Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-303333No description of principal activity2023-07-01falsetruefalsefalse 03025366 2023-07-01 2024-06-30 03025366 2022-05-01 2023-06-30 03025366 2024-06-30 03025366 2023-06-30 03025366 2022-05-01 03025366 1 2023-07-01 2024-06-30 03025366 1 2022-05-01 2023-06-30 03025366 6 2023-07-01 2024-06-30 03025366 6 2022-05-01 2023-06-30 03025366 d:Director1 2023-07-01 2024-06-30 03025366 d:Director1 2024-06-30 03025366 d:Director2 2023-07-01 2024-06-30 03025366 d:Director2 2024-06-30 03025366 d:Director3 2023-07-01 2024-06-30 03025366 d:Director3 2024-06-30 03025366 d:RegisteredOffice 2023-07-01 2024-06-30 03025366 e:PlantMachinery 2023-07-01 2024-06-30 03025366 e:PlantMachinery 2024-06-30 03025366 e:PlantMachinery 2023-06-30 03025366 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 03025366 e:OfficeEquipment 2023-07-01 2024-06-30 03025366 e:OfficeEquipment 2024-06-30 03025366 e:OfficeEquipment 2023-06-30 03025366 e:OfficeEquipment e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 03025366 e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 03025366 e:CurrentFinancialInstruments 2024-06-30 03025366 e:CurrentFinancialInstruments 2023-06-30 03025366 e:Non-currentFinancialInstruments 2024-06-30 03025366 e:Non-currentFinancialInstruments 2023-06-30 03025366 e:CurrentFinancialInstruments e:WithinOneYear 2024-06-30 03025366 e:CurrentFinancialInstruments e:WithinOneYear 2023-06-30 03025366 e:Non-currentFinancialInstruments e:AfterOneYear 2024-06-30 03025366 e:Non-currentFinancialInstruments e:AfterOneYear 2023-06-30 03025366 e:ShareCapital 2024-06-30 03025366 e:ShareCapital 2023-06-30 03025366 e:ShareCapital 2022-05-01 03025366 e:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 03025366 e:RetainedEarningsAccumulatedLosses 2024-06-30 03025366 e:RetainedEarningsAccumulatedLosses 2022-05-01 2023-06-30 03025366 e:RetainedEarningsAccumulatedLosses 2023-06-30 03025366 e:RetainedEarningsAccumulatedLosses 2022-05-01 03025366 d:FRS102 2023-07-01 2024-06-30 03025366 d:Audited 2023-07-01 2024-06-30 03025366 d:FullAccounts 2023-07-01 2024-06-30 03025366 d:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 03025366 e:WithinOneYear 2024-06-30 03025366 e:WithinOneYear 2023-06-30 03025366 e:BetweenOneFiveYears 2024-06-30 03025366 e:BetweenOneFiveYears 2023-06-30 03025366 e:MoreThanFiveYears 2024-06-30 03025366 e:MoreThanFiveYears 2023-06-30 03025366 f:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure

Registered number: 03025366
















GRANTON MEDICAL LIMITED




DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2024





































GRANTON MEDICAL LIMITED

 
COMPANY INFORMATION


DIRECTORS
T Hyvernat (appointed 1 March 2023)
R Jenkins (appointed 1 March 2023)
E Vero (appointed 1 March 2023)




REGISTERED NUMBER
03025366



REGISTERED OFFICE
Parkway Close
Parkway Industrial Estate

Sheffield

South Yorkshire

S9 4WJ




INDEPENDENT AUDITORS
Bishop Fleming LLP
Chartered Accountants & Statutory Auditors

10 Temple Back

Bristol

BS1 6FL






GRANTON MEDICAL LIMITED


CONTENTS



Page
Directors' Report
1 - 2
Independent Auditors' Report
3 - 6
Statement of Comprehensive Income
7
Statement of Financial Position
8
Statement of Changes in Equity
9
Notes to the Financial Statements
10 - 17



GRANTON MEDICAL LIMITED

 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 JUNE 2024

The directors present their report and the financial statements for the period ended 30 June 2024.

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

DIRECTORS

The directors who served during the period were:

T Hyvernat (appointed 1 March 2023)
R Jenkins (appointed 1 March 2023)
E Vero (appointed 1 March 2023)

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

AUDITORS

The auditorsBishop Fleming LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 1


GRANTON MEDICAL LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024

SMALL COMPANIES NOTE

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 






E Vero
Director

Date: 24 March 2025

Parkway Close
Parkway Industrial Estate
Sheffield
South Yorkshire
S9 4WJ

Page 2


GRANTON MEDICAL LIMITED

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRANTON MEDICAL LIMITED
OPINION


We have audited the financial statements of Granton Medical Limited (the 'Company') for the period ended 30 June 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 June 2024 and of its loss for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


BASIS FOR OPINION


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


CONCLUSIONS RELATING TO GOING CONCERN


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


OTHER INFORMATION


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 3


GRANTON MEDICAL LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRANTON MEDICAL LIMITED (CONTINUED)

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has been prepared in accordance with applicable legal requirements.


MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.


RESPONSIBILITIES OF DIRECTORS
 

As explained more fully in the Directors' Responsibilities Statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 4


GRANTON MEDICAL LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRANTON MEDICAL LIMITED (CONTINUED)

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Identifying and assessing potential risks related to irregularities:
 
We have considered the nature of the industry and sector, control environment and business performance.
We have considered the results of our enquiries of management including the Finance Director and Chief Executive Officer about their own identification and assessment of the risk of irregularities.
For any matters identified we have obtained and reviewed the Company’s documentation of their policies and procedures relating to:
Identifying, evaluating, and complying with laws and regulations whether they were aware of any instances of non-compliance;
Detecting and responding to the risk of fraud and whether they have knowledge of actual, suspected, or alleged fraud; and
The internal controls established to mitigate the risks of fraud or non-compliance with laws and regulations.
We have considered the matters discussed among the audit engagement team including internal tax specialists regarding how and where fraud might occur in the financial statements and potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud is through the following areas:
 
Revenue recognition cut off; and
Valution of stock 

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company’s ability to operate or to avoid a material penalty. These included data protection regulations, health and safety regulations, employment legislation and quality management systems.
 
Page 5


GRANTON MEDICAL LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GRANTON MEDICAL LIMITED (CONTINUED)

Audit response to risks identified
We identified revenue recognition cut off and valuation of stock as key audit matters related to the potential risk of fraud, our procedures to respond to risks identified included the following:
 
Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
Enquiring of management concerning actual and potential litigation claims;
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement or fraud;
Reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC; and
In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. 
 


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


USE OF OUR REPORT
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.






Ria Burridge FCCA (Senior Statutory Auditor)
for and on behalf of
Bishop Fleming LLP
Chartered Accountants
Statutory Auditors
10 Temple Back
Bristol
BS1 6FL

24 March 2025
Page 6


GRANTON MEDICAL LIMITED

 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 JUNE 2024

30 June
14 months ended
30 June
2024
2023
Note
£
£

  

Turnover
  
3,890,233
4,517,646

Cost of sales
  
(2,899,005)
(4,096,201)

Gross profit
  
991,228
421,445

Distribution costs
  
(74,941)
(70,825)

Administrative expenses
  
(1,450,368)
(1,906,582)

Operating loss
  
(534,081)
(1,555,962)

Interest payable and similar expenses
  
(43,942)
(111,933)

Loss before tax
  
(578,023)
(1,667,895)

Tax on loss
  
-
29,000

Loss for the financial period
  
(578,023)
(1,638,895)

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 10 to 17 form part of these financial statements.

Page 7


GRANTON MEDICAL LIMITED
REGISTERED NUMBER:03025366

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
1,031,067
960,995

  
1,031,067
960,995

Current assets
  

Stocks
  
542,677
461,313

Debtors: amounts falling due within one year
 6 
476,553
594,554

Cash at bank and in hand
 7 
95,093
70,411

  
1,114,323
1,126,278

Creditors: amounts falling due within one year
 8 
(2,862,441)
(2,209,163)

Net current liabilities
  
 
 
(1,748,118)
 
 
(1,082,885)

Total assets less current liabilities
  
(717,051)
(121,890)

Creditors: amounts falling due after more than one year
 9 
(22,834)
(39,972)

Net liabilities
  
(739,885)
(161,862)


Capital and reserves
  

Called up share capital 
  
1,000,000
1,000,000

Profit and loss account
  
(1,739,885)
(1,161,862)

  
(739,885)
(161,862)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





E Vero
Director

Date: 24 March 2025

The notes on pages 10 to 17 form part of these financial statements.

Page 8


GRANTON MEDICAL LIMITED


STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 May 2022
1,000,000
477,033
1,477,033



Loss for the period
-
(1,638,895)
(1,638,895)



At 1 July 2023
1,000,000
(1,161,862)
(161,862)



Loss for the period
-
(578,023)
(578,023)


AT 30 JUNE 2023
1,000,000
(1,739,885)
(739,885)


The notes on pages 10 to 17 form part of these financial statements.

Page 9


GRANTON MEDICAL LIMITED

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

1.


