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REGISTERED NUMBER: 11811597 (England and Wales)










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

TIC CARDIO LIMITED

TIC CARDIO LIMITED (REGISTERED NUMBER: 11811597)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


TIC CARDIO LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTOR: A A Kleanthous





SECRETARY: P Georgiou





REGISTERED OFFICE: 1 Kings Avenue
London
N21 3NA





REGISTERED NUMBER: 11811597 (England and Wales)





AUDITORS: AGK Partnership Ltd
Chartered Accountants & Statutory Auditors
1 Kings Avenue
London
N21 3NA

TIC CARDIO LIMITED (REGISTERED NUMBER: 11811597)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - -
Investments 5 240,000 240,000
240,000 240,000

CURRENT ASSETS
Debtors 6 144,992 151,892
Cash at bank 149,538 58,479
294,530 210,371
CREDITORS
Amounts falling due within one year 7 242,463 315,663
NET CURRENT ASSETS/(LIABILITIES) 52,067 (105,292 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

292,067

134,708

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 291,067 133,708
SHAREHOLDERS' FUNDS 292,067 134,708

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 director and authorised for issue on 21 March 2025 and were signed by:





A A Kleanthous - Director


TIC CARDIO LIMITED (REGISTERED NUMBER: 11811597)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

TIC Cardio Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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


2. ACCOUNTING POLICIES

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

The director has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The director regards the foreseeable future as no less than twelve months following the publication of its annual financial statements. The director has considered the company's balance sheet position as at the year end, its working capital forecasts and projections, taking account of reasonably possible changes in trading performance and the current state of its operating market, and are satisfied that the company's financial position is improving and will enable the company to remain in operational existence. In addition, the director and shareholder has agreed to provide continuing financial support as and when required to enable the company to continue in operational existence. Consequently, the director considers it to be appropriate to prepare the financial statements on the going concern basis.

Preparation of consolidated financial statements
The financial statements contain information about TIC Cardio 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.

Significant judgements and estimates
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period. or in the period of the revision and future periods where the revision affects both current and future periods.

There are no significant judgements or estimates involved in the preparation of the financial statements.

Revenue
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 in respect of medical services supplied by the Company and is recognised on completion of the service.

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and Machinery - 25% on Straight Line
Computer Equipment - 100% on Straight Line

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

TIC CARDIO LIMITED (REGISTERED NUMBER: 11811597)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, and loans to and from related parties.

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

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

TIC CARDIO LIMITED (REGISTERED NUMBER: 11811597)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and Computer
machinery equipment Totals
£    £    £   
COST
At 1 July 2023
and 30 June 2024 15,646 600 16,246
DEPRECIATION
At 1 July 2023
and 30 June 2024 15,646 600 16,246
NET BOOK VALUE
At 30 June 2024 - - -
At 30 June 2023 - - -

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 July 2023
and 30 June 2024 240,000
NET BOOK VALUE
At 30 June 2024 240,000
At 30 June 2023 240,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 144,000 -
Amounts owed by group undertakings - 7,892
Other debtors 992 144,000
144,992 151,892

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 2,000 4,835
Amounts owed to group undertakings 182,810 215,000
Taxation and social security 37,426 23,002
Other creditors 20,227 72,826
242,463 315,663

TIC CARDIO LIMITED (REGISTERED NUMBER: 11811597)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Alekos Christofi (FCCA) (Senior Statutory Auditor)
for and on behalf of AGK Partnership Ltd

9. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Amounts owed to group or related undertakings are non-interest bearing and repayable on demand.

10. ULTIMATE CONTROLLING PARTY

The immediate parent companies are TIC Health Limited and TIC Medical Group Holdings Limited, both of them incorporated in the England and Wales, whose registered office is 1 Kings Avenue, London, United Kingdom, N21 3NA.

The ultimate parent undertaking in which the Company's results are consolidated is Double A Group Ltd a private limited company registered in England and Wales. Copies of the consolidated Financial Statements of Double A Group Ltd can be obtained from the registered office at 1 Kings Avenue, London, United Kingdom, N21 3NA.

The ultimate controlling party is A A Kleanthous.