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REGISTERED NUMBER: 06567678 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 June 2024

for

Lockdown Medical Limited

Lockdown Medical Limited (Registered number: 06567678)






Contents of the Financial Statements
for the year ended 30 June 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


Lockdown Medical Limited (Registered number: 06567678)

Balance Sheet
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 118,106 173,321
Investments 7 280,468 280,468
398,574 453,789

CURRENT ASSETS
Stocks 353,916 350,826
Debtors 8 601,801 523,586
Cash at bank and in hand 44,417 147,835
1,000,134 1,022,247
CREDITORS
Amounts falling due within one year 9 335,120 314,246
NET CURRENT ASSETS 665,014 708,001
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,063,588

1,161,790

CREDITORS
Amounts falling due after more than one
year

10

114,200

171,709
NET ASSETS 949,388 990,081

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 949,387 990,080
949,388 990,081

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Lockdown Medical Limited (Registered number: 06567678)

Balance Sheet - continued
30 June 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 March 2025 and were signed on its behalf by:





Miss R L Ryan - Director


Lockdown Medical Limited (Registered number: 06567678)

Notes to the Financial Statements
for the year ended 30 June 2024

1. STATUTORY INFORMATION

Lockdown Medical Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 06567678

Registered office: 16 The Oaks
Clews Road
Redditch
Worcestershire
B98 7ST

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about Lockdown Medical Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is generated from the sale or temporary hire of orthopaedic instruments and implants, and it is recognised on consumption of stock supplied via loan kits or on consignment, or on despatch of goods for standard sales orders.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Lockdown Medical Limited (Registered number: 06567678)

Notes to the Financial Statements - continued
for the year ended 30 June 2024

3. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2023 - 11 ) .

Lockdown Medical Limited (Registered number: 06567678)

Notes to the Financial Statements - continued
for the year ended 30 June 2024

5. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 July 2023
and 30 June 2024 1,038,531 260,757 1,299,288
AMORTISATION
At 1 July 2023
and 30 June 2024 1,038,531 260,757 1,299,288
NET BOOK VALUE
At 30 June 2024 - - -
At 30 June 2023 - - -

6. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 July 2023 281,559
Disposals (27,986 )
At 30 June 2024 253,573
DEPRECIATION
At 1 July 2023 108,238
Charge for year 54,490
Eliminated on disposal (27,261 )
At 30 June 2024 135,467
NET BOOK VALUE
At 30 June 2024 118,106
At 30 June 2023 173,321

Lockdown Medical Limited (Registered number: 06567678)

Notes to the Financial Statements - continued
for the year ended 30 June 2024

6. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 July 2023
and 30 June 2024 63,995
DEPRECIATION
At 1 July 2023 14,666
Charge for year 15,998
At 30 June 2024 30,664
NET BOOK VALUE
At 30 June 2024 33,331
At 30 June 2023 49,329

7. FIXED ASSET INVESTMENTS
Shares in
group
undertakin
£   
COST
At 1 July 2023
and 30 June 2024 361,845
PROVISIONS
At 1 July 2023
and 30 June 2024 81,377
NET BOOK VALUE
At 30 June 2024 280,468
At 30 June 2023 280,468

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 298,779 223,731
Amounts owed by group undertakings 131,619 182,731
Other debtors 171,403 117,124
601,801 523,586

Lockdown Medical Limited (Registered number: 06567678)

Notes to the Financial Statements - continued
for the year ended 30 June 2024

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 50,000 50,000
Hire purchase contracts 7,509 6,959
Trade creditors 246,691 204,496
Taxation and social security 15,473 19,595
Other creditors 15,447 33,196
335,120 314,246

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 95,833 145,833
Hire purchase contracts 18,367 25,876
114,200 171,709

11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 145,833 195,833
Hire purchase contracts 25,876 32,835
171,709 228,668

The bank loan is secured by a debenture giving a fixed and floating charge over all the assets of the company.

The hire purchase creditor is secured against the relevant asset.

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2024 and 30 June 2023:

2024 2023
£    £   
A Hull
Balance outstanding at start of year (26,301 ) 73,951
Amounts advanced 169,757 259,880
Amounts repaid (52,658 ) (360,132 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 90,798 (26,301 )

There are no terms as to interest in respect of the balance outstanding. The balance was repaid in full on 24 February 2025.

Lockdown Medical Limited (Registered number: 06567678)

Notes to the Financial Statements - continued
for the year ended 30 June 2024

13. RELATED PARTY DISCLOSURES

During the year, sales of £304,856 (2023: £260,203) were made to Lockdown Surgical Inc., the company's wholly owned US subsidiary. At the balance sheet date, Lockdown Surgical Inc. owed the company (including trade debts) £279,190 (2023: £247,935). Provision of £65,204 (2023: £65,204) has been made against this balance.

The company has an annual commitment of £24,000 for rent on its offices which are owned by a director's pension fund. The rent charged to the profit and loss account during the period was £24,000 (2023: £24,000).