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REGISTERED NUMBER: SC223422 (Scotland)















Unaudited Financial Statements for the Year Ended 31 December 2024

for

Pentland Medical Ltd.

Pentland Medical Ltd. (Registered number: SC223422)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Pentland Medical Ltd.

Company Information
for the Year Ended 31 December 2024







DIRECTORS: Mr S Munro
Mr J Munro
Mr R Munro





REGISTERED OFFICE: 4 Redheughs Rigg
Westpoint
Edinburgh
EH12 9DQ





REGISTERED NUMBER: SC223422 (Scotland)





ACCOUNTANTS: One Accounting Ltd
Chartered Management Accountants
Drumsheugh Toll
2 Belford Road
Edinburgh
Midlothian
EH4 3BL

Pentland Medical Ltd. (Registered number: SC223422)

Statement of Financial Position
31 December 2024

31.12.24 31.12.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 72,095 91,185

CURRENT ASSETS
Stocks 141,671 90,972
Debtors 5 722,184 606,715
Cash at bank and in hand 271,005 213,691
1,134,860 911,378
CREDITORS
Amounts falling due within one year 6 378,337 340,847
NET CURRENT ASSETS 756,523 570,531
TOTAL ASSETS LESS CURRENT
LIABILITIES

828,618

661,716

CREDITORS
Amounts falling due after more than one year 7 (140,624 ) (240,617 )

PROVISIONS FOR LIABILITIES (12,599 ) (1,415 )
NET ASSETS 675,395 419,684

CAPITAL AND RESERVES
Called up share capital 140 140
Retained earnings 675,255 419,544
SHAREHOLDERS' FUNDS 675,395 419,684

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 August 2025 and were signed on its behalf by:



Mr S Munro - Director


Pentland Medical Ltd. (Registered number: SC223422)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Pentland Medical Ltd. 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

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.
Plant and machinery - 20% on cost
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 20% on cost
Computer equipments - 33% on cost

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
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties.

Debt instruments, including loans and other accounts receivable and payable are initially measured at transaction price adjusted for transaction costs. They are subsequently recognised at amortised costs using the effective interest method.

Creditors payable within one year, typically trade payables, are measured initially and subsequently at the undiscounted amount of the cash or other consideration expected to be paid.

Debtors payable within one year, typically trade receivables, are measured initially and subsequently at the undiscounted amount of the cash or other consideration expected to be received.

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 statement of financial position date.


Pentland Medical Ltd. (Registered number: SC223422)

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

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. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipments Totals
£    £    £    £    £   
COST
At 1 January 2024 9,663 17,791 175,760 33,093 236,307
Additions - - - 3,832 3,832
At 31 December 2024 9,663 17,791 175,760 36,925 240,139
DEPRECIATION
At 1 January 2024 9,663 16,430 93,121 25,908 145,122
Charge for year - 340 18,116 4,466 22,922
At 31 December 2024 9,663 16,770 111,237 30,374 168,044
NET BOOK VALUE
At 31 December 2024 - 1,021 64,523 6,551 72,095
At 31 December 2023 - 1,361 82,639 7,185 91,185

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade debtors 247,050 231,597
Amounts owed by group undertakings 363,201 323,196
Other debtors - S455 189 189
Other debtors 3,840 3,840
Directors' current accounts 559 559
Prepayments and accrued income 107,345 47,334
722,184 606,715

Pentland Medical Ltd. (Registered number: SC223422)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Bank loans and overdrafts 39,674 65,458
Other loans 34,997 31,058
Hire purchase contracts 10,611 9,593
Trade creditors 95,844 56,646
Other Loans 14,710 17,652
Social security and other taxes 3,561 7,852
VAT 87,726 74,192
Other creditors 14,654 1,204
Credit card 9,492 18,816
Directors' current accounts 34,328 29,282
Accrued expenses 32,740 29,094
378,337 340,847

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.24 31.12.23
£    £   
Bank loans - 1-2 years - 39,674
Other loans - 1-2 years 39,435 34,997
Other loans - 2-5 years 94,509 133,945
Hire purchase contracts 6,680 17,291
Other Loans - 14,710
140,624 240,617

8. SECURED DEBTS

The following secured debts are included within creditors:

31.12.24 31.12.23
£    £   
Other loan 168,942 200,000

Morgan Lloyd Trustees Limited holds the following security:

A first fixed charge over all present and future properties owned by the company, as well as all associated rights, licences, guarantees, rents, deposits, contracts, covenants, and warranties.

The charge also covers all equipment, intellectual property (including related fees and royalties), book debts, investments, and all monies from time to time standing to the credit of its accounts with any bank, financial institution or other person.

In addition, a first floating charge is held over all other present and future assets, property, rights, and undertakings of the company.

9. CONTINGENT LIABILITIES

At the year end there were no contingent liabilities.

Pentland Medical Ltd. (Registered number: SC223422)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

31.12.24 31.12.23
£    £   
Mr R Munro
Balance outstanding at start of year 559 559
Amounts advanced - 719
Amounts repaid - (719 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 559 559

This loan is interest free and repayable on demand.

11. RELATED PARTY DISCLOSURES

During the year, total dividends of £92,886 (2023 - £51,140) were paid to the directors .

The company was owed £363,201 (2023 - £323,196) by Innovel Ltd at the year end date. This loan is interest free and repayable on demand.

12. ULTIMATE CONTROLLING PARTY

The controlling party is Pentland Medical Holdings Ltd.

Stewart Munro is the ultimate controlling party due to his majority shareholding in the parent company.