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Registration number: 05402103

iSurgicals Ltd

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 29 April 2024

 

iSurgicals Ltd

Company Information

Directors

Miss Kopal Matanhelia

Dr Mudit Matanhelia

Mrs Suma Matanhelia

Registered office

First Floor
8-12 London Street
Southport
Merseyside
PR9 0UE

Accountants

GMR Accountants Ltd
1st Floor
8/12 London Street
Southport
Merseyside
PR9 0UE

 

iSurgicals Ltd

(Registration number: 05402103)
Balance Sheet as at 29 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

2,189

2,189

Tangible assets

4

83,695

51,179

 

85,884

53,368

Current assets

 

Stocks

5

72,163

78,520

Debtors

6

120,722

14,427

Cash at bank and in hand

 

351,735

516,153

 

544,620

609,100

Creditors: Amounts falling due within one year

7

(10,530)

(46,368)

Net current assets

 

534,090

562,732

Net assets

 

619,974

616,100

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

619,874

616,000

Shareholders' funds

 

619,974

616,100

For the financial year ending 29 April 2024 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 Profit and Loss Account.

Approved and authorised by the Board on 28 January 2025 and signed on its behalf by:
 

.........................................
Mrs Suma Matanhelia
Director

 

iSurgicals Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 April 2024

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:
First Floor
8-12 London Street
Southport
Merseyside
PR9 0UE
United Kingdom

These financial statements were authorised for issue by the Board on 28 January 2025.

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current 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.

 

iSurgicals Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 April 2024

Tangible assets

Tangible assets are stated in the balance sheet 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

Equipment

25% reducing balance basis

Property improvements

2% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

iSurgicals Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 April 2024

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

iSurgicals Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 April 2024

4

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other tangible assets
 £

Total
£

Cost or valuation

At 30 April 2023

55,812

-

11,529

67,341

Additions

-

42,990

2,223

45,213

At 29 April 2024

55,812

42,990

13,752

112,554

Depreciation

At 30 April 2023

7,910

-

8,252

16,162

Charge for the year

1,116

10,747

834

12,697

At 29 April 2024

9,026

10,747

9,086

28,859

Carrying amount

At 29 April 2024

46,786

32,243

4,666

83,695

At 29 April 2023

47,902

-

3,277

51,179

Included within the net book value of land and buildings above is £46,785 (2023 - £47,902) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

72,163

78,520

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

8,506

2,196

Amounts owed by related parties

13,103

-

Prepayments

 

220

185

Other debtors

 

98,893

12,046

   

120,722

14,427

 

iSurgicals Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 April 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

3,943

8,946

Amounts owed to group undertakings and undertakings in which the company has a participating interest

-

30,682

Taxation and social security

 

604

585

Accruals and deferred income

 

3,000

3,000

Other creditors

 

2,983

3,155

 

10,530

46,368

 

iSurgicals Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 April 2024

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

3,943

8,946

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100