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Registered number: 12298330
Wings Medical (U.K.) Limited
Unaudited Financial Statements
For The Year Ended 30 November 2024
Ripe LLP
9A Burroughs Gardens
London
NW4 4AU
Contents
Page
Company Information 1
Balance Sheet 2—3
Notes to the Financial Statements 4—7
Page 1
Company Information
Director Ms J Han
Company Number 12298330
Registered Office Office 112 30 Red Lion Street
Richmond Upon Thames
London
TW9 1RB
Accountants Ripe LLP
Chartered Accountants
9A Burroughs Gardens
London
NW4 4AU
Page 1
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Balance Sheet
Registered number: 12298330
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 956 1,274
Investments 5 74,248 74,248
75,204 75,522
CURRENT ASSETS
Stocks 6 6,256 13,931
Debtors 7 727,073 729,915
Cash at bank and in hand 14,597 7,439
747,926 751,285
Creditors: Amounts Falling Due Within One Year 8 (4,726 ) (4,141 )
NET CURRENT ASSETS (LIABILITIES) 743,200 747,144
TOTAL ASSETS LESS CURRENT LIABILITIES 818,404 822,666
NET ASSETS 818,404 822,666
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 818,304 822,566
SHAREHOLDERS' FUNDS 818,404 822,666
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For the year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Ms J Han
Director
24/07/2025
The notes on pages 4 to 7 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Wings Medical (U.K.) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12298330 . The registered office is Office 112 30 Red Lion Street, Richmond Upon Thames, London, TW9 1RB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Significant judgements and estimations
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Computer Equipment 25% reducing balance
2.5. Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
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2.8. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.9. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
2.10. Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
2.11. Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
2.12. Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
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4. Tangible Assets
Computer Equipment
£
Cost
As at 1 December 2023 2,276
As at 30 November 2024 2,276
Depreciation
As at 1 December 2023 1,002
Provided during the period 318
As at 30 November 2024 1,320
Net Book Value
As at 30 November 2024 956
As at 1 December 2023 1,274
5. Investments
Unlisted
£
Cost or Valuation
As at 1 December 2023 74,248
As at 30 November 2024 74,248
Provision
As at 1 December 2023 -
As at 30 November 2024 -
Net Book Value
As at 30 November 2024 74,248
As at 1 December 2023 74,248
6. Stocks
2024 2023
£ £
Finished goods 6,256 13,931
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7. Debtors
2024 2023
£ £
Due within one year
Trade debtors - 609
Other debtors 14,479 12,928
Other debtors (1) - 455
VAT - 194
Amounts owed by group undertakings 842 842
Amounts owed by subsidiaries 711,752 714,887
727,073 729,915
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors (32 ) -
VAT 252 -
Accruals and deferred income 2,950 2,850
Director's loan account 1,556 1,291
4,726 4,141
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
10. Related Party Disclosures
Wingsyard Asset Management Limited
(Under common control)
At the balance sheet date, Wingsyard Asset Management Limited owed £711,752 (2023 : £714,887) to the company.
The company provided a loan of £960,000 to Wingsyard Asset Management Limited on 25/08/2020 repayable over the period of 10 years, at an interest rate of 1% per annum.
Raiing Medical Limited
(Under common control)
At the balance sheet date, Raiing Medical Limited owed £842 (2023 : £842) to the company.
Transactions with the Director
At the balance sheet date, the company owed £1,556 (2023 : £1,291 ) to Ms J Han, the director and shareholder of the company.
11. Controlling Parties
The ultimate controlling party is Ms Jun Han.
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