REGISTERED NUMBER: |
MERCIAN SURGICAL SUPPLY CO. LTD |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
REGISTERED NUMBER: |
MERCIAN SURGICAL SUPPLY CO. LTD |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
MERCIAN SURGICAL SUPPLY CO. LTD (REGISTERED NUMBER: 00933463) |
CONTENTS OF THE FINANCIAL STATEMENTS |
For The Year Ended 31 JULY 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 4 |
Income Statement | 8 |
Other Comprehensive Income | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 11 |
Cash Flow Statement | 12 |
Notes to the Cash Flow Statement | 13 |
Notes to the Financial Statements | 14 |
MERCIAN SURGICAL SUPPLY CO. LTD |
COMPANY INFORMATION |
For The Year Ended 31 JULY 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Certified Accountants |
and Statutory Auditors |
8 Church Green East |
Redditch |
Worcestershire |
B98 8BP |
MERCIAN SURGICAL SUPPLY CO. LTD (REGISTERED NUMBER: 00933463) |
STRATEGIC REPORT |
For The Year Ended 31 JULY 2024 |
The directors present their strategic report for the year ended 31 July 2024. |
PRINCIPAL ACTIVITIES |
The company's principal activity is that of specialist suppliers of surgical instruments and equipment to the healthcare sector. |
REVIEW OF THE BUSINESS |
The year under review discloses a consolidation of the growth of the company's business achieved in the previous year. The directors expect, that despite the financial pressures present in the healthcare marketplace, a similar trading performance in the forthcoming year. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The directors are aware of the increased competitiveness of the sector and together with NHS cost saving initiatives and the move towards e-procurement and its associated costs will pose further challenges in the future. The directors' strategy will be to maintain the core strength of the company and to ensure, as far as possible, that those future uncertainties are given due consideration in planning the future growth and development of the company. |
RESULTS AND PERFORMANCE |
Turnover for the year has shown a satisfactory increase over the previous year and overall gross profit margins were maintained. Operating costs were well controlled and were in line with budgeted costs. In the view of the directors the company performed satisfactorily and in line with their expectations. |
ON BEHALF OF THE BOARD: |
MERCIAN SURGICAL SUPPLY CO. LTD (REGISTERED NUMBER: 00933463) |
REPORT OF THE DIRECTORS |
For The Year Ended 31 JULY 2024 |
The directors present their report with the financial statements of the company for the year ended 31 July 2024. |
DIVIDENDS |
An interim dividend of |
The total distribution of dividends for the year ended 31 July 2024 will be £ |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 August 2023 to the date of this report. |
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. |
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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Charles Lovell & Co 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 |
MERCIAN SURGICAL SUPPLY CO. LTD |
Opinion |
We have audited the financial statements of Mercian Surgical Supply Co. Ltd (the 'company') for the year ended 31 July 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 31 July 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 |
MERCIAN SURGICAL SUPPLY CO. LTD |
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 three, 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 |
MERCIAN SURGICAL SUPPLY CO. LTD |
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: |
The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud and error; and to respond appropriately to those risks. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). |
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following: |
- We obtained an understanding of the legal and regulatory frameworks applicable to the Company and the nature of the industry and the sector in which they operate. We determined that the following laws and regulations were most significant; the Companies Act 2006, the UK Corporate Governance Code and UK corporate taxation laws. |
- We obtained an understanding of how the Company are complying with those legal and regulatory frameworks by making inquiries with the management of the Company and the Company's audit department. |
- We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the Audit engagement team included: |
- identifying and assessing the design effectiveness of controls that management has in place to |
prevent and detect fraud. |
- Understanding how those charged with governance considered and addressed the potential for |
override of controls or other inappropriate influence over the financial reporting process. |
- challenging assumptions and judgements made by management in its significant accounting |
estimates. |
- identifying and testing journal enteries and performing analytical procedures to identify any unusual |
or unexpected relationships that may indicate risks of material misstatement due to fraud. |
- assessing the extent of compliance with the relevant laws and regulations. |
- We also communicated relevant identified laws and regulations and potential fraud risk 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 Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MERCIAN SURGICAL SUPPLY CO. LTD |
