MEDIVANCE INSTRUMENTS LIMITED

Company Registration Number:
00446651 (England and Wales)

Unaudited abridged accounts for the year ended 31 August 2023

Period of accounts

Start date: 01 September 2022

End date: 31 August 2023

MEDIVANCE INSTRUMENTS LIMITED

Contents of the Financial Statements

for the Period Ended 31 August 2023

Balance sheet
Notes

MEDIVANCE INSTRUMENTS LIMITED

Balance sheet

As at 31 August 2023


Notes

2023

2022


£

£
Fixed assets
Tangible assets: 3 440,010 404,040
Total fixed assets: 440,010 404,040
Current assets
Stocks: 721,613 519,301
Debtors:   744,201 802,635
Cash at bank and in hand: 382,569 516,774
Total current assets: 1,848,383 1,838,710
Creditors: amounts falling due within one year: 4 (622,212) (909,684)
Net current assets (liabilities): 1,226,171 929,026
Total assets less current liabilities: 1,666,181 1,333,066
Provision for liabilities: (34,365) (31,295)
Total net assets (liabilities): 1,631,816 1,301,771
Capital and reserves
Called up share capital: 2,000 2,000
Profit and loss account: 1,629,816 1,299,771
Shareholders funds: 1,631,816 1,301,771

The notes form part of these financial statements

MEDIVANCE INSTRUMENTS LIMITED

Balance sheet statements

For the year ending 31 August 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 31 July 2024
and signed on behalf of the board by:

Name: S. Grant
Status: Director

The notes form part of these financial statements

MEDIVANCE INSTRUMENTS LIMITED

Notes to the Financial Statements

for the Period Ended 31 August 2023

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract.

Tangible fixed assets and depreciation policy

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: Freehold buildings - over 125 years on cost Short leasehold property - over the period of lease Plant and machinery - 15% on cost Motor vehicles - 25% on cost No depreciation is provided on freehold land.

Valuation and information policy

Stock and work in progress is stated at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving items. Cost includes all direct expenditure.

Other accounting policies

Short term debtors are measured at the transaction price, less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at the transaction price including any transaction costs and subsequently measured at the amortised cost determined using the effective interest method, less any impairment losses or bad and doubtful debts. Short term creditors are measured at the transaction price. Loans and other financial liabilities are initially recognised at the transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. A current liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 subsequently enacted by the reporting date and that are expected to apply to the reversal of timing differences, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. Expenditure on research and development is written off in the year in which it is incurred. Contributions to defined contribution plans pension scheme are expensed in the period to which they relate. Provisions are recognised when there is an obligation at the reporting date as a result of a past event. It is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight-line basis over the lease term. The patent applications and renewal costs are written off to the profit and loss account in the year in which they are incurred. Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

MEDIVANCE INSTRUMENTS LIMITED

Notes to the Financial Statements

for the Period Ended 31 August 2023

2. Employees

2023 2022
Average number of employees during the period 36 33

MEDIVANCE INSTRUMENTS LIMITED

Notes to the Financial Statements

for the Period Ended 31 August 2023

3. Tangible Assets

Total
Cost £
At 01 September 2022 947,409
Additions 65,601
Disposals (247,799)
At 31 August 2023 765,211
Depreciation
At 01 September 2022 543,369
Charge for year 29,631
On disposals (247,799)
At 31 August 2023 325,201
Net book value
At 31 August 2023 440,010
At 31 August 2022 404,040

MEDIVANCE INSTRUMENTS LIMITED

Notes to the Financial Statements

for the Period Ended 31 August 2023

4. Creditors: amounts falling due within one year note

2023 2022 Mortgage (secured) 27,710 27,710 Trade creditors (see note 8) 240,055 537,816 Taxation and social security costs 28,869 24,985 Other creditors and accruals 325,578 319,173 ------------ --------- £ 622,212 £ 909,684 ======= =======

MEDIVANCE INSTRUMENTS LIMITED

Notes to the Financial Statements

for the Period Ended 31 August 2023

5. Financial commitments

2023 2022 Land Other Land Other Leases expiring between two and five years 23093 11822 Leases expiring after five years 39600 39600

MEDIVANCE INSTRUMENTS LIMITED

Notes to the Financial Statements

for the Period Ended 31 August 2023

6. Related party transactions

Name of the related party:
Relationship:
A company under common control
Description of the Transaction: The debtor arises from sales after providing for bad debts
£
Balance at 01 September 2022 268,072
Balance at 31 August 2023 322,346
Name of the related party:
Relationship:
Affiliated company
Description of the Transaction: Short term advances
£
Balance at 01 September 2022 311,750
Balance at 31 August 2023 88,000
Name of the related party:
Relationship:
Connected party
Description of the Transaction: Rents outstanding
£
Balance at 01 September 2022 5,940
Balance at 31 August 2023 0