Company registration number 09569508 (England and Wales)
C D MEDICAL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
C D MEDICAL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
C D MEDICAL LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
92,583
48,521
Tangible assets
5
108,814
99,951
201,397
148,472
Current assets
Stocks
467,560
653,174
Debtors
8
481,611
1,116,875
Cash at bank and in hand
1,436,516
199,519
2,385,687
1,969,568
Creditors: amounts falling due within one year
9
(925,030)
(1,824,696)
Net current assets
1,460,657
144,872
Total assets less current liabilities
1,662,054
293,344
Creditors: amounts falling due after more than one year
10
(29,285)
-
0
Net assets
1,632,769
293,344
Capital and reserves
Called up share capital
10,530
10,530
Share premium account
140,000
140,000
Profit and loss reserves
11
1,482,239
142,814
Total equity
1,632,769
293,344

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 12 August 2024 and are signed on its behalf by:
Mr  B Miller
Director
Company registration number 09569508 (England and Wales)
C D MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -
1
Accounting policies
Company information

C D Medical Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit F, Lostock Office Park, Lynstock Way, Lostock, Bolton.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

The company has reviewed its strategy following the sale of two product authorisations and trademarks during the year with the focus on streamlining its processes and reducing fixed costs. The cash at bank has significantly increased due to the sale and together with the existing director's loan, it is considered to provide the required level of working capital for the company for its trading operations for the foreseeable future.true

 

The directors and management have prepared forecasts which show that the company has the necessary liquidity to continue trading for the foreseeable future.

 

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents amounts receivable for goods provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Technical files
5%
C D MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
15% reducing balance
Fixtures and fittings
15% reducing balance
Computer equipment
25% straight line
Motor vehicles
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

C D MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade creditors and loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

C D MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

C D MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
20
24
4
Intangible fixed assets
Technical files
£
Cost
At 1 February 2023
60,382
Additions
55,398
Disposals
(7,000)
At 31 January 2024
108,780
Amortisation and impairment
At 1 February 2023
11,861
Amortisation charged for the year
4,336
At 31 January 2024
16,197
Carrying amount
At 31 January 2024
92,583
At 31 January 2023
48,521
C D MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
5
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 February 2023
21,500
123,038
19,622
21,980
186,140
Additions
15,258
8,290
8,781
-
0
32,329
Disposals
-
0
-
0
(1,319)
-
0
(1,319)
At 31 January 2024
36,758
131,328
27,084
21,980
217,150
Depreciation and impairment
At 1 February 2023
18,910
38,673
6,626
21,980
86,189
Depreciation charged in the year
2,249
14,100
6,265
-
0
22,614
Eliminated in respect of disposals
-
0
-
0
(467)
-
0
(467)
At 31 January 2024
21,159
52,773
12,424
21,980
108,336
Carrying amount
At 31 January 2024
15,599
78,555
14,660
-
0
108,814
At 31 January 2023
2,590
84,365
12,996
-
0
99,951
6
Fixed asset investments
2024
2023
£
£
Investments in subsidiaries
100
100
Impairment of investments in subsidiaries
(100)
(100)
-
-
0
7
Subsidiaries

Details of the company's subsidiaries at 31 January 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
C D Medical(Bolton) Limited
Unit F Lynstock Office Park, Bolton
Dormant
Ordinary
100.00
C D MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 8 -
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
362,581
579,738
Other debtors
119,030
37,137
481,611
616,875
Deferred tax asset
-
0
500,000
481,611
1,116,875
9
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
200,938
586,148
Taxation and social security
30,708
62,008
Other creditors
693,384
1,176,540
925,030
1,824,696

Obligations under hire purchase contracts are secured on the assets to which they relate.

10
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
29,285
-
0
11
Profit and loss reserves

The profit and loss reserves consists of the balance of retained earnings to carry forward.

12
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
David Kay
Statutory Auditor:
Barlow Andrews LLP
Date of audit report:
12 August 2024
C D MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 9 -
13
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
212,482
241,413
14
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

The company was charged £119,667 (2023: £145,854) for consultancy services from Quince Orchard Limited, a company which is controlled by Mr B Miller, a director of C D Medical Limited. As at 31 January 2024, an amount of £10,600 was outstanding (2023 - £15,167).

 

Included within other creditors amounts due within one year is an amount of £613,201, (2023 - £675,077) due to Mrs E M Sadikeen Armstrong Grimshaw, a director. The advance is interest free and there are no fixed terms for repayment.

2024-01-312023-02-01false12 August 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityThis audit opinion is unqualifiedMrs M Sadikeen Armstrong GrimshawMr M GatenbyMr  B MillerMrs C Armstrong-Entwistlefalsefalse095695082023-02-012024-01-31095695082024-01-31095695082023-01-3109569508core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2024-01-3109569508core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-01-3109569508core:PlantMachinery2024-01-3109569508core:FurnitureFittings2024-01-3109569508core:ComputerEquipment2024-01-3109569508core:MotorVehicles2024-01-3109569508core:PlantMachinery2023-01-3109569508core:FurnitureFittings2023-01-3109569508core:ComputerEquipment2023-01-3109569508core:MotorVehicles2023-01-3109569508core:CurrentFinancialInstrumentscore:WithinOneYear2024-01-3109569508core:CurrentFinancialInstrumentscore:WithinOneYear2023-01-3109569508core:Non-currentFinancialInstrumentscore:AfterOneYear2024-01-3109569508core:Non-currentFinancialInstrumentscore:AfterOneYear2023-01-3109569508core:CurrentFinancialInstruments2024-01-3109569508core:CurrentFinancialInstruments2023-01-3109569508core:ShareCapital2024-01-3109569508core:ShareCapital2023-01-3109569508core:SharePremium2024-01-3109569508core:SharePremium2023-01-3109569508core:RetainedEarningsAccumulatedLosses2024-01-3109569508core:RetainedEarningsAccumulatedLosses2023-01-3109569508bus:Director32023-02-012024-01-3109569508core:IntangibleAssetsOtherThanGoodwill2023-02-012024-01-3109569508core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-02-012024-01-3109569508core:PlantMachinery2023-02-012024-01-3109569508core:FurnitureFittings2023-02-012024-01-3109569508core:ComputerEquipment2023-02-012024-01-3109569508core:MotorVehicles2023-02-012024-01-31095695082022-02-012023-01-3109569508core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-01-3109569508core:PlantMachinery2023-01-3109569508core:FurnitureFittings2023-01-3109569508core:ComputerEquipment2023-01-3109569508core:MotorVehicles2023-01-31095695082023-01-3109569508core:Non-currentFinancialInstruments2023-01-3109569508core:WithinOneYear2024-01-3109569508core:WithinOneYear2023-01-3109569508core:Non-currentFinancialInstruments2024-01-3109569508bus:PrivateLimitedCompanyLtd2023-02-012024-01-3109569508bus:SmallCompaniesRegimeForAccounts2023-02-012024-01-3109569508bus:FRS1022023-02-012024-01-3109569508bus:Audited2023-02-012024-01-3109569508bus:Director12023-02-012024-01-3109569508bus:Director22023-02-012024-01-3109569508bus:Director42023-02-012024-01-3109569508bus:FullAccounts2023-02-012024-01-31xbrli:purexbrli:sharesiso4217:GBP