REGISTERED NUMBER: |
STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
MEDICAL WIRE & EQUIPMENT |
CO.(BATH)LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
MEDICAL WIRE & EQUIPMENT |
CO.(BATH)LIMITED |
MEDICAL WIRE & EQUIPMENT |
CO.(BATH)LIMITED (REGISTERED NUMBER: 00571118) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 5 |
Report of the Independent Auditors | 7 |
Income Statement | 11 |
Other Comprehensive Income | 12 |
Balance Sheet | 13 |
Statement of Changes in Equity | 14 |
Cash Flow Statement | 15 |
Notes to the Cash Flow Statement | 16 |
Notes to the Financial Statements | 17 |
MEDICAL WIRE & EQUIPMENT |
CO.(BATH)LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and |
Statutory Auditors |
7 Northumberland Buildings |
Bath |
Avon |
BA1 2JB |
MEDICAL WIRE & EQUIPMENT |
CO.(BATH)LIMITED (REGISTERED NUMBER: 00571118) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 30 JUNE 2024 |
Introduction |
The Directors have pleasure in presenting their Strategic Report together with the audited accounts of Medical Wire & Equipment Co. (Bath) Limited ('MWE' or the 'Company') for the year ended 30 June 2024. |
All references to 2024 in the Strategic Report and the Financial Statements refer to the financial year ended 30 June 2024 or as at 30 June 2024 as appropriate. |
Ownership |
MWE is a subsidiary undertaking of Temuka limited, a company registered in England and Wales, which owns 44.6% of the voting rights in the company (2023: 44.6%). There has been no change in ownership during the year. |
Principal activities |
There has been no change in the Company's principal activity, which continues to be the manufacture and sale of diagnostic and specimen collection devices for healthcare, food, pharma and forensic sectors. |
In addition to direct channels to market, the Company leverages an extensive global network of distributors to sell its UK manufactured products in various geographic markets. |
The Company's products are certified to various standards and are CE marked class 1 and class 11a medical devices, Class A In Vitro medical devices, certified and manufactured in accordance with ISO 13485:2016, and MDSAP requirements. The products are registered in the UK, EU, and other global markets including the USA (FDA), Canada, and Australia. Clinical and non-clinical products are certified and manufactured in accordance with ISO9001:2015. Transwab products comply with the CLSI standard M40-A2 (for Quality Control of microbiology Specimen Transport Devices). |
Key Developments |
During the global Covid-19 pandemic, the company provided considerable support to UK and global health agencies. This led the company to substantially increase its productive capacity through both greater automation and bolstering its resource and productive footprint. Additionally, the company invested heavily in inventory at a time when there was considerable uncertainty as to the future level of demand for such products. |
During the year under review, demand for the company's products has diminished greatly from what was seen during the height of the pandemic and the company has found it difficult to match its short shelf-life stock of inventory with market demand. Consequently, the directors have written-off inventory during the year to a greater extent than the provisions the company had made in previous years. This has contributed significantly to the trading loss reported by the company. |
Whilst revenue contracted during the year, the directors and senior management team have identified strategies and markets that they are confident will help the company return to growth during the 2025 financial year and beyond. |
Principal risks and uncertainties |
The principal risks and uncertainties that could impact MWE's future performance include the following: |
- The macro-economic climate and the condition of global public finances either of which, in unison or in isolation could have an effect of the demand for the company's products; |
- Global inflation - the effect of which may yield pressure on the margin the company earns on its activities; |
- Unexpected changes to customer contracts; |
- New regulatory legislation; |
- Availability of raw materials; |
- Loss of experienced key personnel; |
These risks and uncertainties are mitigated by the close management and expertise of the management team. |
MEDICAL WIRE & EQUIPMENT |
CO.(BATH)LIMITED (REGISTERED NUMBER: 00571118) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 30 JUNE 2024 |
KPIs |
During what might be referred to as the "pandemic years", the directors used a number of KPIs to measure the attainment of strategic objectives. These included turnover and turnover growth; sums invested in strategic capital expenditure; and, retention of profits as measured by growth in net assets. The company achieved considerable success against these measures during the pandemic years. |
In the future, the directors believe that KPIs such as turnover growth; gross profit margin; key operating costs relatives to sales; and, EBITDA and free cash flow will be of greater importance and the directors will report on such KPIs from 2025 onwards. |
Business Review |
With the last of the pandemic related trade having occurred in 2023, turnover in 2024 contracted to £10.4m (FY 23 £15.1m). Changes in sales mix and stock write-offs meant that gross profit margin reduced from 42.3% in 2023 to 39.1% in the year. |
