Registration number:
The SpineCorporation Limited
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 |
- |
- |
|
Tangible assets |
|
|
|
|
|
||
Current assets |
|||
Inventories |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net assets |
|
|
|
Equity |
|||
Called up share capital |
|
|
|
Capital redemption reserve |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
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 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)
.........................................
Director
The SpineCorporation Limited
Notes to the Financial Statements for the Year Ended 31 January 2024
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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Intangible assets |
Patents |
|
Cost or valuation |
|
At 1 February 2023 and at 31 January 2023 |
|
Amortisation |
|
At 1 February 2023 and at 31 January 2023 |
|
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)
Tangible assets |
Plant and machinery |
Office equipment and technology |
Total |
|
Cost or valuation |
|||
At 1 February 2023 |
|
|
|
Additions |
- |
|
|
At 31 January 2024 |
|
|
|
Depreciation |
|||
At 1 February 2023 |
|
|
|
Charge for the year |
- |
|
|
At 31 January 2024 |
|
|
|
Carrying amount |
|||
At 31 January 2024 |
- |
|
|
At 31 January 2023 |
- |
|
|
Debtors |
2024 |
2023 |
|
Trade debtors |
|
|
Prepayments |
|
|
Other debtors |
|
|
|
|
The SpineCorporation Limited
Notes to the Financial Statements for the Year Ended 31 January 2024 (continued)
Creditors |
2024 |
2023 |
|
Due within one year |
||
Bank loans |
|
|
Trade creditors |
|
|
Taxation and social security |
|
|
Accruals and deferred income |
|
|
Other creditors |
|
|
|
|
2024 |
2023 |
|
Due after one year |
||
Bank loans |
|
|
Bank loans are secured by a fixed and floating charge over the assets of the company.
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).
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) |