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Company No: 05464465 (England and Wales)

SCOLIOSIS SOS LIMITED

Unaudited Financial Statements
For the financial year ended 31 May 2024
Pages for filing with the registrar

SCOLIOSIS SOS LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

SCOLIOSIS SOS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 May 2024
SCOLIOSIS SOS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 May 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 3,851,108 3,875,148
Investment property 4 1,552,931 1,552,931
5,404,039 5,428,079
Current assets
Stocks 15,140 20,009
Debtors 5 2,502,577 2,441,289
Cash at bank and in hand 256,861 332,958
2,774,578 2,794,256
Creditors: amounts falling due within one year 6 ( 231,788) ( 376,398)
Net current assets 2,542,790 2,417,858
Total assets less current liabilities 7,946,829 7,845,937
Creditors: amounts falling due after more than one year 7 ( 1,534,938) ( 1,613,046)
Provision for liabilities ( 521,011) ( 525,305)
Net assets 5,890,880 5,707,586
Capital and reserves
Called-up share capital 8 100 100
Revaluation reserve 1,184,714 1,184,714
Profit and loss account 4,706,066 4,522,772
Total shareholders' funds 5,890,880 5,707,586

For the financial year ending 31 May 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Scoliosis SOS Limited (registered number: 05464465) were approved and authorised for issue by the Director on 05 February 2025. They were signed on its behalf by:

Erika Maude
Director
SCOLIOSIS SOS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
SCOLIOSIS SOS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Scoliosis SOS Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 63 Mansell Street, London, E1 8AN, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 6.67 years straight line
Fixtures and fittings 6.67 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 27 26

3. Tangible assets

Land and buildings Plant and machinery Fixtures and fittings Total
£ £ £ £
Cost
At 01 June 2023 3,770,953 190,521 130,854 4,092,328
Additions 0 3,898 224 4,122
Disposals 0 ( 689) 0 ( 689)
At 31 May 2024 3,770,953 193,730 131,078 4,095,761
Accumulated depreciation
At 01 June 2023 0 115,958 101,222 217,180
Charge for the financial year 0 15,697 12,205 27,902
Disposals 0 ( 429) 0 ( 429)
At 31 May 2024 0 131,226 113,427 244,653
Net book value
At 31 May 2024 3,770,953 62,504 17,651 3,851,108
At 31 May 2023 3,770,953 74,563 29,632 3,875,148

4. Investment property

Investment property
£
Valuation
As at 01 June 2023 1,552,931
As at 31 May 2024 1,552,931

Valuation

The 2024 valuations were made by the director, on an open market value for existing use basis.

5. Debtors

2024 2023
£ £
Trade debtors 69,195 9,186
Amounts owed by connected companies 2,359,185 2,359,185
Prepayments 25,526 27,735
Other debtors 48,671 45,183
2,502,577 2,441,289

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 84,626 91,144
Trade creditors 27,164 40,437
Amounts owed to director 39,642 95,911
Accruals and deferred income 58,003 66,494
Taxation and social security 19,450 79,184
Other creditors 2,903 3,228
231,788 376,398

The bank loans are secured by way of a first legal charge over the freehold land and buildings owned by the company and an unlimited debenture.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 1,534,938 1,613,046

The bank loans are secured by way of a first legal charge over the freehold land and buildings owned by the company and an unlimited debenture.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans 1,196,435 1,248,472

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
60 Ordinary shares of £ 1.00 each 60 60
40 A ordinary shares of £ 1.00 each 40 40
100 100

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 1,816 1,816
between one and five years 7,263 7,263
after five years 0 1,816
9,079 10,895

Pensions

The Company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 2,903 3,228

10. Related party transactions

Transactions with entities in which the entity itself has a participating interest

2024 2023
£ £
Maudelet Limited, a company under common control 2,359,185 2,359,185

The above balance is included in debtors. Interest has not been charged on the loan and there is no fixed date for repayment.

Transactions with the entity's director

2024 2023
£ £
Amounts owed to J Maude, director 0 66,078
Amounts owed to E Maude, director 39,642 29,833

No interest has been charged on the directors' loan accounts and there are no fixed dates for repayments.

Dividends of £14,500 (2023: £55,000) were paid to director during the year.