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REGISTERED NUMBER: SC493988 (Scotland)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

FOR

FLEXMEDICAL SOLUTIONS
LIMITED

FLEXMEDICAL SOLUTIONS
LIMITED (REGISTERED NUMBER: SC493988)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 30 April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FLEXMEDICAL SOLUTIONS
LIMITED

COMPANY INFORMATION
for the year ended 30 April 2024







DIRECTORS: Mr K Fallon
Mr M Whyte
Mr G J Baird
Mr D D Fitzgerald





REGISTERED OFFICE: Unit 12-13 Eliburn Industrial Park
Eliburn
Livingston
West Lothian
EH54 6GQ





REGISTERED NUMBER: SC493988 (Scotland)





ACCOUNTANTS: Haines Watts
Business Advisors and Accountants
Wallace House
Maxwell Place
Stirling
FK8 1JU

FLEXMEDICAL SOLUTIONS
LIMITED (REGISTERED NUMBER: SC493988)

BALANCE SHEET
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 19,682 36,979
Tangible assets 5 1,486,082 1,638,392
Investments 6 90,150 -
1,595,914 1,675,371

CURRENT ASSETS
Stocks 7 86,412 128,019
Debtors 8 831,128 1,506,630
Cash at bank 2,338,657 1,666,946
3,256,197 3,301,595
CREDITORS: AMOUNTS FALLING
DUE WITHIN ONE YEAR

9

457,627

1,071,490
NET CURRENT ASSETS 2,798,570 2,230,105
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,394,484

3,905,476

CREDITORS: AMOUNTS FALLING
DUE AFTER MORE THAN ONE YEAR

10

(98,308

)

(153,176

)

PROVISIONS FOR LIABILITIES 13 (240,860 ) (257,455 )
NET ASSETS 4,055,316 3,494,845

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserves 16,253 -
Retained earnings 4,038,963 3,494,745
SHAREHOLDERS' FUNDS 4,055,316 3,494,845

FLEXMEDICAL SOLUTIONS
LIMITED (REGISTERED NUMBER: SC493988)

BALANCE SHEET - continued
30 April 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 January 2025 and were signed on its behalf by:





Mr K Fallon - Director


FLEXMEDICAL SOLUTIONS
LIMITED (REGISTERED NUMBER: SC493988)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 April 2024

1. STATUTORY INFORMATION

Flexmedical Solutions Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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


2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

TURNOVER
Revenue from development contracts is recognised to reflect the economic substance of the transaction and the transfer of services and value to the customer over the term of the contract. Revenue is recognized as the services are provided, and costs are incurred, reflecting the performance delivered in each billing period.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of goods but determined by the facts of each order); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the buyer; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Revenue from transactions where the company is acting as an agent, arranging for the transfer of goods or services to the customer, is recognised on a net commission or net fee earned on the sale basis, rather than the gross sales amount

INTANGIBLE ASSETS
Intangible assets costs have been capitalised. The assets are being amortised over the expected useful life of five years.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Heritable property - 15% per annum reducing balance and 2% per annum on cost
Tenant improvements - 10% per annum on cost
Plant and machinery - 14 - 20 % per annum on cost
Fixtures and fittings - 25% per annum on cost
Motor vehicles - 20% per annum reducing balance
Computer equipment - 20% per annum on cost

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

FLEXMEDICAL SOLUTIONS
LIMITED (REGISTERED NUMBER: SC493988)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 April 2024

2. ACCOUNTING POLICIES - continued

GOVERNMENT GRANTS
Government grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

FINANCIAL INSTRUMENTS
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

Short-term debt instruments, including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

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 found, an impairment loss is recognised in the profit and loss account. 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. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

The company accounts for Research and Development (R&D) tax credits in accordance with UK Generally Accepted Accounting Principles (UK GAAP). R&D tax credits are recognised when there is reasonable assurance that the company will be entitled to the credit and the amount can be reliably measured. The R&D tax credit is presented in the income statement as a reduction in the income tax expense or as other income, depending on the treatment of the credit.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


FLEXMEDICAL SOLUTIONS
LIMITED (REGISTERED NUMBER: SC493988)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 April 2024

2. ACCOUNTING POLICIES - continued
DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

HIRE PURCHASE AND LEASING COMMITMENTS
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

FIXED ASSET INVESTMENT
The fixed asset investment is initially recognised at cost and revalued to fair value at the balance sheet date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 51 (2023 - 56 ) .

