Company registration number 03649172 (England and Wales)
CORE SURGICAL LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
CORE SURGICAL LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
CORE SURGICAL LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
69,797
76,334
Tangible assets
5
211,699
260,938
Investments
6
2
2
281,498
337,274
Current assets
Stocks
8
482,835
249,400
Debtors
9
288,926
349,632
Cash at bank and in hand
101,249
263,784
873,010
862,816
Creditors: amounts falling due within one year
10
(646,655)
(492,525)
Net current assets
226,355
370,291
Total assets less current liabilities
507,853
707,565
Creditors: amounts falling due after more than one year
11
(70,833)
(120,833)
Net assets
437,020
586,732
Capital and reserves
Called up share capital
12
2
2
Profit and loss reserves
437,018
586,730
Total equity
437,020
586,732
CORE SURGICAL LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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 19 September 2024 and are signed on its behalf by:
Mr I Hutchinson
Director
Company Registration No. 03649172
CORE SURGICAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Core Surgical Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit B5, Station Yard, Thame, Oxfordshire, OX9 3UH.
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
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
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.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.4
Intangible fixed assets other than goodwill
Separately acquired patents are shown at historical cost.
Trademarks, licenses and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any 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:
Trademarks, patents & licences
Straight line over 5 years
CORE SURGICAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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:
Leasehold improvements
Evenly over 5 years
Furniture, fittings and equipment
25% reducing balance
Motor vehicles
20% reducing balance
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
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
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 and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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.
CORE SURGICAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
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.
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 creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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.
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.
1.12
Retirement benefits
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
1.13
Leases
CORE SURGICAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
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:
2023
2022
Number
Number
Total
9
10
4
Intangible fixed assets
Trademarks, patents & licences
£
Cost
At 1 January 2023
271,134
Additions
25,631
At 31 December 2023
296,765
Amortisation and impairment
At 1 January 2023
194,800
Amortisation charged for the year
32,168
At 31 December 2023
226,968
Carrying amount
At 31 December 2023
69,797
At 31 December 2022
76,334
The aggregate amount of research and development expenditure (excluding wages) recognised as an expense during the period is £37,040 (2022 - £17,647).
CORE SURGICAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
5
Tangible fixed assets
Leasehold improvements
Furniture, fittings and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
3,302
501,186
79,131
583,619
Additions
30,381
30,381
Disposals
(141)
(29,995)
(38,413)
(68,549)
At 31 December 2023
3,161
501,572
40,718
545,451
Depreciation and impairment
At 1 January 2023
915
251,149
70,617
322,681
Depreciation charged in the year
632
64,210
2,271
67,113
Eliminated in respect of disposals
(33)
(22,933)
(33,076)
(56,042)
At 31 December 2023
1,514
292,426
39,812
333,752
Carrying amount
At 31 December 2023
1,647
209,146
906
211,699
At 31 December 2022
2,387
250,037
8,514
260,938
6
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
2
2
7
Subsidiaries
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Name of undertaking
Address
Class of
% Held
shares held
Direct
Core Production Limited
1
Ordinary
100.00
Registered office addresses (all UK unless otherwise indicated):
1
Unit B5, Station Yard, Thame, Oxfordshire, OX9 3UH
Subsidiary undertakings
Core Production Limited
The principal activity of Core Production Limited is that of a production company. During the year the company remained dormant.
CORE SURGICAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
8
Stocks
2023
2022
£
£
Stocks
482,835
249,400
9
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
117,688
153,221
Corporation tax recoverable
33,910
33,910
Other debtors
137,328
162,501
288,926
349,632
Included in other debtors is £111,066 (2022 - £141,867) due from Core Golf Limited.
10
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
50,000
50,000
Trade creditors
211,544
48,310
Taxation and social security
48,417
54,458
Other creditors
336,694
339,757
646,655
492,525
Included in creditors due within one year are secured loans of £150,000 (2022 - £150,000).
11
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
70,833
120,833
Included in creditors due after more than one year are secured loans of £70,833 (2022 - £120,833).
12
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
2
2
2
2
CORE SURGICAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
13
Financial commitments, guarantees and contingent liabilities
The total amount of financial commitments not included in the balance sheet is £60,000 (2022 - £80,000).
14
Related party transactions
As at the year end, the total amount due from Core Surgical Limited to Mrs K Hutchinson (a director of the company) was £215,008 (2022 - £226,899). Interest of 8% per annum is chargeable on the opening balance of £226,899.
Included in other debtors is £111,066 (2022 - £141,867) due from Core Golf Limited, a company with common shareholders. The loan is interest-free and repayable on demand.