The directors are working hard to realign the company's productive capacity, footprint and operating costs all of which had witnessed expansion in response to the pandemic. Whilst achieving a measure of success, such initiatives will continue into 2025 and therefore the full benefits are yet to be realised. Such measures include: |
- Consolidating footprint across various operating sites |
- Improving productive efficiencies |
- Ensuring business support functions are aligned with and appropriate to the company's sales growth strategy |
Such initiatives, together with a clear sales plan, the directors are confident that the company will return to profitable growth. |
With the benefit of such measures not being fully realised and with the cost of dealing with pandemic overstocking, the company reported a profit before tax in the year of £91,210, compared to a profit in 2023 of £1,020,945. EBITDA in 2024 remained positive at £304,065, compared to £1,533,496 in the previous year. |
2025 Update: The Directors are pleased that during the 2025, sales growth and implementation of measures mentioned above have improved margins and therefore led to a stronger trading position. |
Research & development |
MWE continues to invest in research and development to initiate changes to product and process developments. The COVID-19 pandemic has accelerated change in medical diagnostics and the Company is investing to ensure its products remain at the forefront. |
Future developments |
The directors expect demand in its core markets to remain steady and see growth stemming from new markets and new product development. The directors have identified strategies to take advantage of such opportunities. |
MEDICAL WIRE & EQUIPMENT |
CO.(BATH)LIMITED (REGISTERED NUMBER: 00571118) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 30 JUNE 2024 |
Post balance sheet events |
There were no significant post balance sheet events. |
ON BEHALF OF THE BOARD: |
MEDICAL WIRE & EQUIPMENT |
CO.(BATH)LIMITED (REGISTERED NUMBER: 00571118) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 JUNE 2024 |
The directors present their report with the financial statements of the company for the year ended 30 June 2024. |
DIVIDENDS |
Interim dividends per share were paid as follows: |
Ordinary £1 shares | - |
Ordinary B non-voting £1 shares | - |
Ordinary C non-voting £1 shares | - |
The directors recommend that no final dividends be paid. |
The total distribution of dividends for the year ended 30 June 2024 will be £ |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report. |
STATEMENT OF MARKET VALUE OF LAND AND BUILDINGS |
The Directors are unable to estimate the value of the Company's leasehold land and premises but the value exceeds the amount shown in the balance sheet. The Directors offer to conduct any shareholder over the Company's property and supply full details and information to enable the shareholder to form his own opinion of the value. |
DISCLOSURE IN THE STRATEGIC REPORT |
In accordance with section 414C of the Companies Act 2006 the directors have chosen to disclose the following information in the Strategic report: |
Principal risks and uncertainties |
Business Review |
Factors likely to impact the Company's future performance; and |
Research and development activities. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently; |
- | make judgements 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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. |
MEDICAL WIRE & EQUIPMENT |
CO.(BATH)LIMITED (REGISTERED NUMBER: 00571118) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 JUNE 2024 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, PG Owen Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MEDICAL WIRE & EQUIPMENT |
CO.(BATH)LIMITED |
Opinion |
We have audited the financial statements of Medical Wire & Equipment Co.(Bath)Limited (the 'company') for the year ended 30 June 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The 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 profit for the year 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 UK, including the FRC'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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our 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. |
In connection with our audit of the financial statements, 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 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. |
Opinions 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MEDICAL WIRE & EQUIPMENT |
CO.(BATH)LIMITED |
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 Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where 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. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MEDICAL WIRE & EQUIPMENT |
CO.(BATH)LIMITED |
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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows; |
- the engagement partner ensured that the engagement team collectively had the appropriate competence, |
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
- we identified the laws and regulations applicable to the company through discussions with directors and other |
management, and from commercial knowledge and experience of the manufacturing and supply of laboratory, pharmaceutical and medical and nursing supplies and equipment sector. |
- we focused on specific laws and regulations which we considered may have a direct material effect on the |
financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and |
data protection,anti-bribery, employment, environmental and health and safety legislation; |
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of |
management and inspecting legal correspondence; and |
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to |
instances of non-compliance throughout the audit |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by; |
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of |
actual, suspected and alleged fraud; |
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;and |
- understanding the design of the company's remuneration policies. |
To address the risk of fraud through management bias and override of controls, we; |
- performed analytical procedures to identify any unusual or unexpected relationships; |
- tested journal entries to identify unusual transactions; |
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of |
potential bias; and |
- investigated the the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- agreeing financial statement disclosures to underlying supporting documentation |
- reading the minutes of meetings of those charged with governance; |
- enquiring of management as to actual and potential litigation and claims; and |
- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.Auditing standards also limit the the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
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 Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MEDICAL WIRE & EQUIPMENT |
CO.(BATH)LIMITED |
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 2006. Our 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 a Report of the Auditors 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. |
for and on behalf of |
Chartered Accountants and |
Statutory Auditors |
7 Northumberland Buildings |
Bath |
Avon |
BA1 2JB |
MEDICAL WIRE & EQUIPMENT |
CO.(BATH)LIMITED (REGISTERED NUMBER: 00571118) |
INCOME STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING (LOSS)/PROFIT | 5 | ( |
) |
Interest receivable and similar income |
91,887 | 1,023,938 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
MEDICAL WIRE & EQUIPMENT |
CO.(BATH)LIMITED (REGISTERED NUMBER: 00571118) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
MEDICAL WIRE & EQUIPMENT |
CO.(BATH)LIMITED (REGISTERED NUMBER: 00571118) |
BALANCE SHEET |
30 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 16 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Share premium | 18 |
Retained earnings | 18 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
MEDICAL WIRE & EQUIPMENT |
CO.(BATH)LIMITED (REGISTERED NUMBER: 00571118) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 JUNE 2024 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 July 2022 |
Changes in equity |
Dividends | - | (4,326,528 | ) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 30 June 2023 |
Changes in equity |
Dividends | - | (1,261,850 | ) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 30 June 2024 |
MEDICAL WIRE & EQUIPMENT |
CO.(BATH)LIMITED (REGISTERED NUMBER: 00571118) |
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Interest element of finance lease payments paid |
( |
) |
( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Interest received |
Net cash from investing activities | ( |
) |
Cash flows from financing activities |
Loan repayments in year | ( |
) |
Finance lease repayments | ( |
) | ( |
) |
Amount withdrawn by directors | (648,773 | ) | 89,404 |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Decrease in cash and cash equivalents | ( |
) | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
19,418,188 |
Cash and cash equivalents at end of year | 2 | 17,546,146 |
MEDICAL WIRE & EQUIPMENT |
CO.(BATH)LIMITED (REGISTERED NUMBER: 00571118) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation |
Depreciation charges |
Finance costs | 677 | 2,993 |
Finance income | (548,216 | ) | (372,873 | ) |
304,742 | 1,536,489 |
Decrease in stocks |
(Increase)/decrease in trade and other debtors | ( |
) |
Increase/(decrease) in trade and other creditors | ( |
) |
Cash generated from operations | ( |
) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 June 2024 |
30.6.24 | 1.7.23 |
£ | £ |
Cash and cash equivalents | 11,903,000 | 17,546,146 |
Bank overdrafts | ( |
) |
11,752,847 | 17,546,146 |
Year ended 30 June 2023 |
30.6.23 | 1.7.22 |
£ | £ |
Cash and cash equivalents | 17,546,146 | 19,418,188 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.7.23 | Cash flow | At 30.6.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 17,546,146 | (5,643,146 | ) | 11,903,000 |
Bank overdrafts | - | (150,153 | ) | (150,153 | ) |
17,546,146 | ( |
) | 11,752,847 |
Debt |
Finance leases | (28,437 | ) | 28,437 | - |
Debts falling due within 1 year | (10,526 | ) | (226 | ) | (10,752 | ) |
(38,963 | ) | 28,211 | (10,752 | ) |
Total | 17,507,183 | (5,765,088 | ) | 11,742,095 |
MEDICAL WIRE & EQUIPMENT |
CO.(BATH)LIMITED (REGISTERED NUMBER: 00571118) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
1. | STATUTORY INFORMATION |
Medical Wire & Equipment Co.(Bath)Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the 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. |
Fixed assets |
Fixed Assets are stated at cost less accumulated depreciation, calculated to write off the cost of each asset over its expected useful life as follows; |
