SEERS MEDICAL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Company Registration No. 06572698 (England and Wales)
SEERS MEDICAL LIMITED
COMPANY INFORMATION
Directors
Mr S M C Rees
Mrs J Rees
Mr I Stanmore
Mr J Ambrose
(Appointed 1 May 2024)
Secretary
Mrs J Rees
Company number
06572698
Registered office
Head Office
Kenton Road
Debenham
Suffolk
IP14 6LA
Auditor
Beaumont Seymour
47 Butt Road
Colchester
Essex
CO3 3BZ
Business address
Kenton Road
Debenham
Suffolk
IP14 6LA
SEERS MEDICAL LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 26
SEERS MEDICAL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -
The directors present the strategic report for the year ended 30 April 2024.
Review of the business
The Business has continued to have steady performance in the last 12 months, with small gains in Invoiced Sales value.
Significant investment has continued in this period, to develop the premises at the Debenham site, with a new open plan office suite, reception area to the front of the premises and the addition of 298 Solar panels on the warehouse providing energy to run much of the premises.
This year, focus on improving efficiencies in manufacturing has been a target. A new factory floor layout has been introduced, with dedicated product zones introduced to improve product flow and control. Further new equipment was also added in the manufacturing area, with the purchase of an additional CNC, improving output and efficiency in the wood preparation of the business.
Investment in the sales and marketing team has been made this year with the addition of three further personnel, to further support our customer base globally.
To support this further, new product launches are planned for the forthcoming period, not only in existing product lines but new market sectors too, with the intention of increasing revenue in the coming years.
Principal risks and uncertainties
The company has procedures to manage the major risks faced. Where possible, the board takes action to eliminate, reduce or mitigate specific risks through the adoption of appropriate strategies, the main emphasis being placed on the continuation of trade at current levels, the maintenance of margins and the collection of receivables. This includes the use of business continuity plans and the monitoring of major contracts.
Financial risks
The company's operations expose it to a variety of financial risks, including credit exposure, liquidity and interest rates. The main risks arising from the company's trading operations can be analysed as follows:
Interest rate risk - The company has limited exposure to interest rate risk with a structured approach of debt being secured at both fixed and variable rates across borrowing.
Currency risk - The company faces currency exposure on trading transactions undertaken in foreign currencies. Currencies are purchased in advance on a two-year rolling basis to help mitigate any potential exposure.
Key performance indicators
The company's key financial and other performance indicators during the year were as follows:
2024
2023
£
£
Turnover
11,002,496
11,062,045
Gross profit%
28.78%
30.05%
Net profit/(loss) before tax
1,044,781
1,737,956
Net profit%
9.50%
15.71%
Capital and reserves
4,722,649
4,363,221
SEERS MEDICAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
Mr S M C Rees
Director
28 October 2024
SEERS MEDICAL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
The directors present their annual report and financial statements for the year ended 30 April 2024.
Principal activities
The principal activity of the company is that of the design and manufacture of patient examination equipment to the medical profession.
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £563,750. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr S M C Rees
Mrs J Rees
Mr I Stanmore
Mr J Ambrose
(Appointed 1 May 2024)
Auditor
Beaumont Seymour were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mr S M C Rees
Director
28 October 2024
SEERS MEDICAL LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
SEERS MEDICAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SEERS MEDICAL LIMITED
- 5 -
Opinion
We have audited the financial statements of Seers Medical Limited (the 'company') for the year ended 30 April 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
SEERS MEDICAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SEERS MEDICAL LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.
Our approach was as follows:
We obtained an understanding of the legal and regulatory requirements applicable to the company and determined that the most significant laws and regulations which are directly relevant to specific assertions in the financial statements are those related to the financial reporting framework (Companies Act 2006, UK GAAP) and UK taxation legislation.
We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.
We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur by holding discussions with management and those charged with governance.
We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.
Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.
SEERS MEDICAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SEERS MEDICAL LIMITED (CONTINUED)
- 7 -
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit.
We also:
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements
represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the company to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the company audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Mr Andrew John Griggs
Senior Statutory Auditor
For and on behalf of Beaumont Seymour
28 October 2024
Chartered Certified Accountants
Statutory Auditor
47 Butt Road
Colchester
Essex
CO3 3BZ
SEERS MEDICAL LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
11,002,496
11,062,045
Cost of sales
(7,836,320)
(7,738,370)
Gross profit
3,166,176
3,323,675
Administrative expenses
(1,996,086)
(1,520,606)
Other operating income
5,010
Operating profit
4
1,175,100
1,803,069
Interest receivable and similar income
8
10,044
Interest payable and similar expenses
9
(140,363)
(65,113)
Profit before taxation
1,044,781
1,737,956
Tax on profit
10
(121,603)
(66,214)
Profit for the financial year
923,178
1,671,742
The profit and loss account has been prepared on the basis that all operations are continuing operations.
