IRIS Accounts Productionv25.1.4.42SC607129Board of Directors1.1.2431.12.2431.12.24Medium entitiestruefalsetruetruefalsefalsetruetruetruetruetruefalseThese accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime.Ordinary1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC6071292023-12-31SC6071292024-12-31SC6071292024-01-012024-12-31SC6071292022-12-31SC6071292023-01-012023-12-31SC6071292023-12-31SC607129ns15:Scotland2024-01-012024-12-31SC607129ns14:PoundSterling2024-01-012024-12-31SC607129ns10:Director12024-01-012024-12-31SC607129ns10:PrivateLimitedCompanyLtd2024-01-012024-12-31SC607129ns10:MediumEntities2024-01-012024-12-31SC607129ns10:Audited2024-01-012024-12-31SC607129ns10:Medium-sizedCompaniesRegimeForDirectorsReport2024-01-012024-12-31SC607129ns10:Medium-sizedCompaniesRegimeForAccounts2024-01-012024-12-31SC607129ns10:FullAccounts2024-01-012024-12-31SC607129ns10:OrdinaryShareClass12024-01-012024-12-31SC607129ns10:Director32024-01-012024-12-31SC607129ns10:Director42024-01-012024-12-31SC607129ns10:RegisteredOffice2024-01-012024-12-31SC607129ns10:Director22024-01-012024-12-31SC607129ns5:CurrentFinancialInstruments2024-12-31SC607129ns5:CurrentFinancialInstruments2023-12-31SC607129ns5:Non-currentFinancialInstruments2024-12-31SC607129ns5:Non-currentFinancialInstruments2023-12-31SC607129ns5:ShareCapital2024-12-31SC607129ns5:ShareCapital2023-12-31SC607129ns5:RetainedEarningsAccumulatedLosses2024-12-31SC607129ns5:RetainedEarningsAccumulatedLosses2023-12-31SC607129ns5:ShareCapital2022-12-31SC607129ns5:RetainedEarningsAccumulatedLosses2022-12-31SC607129ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-31SC607129ns5:RetainedEarningsAccumulatedLosses2024-01-012024-12-31SC607129ns5:LandBuildingsns5:OwnedOrFreeholdAssets2024-01-012024-12-31SC607129ns5:PlantMachinery2024-01-012024-12-31SC607129ns5:FurnitureFittings2024-01-012024-12-31SC607129ns5:MotorVehicles2024-01-012024-12-31SC607129ns5:ComputerEquipment2024-01-012024-12-31SC607129ns5:ReportableOperatingSegment12024-01-012024-12-31SC607129ns5:ReportableOperatingSegment12023-01-012023-12-31SC607129ns5:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount2024-01-012024-12-31SC607129ns5:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount2023-01-012023-12-31SC607129ns15:UnitedKingdom2024-01-012024-12-31SC607129ns15:UnitedKingdom2023-01-012023-12-31SC607129ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2024-01-012024-12-31SC607129ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2023-01-012023-12-31SC607129ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2024-01-012024-12-31SC607129ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2023-01-012023-12-31SC607129ns5:OwnedAssets2024-01-012024-12-31SC607129ns5:OwnedAssets2023-01-012023-12-31SC607129ns5:CostValuation2023-12-31SC607129ns5:Subsidiary12024-01-012024-12-31SC6071291ns5:Subsidiary12024-01-012024-12-31SC607129ns5:Subsidiary12024-12-31SC607129ns5:Subsidiary12023-12-31SC607129ns5:Subsidiary12023-01-012023-12-31SC607129ns5:Subsidiary22024-01-012024-12-31SC607129ns5:Subsidiary232024-01-012024-12-31SC607129ns5:Subsidiary22024-12-31SC607129ns5:Subsidiary22023-12-31SC607129ns5:Subsidiary22023-01-012023-12-31SC607129ns5:Subsidiary32024-01-012024-12-31SC6071295ns5:Subsidiary32024-01-012024-12-31SC607129ns5:Subsidiary32024-12-31SC607129ns5:Subsidiary32023-12-31SC607129ns5:Subsidiary42024-01-012024-12-31SC6071297ns5:Subsidiary42024-01-012024-12-31SC607129ns5:Subsidiary42024-12-31SC607129ns5:Subsidiary42023-12-31SC607129ns5:Subsidiary52024-01-012024-12-31SC607129ns5:Subsidiary592024-01-012024-12-31SC607129ns5:Subsidiary52024-12-31SC607129ns5:Subsidiary52023-12-31SC607129ns5:Subsidiary62024-01-012024-12-31SC607129ns5:Subsidiary6112024-01-012024-12-31SC607129ns5:Subsidiary62024-12-31SC607129ns5:Subsidiary62023-12-31SC607129ns5:Subsidiary62023-01-012023-12-31SC607129ns5:WithinOneYearns5:CurrentFinancialInstruments2024-12-31SC607129ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-31SC607129ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2024-12-31SC607129ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2023-12-31SC607129ns5:WithinOneYear2024-12-31SC607129ns5:WithinOneYear2023-12-31SC607129ns5:BetweenOneFiveYears2024-12-31SC607129ns5:BetweenOneFiveYears2023-12-31SC607129ns5:MoreThanFiveYears2024-12-31SC607129ns5:MoreThanFiveYears2023-12-31SC607129ns5:AllPeriods2024-12-31SC607129ns5:AllPeriods2023-12-31SC607129ns5:AcceleratedTaxDepreciationDeferredTax2024-12-31SC607129ns5:AcceleratedTaxDepreciationDeferredTax2023-12-31SC607129ns5:DeferredTaxation2023-12-31SC607129ns5:DeferredTaxation2024-01-012024-12-31SC607129ns5:DeferredTaxation2024-12-31SC607129ns10:OrdinaryShareClass12024-12-31

