LBG MEDICAL LTD

Company Registration Number:
01498237 (England and Wales)

Unaudited abridged accounts for the year ended 31 December 2023

Period of accounts

Start date: 01 January 2023

End date: 31 December 2023

LBG MEDICAL LTD

Contents of the Financial Statements

for the Period Ended 31 December 2023

Balance sheet
Notes

LBG MEDICAL LTD

Balance sheet

As at 31 December 2023


Notes

2023

2022


£

£
Fixed assets
Intangible assets: 3 16,460 24,001
Tangible assets: 4 186,669 221,956
Total fixed assets: 203,129 245,957
Current assets
Stocks: 445,855 456,050
Debtors: 5 1,798,251 1,860,747
Cash at bank and in hand: 10,077 48,114
Total current assets: 2,254,183 2,364,911
Creditors: amounts falling due within one year: 6 (1,444,134) (1,335,554)
Net current assets (liabilities): 810,049 1,029,357
Total assets less current liabilities: 1,013,178 1,275,314
Creditors: amounts falling due after more than one year: 7 (255,000) (333,343)
Provision for liabilities: (40,951) (40,951)
Total net assets (liabilities): 717,227 901,020
Capital and reserves
Called up share capital: 257,222 257,222
Profit and loss account: 460,005 643,798
Shareholders funds: 717,227 901,020

The notes form part of these financial statements

LBG MEDICAL LTD

Balance sheet statements

For the year ending 31 December 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 30 September 2024
and signed on behalf of the board by:

Name: A Barnes
Status: Director

The notes form part of these financial statements

LBG MEDICAL LTD

Notes to the Financial Statements

for the Period Ended 31 December 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 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.

Tangible fixed assets and depreciation policy

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses. 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.

Intangible fixed assets and amortisation policy

At each reporting period end date, the company reviews the carrying amounts of its 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. Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash generating unit to which the asset belongs.

LBG MEDICAL LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

2. Employees

2023 2022
Average number of employees during the period 42 44

LBG MEDICAL LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

3. Intangible Assets

Total
Cost £
At 01 January 2023 214,479
At 31 December 2023 214,479
Amortisation
At 01 January 2023 190,478
Charge for year 7,541
At 31 December 2023 198,019
Net book value
At 31 December 2023 16,460
At 31 December 2022 24,001

LBG MEDICAL LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

4. Tangible Assets

Total
Cost £
At 01 January 2023 1,091,508
At 31 December 2023 1,091,508
Depreciation
At 01 January 2023 869,552
Charge for year 35,287
At 31 December 2023 904,839
Net book value
At 31 December 2023 186,669
At 31 December 2022 221,956

LBG MEDICAL LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

5. Debtors

2023 2022
££
Debtors due after more than one year: 0 0

LBG MEDICAL LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

6. Creditors: amounts falling due within one year note

Included in other creditors is an amount of £202,184 (2022: £256,298) secured on the company's debtors. During the year ended 31 December 2022, a CBILS loan of £450,000 was received by the company which has been aged in line with the proposed repayment schedule. The current balance is outstanding £255,000

LBG MEDICAL LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

7. Creditors: amounts falling due after more than one year note

During the year ended 31 December 2022, a CBILS loan of £450,000 was received by the company which has been aged in line with the proposed repayment schedule. The current balance is outstanding £255,000

LBG MEDICAL LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

8. Related party transactions

Name of the related party:
Relationship:
Related Company
Description of the Transaction: The company's directors are also directors of a number of companies with which LBG Medical Ltd have traded during the year. During the year, the company incurred royalty costs amounting to £96,304 (2022 - £89,355) from related companies. At 31 December 2023, included in other debtors were amounts of £1,382,801 (2022 - £1,382,801) due to related companies and included in other creditors were amounts of £619,773 (2022 - £741,004) due to related companies.
£
Balance at 01 January 2023 619,773
Balance at 31 December 2023 741,004