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Registered number: 02593748
Reed Medical Limited
Unaudited Financial Statements
For The Year Ended 31 July 2024
Whittles LLP
1 Richmond Road
Lytham St Annes
Lancashire
FY8 1PE
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 02593748
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 16,875 28,125
Tangible Assets 5 378,643 371,188
Investments 6 201 201
395,719 399,514
CURRENT ASSETS
Stocks 7 131,551 150,125
Debtors 8 1,157,757 855,777
Cash at bank and in hand 2,617 32,282
1,291,925 1,038,184
Creditors: Amounts Falling Due Within One Year 9 (727,928 ) (600,751 )
NET CURRENT ASSETS (LIABILITIES) 563,997 437,433
TOTAL ASSETS LESS CURRENT LIABILITIES 959,716 836,947
Creditors: Amounts Falling Due After More Than One Year 10 (21,788 ) (51,588 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (51,533 ) (54,550 )
NET ASSETS 886,395 730,809
CAPITAL AND RESERVES
Called up share capital 13 100 100
Capital redemption reserve 300,000 300,000
Profit and Loss Account 586,295 430,709
SHAREHOLDERS' FUNDS 886,395 730,809
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For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
The financial statements were approved by the board of directors on 13 February 2025 and were signed on its behalf by:
Ms Wendy Bleasdale
Director
Mr John Vause
Director
13/02/2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Reed Medical Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02593748 . The registered office is Greenbank Mill, Gladstone Street, Blackburn, Lancashire, BB1 3ES.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 20 years.
2.4. Research and Development
Expendture on research and development is written off in the year it is incurred.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 10% straight line
Plant & Machinery 10% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 10% reducing balance
2.6. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.7. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 35 (2023: 34)
35 34
4. Intangible Assets
Goodwill Trade Marks Total
£ £ £
Cost
As at 1 August 2023 336,550 15,000 351,550
As at 31 July 2024 336,550 15,000 351,550
Amortisation
As at 1 August 2023 308,425 15,000 323,425
Provided during the period 11,250 - 11,250
As at 31 July 2024 319,675 15,000 334,675
Net Book Value
As at 31 July 2024 16,875 - 16,875
As at 1 August 2023 28,125 - 28,125
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 August 2023 67,175 697,407 57,900 104,267 926,749
Additions - 13,421 47,689 5,547 66,657
Disposals - - (29,950 ) - (29,950 )
As at 31 July 2024 67,175 710,828 75,639 109,814 963,456
...CONTINUED
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Depreciation
As at 1 August 2023 27,525 427,443 23,251 77,342 555,561
Provided during the period 6,739 27,662 8,221 2,893 45,515
Disposals - - (16,263 ) - (16,263 )
As at 31 July 2024 34,264 455,105 15,209 80,235 584,813
Net Book Value
As at 31 July 2024 32,911 255,723 60,430 29,579 378,643
As at 1 August 2023 39,650 269,964 34,649 26,925 371,188
6. Investments
Unlisted
£
Cost
As at 1 August 2023 250,201
As at 31 July 2024 250,201
Provision
As at 1 August 2023 250,000
As at 31 July 2024 250,000
Net Book Value
As at 31 July 2024 201
As at 1 August 2023 201
7. Stocks
2024 2023
£ £
Stock - materials and finished goods 131,551 150,125
8. Debtors
2024 2023
£ £
Due within one year
Trade debtors 412,962 319,859
Amounts recoverable on contracts 205,829 137,410
Prepayments and accrued income 34,514 11,890
Other debtors 3,500 6,000
Amounts owed by group undertakings 500,952 380,618
1,157,757 855,777
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9. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 17,759 25,384
Trade creditors 143,891 127,599
Bank loans and overdrafts 32,542 32,391
Corporation tax 58,359 32,807
Other taxes and social security 17,667 17,132
VAT 62,038 50,614
Other creditors 307,733 234,936
Accruals and deferred income 65,139 44,881
Directors' loan accounts 22,800 35,007
727,928 600,751
10. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 21,788 7,936
Bank loans - 43,652
21,788 51,588
11. Secured Creditors
Of the creditors the following amounts are secured.
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 39,547 33,320
Bank loans and overdrafts 5,556 22,222
Other Creditors 307,733 234,936
12. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 17,759 25,384
Later than one year and not later than five years 21,788 7,936
39,547 33,320
39,547 33,320
13. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
14. Other Financial Commitments
The company had financial commitments and contingencies not included in the financial statements which amount to £507,917 (2023: £487,500).
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