Company Registration No. 01198814 (England and Wales)
FAIRFAX MEDICAL PRODUCTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE 17 MONTH PERIOD ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
FAIRFAX MEDICAL PRODUCTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
FAIRFAX MEDICAL PRODUCTS LIMITED
BALANCE SHEET
- 1 -
2024
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,185,635
3,297,810
Investments
4
134
134
3,185,769
3,297,944
Current assets
Stocks
1,315,227
1,440,493
Debtors
5
994,250
1,137,787
Cash at bank and in hand
1,848,858
5,530,472
4,158,335
8,108,752
Creditors: amounts falling due within one year
6
(3,514,828)
(3,608,354)
Net current assets
643,507
4,500,398
Total assets less current liabilities
3,829,276
7,798,342
Provisions for liabilities
(135,618)
(120,245)
Net assets
3,693,658
7,678,097
Capital and reserves
Called up share capital
7
382
560
Share premium account
1,473,979
4,758,027
Capital redemption reserve
238
60
Profit and loss reserves
2,219,059
2,919,450
Total equity
3,693,658
7,678,097
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial 17 month period ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the 17 month period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
FAIRFAX MEDICAL PRODUCTS LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 17 February 2025 and are signed on its behalf by:
Mrs M Davasaz
Director
Company Registration No. 01198814
FAIRFAX MEDICAL PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 17 MONTH PERIOD ENDED 31 MAY 2024
- 3 -
1
Accounting policies
Company information
Fairfax Medical Products Limited is a private company limited by shares incorporated in England and Wales. The registered office is 40 St George's Road, Wimbledon, London, SW19 4ED.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives, once the asset is available for use, on the following basis:
Freehold land and buildings
50 Years straight line
Plant and equipment
25% straight line
Fixtures and fittings
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
FAIRFAX MEDICAL PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 17 MONTH PERIOD ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
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.
1.8
Cash at bank and in hand
Cash at bank and in hand are basic financial assets, includes deposits held at call with banks.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
FAIRFAX MEDICAL PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 17 MONTH PERIOD ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 5 -
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.15
The current period relates to 17 months from 1 Jan 2023 to 31 May 2024. The comparative figures relates to year ended 31 December 2022.
2
Employees
The average monthly number of persons (including directors) employed by the company during the 17 month period was:
2024
2022
Number
Number
Total
6
6
FAIRFAX MEDICAL PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 17 MONTH PERIOD ENDED 31 MAY 2024
- 6 -
3
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 January 2023
3,249,621
594,878
826,317
4,670,816
Additions
23,550
175,732
1,242
200,524
At 31 May 2024
3,273,171
770,610
827,559
4,871,340
Depreciation and impairment
At 1 January 2023
328,329
220,095
824,582
1,373,006
Depreciation charged in the 17 month period
91,743
144,807
1,188
237,738
Impairment losses
74,961
74,961
At 31 May 2024
420,072
439,863
825,770
1,685,705
Carrying amount
At 31 May 2024
2,853,099
330,747
1,789
3,185,635
At 31 December 2022
2,921,292
374,783
1,735
3,297,810
4
Fixed asset investments
2024
2022
£
£
Shares in group undertakings and participating interests
134
134
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2023 & 31 May 2024
134
Carrying amount
At 31 May 2024
134
At 31 December 2022
134
FAIRFAX MEDICAL PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 17 MONTH PERIOD ENDED 31 MAY 2024
- 7 -
5
Debtors
2024
2022
Amounts falling due within one year:
£
£
Trade debtors
247,133
223,035
Corporation tax recoverable
302,944
302,944
Amounts owed by group undertakings
245,851
84,520
Other debtors
135,449
522,528
Prepayments
62,873
4,760
994,250
1,137,787
6
Creditors: amounts falling due within one year
2024
2022
£
£
Trade creditors
133,859
144,975
Amounts owed to group undertakings
3,259,553
3,346,492
Corporation tax
74,537
Other taxation and social security
18,328
23,819
Other creditors
5,119
2,956
Accruals and deferred income
97,969
15,575
3,514,828
3,608,354
7
Called up share capital
2024
2022
2024
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
382
560
382
560
During the year the company purchased 178 of its own £1 Ordinary shares for a consideration £3,284,226.
8
Related party transactions
Transactions with related parties
During the 17 month period the company entered into the following transactions with related parties:
As at 31 May 2024 £113,760 (2022: £519,776) was owed to the company by a director. The loan is repayable on demand, interest has been charged, by the company, at a rate of 2.25%.
As at 31 May 2024 £11,006 (2022: £nil) was owed to the company by a director. Interest has been charged by the company, at a rate of 2.25%. The loan was repaid post year end.
As at 31 May 2024 £3,259,553 (2022: £3,346,492) was owed by the company to Fairfax Dental (Ireland) Limited, a shareholder of the company incorporated in Ireland.
FAIRFAX MEDICAL PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 17 MONTH PERIOD ENDED 31 MAY 2024
- 8 -
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2022
£
£
19,311