d:BetweenOneFiveYears 2023-03-31 08440789 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 08440789 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 08440789 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 08440789










SOUTH YORKSHIRE OSTOMY SUPPLIES LTD








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
SOUTH YORKSHIRE OSTOMY SUPPLIES LTD
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SOUTH YORKSHIRE OSTOMY SUPPLIES LTD
FOR THE YEAR ENDED 31 MARCH 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of South Yorkshire Ostomy Supplies Ltd for the year ended 31 March 2024 which comprise  the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of South Yorkshire Ostomy Supplies Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of South Yorkshire Ostomy Supplies Ltd and state those matters that we have agreed to state to the Board of Directors of South Yorkshire Ostomy Supplies Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than South Yorkshire Ostomy Supplies Ltd and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that South Yorkshire Ostomy Supplies Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of South Yorkshire Ostomy Supplies Ltd. You consider that South Yorkshire Ostomy Supplies Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of South Yorkshire Ostomy Supplies Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Shorts
 
Chartered Accountants
  
Cedar House
63 Napier Street
Sheffield
South Yorkshire
S11 8HA
31 July 2024
Page 1

 
SOUTH YORKSHIRE OSTOMY SUPPLIES LTD
REGISTERED NUMBER:08440789

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
15,843
13,537

Current assets
  

Stocks
  
60,707
69,167

Debtors
 5 
1,523,273
1,508,273

Cash at bank and in hand
  
387,081
490,575

  
1,971,061
2,068,015

Creditors: amounts falling due within one year
 6 
(833,017)
(783,217)

Net current assets
  
 
 
1,138,044
 
 
1,284,798

Total assets less current liabilities
  
1,153,887
1,298,335

Creditors: amounts falling due after more than one year
 7 
(90,414)
(220,518)

Provisions for liabilities
  

Deferred tax
 8 
(3,770)
(3,184)

Net assets
  
 
 
1,059,703
 
 
1,074,633


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
1,059,603
1,074,533

  
1,059,703
1,074,633


Page 2

 
SOUTH YORKSHIRE OSTOMY SUPPLIES LTD
REGISTERED NUMBER:08440789
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 July 2024.



P M Jeffcock
Director

The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
SOUTH YORKSHIRE OSTOMY SUPPLIES LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

South Yorkshire Ostomy Supplies Ltd is a private company limited by shares, incorporated in England and Wales (registered number: 08440789). Its registered office is Unit A9 Meadowbank Industrial Estate, Harrison Street, Rotherham, South Yorkshire, S61 1EE. The principal activity of the Company throughout the year continued to be that of supply of ostomy medical products.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The Company's functional and presentation currency is pounds sterling.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
SOUTH YORKSHIRE OSTOMY SUPPLIES LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.

The depreciation rates used are:

Motor vehicles
-
15%
Reducing balance
Fixtures and fittings
-
15%
Reducing balance
Computer equipment
-
25%
Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.5

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 5

 
SOUTH YORKSHIRE OSTOMY SUPPLIES LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities such as bank and cash balances, trade and other accounts receivable
and payable, loans from banks and other third parties and loans to and from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans
and other accounts receivable and payable, are initially measured at the transaction price and
subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when
there is an enforceable right to set off the recognised amounts and there is an intention to settle on a
net basis or to realise the asset and settle the liability simultaneously.

 
2.7

Operating leases: the Company as lessee

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

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

Tax is recognised in the Statement of Income and Retained Earnings.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or
substantively enacted by the balance sheet date in the countries where the Company operates and
generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not
reversed by the Balance Sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be
recovered against the reversal of deferred tax liabilities or other future taxable profits; and any
deferred tax balances are reversed if and when all conditions for retaining associated tax allowances
have been met.

Page 6

 
SOUTH YORKSHIRE OSTOMY SUPPLIES LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 10 (2023 - 11).


4.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2023
10,050
7,009
5,063
22,122


Additions
3,000
-
1,890
4,890



At 31 March 2024

13,050
7,009
6,953
27,012



Depreciation


At 1 April 2023
2,036
3,134
3,415
8,585


Charge for the year on owned assets
1,238
580
766
2,584



At 31 March 2024

3,274
3,714
4,181
11,169



Net book value



At 31 March 2024
9,776
3,295
2,772
15,843



At 31 March 2023
8,014
3,875
1,648
13,537


5.


Debtors

2024
2023
£
£



Trade debtors
717,746
702,439

Amounts owed by group undertakings
799,624
797,821

Prepayments and accrued income
5,903
8,013

1,523,273
1,508,273


Page 7

 
SOUTH YORKSHIRE OSTOMY SUPPLIES LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
130,105
123,772

Trade creditors
522,568
492,239

Corporation tax
118,917
106,687

Other taxation and social security
51,454
55,289

Other creditors
9,973
5,230

833,017
783,217



7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
90,414
220,518

90,414
220,518



8.


Deferred taxation




2024
2023


£

£






At beginning of year
(3,184)
(2,869)


Charged to profit or loss
(586)
(315)



At end of year
(3,770)
(3,184)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(3,770)
(3,184)

(3,770)
(3,184)

Page 8

 
SOUTH YORKSHIRE OSTOMY SUPPLIES LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Contingent liabilities

The Company's assets are subject to a fixed and floating cross guarantee on behalf of its parent company South Yorkshire Ostomy Supplies (Holdings) Ltd. In the opinion of the directors the contingency will not crystallise.


10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £16,659 (2023: £15,588). Contributions totalling £1,073 (2023: £1,037) were payable to the fund at the Balance Sheet date and are included in creditors.


11.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
25,684
34,134

Later than 1 year and not later than 5 years
43,267
15,850

68,951
49,984


12.


Controlling party

The Company is a wholly owned subsidiary of South Yorkshire Ostomy Supplies (Holdings) Ltd, registered address Unit A9 Meadowbank Industrial Estate, Harrison Street, Rotherham, S61 1EE, which is also the ultimate parent company. The companies form a small group and are therefore exempt from preparing group accounts.
 
Page 9