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 Certified Accountants |
and Statutory Auditors |
8 Church Green East |
Redditch |
Worcestershire |
B98 8BP |
MERCIAN SURGICAL SUPPLY CO. LTD (REGISTERED NUMBER: 00933463) |
INCOME STATEMENT |
For The Year Ended 31 JULY 2024 |
31.7.24 | 31.7.23 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
3,423,829 | 2,813,685 |
Other operating income |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
3,723,920 | 2,886,173 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL YEAR |
MERCIAN SURGICAL SUPPLY CO. LTD (REGISTERED NUMBER: 00933463) |
OTHER COMPREHENSIVE INCOME |
For The Year Ended 31 JULY 2024 |
31.7.24 | 31.7.23 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME |
Profit and loss account reserve | ( | ) |
Fair value reserve |
OTHER COMPREHENSIVE INCOME FOR THE YEAR | ( | ) |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
MERCIAN SURGICAL SUPPLY CO. LTD (REGISTERED NUMBER: 00933463) |
BALANCE SHEET |
31 JULY 2024 |
31.7.24 | 31.7.23 |
Notes | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
Investment property | 10 |
CURRENT ASSETS |
Stocks | 11 |
Debtors | 12 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 14 | ( | ) |
PROVISIONS FOR LIABILITIES | 17 | ( | ) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Capital redemption reserve | 19 |
Fair value reserve | 19 |
Retained earnings | 19 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
MERCIAN SURGICAL SUPPLY CO. LTD (REGISTERED NUMBER: 00933463) |
STATEMENT OF CHANGES IN EQUITY |
For The Year Ended 31 JULY 2024 |
Called up | Capital | Fair |
share | Retained | redemption | value | Total |
capital | earnings | reserve | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 August 2022 |
Changes in equity |
Dividends | - | ( | ) | - | - | ( | ) |
Total comprehensive income | - |
Balance at 31 July 2023 |
Changes in equity |
Dividends | - | ( | ) | - | - | ( | ) |
Total comprehensive income | - |
Balance at 31 July 2024 |
MERCIAN SURGICAL SUPPLY CO. LTD (REGISTERED NUMBER: 00933463) |
CASH FLOW STATEMENT |
For The Year Ended 31 JULY 2024 |
31.7.24 | 31.7.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( | ) |
Tax paid | ( | ) | ( | ) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( | ) | ( | ) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities |
Cash flows from financing activities |
Capital repayments in year | ( | ) | ( | ) |
Equity dividends paid | ( | ) | ( | ) |
Net cash from financing activities | ( | ) | ( | ) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year | 2 | 8,178,821 |
Cash and cash equivalents at end of year | 2 | 9,407,867 | 8,446,481 |
MERCIAN SURGICAL SUPPLY CO. LTD (REGISTERED NUMBER: 00933463) |
NOTES TO THE CASH FLOW STATEMENT |
For The Year Ended 31 JULY 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.7.24 | 31.7.23 |
£ | £ |
Profit before taxation |
Depreciation charges |
Loss/(profit) on disposal of fixed assets | ( | ) |
Gain on revaluation of fixed assets | (142,764 | ) | - |
Finance costs | 3,648 | - |
Finance income | (249,957 | ) | (54,266 | ) |
3,449,650 | 2,920,715 |
Increase in stocks | ( | ) | ( | ) |
Increase in trade and other debtors | ( | ) | ( | ) |
Increase 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 31 July 2024 |
31.7.24 | 1.8.23 |
£ | £ |
Cash and cash equivalents | 9,407,867 | 8,446,481 |
Year ended 31 July 2023 |
31.7.23 | 1.8.22 |
£ | £ |
Cash and cash equivalents | 8,446,481 | 8,178,821 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.8.23 | Cash flow | At 31.7.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 8,446,481 | 961,386 | 9,407,867 |
8,446,481 | 9,407,867 |
Debt |
Finance leases | (19,081 | ) | 19,081 | - |
(19,081 | ) | 19,081 | - |
Total | 8,427,400 | 980,467 | 9,407,867 |
MERCIAN SURGICAL SUPPLY CO. LTD (REGISTERED NUMBER: 00933463) |
NOTES TO THE FINANCIAL STATEMENTS |
For The Year Ended 31 JULY 2024 |
1. | STATUTORY INFORMATION |
Mercian Surgical Supply Co. Ltd 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. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter. |
Land & Buildings - 2% on cost of buildings, straight line over 125 years and Nil on land |
Fixtures & equipment - 20% on reducing balance |
Motor vehicles - 30% on reducing balance |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
Financial instruments are recognised only when the company becomes a party to the contractual provisions of the instrument. |
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship. |
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. |
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. |
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. |
MERCIAN SURGICAL SUPPLY CO. LTD (REGISTERED NUMBER: 00933463) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 JULY 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Research and development |
Research expenditure is recognised as an expense as incurred. Costs incurred on development projects (relating to the design and testing of new or improved products) are recognised as intangible assets when it is probable that the project will be a success, considering its commercial and technological feasibility, but only if the cost can be measured reliably. |
Other development expenditure is recognised as an expense as incurred. |
Development costs previously recognised as an expense are not recognised as an asset in a subsequent period. |
