The SpineCorporation Limited 04286869 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is that of the supply of medical orthopaedic equipment Digita Accounts Production Advanced 6.30.9574.0 true true 04286869 2023-02-01 2024-01-31 04286869 2024-01-31 04286869 core:CapitalRedemptionReserve 2024-01-31 04286869 core:RetainedEarningsAccumulatedLosses 2024-01-31 04286869 core:ShareCapital 2024-01-31 04286869 core:CurrentFinancialInstruments 2024-01-31 04286869 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 04286869 core:Non-currentFinancialInstruments core:AfterOneYear 2024-01-31 04286869 core:PatentsTrademarksLicencesConcessionsSimilar 2024-01-31 04286869 core:OfficeEquipment 2024-01-31 04286869 core:PlantMachinery 2024-01-31 04286869 bus:SmallEntities 2023-02-01 2024-01-31 04286869 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 04286869 bus:FullAccounts 2023-02-01 2024-01-31 04286869 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 04286869 bus:Director1 2023-02-01 2024-01-31 04286869 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 04286869 core:CopyrightsPatentsTrademarksServiceOperatingRights 2023-02-01 2024-01-31 04286869 core:CommunicationNetworkEquipment 2023-02-01 2024-01-31 04286869 core:OfficeEquipment 2023-02-01 2024-01-31 04286869 core:PlantMachinery 2023-02-01 2024-01-31 04286869 countries:AllCountries 2023-02-01 2024-01-31 04286869 2023-01-31 04286869 core:PatentsTrademarksLicencesConcessionsSimilar 2023-01-31 04286869 core:OfficeEquipment 2023-01-31 04286869 core:PlantMachinery 2023-01-31 04286869 2022-02-01 2023-01-31 04286869 2023-01-31 04286869 core:CapitalRedemptionReserve 2023-01-31 04286869 core:RetainedEarningsAccumulatedLosses 2023-01-31 04286869 core:ShareCapital 2023-01-31 04286869 core:CurrentFinancialInstruments 2023-01-31 04286869 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 04286869 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 04286869 core:OfficeEquipment 2023-01-31 04286869 core:PlantMachinery 2023-01-31 iso4217:GBP xbrli:pure

Registration number: 04286869

The SpineCorporation Limited

Unaudited Financial Statements

for the Year Ended 31 January 2024

 

The SpineCorporation Limited

(Registration number: 04286869)

Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Non-current assets

 

Intangible assets

3

-

-

Tangible assets

4

1,544

403

 

1,544

403

Current assets

 

Inventories

193,252

205,104

Debtors

5

168,070

128,033

Cash at bank and in hand

 

182,679

160,354

 

544,001

493,491

Creditors: Amounts falling due within one year

6

(131,664)

(96,597)

Net current assets

 

412,337

396,894

Total assets less current liabilities

 

413,881

397,297

Creditors: Amounts falling due after more than one year

6

(73,333)

(113,333)

Net assets

 

340,548

283,964

Equity

 

Called up share capital

16

16

Capital redemption reserve

4

4

Profit and loss account

340,528

283,944

Total equity

 

340,548

283,964

For the financial year ending 31 January 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Directors' Report and the Profit and Loss Account has been taken.

 

The SpineCorporation Limited

(Registration number: 04286869)

Balance Sheet as at 31 January 2024 (continued)

These financial statements, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A Small Entities, were approved and authorised for issue by the Board on 8 August 2024 and signed on its behalf by:
 

.........................................

A J Mills
Director

 

The SpineCorporation Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

1

Accounting policies

Statutory information

The SpineCorporation Limited is a private company, limited by shares, domiciled in England and Wales, company number 04286869. The registered office is at Millenium House, Peak Business Park, Foxwood Road, Chesterfield, S41 9RF.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with the provisions of Financial Reporting Standard 102 Section 1A Small Entities. There were no material departures from that standard.

Basis of preparation

These financial statements have been prepared using the historical cost convention except as disclosed in the accounting policies. The presentation currency is United Kingdom pounds sterling. The financial statements are those of the company as an individual entity.

Going concern

After due consideration of all relevant factors, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts. Turnover is recognised when goods have been delivered to the customer such that risks and rewards of ownership have transferred to them.

Foreign currency transactions and balances

Transactions in foreign currencies are translated at the exchange rate ruling at the date of the transaction. Assets and liabilities denominated in foreign currencies are translated at year end exchange rates. These differences on exchange are dealt with through the income statement.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

The SpineCorporation Limited

Notes to the Financial Statements for the Year Ended 31 January 2024 (continued)

1

Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% straight line per annum

Office equipment

50% straight line per annum

Technology

25% straight line per annum

Intangible assets

Intangible assets are stated in the balance sheet at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. The cost of intangible assets includes directly attributable incremental costs incurred in their acquisition.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Patents

5 years straight line per annum

Research and development

Research and development expenditure is written off as incurred.

Inventories

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Payments made under operating leases are charged to the income statement on a straight-line basis over the period of the lease.

Defined contribution pension obligation

The company operates a defined contribution pension scheme. Contributions are recognised in the income statement in the period in which they become payable in accordance with the rules of the scheme.

 

The SpineCorporation Limited

Notes to the Financial Statements for the Year Ended 31 January 2024 (continued)

1

Accounting policies (continued)

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relate to the liability component are charged as interest expense in the statement of comprehensive income.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2023 - 13).

3

Intangible assets

Patents
 £

Cost or valuation

At 1 February 2023 and at 31 January 2023

132,104

Amortisation

At 1 February 2023 and at 31 January 2023

132,104

Carrying amount

At 31 January 2023 and at 31 January 2024

-

 

The SpineCorporation Limited

Notes to the Financial Statements for the Year Ended 31 January 2024 (continued)

4

Tangible assets

Plant and machinery
£

Office equipment and technology
£

Total
£

Cost or valuation

At 1 February 2023

6,389

31,688

38,077

Additions

-

1,922

1,922

At 31 January 2024

6,389

33,610

39,999

Depreciation

At 1 February 2023

6,389

31,285

37,674

Charge for the year

-

781

781

At 31 January 2024

6,389

32,066

38,455

Carrying amount

At 31 January 2024

-

1,544

1,544

At 31 January 2023

-

403

403

5

Debtors

2024
£

2023
£

Trade debtors

154,430

96,818

Prepayments

5,415

6,063

Other debtors

8,225

25,152

168,070

128,033

 

The SpineCorporation Limited

Notes to the Financial Statements for the Year Ended 31 January 2024 (continued)

6

Creditors

2024
£

2023
£

Due within one year

Bank loans

40,000

40,000

Trade creditors

64,950

31,212

Taxation and social security

14,516

7,581

Accruals and deferred income

9,423

4,554

Other creditors

2,775

13,250

131,664

96,597

2024
£

2023
£

Due after one year

Bank loans

73,333

113,333

Bank loans are secured by a fixed and floating charge over the assets of the company.

7

Financial commitments, guarantees and contingencies

Operating Leases

As at 31 January 2023 the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £56,143 (2023 - £48,474).

8

Related party transactions

Directors' loan accounts
During the year the company entered into the following loan transactions with one of its directors.
Loans to and (from) directors are interest free and repayable on demand.

£

At 1 February 2023

(13,250)

Amounts advanced

43,205

Repayments made

(30,000)

At 31 January 2024

(45)