REGISTERED NUMBER: |
| Report of the Directors and |
| Audited Financial Statements for the Year Ended 31 December 2024 |
for |
| Signature Medical Limited |
REGISTERED NUMBER: |
| Report of the Directors and |
| Audited Financial Statements for the Year Ended 31 December 2024 |
for |
| Signature Medical Limited |
Signature Medical Limited (Registered number: SC607129) |
Contents of the Financial Statements |
for the Year Ended 31 December 2024 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Report of the Independent Auditors | 4 |
Statement of Comprehensive Income | 7 |
Statement of Financial Position | 8 |
Statement of Changes in Equity | 9 |
Notes to the Financial Statements | 10 |
Signature Medical Limited |
Company Information |
for the Year Ended 31 December 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
INDEPENDENT AUDITORS: |
Statutory Auditor |
3rd Floor Pacific Chambers |
11-13 Victoria Street |
Liverpool |
Merseyside |
L2 5QQ |
Signature Medical Limited (Registered number: SC607129) |
Report of the Directors |
for the Year Ended 31 December 2024 |
The directors present their report with the audited financial statements of the company for the year ended 31 December 2024. |
PRINCIPAL ACTIVITY |
| The principal activity of the company in the year under review was that of surgical medical procedures. |
DIVIDENDS |
In the year, an interim dividend of £200,000 has been paid to the shareholders and a final dividend of £600,00 has been declared. |
RESEARCH AND DEVELOPMENT |
Details of any post balance sheet events have been provided within the notes to the financial statements. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report. |
Other changes in directors holding office are as follows: |
FINANCIAL INSTRUMENTS |
The company is exposed to various risks in relation to its financial instruments, the main areas of this risk being liquidity risk and customer credit exposure, and to a lesser extent interest rate risk. |
The company's risk management is coordinated by senior management, with close cooperation with the board of directors, and focuses on actively securing the company's short to medium-term cash flows by minimising the exposure to areas where the risks as identified are prevalent. The most significant risks to which the company is exposed to are described below: |
Liquidity risk |
The objective of the company is managing the liquidity risk to ensure that it can meet its financial obligations as they fall due. The company expects to meet its financial obligations through operating cash flows. In the event that the operating cash flows generated would not cover all financial obligations, the company has access to credit facilities. |
Customer credit exposure |
The company may offer credit terms to its customers which allow payment of debt after the completion of their procedure by the company. The company is therefore at risk to the extent that a customer may be unable to repay the debt due by the specified date. This risk is mitigated through the maintenance of strong customer relationships as well as the maintenance of regular contacts with those customers. |
Interest rate risk |
The company borrows from its lenders using either overdrafts or term loans when term depends on the nature of the asset and management's view of the future direction of the interest rates it would be exposed to. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
Signature Medical Limited (Registered number: SC607129) |
Report of the Directors |
for the Year Ended 31 December 2024 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued |
|
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, Haines Watts, 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 |
Signature Medical Limited |
Opinion |
| We have audited the financial statements of Signature Medical Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and 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 December 2024 and of its loss 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 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Directors has been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Signature Medical 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 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 pages two and 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. |
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. |
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: |
Based on our understanding of the company and the industry in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the acts by the company, which were contrary to applicable laws and regulations including fraud, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principle risks were related to inflated revenue and profit. |
Report of the Independent Auditors to the Members of |
Signature Medical Limited |
Audit procedures performed included: |