4. INTANGIBLE FIXED ASSETS
Development Software
costs implementation Totals
£    £    £   
COST
At 1 May 2023 135,738 10,000 145,738
Additions - 12,050 12,050
At 30 April 2024 135,738 22,050 157,788
AMORTISATION
At 1 May 2023 108,592 167 108,759
Amortisation for year 27,146 2,201 29,347
At 30 April 2024 135,738 2,368 138,106
NET BOOK VALUE
At 30 April 2024 - 19,682 19,682
At 30 April 2023 27,146 9,833 36,979

FLEXMEDICAL SOLUTIONS
LIMITED (REGISTERED NUMBER: SC493988)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 April 2024

5. TANGIBLE FIXED ASSETS
Heritable Tenant Plant and
property improvements machinery
£    £    £   
COST
At 1 May 2023 430,824 341,696 1,329,190
Additions - 7,129 99,530
Disposals - - (5,325 )
Reclassification/transfer - - 2,704
At 30 April 2024 430,824 348,825 1,426,099
DEPRECIATION
At 1 May 2023 31,689 132,260 458,887
Charge for year 13,474 34,572 167,759
Eliminated on disposal - - (1,606 )
At 30 April 2024 45,163 166,832 625,040
NET BOOK VALUE
At 30 April 2024 385,661 181,993 801,059
At 30 April 2023 399,135 209,436 870,303

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 May 2023 172,593 14,867 98,476 2,387,646
Additions 14,032 380 5,356 126,427
Disposals - - - (5,325 )
Reclassification/transfer (2,704 ) - - -
At 30 April 2024 183,921 15,247 103,832 2,508,748
DEPRECIATION
At 1 May 2023 75,196 6,499 44,723 749,254
Charge for year 40,349 1,693 17,171 275,018
Eliminated on disposal - - - (1,606 )
At 30 April 2024 115,545 8,192 61,894 1,022,666
NET BOOK VALUE
At 30 April 2024 68,376 7,055 41,938 1,486,082
At 30 April 2023 97,397 8,368 53,753 1,638,392

Heritable property with a carrying value of £385,661 (2023: £399,135) is pledged as security for the company's debt.

FLEXMEDICAL SOLUTIONS
LIMITED (REGISTERED NUMBER: SC493988)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 April 2024

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
Additions 68,480
Revaluations 21,670
At 30 April 2024 90,150
NET BOOK VALUE
At 30 April 2024 90,150

Cost or valuation at 30 April 2024 is represented by:

Other
investments
£   
Valuation in 2024 90,150

If the fixed asset investment had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 68,480 -

Fixed asset investments were valued on an open market basis on 30 April 2024 by the directors .

7. STOCKS
2024 2023
£    £   
Raw materials and consumables 86,412 128,019

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 445,800 1,352,299
Other debtors 385,328 154,331
831,128 1,506,630

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans 26,786 26,786
Trade creditors 215,118 111,073
Taxation and social security 84,864 306,471
Other creditors 130,859 627,160
457,627 1,071,490

FLEXMEDICAL SOLUTIONS
LIMITED (REGISTERED NUMBER: SC493988)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 April 2024

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 80,356 107,142
Other creditors 17,952 46,034
98,308 153,176

11. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 30,316 37,721
Between one and five years 90,948 121,264
121,264 158,985

12. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 107,142 133,928

Bank loans are secured by a standard security over the property to which it relates along with a bond and floating charge over the company's whole assets and undertaking.

13. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 240,860 257,455

Deferred
tax
£   
Balance at 1 May 2023 257,455
Credit to Income Statement during year (16,595 )
Balance at 30 April 2024 240,860

FLEXMEDICAL SOLUTIONS
LIMITED (REGISTERED NUMBER: SC493988)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 April 2024

14. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 April 2024 and 30 April 2023:

2024 2023
£    £   
Mr M Whyte
Balance outstanding at start of year - -
Amounts advanced 35,000 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 35,000 -

The above loan is interest free and repayable on demand.