REGISTERED NUMBER: SC607129 (Scotland)
















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:

Dr S Sainudeen


K G Ellis


Morston Limited







REGISTERED OFFICE:

C/O Lindsays


100 Queen Street


Glasgow


G1 3DN







REGISTERED NUMBER:

SC607129 (Scotland)







INDEPENDENT AUDITORS:

Haines Watts


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.


Dr S Sainudeen

K G Ellis


Other changes in directors holding office are as follows:


C Gotti - resigned 13 August 2024


Morston Limited was appointed as a director after 31 December 2024 but prior to the date of this report.


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

The directors are responsible for preparing 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, including FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs and 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;


-


state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and


-


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.


The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.


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:






Dr S Sainudeen - Director



21 July 2025


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.





Michael Forshaw BA FCA (Senior Statutory Auditor)

for and on behalf of Haines Watts

Statutory Auditor

3rd Floor Pacific Chambers

11-13 Victoria Street

Liverpool

Merseyside

L2 5QQ


23 July 2025


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

16,426,662


15,803,170




Cost of sales

6,137,148


6,119,582



GROSS PROFIT

10,289,514


9,683,588




Distribution costs

447,728


70,365



Administrative expenses

11,865,534


9,981,161



12,313,262

10,051,526

(2,023,748

)

(367,938

)



Other operating income

4,094,412


3,788,990



OPERATING PROFIT

5

2,070,664


3,421,052




Exceptional expenses

6

2,025,796


-



44,868


3,421,052




Interest receivable and similar income

40,142


182,019



85,010


3,603,071




Interest payable and similar expenses

7

6,154


248,237



PROFIT BEFORE TAXATION

78,856


3,354,834




Tax on profit

8

305,667


746,602



(LOSS)/PROFIT FOR THE FINANCIAL

YEAR

(226,811

)

2,608,232




OTHER COMPREHENSIVE INCOME

-


-



TOTAL COMPREHENSIVE INCOME

FOR THE YEAR

(226,811

)

2,608,232




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

3,200


3,200



1,474,509


1,111,681




CURRENT ASSETS

Debtors

12

6,041,827


5,589,082



Cash at bank and in hand

822,474


1,537,536



6,864,301


7,126,618



CREDITORS

Amounts falling due within one year

13

8,253,960


7,142,424



NET CURRENT LIABILITIES

(1,389,659

)

(15,806

)


TOTAL ASSETS LESS CURRENT

LIABILITIES

84,850


1,095,875




CREDITORS

Amounts falling due after more than one

year

14

-


(4,667

)



PROVISIONS FOR LIABILITIES

17

(123,111

)

(102,657

)


NET (LIABILITIES)/ASSETS

(38,261

)

988,551




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 21 July 2025 and were signed on its behalf by:






Dr S Sainudeen - Director



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 private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.


2.

ACCOUNTING POLICIES



Basis of preparing the financial statements


These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.  



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


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


Freehold property

-

10% on cost


Plant and machinery

-

25% on cost


Fixtures and fittings

-

25% on cost


Motor vehicles

-

33% on cost


Computer equipment

-

25% on cost



Taxation


Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 statement of financial position date.



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


Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.



Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.



Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.



Hire purchase and leasing commitments

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


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



£

£


Provision of medical procedure

16,426,662


15,803,170



16,426,662


15,803,170




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

16,426,662


15,803,170



16,426,662


15,803,170




4.

EMPLOYEES AND DIRECTORS

31.12.24

31.12.23



£

£


Wages and salaries

4,647,529


3,253,181




Social security costs

467,441


317,926




Other pension costs

58,140


43,297



5,173,110


3,614,404





The average number of employees during the year was as follows:

31.12.24

31.12.23




Surgical and medical staff

111


86





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

109,375


151,020




Depreciation - owned assets

308,921


196,858




Loss on disposal of fixed assets

-


1,032




6.

