Company registration number 03468288 (England and Wales)
RIOMED LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
RIOMED LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
RIOMED LIMITED
BALANCE SHEET
AS AT
29 DECEMBER 2023
29 December 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
4
3,452,396
3,407,062
Tangible assets
3
24,422
27,170
3,476,818
3,434,232
Current assets
Debtors
5
832,604
784,952
Cash at bank and in hand
187,029
199,110
1,019,633
984,062
Creditors: amounts falling due within one year
6
(574,225)
(685,613)
Net current assets
445,408
298,449
Total assets less current liabilities
3,922,226
3,732,681
Creditors: amounts falling due after more than one year
7
(129,684)
(153,735)
Net assets
3,792,542
3,578,946
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
3,792,442
3,578,846
Total equity
3,792,542
3,578,946
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 29 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.
RIOMED LIMITED
BALANCE SHEET (CONTINUED)
AS AT
29 DECEMBER 2023
29 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 25 September 2024 and are signed on its behalf by:
Mr M F Mohammed
Director
Company Registration No. 03468288
RIOMED LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 DECEMBER 2023
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
As restated for the period ended 29 December 2022:
Balance at 30 December 2021
100
3,237,530
3,237,630
Effect of error in prior periods
-
(108,765)
(108,765)
As restated
100
3,128,765
3,128,865
Year ended 29 December 2022:
Profit and total comprehensive income for the year
-
505,081
505,081
Dividends
-
(55,000)
(55,000)
Balance at 29 December 2022
100
3,578,846
3,578,946
Year ended 29 December 2023:
Profit and total comprehensive income for the year
-
268,596
268,596
Dividends
-
(55,000)
(55,000)
Balance at 29 December 2023
100
3,792,442
3,792,542
RIOMED LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2023
- 4 -
1
Accounting policies
Company information
RioMed Limited is a private company limited by shares incorporated in England and Wales. The registered office is 18 East Links, Tollgate Business Park, Chandlers Ford, Eastleigh, Hampshire, United Kingdom, SO53 3TG.
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.
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.
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.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably.
1.3
Intangible fixed assets other than goodwill
The research and development expenditure undertaken by the company over recent years has resulted in the creation of Cellma, a powerful software suite applicable to many medical applications, which is already in use with a number of customers and generating income for the company.
The software is valued at the aggregate of expenditure incurred in the 5 accounting periods ending on the reporting period end date. Expenditure is capitalised each year and any expenditure over 5 years old is written off.
1.4
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:
Fixtures and fittings
20% Reducing balance
Computer equipment
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.
RIOMED LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.6
Cash at bank and in hand
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.
1.7
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.
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.
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.
1.8
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.
RIOMED LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
21
18
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 30 December 2022
177,405
Additions
2,806
At 29 December 2023
180,211
Depreciation and impairment
At 30 December 2022
150,235
Depreciation charged in the year
5,554
At 29 December 2023
155,789
Carrying amount
At 29 December 2023
24,422
At 29 December 2022
27,170
RIOMED LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2023
- 7 -
4
Intangible fixed assets
Cellma software
£
Cost
At 30 December 2022
5,838,344
Additions
654,740
At 29 December 2023
6,493,084
Amortisation and impairment
At 30 December 2022
2,431,282
Amortisation charged for the year
609,406
At 29 December 2023
3,040,688
Carrying amount
At 29 December 2023
3,452,396
At 29 December 2022
3,407,062
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
555,211
460,897
Other debtors
277,393
324,055
832,604
784,952
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
24,051
30,610
Trade creditors
43,416
53,725
Taxation and social security
120,770
110,119
Other creditors
385,988
491,159
574,225
685,613
RIOMED LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2023
- 8 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
29,684
53,735
Other creditors
100,000
100,000
129,684
153,735
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
'A' Ordinary shares of £1 each
90
90
90
90
'B' Ordinary shares of £1 each
10
10
10
10
100
100
100
100
RIOMED LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2023
- 9 -
9
Prior period adjustment
Reconciliation of changes in equity
30 December
29 December
2021
2022
Notes
£
£
Adjustments to prior year
Omitted costs and accruals
1
(108,765)
(360,132)
Equity as previously reported
3,237,630
3,939,078
Equity as adjusted
3,128,865
3,578,946
Analysis of the effect upon equity
Profit and loss reserves
(108,765)
(360,132)
Notes to reconciliation
Omitted costs and accruals
During the year it was identified that accruals for costs relating to the years ended 29 December 2021 and 29 December 2022 had been omitted from the financial statements.
Accordingly the comparative period has been restated to include the accruals for the costs.
Cost of sales has increased by £240,088, Administrative expenses has increased by £11,279 representing the costs element of the accruals with £108,765 recognised in the opening Profit and loss reserve relating to costs for the 29 December 2021 year end. Other creditors has increased by £360,132 to represent the accruals element of the costs.