GENERAL INFORMATION

Granton Medical Limited is a private company limited by shares incorporated in England and Wales. The registered office is Parkway Close, Parkway Industrial Estate, Sheffield, S9 4WJ.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 10


GRANTON MEDICAL LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.3

REVENUE

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, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

OPERATING LEASES: THE COMPANY AS LESSEE

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

TAXATION

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Page 11


GRANTON MEDICAL LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.8

INTANGIBLE ASSETS

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.9

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
Office equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.11

DEBTORS

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.

 
2.12

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 12


GRANTON MEDICAL LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.13

CREDITORS

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


3.


EMPLOYEES

The average monthly number of employees, including directors, during the period was 33 (2023: 33).


4.


TAXATION


30 June
14 months ended
30 June
2024
2023
£
£



TOTAL CURRENT TAX
-
-

DEFERRED TAX


Adjustments in respect of prior periods
-
(29,000)

TOTAL DEFERRED TAX
-
(29,000)


TAX ON LOSS
-
(29,000)
Page 13


GRANTON MEDICAL LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
 
4.TAXATION (CONTINUED)


FACTORS AFFECTING TAX CHARGE FOR THE PERIOD

The tax assessed for the period is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25% (2023: 20.28%). The differences are explained below:

30 June
14 months ended
30 June
2024
2023
£
£


Loss on ordinary activities before tax
(578,023)
(1,667,895)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023: 20.28%)
(144,506)
(338,277)

EFFECTS OF:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
-
2,391

Capital allowances for period in excess of depreciation
568
79,888

Adjustments to tax charge in respect of prior periods
-
(29,000)

Remeasurement of deferred tax for changes in tax rate
-
(43,128)

Non-taxable income
(189)
-

Group relief
183,329
70,611

Movement in deferred tax not recognised
(39,202)
228,515

TOTAL TAX CHARGE FOR THE PERIOD
-
(29,000)


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.

Page 14


GRANTON MEDICAL LIMITED

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

5.


TANGIBLE FIXED ASSETS





Plant and machinery
Office equipment
Total

£
£
£



COST OR VALUATION


At 1 July 2023
3,518,989
82,886
3,601,875


Additions
128,155
142,072
270,227


Transfers between classes
(8,532)
8,532
-



At 30 June 2024

3,638,612
233,490
3,872,102



DEPRECIATION


At 1 July 2023
2,574,399
66,481
2,640,880


Charge for the period on owned assets
192,698
7,457
200,155



At 30 June 2024

2,767,097
73,938
2,841,035



NET BOOK VALUE



At 30 June 2024
871,515
159,552
1,031,067



At 30 June 2023
944,590
16,405
960,995

Page 15


GRANTON MEDICAL LIMITED

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

6.


DEBTORS

2024
2023
£
£


Trade debtors
386,007
507,898

Other debtors
-
300

Prepayments and accrued income
90,546
86,356

476,553
594,554



7.


CASH AND CASH EQUIVALENTS

2024
2023
£
£

Cash at bank and in hand
95,093
70,411

95,093
70,411



8.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Trade creditors
346,214
548,890

Amounts owed to group undertakings
2,265,343
1,356,003

Other taxation and social security
88,153
41,316

Obligations under finance lease and hire purchase contracts
17,138
16,228

Accruals and deferred income
145,593
246,726

2,862,441
2,209,163



9.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
22,834
39,972

22,834
39,972


Page 16


GRANTON MEDICAL LIMITED

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

10.


PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £22,344 (2023: £22,242). There were no contributions payable (2023: nil) to the fund at the reporting date.


11.


COMMITMENTS UNDER OPERATING LEASES

At 30 June 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
130,000
124,792

Later than 1 year and not later than 5 years
455,000
520,000

Later than 5 years
-
65,000

585,000
709,792


12.


RELATED PARTY TRANSACTIONS

At the year end Granton Medical Limited owed Westfield Medical Limited £1,272k (2023: £377k), this amount is included in amounts owed by group undertakings. 
In 2023, Sterimed UK Holdings the immediate parent, advanced a loan to Granton Medical Limited totalling £1,030k. During the year interest accrued on the loan totalling £39k (2023: £16k). The balance at the year end is £772k (2023: £978k) and is included in amounts owed by group undertakings. 


13.


CONTROLLING PARTY

The immediate parent company is Sterimed UK Holdings Limited, previously called Westfield Medical Group Limited, a private limited company incorporated in the United Kingdom. 
The ultimate parent undertaking is Sterimed International SAS, a private limited company incorporated in France. The smallest and largest group in which the results of the company are consolidated is headed by Sterimed International SAS. Copies of these financial statements are available from the registered office.

 
Page 17