On a straight line basis: |
Improvements to property 4% |
Motor Vehicles 20% |
On a reducing balance basis: |
Fixtures and fittings 10%, 20% & 30% |
Plant and machinery 20% |
The company reviews the carrying amount of its assets at the end of the year to determine whether there has been any impairment on the recoverability of the carrying amount and makes adjustments as necessary. |
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. |
MEDICAL WIRE & EQUIPMENT |
CO.(BATH)LIMITED (REGISTERED NUMBER: 00571118) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
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 rate 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. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by geographical market is given below: |
2024 | 2023 |
£ | £ |
United Kingdom |
Europe |
Rest of the World | 1,882,685 | 2,203,831 |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Production | 58 | 89 |
Administration | 36 | 42 |
MEDICAL WIRE & EQUIPMENT |
CO.(BATH)LIMITED (REGISTERED NUMBER: 00571118) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
4. | EMPLOYEES AND DIRECTORS - continued |
2024 | 2023 |
£ | £ |
Directors' remuneration |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director is as follows: |
2024 | 2023 |
£ | £ |
Emoluments etc |
5. | OPERATING (LOSS)/PROFIT |
The operating loss (2023 - operating profit) is stated after charging: |
2024 | 2023 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Depreciation - assets on finance leases |
Auditors' remuneration |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Hire purchase |
7. | TAXATION |
Analysis of the tax (credit)/charge |
The tax (credit)/charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax |
Over-provision prior year | (64,516 | ) | 39,552 |
Total current tax |
Deferred tax | ( |
) |
Tax on profit | ( |
) |
MEDICAL WIRE & EQUIPMENT |
CO.(BATH)LIMITED (REGISTERED NUMBER: 00571118) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
8. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary shares of £1 each |
Interim |
Ordinary B non-voting shares of £1 each |
Interim |
Ordinary C non-voting shares of £1 each |
Interim |
9. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and | Motor |
property | machinery | Equipment | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 July 2023 |
Additions |
Reclassification/transfer | ( |
) |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
MEDICAL WIRE & EQUIPMENT |
CO.(BATH)LIMITED (REGISTERED NUMBER: 00571118) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
9. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under finance leases are as follows: |
Plant and |
machinery |
£ |
COST |
At 1 July 2023 |
Transfer to ownership | (194,512 | ) |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
Transfer to ownership | (120,328 | ) |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
10. | STOCKS |
2024 | 2023 |
£ | £ |
Stocks |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Directors' current accounts | 471,106 | - |
Prepayments and accrued income |
Included in other debtors are advance payments of £770,954 (2023 - £694,093) for the purchase of fixed assets which had not been received by the year end. |
MEDICAL WIRE & EQUIPMENT |
CO.(BATH)LIMITED (REGISTERED NUMBER: 00571118) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts (see note 13) |
Finance leases (see note 14) |
Trade creditors |
Tax |
Social security and other taxes |
Other creditors |
Directors' current accounts | 813 | 178,480 |
Accruals and deferred income |
13. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
Bank loans |
14. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Finance leases |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
MEDICAL WIRE & EQUIPMENT |
CO.(BATH)LIMITED (REGISTERED NUMBER: 00571118) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
15. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank overdraft |
Bank loans |
The above are secured by a debenture over the company's undertaking and assets. |
16. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 525,520 | 586,176 |
Deferred |
tax |
£ |
Balance at 1 July 2023 |
Credit to Income Statement during year | ( |
) |
Balance at 30 June 2024 |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 13,000 | 13,000 |
Ordinary B non-voting | £1 | 4,395 | 4,395 |
Ordinary C non-voting | £1 | 1,000 | 1,000 |
18,395 | 18,395 |
18. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 July 2023 | 21,834,929 | 187,000 | 22,021,929 |
Profit for the year | 108,751 | 108,751 |
Dividends | (1,261,850 | ) | (1,261,850 | ) |
At 30 June 2024 | 20,681,830 | 187,000 | 20,868,830 |
19. | ULTIMATE PARENT COMPANY |
The company is a subsidiary undertaking of Temuka limited, a company registered in England and Wales, which owns 44.6% (2023 - 44.6%) of its share capital and exercises a dominant influence. |
MEDICAL WIRE & EQUIPMENT |
CO.(BATH)LIMITED (REGISTERED NUMBER: 00571118) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
20. | RELATED PARTY DISCLOSURES |
The company has charged interest at the official rate on the overdrawn Director loan accounts. |
During the year, the company paid £340,500 (2023 : £220,000) to Temuka Limited for rent of property, equipment and office equipment. |
The company made sales to Temuka Limited totalling £8,408 (2023 : £32,353). |
The company also paid dividends of £58,000 (2023 : £623,500) to Temuka Limited during the year. |