Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-29134540642024-02-29false0true2023-03-010falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 13454064 2023-03-01 2024-02-29 13454064 2022-03-01 2023-02-28 13454064 2024-02-29 13454064 2023-02-28 13454064 1 2023-03-01 2024-02-29 13454064 d:Director1 2023-03-01 2024-02-29 13454064 c:CurrentFinancialInstruments 2024-02-29 13454064 c:CurrentFinancialInstruments 2023-02-28 13454064 c:CurrentFinancialInstruments c:WithinOneYear 2024-02-29 13454064 c:CurrentFinancialInstruments c:WithinOneYear 2023-02-28 13454064 c:ShareCapital 2024-02-29 13454064 c:ShareCapital 2023-02-28 13454064 c:RetainedEarningsAccumulatedLosses 2024-02-29 13454064 c:RetainedEarningsAccumulatedLosses 2023-02-28 13454064 d:OrdinaryShareClass1 2023-03-01 2024-02-29 13454064 d:OrdinaryShareClass1 2022-03-01 2023-02-28 13454064 d:OrdinaryShareClass1 2024-02-29 13454064 d:OrdinaryShareClass1 2023-02-28 13454064 d:FRS102 2023-03-01 2024-02-29 13454064 d:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 13454064 d:FullAccounts 2023-03-01 2024-02-29 13454064 d:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 xbrli:shares iso4217:GBP xbrli:pure



















Hutz Medical UK Limited

Registered number: 13454064
Information for filing with Registrar
For the year ended 29 February 2024

 
 13454064
29 February 2024
HUTZ MEDICAL UK LIMITED
REGISTERED NUMBER: 13454064

STATEMENT OF FINANCIAL POSITION
AS AT 29 FEBRUARY 2024

2024
2023
Note
$
$

  

Current assets
  

Stocks
 4 
-
171,607

Debtors: amounts falling due within one year
 5 
292,692
591,647

Cash at bank and in hand
  
18,140
27,312

  
310,832
790,566

Creditors: amounts falling due within one year
 6 
(319,288)
(753,306)

Net current (liabilities)/assets
  
 
 
(8,456)
 
 
37,260

Total assets less current liabilities
  
(8,456)
37,260

  

Net (liabilities)/assets
  
(8,456)
37,260


Capital and reserves
  

Called up share capital 
 7 
141
141

Profit and loss account
  
(8,597)
37,119

Total equity
  
(8,456)
37,260


- 1 -

 
 13454064
29 February 2024
HUTZ MEDICAL UK LIMITED
REGISTERED NUMBER: 13454064
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 29 FEBRUARY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


J Hutz
Director

Date: 29 November 2024

The notes on pages 3 to 8 form part of these financial statements.
- 2 -

 
 13454064
29 February 2024
HUTZ MEDICAL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Hutz Medical UK Limited (the 'Company') is a private company limited by shares, incorporated in England and Wales. The registered number of the Company is 13454064. The address of its registered office is 30 Old Bailey, London, United Kingdom, EC4M 7AU.
The principal activity of the Company is to provide turnkey solutions to healthcare projects in Africa and the United Kingdom.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
These financial statements have been prepared in United States Dollars as this is the Company's functional currency and the currency in which the Company undertakes its major financial transactions and is rounded to the nearest dollar.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have assessed the Company's ability to continue as a going concern and have a reasonable expectation that the Company has adequate resources to continue in operational existence for a period of at least 12 months from the date of signature of these financial statements. In doing this, they have considered the results for the period, expectations of future trading and the availability of continued funding. On the basis of this information the directors are satisfied that the Company will continue as a going concern and so the financial statements have been prepared on this basis.

- 3 -

 
 13454064
29 February 2024
HUTZ MEDICAL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentation currency is USD.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

All other foreign exchange gains and losses are presented in the Statement of comprehensive income within 'administrative expenses'.

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

- 4 -

 
 13454064
29 February 2024
HUTZ MEDICAL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.5

Taxation

Tax is recognised in the Statement of Comprehensive Income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Comprehensive Income.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
 
2.10

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of
- 5 -

 
 13454064
29 February 2024
HUTZ MEDICAL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)


2.10
Financial instruments (continued)

financial assets and liabilities like trade and other accounts receivable and payable.
Financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is identified, an impairment loss is recognised in the Statement of Comprehensive Income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and its recoverable amount, which is an estimate of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Financial liabilities
Basic financial liabilities, including trade and other payables are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a rate of interest.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payables are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transactions price and subsequently measured at amortised costs.
Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an 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.


3.


Employees

The Company has no employees other than the two directors during the year (2023: nil).





4.


Stocks

2024
2023
$
$

Finished goods
-
171,607


- 6 -

 
 13454064
29 February 2024
HUTZ MEDICAL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


Debtors: Amounts falling due within one year

2024
2023
$
$

Trade debtors
292,692
591,647



6.


Creditors: Amounts falling due within one year

2024
2023
$
$

Trade creditors
252,109
733,371

Amounts owed to group undertakings
8,428
8,428

Corporation tax payable
751
8,707

Accruals
58,000
2,800

319,288
753,306


Included within trade creditors is an amount of $252,109 (2023: $733,371) which is owed to a wholly owned member of the group.
Amounts owed to group undertakings are unsecured, interest-free and repayable on demand.
Included in accruals is an amount of $52,200 (2023: $nil) relating to costs incurred in relation to the supply and installation of bedhead service systems and medical gas systems to 5 district hospitals in Zambia. Costs relating to accommodation and work permits were borne by the customer on behalf of the Company and have been charged to the Company in the 2025 financial year, but relate to the current and prior financial years.


7.


Called up share capital

2024
2023
$
$
Authorised, allotted, called up and fully paid



100 (2023: 100) ordinary shares of £1 each
141
141

The Company has one class of ordinary shares; each share has attached to it full voting, dividend and capital distribution rights.


- 7 -

 
 13454064
29 February 2024
HUTZ MEDICAL UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

8.


Related party transactions

The Company is has taken advantage of the exemption from disclosing related party transactions undertaken between wholly owned members of the group that have been concluded under normal market conditions.


9.


Post balance sheet events

There have been no significant events affecting the Company since the year end.


10.


Controlling party

The immediate parent company is Hutz Lighting Technique 1986 (Pty) Ltd, a company registered in South Africa. 
The ultimate parent undertaking is Hutz Medical Groupe SARL, which is registered in France. The ultimate controlling party is considered to be J Hutz by virtue of his majority shareholding in Hutz Medical Groupe SARL. 

- 8 -