- | review of the financial statement disclosures to underlying supporting documentation; |
- | governance around actual and potential litigation and claims; |
- | enquiries with company's staff to identify any instances with non-compliance with laws and regulationsenquiries of management and review of monthly management accounts and reports in so far as they related to the financial statements; |
- | testing of journals and evaluating, whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud, and evaluating the business rationale of significant transactions outside the normal course of business; |
- | undertaking detailed substantive testing of material items and a sample of other items; |
- | consideration of the reasonableness of the figures and analytical review, including comparison with previous years and expected trends; and |
- | review of the compliance with and effectiveness of internal controls. |
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through 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. |
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 |
Statutory Auditor |
3rd Floor Pacific Chambers |
11-13 Victoria Street |
Liverpool |
Merseyside |
L2 5QQ |
Signature Medical Limited (Registered number: SC607129) |
Statement of Comprehensive Income |
for the Year Ended 31 December 2024 |
31.12.24 | 31.12.23 |
Notes | £ | £ | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Distribution costs |
Administrative expenses |
12,313,262 | 10,051,526 |
(2,023,748 | ) | (367,938 | ) |
Other operating income |
OPERATING PROFIT | 5 |
Exceptional expenses | 6 |
44,868 | 3,421,052 |
Interest receivable and similar income |
85,010 | 3,603,071 |
Interest payable and similar expenses | 7 |
PROFIT BEFORE TAXATION |
Tax on profit | 8 |
(LOSS)/PROFIT FOR THE FINANCIAL YEAR | ( | ) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | ( | ) |
Signature Medical Limited (Registered number: SC607129) |
Statement of Financial Position |
31 December 2024 |
31.12.24 | 31.12.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 | 1,471,309 | 1,108,481 |
Investments | 11 |
CURRENT ASSETS |
Debtors | 12 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT LIABILITIES | ( | ) | ( | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 14 | ( | ) |
PROVISIONS FOR LIABILITIES | 17 | ( | ) | ( | ) |
NET (LIABILITIES)/ASSETS | ( | ) |
CAPITAL AND RESERVES |
Called up share capital | 18 | 100 | 100 |
Retained earnings | 19 | (38,361 | ) | 988,451 |
SHAREHOLDERS' FUNDS | (38,261 | ) | 988,551 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Signature Medical Limited (Registered number: SC607129) |
Statement of Changes in Equity |
for the Year Ended 31 December 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2023 | 100 | 1,401,348 | 1,401,448 |
Changes in equity |
Dividends | - | (3,021,129 | ) | (3,021,129 | ) |
Total comprehensive income | - | 2,608,232 | 2,608,232 |
Balance at 31 December 2023 | 100 | 988,451 | 988,551 |
Changes in equity |
Dividends | - | (800,000 | ) | (800,000 | ) |
Total comprehensive income | - | (226,811 | ) | (226,811 | ) |
Balance at 31 December 2024 | 100 | (38,360 | ) | (38,260 | ) |
Signature Medical Limited (Registered number: SC607129) |
Notes to the Financial Statements |
for the Year Ended 31 December 2024 |
1. | STATUTORY INFORMATION |
Signature Medical Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirement of paragraph 3.17(d); |
• | the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); |
• | the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A; |
• | the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23; |
• | the requirements of paragraphs 29.28(b) and 29.29; |
• | the requirement of paragraph 33.7; |
• | the requirements of paragraph 24(b) of IFRS 6. |
Turnover |
Turnover is generated through the provision of surgical procedures. Transactions are initially recognised at cost, less the deposit paid by the customer, value added tax and other sales taxes, and is recognised at the point the procedures is performed. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Taxation |
|
Signature Medical Limited (Registered number: SC607129) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
|
Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
Cash and cash equivalents |
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks. |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's Statement of Financial Position when the company becomes party to the contractual provision of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Basic financial assets |
Basic financial assets, which include trade and other receivables and cash and cash equivalents, are initially measured at transaction price, including transaction costs, and are then subsequently carried at amortised cost using the effective interest method, less provision for impairment, unless arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future lease receipts discounted at a market rate of interest. |
Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and other receivables due with the operating cycle fall into this category of financial instruments. |
Signature Medical Limited (Registered number: SC607129) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
2. | ACCOUNTING POLICIES - continued |
Impairment of financial assets |
Financial assets are assessed for indicators of impairment at each reporting date. |
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying value amount and the present value of the future cash flows at the asset(s) original effective interest rate. |
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. |
Financial Liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after the deduction of its liabilities. |
Basic financial instruments, which include trade and other payables and bank loans are initially measured at their transaction price after transaction costs. When this constitute a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. |
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. |
Derecognition of financial assets |
Financial assets are derecognised when their contractual right to future cash flows expire, or are settled, or when the company transfers the asset and substantially all of the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when the company's contractual obligations expire, are discharged or cancelled. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by class of business is given below: |
31.12.24 | 31.12.23 |
£ | £ |
Signature Medical Limited (Registered number: SC607129) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
3. | TURNOVER - continued |
An analysis of turnover by geographical market is given below: |
31.12.24 | 31.12.23 |
£ | £ |
United Kingdom |
4. | EMPLOYEES AND DIRECTORS |
31.12.24 | 31.12.23 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
31.12.24 | 31.12.23 |
Surgical and medical staff |
Directors remuneration for the year: |
2024 | 2023 |
£ | £ |
Directors remuneration | 393,333 | 63,077 |
Directors social security | 50,513 | - |
Directors pension | 2,641 | - |
446,488 | 63,077 |
Details of the highest paid director: |
2024 |
£ |
Directors remuneration | 160,000 |
Directors social security | 20,825 |
Directors pension | 1,101 |
181,925 |
Signature Medical Limited (Registered number: SC607129) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
31.12.24 | 31.12.23 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Loss on disposal of fixed assets |
6. | EXCEPTIONAL ITEMS |
31.12.24 | 31.12.23 |
£ | £ |
Exceptional expenses | ( | ) |
| Included within exceptional items are a £1,573,972 connected company debtor write off due to the entity entering administration, and £451,824 of exceptional legal and professional fees. |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.12.24 | 31.12.23 |
£ | £ |
Interest payable |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.12.24 | 31.12.23 |
£ | £ |
Current tax: |
UK corporation tax |
Overprovision relating to prio r periods | (129,892 | ) | - |
Total current tax |
Deferred tax |
Tax on profit |
9. | DIVIDENDS |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Ordinary shares of £1 each |
| Interim dividend of £2,000.00 per share (2023: £0.00 per share) | 200,000 | - |
| Final dividend of £6,000.00 per share (2023: £0.00 per share) | 600,000 | - |
| Dividend in specie | - | 3,021,129 |
| 800,000 | 3,021,129 |
Signature Medical Limited (Registered number: SC607129) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
10. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 January 2024 | 815,909 | 495,444 | 25,690 |
Additions | 340,622 | 247,874 | 47,126 |
Disposals | - | (3,300 | ) | - |
At 31 December 2024 | 1,156,531 | 740,018 | 72,816 |
DEPRECIATION |
At 1 January 2024 | 134,260 | 154,183 | 13,288 |
Charge for year | 78,685 | 180,545 | 13,598 |
Eliminated on disposal | - | (69 | ) | - |
At 31 December 2024 | 212,945 | 334,659 | 26,886 |
NET BOOK VALUE |
At 31 December 2024 | 943,586 | 405,359 | 45,930 |
At 31 December 2023 | 681,649 | 341,261 | 12,402 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2024 | - | 102,338 | 1,439,381 |
Additions | 5,994 | 33,365 | 674,981 |
Disposals | - | - | (3,300 | ) |
At 31 December 2024 | 5,994 | 135,703 | 2,111,062 |
DEPRECIATION |
At 1 January 2024 | - | 29,170 | 330,901 |
Charge for year | 499 | 35,594 | 308,921 |
Eliminated on disposal | - | - | (69 | ) |
At 31 December 2024 | 499 | 64,764 | 639,753 |
NET BOOK VALUE |
At 31 December 2024 | 5,495 | 70,939 | 1,471,309 |
At 31 December 2023 | - | 73,168 | 1,108,480 |
Signature Medical Limited (Registered number: SC607129) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
11. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2024 |
and 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
