Care Surgical Limited 09922640 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is sale of medical and orthopaedic goods in specialised stores (not incl. hearing aids) not elsewhere classified. Digita Accounts Production Advanced 6.30.9574.0 true false true 09922640 2023-01-01 2023-12-31 09922640 2023-12-31 09922640 core:CurrentFinancialInstruments 2023-12-31 09922640 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 09922640 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 09922640 core:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 09922640 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 09922640 core:MotorVehicles 2023-12-31 09922640 core:OfficeEquipment 2023-12-31 09922640 core:PlantMachinery 2023-12-31 09922640 bus:SmallEntities 2023-01-01 2023-12-31 09922640 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 09922640 bus:FilletedAccounts 2023-01-01 2023-12-31 09922640 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 09922640 bus:RegisteredOffice 2023-01-01 2023-12-31 09922640 bus:Director1 2023-01-01 2023-12-31 09922640 bus:Director2 2023-01-01 2023-12-31 09922640 bus:Director3 2023-01-01 2023-12-31 09922640 bus:Director5 2023-01-01 2023-12-31 09922640 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09922640 bus:Agent1 2023-01-01 2023-12-31 09922640 core:PatentsTrademarksLicencesConcessionsSimilar 2023-01-01 2023-12-31 09922640 core:ComputerEquipment 2023-01-01 2023-12-31 09922640 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 09922640 core:MotorVehicles 2023-01-01 2023-12-31 09922640 core:OfficeEquipment 2023-01-01 2023-12-31 09922640 core:PlantMachinery 2023-01-01 2023-12-31 09922640 core:Vehicles 2023-01-01 2023-12-31 09922640 countries:EnglandWales 2023-01-01 2023-12-31 09922640 2022-12-31 09922640 core:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 09922640 core:CostValuation 2022-12-31 09922640 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 09922640 core:MotorVehicles 2022-12-31 09922640 core:OfficeEquipment 2022-12-31 09922640 core:PlantMachinery 2022-12-31 09922640 2022-01-01 2022-12-31 09922640 2022-12-31 09922640 core:CurrentFinancialInstruments 2022-12-31 09922640 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 09922640 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 09922640 core:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 09922640 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 09922640 core:MotorVehicles 2022-12-31 09922640 core:OfficeEquipment 2022-12-31 09922640 core:PlantMachinery 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 09922640

Care Surgical Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Care Surgical Limited

Contents

Company Information

1

Accountants' Report

2

Statement of Financial Position

3 to 4

Notes to the Unaudited Financial Statements

5 to 12

 

Care Surgical Limited

Company Information

Directors

S Berman

R Dearnley-Davison

C Dearnley-Davison

D Hulson

Registered office

Unit 6
Ringtail Road
Burscough
Lancashire
L40 8JY

Accountants

DSK Partners LLP
Chartered Accountants
D S House
306 High Street
Croydon
Surrey
CR0 1NG

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Care 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 Care Surgical Limited for the year ended 31 December 2023 as set out on pages 3 to 12 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 Care Surgical Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Care Surgical Limited and state those matters that we have agreed to state to the Board of Directors of Care 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 Care Surgical Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Care 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 Care Surgical Limited. You consider that Care 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 Care 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.

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

DSK Partners LLP
Chartered Accountants
D S House
306 High Street
Croydon
Surrey
CR0 1NG

1 November 2024

 

Care Surgical Limited

(Registration number: 09922640)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

-

1,000

Tangible assets

5

368,946

519,471

Investments

6

60

60

 

369,006

520,531

Current assets

 

Stocks

7

349,300

168,652

Debtors

8

727,463

546,558

Cash at bank and in hand

 

61,003

75,904

 

1,137,766

791,114

Creditors: Amounts falling due within one year

9

(1,472,398)

(1,501,198)

Net current liabilities

 

(334,632)

(710,084)

Total assets less current liabilities

 

34,374

(189,553)

Creditors: Amounts falling due after more than one year

9

(229,416)

(356,997)

Provisions for liabilities

(42,576)

(73,591)

Net liabilities

 

(237,618)

(620,141)

Capital and reserves

 

Called up share capital

99

99

Retained earnings

(237,717)

(620,240)

Shareholders' deficit

 

(237,618)

(620,141)

 

Care Surgical Limited

(Registration number: 09922640)
Statement of Financial Position 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 Income Statement.

Approved and authorised by the Board on 1 November 2024 and signed on its behalf by:
 

C Dearnley-Davison
Director

   
     
 

Care 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 address of its registered office is:
Unit 6
Ringtail Road
Burscough
Lancashire
L40 8JY

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.

The presentation currency of the financial statements is Pound Sterling (£) rounded to the nearest Pound.

