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REGISTRAR OF COMPANIES

Registration number: 08314451

Isis Surgical Limited

Unaudited Financial Statements

31 December 2023

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Isis Surgical Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Isis Surgical Limited
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Isis Surgical Limited for the year ended 31 December 2023 as set out on pages 2 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Isis Surgical Limited, as a body, in accordance with the terms of our engagement letter dated 24 May 2022. Our work has been undertaken solely to prepare for your approval the accounts of Isis Surgical Limited and state those matters that we have agreed to state to the Board of Directors of Isis Surgical Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Isis Surgical Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Isis Surgical Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Isis Surgical Limited. You consider that Isis Surgical Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Isis Surgical Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
Clint Mill
Cornmarket
PENRITH
CA11 7HW

19 September 2024

 

Isis Surgical Limited

(Registration number: 08314451)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

45,000

90,000

Tangible assets

5

4,599

5,749

 

49,599

95,749

Current assets

 

Debtors

6

650,576

559,248

Cash at bank and in hand

 

1,595,158

1,493,841

 

2,245,734

2,053,089

Creditors: Amounts falling due within one year

7

(94,378)

(74,264)

Net current assets

 

2,151,356

1,978,825

Total assets less current liabilities

 

2,200,955

2,074,574

Provisions for liabilities

(1,150)

(1,437)

Net assets

 

2,199,805

2,073,137

Capital and reserves

 

Allotted, called up and fully paid share capital

100

100

Profit and loss account

2,199,705

2,073,037

Total equity

 

2,199,805

2,073,137

 

Isis Surgical Limited

(Registration number: 08314451)
Balance Sheet as at 31 December 2023 (continued)

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 19 September 2024 and signed on its behalf by:
 

.........................................

A P Armstrong

Director

.........................................

A Phillips

Director

 

Isis Surgical Limited

Notes to the Unaudited 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 principal place of business is:
Ladye Place
High Street
HURLEY
SL6 5NB

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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.

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.


Government grants
Grants relating to revenue are recognised in the profit and loss account on a systematic basis over the periods in which the related costs are recognised for which the grant is intended to compensate.

Grants for the purpose of giving immediate financial support with no future related costs to be incurred are recognised in the profit and loss account when the grant proceeds become receivable.

Tax

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

The current income 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.

 

Isis Surgical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and equipment

20% reducing balance basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years straight line basis

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 the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.

 

Isis Surgical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 subsequently measured at amortised cost using the effective interest method where due after more than one year.

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.

Defined contribution pension obligation

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.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

 

Isis Surgical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

500,000

500,000

At 31 December 2023

500,000

500,000

Amortisation

At 1 January 2023

410,000

410,000

Amortisation charge

45,000

45,000

At 31 December 2023

455,000

455,000

Carrying amount

At 31 December 2023

45,000

45,000

At 31 December 2022

90,000

90,000

5

Tangible assets

Plant and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

20,009

20,009

At 31 December 2023

20,009

20,009

Depreciation

At 1 January 2023

14,260

14,260

Charge for the year

1,150

1,150

At 31 December 2023

15,410

15,410

Carrying amount

At 31 December 2023

4,599

4,599

At 31 December 2022

5,749

5,749

 

Isis Surgical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

6

Debtors

2023
£

2022
£

Trade debtors

6,330

14,448

Other debtors

644,246

544,800

650,576

559,248

7

Creditors

2023
£

2022
£

Due within one year

 

Trade creditors

 

1,540

3,282

Taxation and social security

 

2,194

2,222

Corporation tax liability

 

83,503

62,545

Other creditors

 

7,141

6,215

 

94,378

74,264

 

Isis Surgical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

8

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 December 2023
£

A P Armstrong

Loan

260,968

354,104

(273,317)

-

(34,000)

5,743

313,498

               
         

A Phillips

Loan

260,967

354,104

(273,316)

-

(34,000)

5,743

313,498

               
         

 

2022

At 1 January 2022
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 December 2022
£

A P Armstrong

Loan

231,255

313,161

(245,942)

-

(42,400)

4,894

260,968

               
         

A Phillips

Loan

231,255

313,160

(245,941)

-

(42,400)

4,893

260,967

               
         

 

Directors' advances are repayable on demand.

Interest has been charged at a rate of 2/2.25% on advances to directors.