Registration number:
Brunlea Surgical Supplies Limited
for the Year Ended 31 May 2024
Brunlea Surgical Supplies Limited
Contents
Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Brunlea Surgical Supplies Limited
(Registration number: 07964805)
Statement of Financial Position as at 31 May 2024
Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Other financial assets |
482,807 |
400,038 |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
1,650,100 |
1,650,100 |
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Retained earnings |
1,756,907 |
1,456,957 |
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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:
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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
Brunlea Surgical Supplies Limited
(Registration number: 07964805)
Statement of Financial Position as at 31 May 2024
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Brunlea Surgical Supplies Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Brunlea Surgical Supplies Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 June 2023 |
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At 31 May 2024 |
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Amortisation |
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At 1 June 2023 |
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Amortisation charge |
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At 31 May 2024 |
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Carrying amount |
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At 31 May 2024 |
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At 31 May 2023 |
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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.
Tangible assets |
Short leasehold |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 June 2023 |
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Additions |
- |
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At 31 May 2024 |
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Depreciation |
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At 1 June 2023 |
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Charge for the year |
- |
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At 31 May 2024 |
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Carrying amount |
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At 31 May 2024 |
- |
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At 31 May 2023 |
- |
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Brunlea Surgical Supplies Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
Other financial assets (current and non-current) |
Financial assets at fair value through profit and loss |
Total |
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Non-current financial assets |
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Cost or valuation |
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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 |
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At 31 May 2024 |
- |
- |
Carrying amount |
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At 31 May 2024 |
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482,807 |
At 31 May 2023 |
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400,038 |
Debtors |
Current |
2024 |
2023 |
Trade debtors |
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Prepayments |
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Other debtors |
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Brunlea Surgical Supplies Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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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 - £
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.