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Registered number: 02720351
Heart Systems Limited
Unaudited Financial Statements
For The Year Ended 30 June 2024
Lloyd Richards Ltd
Eaton House Stoke Prior Lane
Leominster
Herefordshire
HR6 0NA
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 02720351
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 100,463 100,463
Tangible Assets 5 2,163 1,136
102,626 101,599
CURRENT ASSETS
Debtors 6 53,919 55,034
Cash at bank and in hand 130,681 133,903
184,600 188,937
Creditors: Amounts Falling Due Within One Year 7 (118,606 ) (116,846 )
NET CURRENT ASSETS (LIABILITIES) 65,994 72,091
TOTAL ASSETS LESS CURRENT LIABILITIES 168,620 173,690
PROVISIONS FOR LIABILITIES
Deferred Taxation 8 (411 ) (216 )
NET ASSETS 168,209 173,474
CAPITAL AND RESERVES
Called up share capital 9 1,150 1,150
Capital redemption reserve (8,948 ) (8,948 )
Profit and Loss Account 176,007 181,272
SHAREHOLDERS' FUNDS 168,209 173,474
Page 1
Page 2
For the year ending 30 June 2024 the company was entitled to exemption from audit 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.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Sarah Kennett
Director
05/09/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Heart Systems Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02720351 . The registered office is 9 Lower Broad Street, Ludlow, Shropshire, SY8 1PQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax, adjusted if necessary for deferred or accrued income.
2.3. Research and Development
Expenditure on research and development is capitalised as it arises and amortised at rates deemed prudent by directors. The balance sheet value of R&D will not exceed the expected value of future sales of licences resulting from the outstanding capitalised value at the balance sheet date.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less accumulated depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20.00% S?L
Fixtures & Fittings 20.00% S/L
Computer Equipment 33.33% S/L
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date unless directors deem it appropriate to take a more prudent view. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of assets and of expenses for taxation and accounting purposes.
In general, deferred taxation is recognised in respect of timing differences that have arisen but not reversed at the balance sheet date. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in future periods in which the timing differences reverse based on tax rates and the law enacted or substantively enacted at the balance sheet date.
2.7. Pensions
The company operates a defined pension contribution scheme in association with NEST. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 4 5
Sales, marketing and distribution 1 1
5 6
Page 3
Page 4
4. Intangible Assets
Development Costs
£
Cost
As at 1 July 2023 100,463
As at 30 June 2024 100,463
Net Book Value
As at 30 June 2024 100,463
As at 1 July 2023 100,463
5. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 July 2023 1,910 4,839 12,443 19,192
Additions - - 1,499 1,499
As at 30 June 2024 1,910 4,839 13,942 20,691
Depreciation
As at 1 July 2023 1,910 4,839 11,307 18,056
Provided during the period - - 472 472
As at 30 June 2024 1,910 4,839 11,779 18,528
Net Book Value
As at 30 June 2024 - - 2,163 2,163
As at 1 July 2023 - - 1,136 1,136
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 51,435 53,625
Prepayments and accrued income 1,334 1,259
Other debtors 1,150 150
53,919 55,034
Page 4
Page 5
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 12,916 6,232
Other taxes and social security 4,321 4,180
VAT 5,171 4,846
Other creditors 74 30
Directors' loan accounts 81 511
Credit card 1,146 758
Sundry creditors 28,277 28,277
Proposed Dividends - 5,750
Accruals and deferred income 66,620 66,262
118,606 116,846
8. Deferred Taxation
In the event of the Net Book Value of assets exceeding their Written Down Value for tax purposes provision is made for future taxation at the rate of Corporation Tax prevailing at the balance sheet date.
2024 2023
£ £
Other timing differences 411 216
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,150 1,150
Page 5