EXCEPTIONAL ITEMS

31.12.24

31.12.23



£

£


Exceptional expenses

(2,025,796

)

-




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

6,154


248,237




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

415,105


704,289




Overprovision relating to prio r periods

(129,892

)

-




Total current tax

285,213


704,289





Deferred tax

20,454


42,313




Tax on profit

305,667


746,602




9.

DIVIDENDS


31.12.2431.12.23
£   £   
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
800,0003,021,129


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

3,200




NET BOOK VALUE


At 31 December 2024

3,200




At 31 December 2023

3,200





The company's investments at the Statement of Financial Position date in the share capital of companies include the following:



Signature Medical Glasgow Limited


Registered office: 272 Bath Street, Glasgow, G2 4JR


Nature of business: Provision of surgical procedures

%



Class of shares:

holding



Ordinary shares

100.00


31.12.24

31.12.23



£

£


Aggregate capital and reserves

1,379,959


1,059,514




Profit for the year

320,445


658,913





Signature Medical Cardiff Limited


Registered office: 132 Manchester Road, Rochdale, Greater Manchester, OL11 4JQ


Nature of business: Provision of surgical procedures

%



Class of shares:

holding



Ordinary shares

100.00


31.12.24

31.12.23



£

£


Aggregate capital and reserves

679,812


475,724




Profit for the year

204,088


282,819





Signature Medical Manchester Limited


Registered office: 132 Manchester Road, Rochdale, Greater Manchester, OL11 4JQ


Nature of business: Dormant

%



Class of shares:

holding



Ordinary shares

100.00


31.12.24

31.12.23



£

£


Aggregate capital and reserves

1,000


1,000




Signature Medical Limited (Registered number: SC607129)


Notes to the Financial Statements - continued

for the Year Ended 31 December 2024


11.

FIXED ASSET INVESTMENTS - continued



Signature Medical London Limited


Registered office: 132 Manchester Road, Rochdale, Greater Manchester, OL11 4JQ


Nature of business: Dormant

%



Class of shares:

holding



Ordinary shares

100.00


31.12.24

31.12.23



£

£


Aggregate capital and reserves

1,000


1,000





Signature Medical Birmingham Limited


Registered office: 132 Manchester Road, Rochdale, Greater Manchester, OL11 4JQ


Nature of business: Dormant

%



Class of shares:

holding



Ordinary shares

100.00


31.12.24

31.12.23



£

£


Aggregate capital and reserves

1,000


1,000





Swift Surgical Limited


Registered office: 132 Manchester Road, Rochdale, Greater Manchester, OL11 4JQ


Nature of business: Provision of medical equipment

%



Class of shares:

holding



Ordinary shares

100.00


31.12.24

31.12.23



£

£


Aggregate capital and reserves

(89,752

)

1,000




Loss for the year

(89,752

)

-




12.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


31.12.24

31.12.23



£

£


Trade debtors

1,459,263


1,345,865




Amounts owed by related undertakings

4,283,374


2,048,545




Amounts owed by related undertakings

-


2,113,973




Other debtors

17


2,586




Directors' current accounts

174


-




Prepayments and accrued income

298,999


78,113



6,041,827


5,589,082




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)

-


7,000




Trade creditors

767,110


569,831




Amounts owed to group undertakings

2,700,700


1,682,552




Tax

415,105


842,531




Social security and other taxes

118,943


133,721




VAT

1,059,039


977,500




Other creditors

12,543


271,631




Accruals and deferred income

3,180,520


2,657,658



8,253,960


7,142,424




14.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE

YEAR


31.12.24

31.12.23



£

£


Bank loans (see note 15)

-


4,667




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

-


7,000





Amounts falling due between one and two years:


Bank loans - 1-2 years

-


4,667




16.

LEASING AGREEMENTS



Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.24

31.12.23



£

£


Within one year

276,053


170,433




Between one and five years

792,053


565,313




In more than five years

442,505


368,564



1,510,611


1,104,310




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

-


273,130




Deferred tax

123,111


(170,473

)


123,111


102,657




Deferred tax



£


Balance at 1 January 2024

102,657




Charge to Statement of Comprehensive Income during year

20,454




Balance at 31 December 2024

123,111




18.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

31.12.24

31.12.23


value:


£

£


100

Ordinary

1

100


100




19.

RESERVES

Retained


earnings



£



At 1 January 2024

988,450




Deficit for the year

(226,811

)



Dividends

(800,000

)



At 31 December 2024

(38,361

)



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 Sainudeen31.12.2431.12.23
£   £   
Balance outstanding at start of year-1,844,731
Amounts advanced174346,438
Amounts repaid-(2,191,169)
Amounts written off--
Amounts waived--
Balance outstanding at end of year174-


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.