Preparation of consolidated financial statements

The financial statements contain information about Care Surgical Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 401 of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

 

Care Surgical Limited

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

2

Accounting policies (continued)

Going concern

The directors consider that the company is experiencing good levels of sales growth and profitability, and that it is well-placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements.

However, shortly after its incorporation in early 2016, the company and its directors were the target of significant litigation brought by their main UK competitor and former employer (the Claimant). After successfully defending an initial application for an interim injunction this was followed 18 months later by a High Court trial which was also successfully defended. The company has incurred substantial legal costs which currently exceeds £1,100,000. This includes costs of complex ongoing work which has been required in the aftermath of the trial involving matters relating to the activities of the Claimant both before and after the 2018 trial which have since come to light. Although the company was awarded a significant proportion of its trial costs on the indemnity basis (a punitive costs award which can be made by the Court where it is justified having regard to the behaviour of the losing side), an interim payment on account ordered by the court was not paid by the Claimants.

Subsequently, a costs order was made personally against the former managing director of the Claimant but that has also remained unpaid. Insolvency proceedings are ongoing against the Claimants and its managing director to recover the unpaid costs. Recognising the future commercial potential of the company and the merit of the claims in which it is involved, its solicitors have accepted payment of their accrued fees on an ongoing basis at a level in order to allow the company to grow.

Foreign currency transactions and balances

Transactions in currencies, other than the functional currency of the company, are recorded at the
rate of exchange on the date the transaction occurred. Monetary items denominated in other
currencies are translated at the rate prevailing at the end of the reporting period. All differences are
taken to the profit and loss account. Non-monetary items that are measured at historic cost in a
foreign currency are not translated.

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.

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.

 

Care Surgical Limited

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

2

Accounting policies (continued)

Tangible assets

Tangible assets are stated in the statement of financial position 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 machinery

33.33% on cost

Computer equipment

25% on cost

Motor Vehicles

33.33% on Cost

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

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

Other intangible assets

Amortised over the period of 5 years

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Care Surgical Limited

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

2

Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities, or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 24 (2022 - 20).

 

Care Surgical Limited

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

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 January 2023

5,000

5,000

At 31 December 2023

5,000

5,000

Amortisation

At 1 January 2023

4,000

4,000

Amortisation charge

1,000

1,000

At 31 December 2023

5,000

5,000

Carrying amount

At 31 December 2023

-

-

At 31 December 2022

1,000

1,000

 

Care Surgical Limited

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

5

Tangible assets

Improvements
to short leasehold
£

Plant and machinery
£

Computer equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

132,153

630,846

38,991

29,611

831,601

Additions

12,711

30,152

17,731

-

60,594

Disposals

-

(38,500)

-

-

(38,500)

At 31 December 2023

144,864

622,498

56,722

29,611

853,695

Depreciation

At 1 January 2023

-

285,422

25,063

1,645

312,130

Charge for the year

-

168,872

8,101

9,870

186,843

Eliminated on disposal

-

(14,224)

-

-

(14,224)

At 31 December 2023

-

440,070

33,164

11,515

484,749

Carrying amount

At 31 December 2023

144,864

182,428

23,558

18,096

368,946

At 31 December 2022

132,153

345,424

13,928

27,966

519,471

6

Fixed Asset Investments

Other investments

£

Cost or valuation

At 1 January 2023

60

Carrying amount

At 31 December 2023

60

At 31 December 2022

60

 

Care Surgical Limited

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

6

Fixed Asset Investments (continued)

The company's investments at the Statement of Financial Position date in the share capital of
companies include the followings:

Care Surgical LLC

Class of shares:

Holding %

Holding %

Ordinary shares

60

60

31.12.2023

31.12.2022

£

£

Aggregate capital and reserves:

57,555

40,853

Loss for the year:

(6,843)

(6,388)

7

Stocks

2023
£

2022
£

Other inventories

349,300

168,652

8

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

443,966

359,149

Amounts owed by related parties

10

144,731

152,780

Other debtors

 

138,766

34,629

   

727,463

546,558

 

Care Surgical Limited

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

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

110,602

110,347

Trade creditors

 

1,256,005

1,291,193

Taxation and social security

 

42,340

45,624

Accruals and deferred income

 

4,000

3,150

Other creditors

 

59,451

50,884

 

1,472,398

1,501,198

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

229,416

356,997

10

Related party transactions

At the Statement of Financial Position date, the company owed C Dearnley-Davison £11,296 (2022: £25,621)

At the Statement of Financial Position date, the company was owed £144,731 (2022: £152,780) by Care Surgical LLC, an entity in which it holds a 60% interest.