Development costs which have been capitalised are amortised from the date the product is available for use on a straight line basis over the period of its expected benefit. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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 percentage of turnover that in the opinion of the directors is attributable to markets outside the UK is 8% (2023: 8%). |
MERCIAN SURGICAL SUPPLY CO. LTD (REGISTERED NUMBER: 00933463) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 JULY 2024 |
4. | EMPLOYEES AND DIRECTORS |
31.7.24 | 31.7.23 |
£ | £ |
Wages and salaries |
Other pension costs |
The average number of employees during the year was as follows: |
31.7.24 | 31.7.23 |
Directors | 3 | 3 |
Administrative and sales | 12 | 12 |
Production | 10 | 10 |
31.7.24 | 31.7.23 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
Information regarding the highest paid director is as follows: |
31.7.24 | 31.7.23 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
31.7.24 | 31.7.23 |
£ | £ |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Loss/(profit) on disposal of fixed assets | ( | ) |
Auditors' remuneration |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.7.24 | 31.7.23 |
£ | £ |
Interest payable |
MERCIAN SURGICAL SUPPLY CO. LTD (REGISTERED NUMBER: 00933463) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 JULY 2024 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.7.24 | 31.7.23 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax | ( | ) |
Tax on profit |
Tax effects relating to effects of other comprehensive income |
31.7.24 |
Gross | Tax | Net |
£ | £ | £ |
Profit and loss account reserve | ( | ) | - | (142,764 | ) |
Fair value reserve | - | 107,073 |
(35,691 | ) | - | (35,691 | ) |
8. | DIVIDENDS |
31.7.24 | 31.7.23 |
£ | £ |
Ordinary shares of £1 each |
Interim |
9. | TANGIBLE FIXED ASSETS |
Land & | Plant and | Fixtures | Motor |
Buildings | machinery | & equipment | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 August 2023 |
Additions |
Disposals | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) |
At 31 July 2024 |
DEPRECIATION |
At 1 August 2023 |
Charge for year |
Eliminated on disposal | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
Included in cost of land and buildings is leasehold land of £400,000 (2023 - £400,000) which is not depreciated. |
MERCIAN SURGICAL SUPPLY CO. LTD (REGISTERED NUMBER: 00933463) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 JULY 2024 |
9. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 August 2023 |
Disposals | ( | ) |
At 31 July 2024 |
DEPRECIATION |
At 1 August 2023 |
Charge for year |
Eliminated on disposal | ( | ) |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
10. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
Additions |
Revaluations | 142,764 |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
Fair value at 31 July 2024 is represented by: |
£ |
Valuation in 2024 | 142,764 |
Cost | 457,236 |
600,000 |
The investment property has not had a professional valuation. |
The directors are of the opinion that the current value of the property is in the region of £600,000 and this valuation has been reflected in the July 2024 accounts. |
11. | STOCKS |
31.7.24 | 31.7.23 |
£ | £ |
Stocks |
MERCIAN SURGICAL SUPPLY CO. LTD (REGISTERED NUMBER: 00933463) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 JULY 2024 |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.24 | 31.7.23 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.24 | 31.7.23 |
£ | £ |
Hire purchase contracts (see note 15) |
Trade creditors |
Corporation tax |
Social security and other taxes |
VAT |
Accrued expenses |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.7.24 | 31.7.23 |
£ | £ |
Hire purchase contracts (see note 15) |
15. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
31.7.24 | 31.7.23 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
31.7.24 | 31.7.23 |
£ | £ |
Within one year |
Between one and five years |
MERCIAN SURGICAL SUPPLY CO. LTD (REGISTERED NUMBER: 00933463) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 JULY 2024 |
15. | LEASING AGREEMENTS - continued |
31.7.24 | 31.7.23 |
Rental Income: |
Within one year | 46,278 | 46,278 |
Between one and five years | 115,696 | 161,974 |
161,974 | 208,252 |
16. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.7.24 | 31.7.23 |
£ | £ |
Hire purchase contracts | - | 19,081 |
On 27 February 2017 a fixed and floating charge (covering all property or undertaking of the company) was created in favour of National Westminster Bank PLC. |
17. | PROVISIONS FOR LIABILITIES |
31.7.24 | 31.7.23 |
£ | £ |
Deferred tax | 31,285 | - |
Deferred |
tax |
£ |
Provided during year |
Balance at 31 July 2024 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.7.24 | 31.7.23 |
value: | £ | £ |
Ordinary | £1 | 290 | 290 |
19. | RESERVES |
Capital | Fair |
Retained | redemption | value |
earnings | reserve | reserve | Totals |
£ | £ | £ | £ |
At 1 August 2023 | 12,092,572 |
Profit for the year |
Dividends | ( | ) | ( | ) |
Revaluation | (142,764 | ) | - | 142,764 | - |
Deferred tax | - | - | (35,691 | ) | (35,691 | ) |
At 31 July 2024 | 13,084,055 |
MERCIAN SURGICAL SUPPLY CO. LTD (REGISTERED NUMBER: 00933463) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 JULY 2024 |
20. | RELATED PARTY DISCLOSURES |
During the year, |
21. | ULTIMATE CONTROLLING PARTY |