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COMPANY REGISTRATION NUMBER: 04084631
Invamed Group Limited
Filleted Financial Statements
For the year ended
30 November 2023
Invamed Group 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
3
Invamed Group 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
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
Invamed Group Limited
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
£
Fixed assets
Investments
5
1,205,964
1,205,964
Current assets
Debtors
6
1,002,676
916,255
Cash at bank and in hand
768,125
759,375
------------
------------
1,770,801
1,675,630
Creditors: amounts falling due within one year
7
21,347
------------
------------
Net current assets
1,770,801
1,654,283
------------
------------
Total assets less current liabilities
2,976,765
2,860,247
------------
------------
Capital and reserves
Called up share capital
150,000
150,000
Capital redemption reserve
8
50,000
50,000
Profit and loss account
8
2,776,765
2,660,247
------------
------------
Shareholders funds
2,976,765
2,860,247
------------
------------
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.
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: 04084631
Invamed Group 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.
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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received for the provision of services provided to subsidiary undertakings.
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. 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.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Investments
Shares in group
£
Cost
At 1 December 2022 and 30 November 2023
1,205,964
------------
Impairment
At 1 December 2022 and 30 November 2023
------------
Carrying amount
At 30 November 2023
1,205,964
------------
At 30 November 2022
1,205,964
------------
Subsidiaries, associates and other investments
Class of share
Percentage of shares held
Subsidiary undertakings
Roma Medical Aids Limited
Ordinary
100
Invamed Limited
Ordinary
100
The principal activity of Roma Medical Aids Limited was the manufacture and sale of medical aids and rehabilitation equipment. Invamed Limited is a dormant company and RMA Europe BV was dormant company and dissolved on 14 November 2023.
6. Debtors
2023
2022
£
£
Amounts owed by group undertakings
1,002,655
916,255
Other debtors
21
------------
---------
1,002,676
916,255
------------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Social security and other taxes
21,347
----
--------
8. Reserves
Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company. Profit and loss account - This reserve records retained earnings and accumulated losses.
9. 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 .
10. Related party transactions
The Group has taken advantage of the exemption available under FRS 102 not to disclose transactions between group companies. 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.
11. Ultimate controlling party
The ultimate controlling party is Mr S. J. Dalton who owns 66.66% of the called up share capital.