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Registration number: 09022691

Prepared for the registrar

TNA Medical Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

TNA Medical Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

TNA Medical Limited

Company Information

Directors

R B Sanders

J Stevenson

Registered office

400 Capability Green Suite B
Floor 2
Luton
LU1 3LU

Auditors

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

TNA Medical Limited

(Registration number: 09022691)
Balance Sheet as at 31 December 2023

Note

2023
 £

2022
 £

Fixed assets

 

Tangible assets

5

-

4,423

Current assets

 

Debtors

6

34,249

213,408

Cash at bank and in hand

 

1,686

10,568

 

35,935

223,976

Creditors: Amounts falling due within one year

7

(214,271)

(331,174)

Net current liabilities

 

(178,336)

(107,198)

Total assets less current liabilities

 

(178,336)

(102,775)

Provisions

9

(25,324)

-

Net liabilities

 

(203,660)

(102,775)

Capital and reserves

 

Called up share capital

10,000

10,000

Profit and loss account

(213,660)

(112,775)

Total equity

 

(203,660)

(102,775)

These financial statements 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.

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 Profit and Loss Account has been taken.

Approved and authorised by the Board on 29 August 2024 and signed on its behalf by:
 


R B Sanders
Director

 

TNA Medical Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
400 Capability Green Suite B
Floor 2
Luton
LU1 3LU

 

2

Accounting policies

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Name of parent of group

These financial statements are consolidated in the financial statements of Lucess Investco Limited.

The financial statements of Lucess Investco Limited may be obtained from the company's registered office.

Going concern

Notwithstanding the net liabilities position at the year end, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company has received confirmation of continuing financial support from the ultimate controlling party, Lucess InvestCo Limited, which confirms that it will provide sufficient funds for the company to meet its financial obligations for a period of at least twelve months from the date of approving these financial statements. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Judgements and estimation uncertainty

These financial statements do not contain any significant judgements or estimation uncertainty.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the 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 and after eliminating sales within the company. The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

 

TNA Medical Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Tax

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

The current 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.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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.

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

10% on cost

Fixtures and fittings

20% on cost

Computer equipment

33% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

TNA Medical Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments


Classification
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 on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

TNA Medical Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

 

3

Staff numbers

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

Auditors' remuneration has been borne by a fellow group undertaking.

 

5

Tangible assets

Furniture, fittings and equipment
 £

Cost

At 1 January 2023

12,225

Disposals

(12,225)

At 31 December 2023

-

Depreciation

At 1 January 2023

7,802

Charge for the year

1,019

Eliminated on disposal

(8,821)

At 31 December 2023

-

Carrying amount

At 31 December 2023

-

At 31 December 2022

4,423

 

6

Debtors

2023
 £

2022
 £

Trade debtors

79

157,679

Other debtors

14,162

27,978

Prepayments

20,008

27,751

 

34,249

213,408

 

7

Creditors

2023
 £

2022
 £

Due within one year

Trade creditors

23,430

8,190

Amounts due to group undertakings

134,633

293,353

Other creditors

45,207

2,727

Accrued expenses

11,001

26,904

214,271

331,174

 

TNA Medical Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

 

8

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

43,200

1,480

Later than one year and not later than five years

53,615

-

96,815

1,480

The amount of non-cancellable operating lease payments recognised as an expense during the year was £Nil (2022 - £296).

 

9

Provisions

Onerous lease provisions
£

Additional provisions

25,324

At 31 December 2023

25,324

 

10

Contingent liabilities

Subsequent to the year end, the company is bound by an intra-group cross guarantee in respect of bank debt with other members of the group headed by its ultimate parent undertaking, Lucess InvestCo Limited. The maximum amount the company could become liable for at 31 March 2023 was £5,269,937 (2022 - £5,545,885).

 

11

Parent and ultimate parent undertaking

The company's immediate parent is Celsus Group Limited, incorporated in England and Wales.

 The ultimate parent is Lucess InvestCo Limited , incorporated in England and Wales .

There is considered to be no single controlling party of Lucess InvestCo Limited.

 

12

Audit report

The Independent Auditor's Report was unqualified. As permitted by Section 444 CA 2006, these accounts do not contain a copy of the Company's Profit or Loss account or a copy of the Directors' Report. Accordingly, the Independent Auditors' Report has also been omitted. The name of the Senior Statutory Auditor who signed the audit report on 29 August 2024 was Martin Howard, who signed for and on behalf of Hazlewoods LLP.