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COMPANY REGISTRATION NUMBER: 01869285
Roma Medical Aids Limited
Filleted Financial Statements
For the year ended
30 November 2023
Roma Medical Aids Limited
Financial Statements
Year ended 30 November 2023
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
Roma Medical Aids Limited
Officers and Professional Advisers
The board of directors
Mr S.J. Dalton
Mr W.J. Pitt
Registered office
York Road
Bridgend Industrial Estate
Bridgend
Wales
CF31 3TB
Auditor
Xeinadin Audit Limited
Chartered accountants & statutory auditor
7 Centre Court
Treforest Industrial Estate
Pontypridd
CF37 5YR
Bankers
National Westminster Bank Plc
28 Adare Street
Bridgend
CF31 1EN
Roma Medical Aids Limited
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
206,702
231,190
Current assets
Stocks
7
4,426,409
5,309,819
Debtors
8
1,644,011
1,584,624
Cash at bank and in hand
2,080,976
1,070,041
------------
------------
8,151,396
7,964,484
Creditors: amounts falling due within one year
9
1,678,950
1,651,491
------------
------------
Net current assets
6,472,446
6,312,993
------------
------------
Total assets less current liabilities
6,679,148
6,544,183
Creditors: amounts falling due after more than one year
10
31,972
37,456
Provisions
Taxation including deferred tax
13,021
Other provisions
62,502
80,255
--------
--------
62,502
93,276
------------
------------
Net assets
6,584,674
6,413,451
------------
------------
Capital and reserves
Called up share capital
20,000
20,000
Profit and loss account
11
6,564,674
6,393,451
------------
------------
Shareholders funds
6,584,674
6,413,451
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
Roma Medical Aids Limited
Statement of Financial Position (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 19 August 2024 , and are signed on behalf of the board by:
Mr S.J. Dalton
Director
Company registration number: 01869285
Roma Medical Aids Limited
Notes to the Financial Statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is York Road, Bridgend Industrial Estate, Bridgend, CF31 3TB, Wales.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have assessed whether there are any material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. In assessing whether the going concern assumption is appropriate, the directors have taken in to account all available information about the future, and conclude that the company has adequate resources to to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. (i) Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives of the assets. The useful economic lives are re-assessed and amended when necessary to reflect current estimates, based on technological advancement, future investment, economic utilisation and physical condition of the assets. (ii) Stock provisioning It is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considered the nature of the stock, as well as applying assumptions around anticipated saleability of finished goods and future usage of raw materials.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Exceptional items
Exceptional items are disclosed separately in the financial statements in order to provide further understanding of the financial performance of the entity. They are material items of income or expense that have been shown separately because of their nature or amount.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold building and improvements
-
25 years
Plant and machinery
-
4 years
Fixtures and fittings
-
5 years
Motor vehicles
-
4 years
Office equipment
-
5 years
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 49 (2022: 47 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Dec 2022
489,176
296,442
214,832
43,902
52,733
1,097,085
Additions
12,254
2,700
8,500
23,454
---------
---------
---------
--------
--------
------------
At 30 Nov 2023
489,176
308,696
217,532
43,902
61,233
1,120,539
---------
---------
---------
--------
--------
------------
Depreciation
At 1 Dec 2022
346,691
252,110
202,408
19,525
45,161
865,895
Charge for the year
19,573
12,830
3,258
7,500
4,781
47,942
---------
---------
---------
--------
--------
------------
At 30 Nov 2023
366,264
264,940
205,666
27,025
49,942
913,837
---------
---------
---------
--------
--------
------------
Carrying amount
At 30 Nov 2023
122,912
43,756
11,866
16,877
11,291
206,702
---------
---------
---------
--------
--------
------------
At 30 Nov 2022
142,485
44,332
12,424
24,377
7,572
231,190
---------
---------
---------
--------
--------
------------
6. Investments
Shares in group
£
Cost
At 1 December 2022 and 30 November 2023
11,000
--------
Impairment
At 1 December 2022 and 30 November 2023
11,000
--------
Carrying amount
At 30 November 2023
--------
At 30 November 2022
--------
7. Stocks
2023
2022
£
£
Total stock and work in progress
4,426,409
5,309,819
------------
------------
Stock is stated after provision for impairment of £241,502 (2022: £236,000). Following a review of slow moving stock, the impairment provision was increased by £5,502 to £241,502. Included within the impaired stock provisions are £152,009 in connection with an exceptional event recognised in the profit and loss. All other movements are recognised through cost of sales.
8. Debtors
2023
2022
£
£
Trade debtors
1,078,867
903,354
Other debtors
565,144
681,270
------------
------------
1,644,011
1,584,624
------------
------------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
279,500
477,109
Amounts owed to group undertakings
1,002,655
916,255
Accruals and deferred income
160,565
120,397
Corporation tax
107,517
Social security and other taxes
236,230
30,213
------------
------------
1,678,950
1,651,491
------------
------------
Amounts owed to group undertakings are owed to the parent company, Invamed Group Limited, and are interest free, unsecured and have no fixed terms of repayment.
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Accruals and deferred income
31,972
37,456
--------
--------
11. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
12. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
99,981
243,580
Later than 1 year and not later than 5 years
16,345
68,490
---------
---------
116,326
312,070
---------
---------
13. Summary audit opinion
The auditor's report dated 27 August 2024 was unqualified .
The senior statutory auditor was Jon Payne ACA , for and on behalf of Xeinadin Audit Limited .
14. Related party transactions
The company has taken advantage of the exemption available under FRS102 not to disclose transactions between with wholly owned members of a group. The company has also taken exemption under the small companies regime from disclosing related party transactions that are either considered immaterial or concluded under normal market conditions. The company uses premises owned by the Dalton family. During the year, the company incurred rent charges of £257,096 (2022: £257,096).
15. Controlling party
The directors regard Invamed Group Limited, a company registered in the United Kingdom to be the immediate and ultimate parent company which owns 100% of the interest in the equity share capital of the company. The ultimate controlling party is Mr S.J. Dalton .