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Company registration number: 14185668

Lina Medical Product Management Limited

Filleted Annual Report and Financial Statements

for the Year Ended 30 June 2024

 

Lina Medical Product Management Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 6

 

Lina Medical Product Management Limited

(Registration number: 14185668)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

48,927

61,159

Current assets

 

Debtors

5

922,695

437,748

Cash at bank and in hand

 

184,181

9,599

 

1,106,876

447,347

Creditors: Amounts falling due within one year

6

(1,095,650)

(482,531)

Net current assets/(liabilities)

 

11,226

(35,184)

Total assets less current liabilities

 

60,153

25,975

Provisions for liabilities

 

Deferred tax liabilities

 

(12,232)

(9,092)

Net assets

 

47,921

16,883

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

47,821

16,783

Total equity

 

47,921

16,883

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.

Approved and authorised by the director on 9 October 2024 .
 


S D Kornerup
Director

   
 

Lina Medical Product Management Limited

Notes to the Financial Statements
for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Swaines Hill Manor
South Warnborough
ALTON
Hants
GU34 4DP

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

These financial statements are presented in Sterling (£).

Going concern

The financial statements have been prepared on a going concern basis.

Turnover recognition

Turnover represents amounts invoiced during the year net of VAT.

Turnover is in respect of inter-group recharges and is recognised in accordance with the accruals basis.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Lina Medical Product Management Limited

Notes to the Financial Statements
for the Year Ended 30 June 2024

Tax

Tax is recognised in the profit and loss account, 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 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.

Deferred tax is recognised on timing differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reivewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible assets

Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation of tangible assets

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

Motor vehicles

20% straight line

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.

Debtors

Trade debtors are amounts due from customers for merchandise sold 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.

 

Lina Medical Product Management Limited

Notes to the Financial Statements
for the Year Ended 30 June 2024

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 and other creditors, relating primarily to group balances, are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Intercompany Balances

The company has balances with other members of the wider group. These are initially measured at transaction price and any debtor balances are subsequently reviewed for impairment.

Interest is charged on balances older than 60 days, this is recognised in the profit and loss account.

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

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.

The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 6 (2023 - 5).

 

Lina Medical Product Management Limited

Notes to the Financial Statements
for the Year Ended 30 June 2024

4

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

61,159

61,159

At 30 June 2024

61,159

61,159

Charge for the year

12,232

12,232

At 30 June 2024

12,232

12,232

Carrying amount

At 30 June 2024

48,927

48,927

At 30 June 2023

61,159

61,159

5

Debtors

2024
£

2023
£

Trade debtors

860,696

413,336

Amounts owed by group undertakings and undertakings in which the company has a participating interest

28,411

100

Prepayments

2,710

-

Other debtors

30,878

24,312

 

922,695

437,748

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Trade creditors

-

8,456

Amounts owed to group undertakings and undertakings in which the company has a participating interest

911,579

406,980

Taxation and social security

22,803

12,453

Corporation tax

9,658

-

Other creditors

151,610

54,642

1,095,650

482,531

 

Lina Medical Product Management Limited

Notes to the Financial Statements
for the Year Ended 30 June 2024

7

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £9,000 (2023 - £9,000).

8

Related party transactions

Transactions with the director

2024

At 1 July 2023
£

Advances to director
£

Repayments by director
£

At 30 June 2024
£

S D Kornerup

Current account upon which interest is charged

24,067

27,095

(24,067)

27,095

2023

At 21 June 2022
£

Advances to director
£

At 30 June 2023
£

S D Kornerup

Current account upon which interest is charged

-

24,067

24,067

9

Audit Report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 14 October 2024 was Robert Oram BFP FCA, who signed for and on behalf of Albert Goodman LLP.