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Registration number: 09630918

Fairmont Medical Products Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Fairmont Medical Products Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Fairmont Medical Products Limited

Company Information

Directors

M Verschuur

Registered office

Elizabeth House
28 Baddow Road
Chelmsford
Essex
CM2 0DG

Bankers

Lloyds Bank
77-81 High Street
Chelmsford
Essex
CM1 1JS

Accountants

Lambert Chapman LLP
Chartered Accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

Fairmont Medical Products Limited

(Registration number: 09630918)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

462

1,205

Current assets

 

Stocks

5

254,756

179,554

Debtors

6

131,154

151,038

Cash at bank and in hand

 

-

39,626

 

385,910

370,218

Creditors: Amounts falling due within one year

7

(185,013)

(199,646)

Net current assets

 

200,897

170,572

Total assets less current liabilities

 

201,359

171,777

Provisions for liabilities

1,137

1,032

Net assets

 

202,496

172,809

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

202,494

172,807

Shareholders' funds

 

202,496

172,809

For the financial year ended 30 June 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 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 27 February 2025
 

M Verschuur
Director

 

Fairmont Medical Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office and principle place of business is: Elizabeth House, 28 Baddow Road, Chelmsford, Essex, CM2 0DG.

These financial statements were authorised for issue by the director on 27 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

The financial statements have been prepared in accordance with the Financial Reporting Standard 102 Section 1A - Smaller Entities. 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and then 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.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of medical disposables in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

Current Tax is recognised in the profit and loss account, 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.

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 on temporary material differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

 

Fairmont Medical Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

18% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the average cost method (AVCO).

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity.

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.

 

Fairmont Medical Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Long term employee benefits

The holiday year for Fairmont Medical Products Limited ends at 30th June 2024.

Any unused holiday can only be carried forward at the discretion of the directors. The cost of any unused entitlement is recognised in the period in which the employee's services are received.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2023 - 2).

4

Tangible assets

Office equipment
 £

Total
£

Cost or valuation

At 1 July 2023

4,319

4,319

At 30 June 2024

4,319

4,319

Depreciation

At 1 July 2023

3,114

3,114

Charge for the year

743

743

At 30 June 2024

3,857

3,857

Carrying amount

At 30 June 2024

462

462

At 30 June 2023

1,205

1,205

5

Stocks

2024
£

2023
£

Stocks

254,756

179,554

6

Debtors

2024
£

2023
£

Trade debtors

124,528

134,174

Other debtors

1,238

16,333

Prepayments

5,388

531

131,154

151,038

 

Fairmont Medical Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Loans and borrowings

2,250

-

Trade creditors

23,336

28,373

Amounts owed to group undertakings

86,712

100,393

Taxation and social security

53,059

57,040

Accruals and deferred income

19,656

13,840

185,013

199,646

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary £1 shares of £1 each

2

2

2

2

       

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

2,250

-

10

Parent and ultimate parent undertaking

The company's immediate parent is Fairmont Medical Products Pty Ltd, incorporated in Australia. Its registered office is 11-13 Scoresby Road, Bayswater, Victoria, Australia, 3153

 The ultimate controlling party is Mark Verschuur.