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Registration number: 07964805

Brunlea Surgical Supplies Limited

Unaudited Financial Statements

for the Year Ended 31 May 2024

 

Brunlea Surgical Supplies Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Brunlea Surgical Supplies Limited

(Registration number: 07964805)
Statement of Financial Position as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

1,112,708

1,235,208

Tangible assets

5

41,366

21,160

Other financial assets

6

482,807

400,038

 

1,636,881

1,656,406

Current assets

 

Stocks

250,259

204,708

Debtors

7

753,039

1,144,981

Cash at bank and in hand

 

2,419,089

1,827,990

 

3,422,387

3,177,679

Creditors: Amounts falling due within one year

8

(1,642,295)

(1,716,804)

Net current assets

 

1,780,092

1,460,875

Total assets less current liabilities

 

3,416,973

3,117,281

Provisions for liabilities

(9,966)

(10,224)

Net assets

 

3,407,007

3,107,057

Capital and reserves

 

Called up share capital

1,650,100

1,650,100

Retained earnings

1,756,907

1,456,957

Shareholders' funds

 

3,407,007

3,107,057

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.

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 Income Statement .

Approved and authorised by the Board on 26 February 2025 and signed on its behalf by:
 

 

Brunlea Surgical Supplies Limited

(Registration number: 07964805)
Statement of Financial Position as at 31 May 2024

Mrs C Bullock
Director

   
     
 

Brunlea Surgical Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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:
138a Casterton Avenue
Burnley
Lancashire
BB10 2PE

These financial statements were authorised for issue by the Board on 26 February 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.

Judgements and Key Sources of Estimation Uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

In the opinion of the directors there are no critical accounting judgments.

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 and deferred 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.

 

Brunlea Surgical Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Alterations to leasehold premises

10% straight line

Plant and machinery

15% straight line

Fixtures, fittings & equipment

15% straight line

Computer equipment

25% straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% straight line

Investments

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Brunlea Surgical Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

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.

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in the profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2023 - 12).

 

Brunlea Surgical Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2023

2,450,000

2,450,000

At 31 May 2024

2,450,000

2,450,000

Amortisation

At 1 June 2023

1,214,792

1,214,792

Amortisation charge

122,500

122,500

At 31 May 2024

1,337,292

1,337,292

Carrying amount

At 31 May 2024

1,112,708

1,112,708

At 31 May 2023

1,235,208

1,235,208

The goodwill arose on the purchase of the trade and certain assets of Brunlea Surgical Supplies on 1 July 2013 and is being amortised over its estimated useful economic life of 20 years.

5

Tangible assets

Short leasehold
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2023

30,924

197,359

228,283

Additions

-

29,633

29,633

At 31 May 2024

30,924

226,992

257,916

Depreciation

At 1 June 2023

30,924

176,199

207,123

Charge for the year

-

9,427

9,427

At 31 May 2024

30,924

185,626

216,550

Carrying amount

At 31 May 2024

-

41,366

41,366

At 31 May 2023

-

21,160

21,160

 

Brunlea Surgical Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

6

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 June 2023

400,038

400,038

Fair value adjustments

58,769

58,769

Additions

24,000

24,000

At 31 May 2024

482,807

482,807

Impairment

At 31 May 2024

-

-

Carrying amount

At 31 May 2024

482,807

482,807

At 31 May 2023

400,038

400,038

7

Debtors

Current

2024
£

2023
£

Trade debtors

737,484

1,130,909

Prepayments

13,785

13,822

Other debtors

1,770

250

 

753,039

1,144,981

 

Brunlea Surgical Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

503,265

547,324

Taxation and social security

257,844

233,918

Accruals and deferred income

14,299

8,718

Other creditors

866,887

926,844

1,642,295

1,716,804

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of financial commitments not included in the statement of financial position is £Nil (2023 - £6,898).

10

Related party transactions

During the period the company operated loan accounts with its directors and close family members. The amounts owed in respect of these loans at the year end was was £330,124 (2023: 425,137). The loans are interest free and there are no set dates of repayments.