SEERS MEDICAL LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
2024
2023
£
£
Profit for the year
923,178
1,671,742
Other comprehensive income
Tax relating to other comprehensive income
(129,728)
Total comprehensive income for the year
923,178
1,542,014
SEERS MEDICAL LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
4,477,120
3,815,181
Current assets
Stocks
13
1,451,023
1,555,130
Debtors
14
1,707,211
1,553,792
Cash at bank and in hand
903,200
1,801,355
4,061,434
4,910,277
Creditors: amounts falling due within one year
15
(1,670,714)
(2,040,095)
Net current assets
2,390,720
2,870,182
Total assets less current liabilities
6,867,840
6,685,363
Creditors: amounts falling due after more than one year
16
(1,889,183)
(2,070,084)
Provisions for liabilities
Deferred tax liability
19
256,008
252,058
(256,008)
(252,058)
Net assets
4,722,649
4,363,221
Capital and reserves
Called up share capital
21
20,000
20,000
Revaluation reserve
389,184
389,184
Profit and loss reserves
4,313,465
3,954,037
Total equity
4,722,649
4,363,221
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 28 October 2024 and are signed on its behalf by:
Mr S M C Rees
Director
Company registration number 06572698 (England and Wales)
SEERS MEDICAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2022
20,000
518,912
2,742,685
3,281,597
Year ended 30 April 2023:
Profit
-
-
1,671,742
1,671,742
Other comprehensive income:
Tax relating to other comprehensive income
-
(129,728)
(129,728)
Total comprehensive income
-
(129,728)
1,671,742
1,542,014
Dividends
11
-
-
(460,390)
(460,390)
Balance at 30 April 2023
20,000
389,184
3,954,037
4,363,221
Year ended 30 April 2024:
Profit and total comprehensive income
-
-
923,178
923,178
Dividends
11
-
-
(563,750)
(563,750)
Balance at 30 April 2024
20,000
389,184
4,313,465
4,722,649
SEERS MEDICAL LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
868,051
2,152,952
Interest paid
(140,363)
(65,113)
Income taxes paid
(52,274)
Net cash inflow from operating activities
675,414
2,087,839
Investing activities
Purchase of tangible fixed assets
(887,545)
(2,365,741)
Proceeds from disposal of tangible fixed assets
34,870
16,500
Interest received
10,044
Net cash used in investing activities
(842,631)
(2,349,241)
Financing activities
Repayment of borrowings
(30,000)
Proceeds from new bank loans
1,095,000
Repayment of bank loans
(138,723)
(54,909)
Payment of finance leases obligations
(28,465)
(17,956)
Dividends paid
(563,750)
(460,390)
Net cash (used in)/generated from financing activities
(730,938)
531,745
Net (decrease)/increase in cash and cash equivalents
(898,155)
270,343
Cash and cash equivalents at beginning of year
1,801,355
1,531,012
Cash and cash equivalents at end of year
903,200
1,801,355
SEERS MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 13 -
1
Accounting policies
Company information
Seers Medical Limited is a private company limited by shares incorporated in England and Wales. The registered office is Head Office, Kenton Road, Debenham, Suffolk, IP14 6LA.
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.
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
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. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
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:
Land and buildings Freehold
2% Straight line
Plant and machinery
20% Straight line
Fixtures, fittings & equipment
33% Straight line
Computer equipment
25% Straight line
Motor vehicles
25% Reducing balance
SEERS MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 14 -
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.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
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.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
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.
SEERS MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 15 -
1.8
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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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.
SEERS MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 16 -
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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.9
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.
1.10
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
SEERS MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 17 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
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.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.15
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.
SEERS MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 18 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2024
2023
£
£
Turnover analysed by geographical market
UK sales
5,474,742
5,202,766
Export sales
5,527,754
5,859,279
11,002,496
11,062,045
2024
2023
£
£
Other revenue
Interest income
10,044
-
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Depreciation of owned tangible fixed assets
210,124
159,954
Depreciation of tangible fixed assets held under finance leases
49,273
48,237
Profit on disposal of tangible fixed assets
(18,032)
(2,007)
Operating lease charges
10,585
12,383
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
10,000
10,000
SEERS MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 19 -
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
65
63
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
2,040,709
1,806,940
Social security costs
189,590
156,803
Pension costs
75,354
63,910
2,305,653
2,027,653
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
114,296
112,599
Company pension contributions to defined contribution schemes
10,850
8,400
125,146
120,999
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
10,044
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
10,044
SEERS MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 20 -
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Other interest on financial liabilities
71,065
6,526
Other finance costs:
Interest on finance leases and hire purchase contracts
11,897
7,562
Other interest
57,401
51,025
140,363
65,113
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
101,224
Deferred tax
Origination and reversal of timing differences
121,603
(35,010)
Total tax charge
121,603
66,214
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
1,044,781
1,737,956
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.49%)
261,195
338,784
Tax effect of expenses that are not deductible in determining taxable profit
26
Effect of change in corporation tax rate
20,857
Permanent capital allowances in excess of depreciation
(7,291)
Depreciation on assets not qualifying for tax allowances
14,654
Research and development tax credit
(154,246)
(156,461)
Deferred tax adjustments in respect of prior years
(129,701)
Taxation charge for the year
121,603
66,214
SEERS MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
10
Taxation
(Continued)
- 21 -
In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:
2024
2023
£
£
Deferred tax arising on:
Revaluation of property
-
129,728
11
Dividends
2024
2023
£
£
Interim paid
563,750
460,390
12
Tangible fixed assets
Land and buildings Freehold
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 May 2023
3,325,860
525,344
37,614
89,617
614,752
4,593,187
Additions
704,754
159,751
2,288
19,002
52,379
938,174
Disposals
(47,187)
(47,187)
At 30 April 2024
4,030,614
685,095
39,902
108,619
619,944
5,484,174
Depreciation and impairment
At 1 May 2023
336,864
33,261
77,560
330,321
778,006
Depreciation charged in the year
58,615
101,421
4,242
15,117
80,002
259,397
Eliminated in respect of disposals
(30,349)
(30,349)
At 30 April 2024
58,615
438,285
37,503
92,677
379,974
1,007,054
Carrying amount
At 30 April 2024
3,971,999
246,810
2,399
15,942
239,970
4,477,120
At 30 April 2023
3,325,860
188,480
4,353
12,057
284,431
3,815,181
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2024
2023
£
£
Motor vehicles
147,812
144,706
SEERS MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
12
Tangible fixed assets
(Continued)
- 22 -
The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:
Land and buildings Freehold
2024
2023
£
£
Cost
3,511,702
2,806,948
Accumulated depreciation
(58,615)
-
Carrying value
3,453,087
2,806,948
13
Stocks
2024
2023
£
£
Raw materials and consumables
1,207,910
1,176,274
Work in progress
23,110
118,279
Finished goods and goods for resale
220,003
260,577
1,451,023
1,555,130
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,633,563
1,171,915
Corporation tax recoverable
48,950
Other debtors
750
147,525
Prepayments and accrued income
33,211
28,062
1,667,524
1,396,452
Deferred tax asset (note 19)
39,687
157,340
1,707,211
1,553,792
SEERS MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 23 -
15
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
17
76,778
78,061
Obligations under finance leases
18
90,677
25,052
Trade creditors
1,251,371
1,651,261
Corporation tax
101,224
Other taxation and social security
110,316
39,898
Other creditors
2,071
3,084
Accruals and deferred income
139,501
141,515
1,670,714
2,040,095
Bank loans are secured by fixed charges over freehold property and other assets of the company.
16
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
17
861,325
998,765
Obligations under finance leases
18
115,858
159,319
Other borrowings
17
912,000
912,000
1,889,183
2,070,084
The long-term loans are secured by fixed charges over freehold property and other assets of the company.
Amounts included above which fall due after five years are as follows:
Payable by instalments
977,183
623,743
Payable other than by instalments
912,000
912,000
1,889,183
1,535,743
17
Loans and overdrafts
2024
2023
£
£
Bank loans
938,103
1,076,826
Other loans
912,000
912,000
1,850,103
1,988,826
Payable within one year
76,778
78,061
Payable after one year
1,773,325
1,910,765
SEERS MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
17
Loans and overdrafts
(Continued)
- 24 -
The long-term loans are secured by fixed charges over freehold property and other assets of the company.
18
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
90,677
25,052
In two to five years
115,858
159,319
206,535
184,371
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
19
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Balances:
£
£
£
£
ACAs
126,280
122,330
-
-
Tax losses
-
-
39,687
157,340
Revaluations
129,728
129,728
-
-
256,008
252,058
39,687
157,340
2024
Movements in the year:
£
Liability at 1 May 2023
94,718
Charge to profit or loss
121,603
Liability at 30 April 2024
216,321
SEERS MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 25 -
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
75,354
63,910
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
21
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
20,000
20,000
20,000
20,000
22
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
27,508
27,508
Between two and five years
65,427
92,935
92,935
120,443
23
Directors' transactions
Dividends totalling £363,750 (2023 - £360,390) were paid in the year in respect of shares held by the company's directors.
SEERS MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 26 -
24
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
923,178
1,671,742
Adjustments for:
Taxation charged
121,603
66,214
Finance costs
140,363
65,113
Investment income
(10,044)
Gain on disposal of tangible fixed assets
(18,032)
(2,007)
Depreciation and impairment of tangible fixed assets
259,397
208,191
Movements in working capital:
Decrease/(increase) in stocks
104,107
(166,645)
Increase in debtors
(320,022)
(217,296)
(Decrease)/increase in creditors
(332,499)
527,640
Cash generated from operations
868,051
2,152,952
25
Analysis of changes in net debt
1 May 2023
Cash flows
New finance leases
30 April 2024
£
£
£
£
Cash at bank and in hand
1,801,355
(898,155)
-
903,200
Borrowings excluding overdrafts
(1,988,826)
138,723
-
(1,850,103)
Obligations under finance leases
(184,371)
28,465
(50,629)
(206,535)
(371,842)
(730,967)
(50,629)
(1,153,438)
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