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Registered number: 04596108
Regent's Park Cardiovascular Solutions Ltd
Financial Statements
For The Year Ended 30 April 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 04596108
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 243,569 278,365
Tangible Assets 5 2,695,484 2,746,269
Investments 6 227,609 211,519
3,166,662 3,236,153
CURRENT ASSETS
Debtors 7 462,070 294,604
Cash at bank and in hand 61,795 187,306
523,865 481,910
Creditors: Amounts Falling Due Within One Year 8 (2,799,794 ) (2,632,485 )
NET CURRENT ASSETS (LIABILITIES) (2,275,929 ) (2,150,575 )
TOTAL ASSETS LESS CURRENT LIABILITIES 890,733 1,085,578
PROVISIONS FOR LIABILITIES
Deferred Taxation (288,454 ) (266,255 )
NET ASSETS 602,279 819,323
CAPITAL AND RESERVES
Called up share capital 9 1,000 1,000
Profit and Loss Account 601,279 818,323
SHAREHOLDERS' FUNDS 602,279 819,323
Page 1
Page 2
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Dr Anil Ohri
Director
30 January 2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Regent's Park Cardiovascular Solutions Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 04596108 . The registered office is Close Gate House, 47 High Street, Salisbury, Wiltshire, SP1 2PB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
These financial statements are presented in pound sterling which is the functional currency of the company.
The company is exempt from preparing a Statement of Cashflows as it is small.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets consist of a prototype. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 50 years straight line
Plant & Machinery 7- 10 years straight line
Motor Vehicles 10 years straight line
2.6. Financial Instruments
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially measured at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.8. Investments
Investments are measured at fair value, changes in fair value are included in the profit and loss account.
2.9. 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.
2.10. Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 3)
4 3
4. Intangible Assets
Other
£
Cost
As at 1 May 2023 347,956
As at 30 April 2024 347,956
Amortisation
As at 1 May 2023 69,591
Provided during the period 34,796
As at 30 April 2024 104,387
Net Book Value
As at 30 April 2024 243,569
As at 1 May 2023 278,365
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5. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Total
£ £ £ £
Cost
As at 1 May 2023 1,115,400 3,762,179 - 4,877,579
Additions - 53,564 137,499 191,063
Disposals - (14,044 ) - (14,044 )
As at 30 April 2024 1,115,400 3,801,699 137,499 5,054,598
Depreciation
As at 1 May 2023 110,712 2,020,598 - 2,131,310
Provided during the period 22,308 200,913 4,583 227,804
As at 30 April 2024 133,020 2,221,511 4,583 2,359,114
Net Book Value
As at 30 April 2024 982,380 1,580,188 132,916 2,695,484
As at 1 May 2023 1,004,688 1,741,581 - 2,746,269
6. Investments
Other
£
Cost
As at 1 May 2023 211,519
Revaluations 16,090
As at 30 April 2024 227,609
Provision
As at 1 May 2023 -
As at 30 April 2024 -
Net Book Value
As at 30 April 2024 227,609
As at 1 May 2023 211,519
Listed investments shown above are stated at market value as at the balance sheet date.
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 301,538 195,175
Prepayments and accrued income 42,246 29,492
Other debtors 1,068 -
Amounts owed by other related parties 117,218 69,937
462,070 294,604
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8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 320,934 782,522
Other taxes and social security 241,847 252,418
Other creditors 434 453
Accruals and deferred income 27,000 74,900
Amounts owed to group undertakings 2,209,579 1,522,192
2,799,794 2,632,485
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,000 1,000
10. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 10,680 -
Later than one year and not later than five years 15,130 -
25,810 -
11. Ultimate Parent Undertaking and Controlling Party
The company's immediate and ultimate parent undertaking is Regent's Park Healthcare Limited . Group consolidated financial statements can be obtained from its registered office which is Close Gate House, 47 High Street, Salisbury, Wiltshire, England, SP1 2PBU.
12. Audit Information
The auditor's report on the accounts of Regent's Park Cardiovascular Solutions Ltd for the year ended 30 April 2024 was unqualified.
The auditor's report was signed by Caroline Webster (Senior Statutory Auditor) for and on behalf of UHY Ross Brooke , Statutory Auditor.
UHY Ross Brooke
Suite I Windrush Court
Abingdon Business Park
Abingdon
Oxfordshire
OX14 1SY
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