The company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Registered office: 272 Bath Street, Glasgow, G2 4JR |
Nature of business: |
% |
Class of shares: | holding |
31.12.24 | 31.12.23 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: 132 Manchester Road, Rochdale, Greater Manchester, OL11 4JQ |
Nature of business: |
% |
Class of shares: | holding |
31.12.24 | 31.12.23 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: 132 Manchester Road, Rochdale, Greater Manchester, OL11 4JQ |
Nature of business: |
% |
Class of shares: | holding |
31.12.24 | 31.12.23 |
£ | £ |
Aggregate capital and reserves |
Signature Medical Limited (Registered number: SC607129) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
11. | FIXED ASSET INVESTMENTS - continued |
Registered office: 132 Manchester Road, Rochdale, Greater Manchester, OL11 4JQ |
Nature of business: |
% |
Class of shares: | holding |
31.12.24 | 31.12.23 |
£ | £ |
Aggregate capital and reserves |
Registered office: 132 Manchester Road, Rochdale, Greater Manchester, OL11 4JQ |
Nature of business: |
% |
Class of shares: | holding |
31.12.24 | 31.12.23 |
£ | £ |
Aggregate capital and reserves |
Registered office: 132 Manchester Road, Rochdale, Greater Manchester, OL11 4JQ |
Nature of business: |
% |
Class of shares: | holding |
31.12.24 | 31.12.23 |
£ | £ |
Aggregate capital and reserves | ( | ) |
Loss for the year | ( | ) |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.24 | 31.12.23 |
£ | £ |
Trade debtors |
Amounts owed by related undertakings |
Amounts owed by related undertakings | - | 2,113,973 |
Other debtors |
Directors' current accounts | 174 | - |
Prepayments and accrued income |
Signature Medical Limited (Registered number: SC607129) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.24 | 31.12.23 |
£ | £ |
Bank loans and overdrafts (see note 15) |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
VAT | 1,059,039 | 977,500 |
Other creditors |
Accruals and deferred income |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.24 | 31.12.23 |
£ | £ |
Bank loans (see note 15) |
15. | LOANS |
An analysis of the maturity of loans is given below: |
31.12.24 | 31.12.23 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
16. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.24 | 31.12.23 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
Signature Medical Limited (Registered number: SC607129) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
17. | PROVISIONS FOR LIABILITIES |
31.12.24 | 31.12.23 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Deferred tax | 123,111 | (170,473 | ) |
123,111 | 102,657 |
Deferred tax |
£ |
Balance at 1 January 2024 |
Charge to Statement of Comprehensive Income during year |
Balance at 31 December 2024 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.24 | 31.12.23 |
value: | £ | £ |
Ordinary | 1 | 100 | 100 |
19. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2024 |
Deficit for the year | ( | ) |
Dividends | ( | ) |
At 31 December 2024 | ( | ) |
20. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 31 December 2024 and 31 December 2023: |
| Dr S Sainudeen | 31.12.24 | 31.12.23 |
| £ | £ |
| Balance outstanding at start of year | - | 1,844,731 |
| Amounts advanced | 174 | 346,438 |
| Amounts repaid | - | (2,191,169 | ) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | 174 | - |
Signature Medical Limited (Registered number: SC607129) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
21. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions undertaken with entities which, at the point the transaction was undertaken, where wholly owned subsidiaries within the group. |
22. | ULTIMATE CONTROLLING PARTY |
The smallest group under which the consolidated accounts are drawn up to which includes Signature Medical Limited continues to be SS Medical Holdings Limited, this being a result of its controlling shareholding in Signature Medical Topco Limited, the immediate parent of the company. The consolidated accounts are available through Companies House, Crown Way, Cardiff, CF14 3UZ, its registered number being 13692100. |
The ultimate controlling party is deemed to be Sayani Sainudeen on account of their 100% shareholding in SS Medical Holdings Limited, who in turn have an indirect controlling shareholding of Signature Medical Limited through its controlling shareholding of Signature Medical Topco Limited. |
23. | GOING CONCERN |
The directors regularly assess the performance of the entity and future strategic plans. It is noted that there was a large connected company exceptional item write off in the year which affected the profit and loss account and balance sheet significantly. Going forward, the directors believe the company is a going concern and has financial support available to meet operational needs for a period of at least 12 months from the balance sheet date. |