ACCOUNTS - Final Accounts preparation

Cash and cash equivalents

Registered number: 11562188

COYNE MEDICAL LTD

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 28 SEPTEMBER 2024

Chartered Accountants

2nd Floor, Heathmans House

19 Heathmans Road

London

SW6 4TJ

COYNE MEDICAL LTD

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF COYNE MEDICAL LTD
FOR THE PERIOD ENDED 28 SEPTEMBER 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of COYNE MEDICAL LTD for the period ended 28 September 2024 which comprise the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of COYNE MEDICAL LTD, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of COYNE MEDICAL LTD and state those matters that we have agreed to state to the Board of Directors of COYNE MEDICAL LTD, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than COYNE MEDICAL LTD and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that COYNE MEDICAL LTD has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of COYNE MEDICAL LTD. You consider that COYNE MEDICAL LTD is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or review of the financial statements of COYNE MEDICAL LTD. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Haggards Crowther LLP

Chartered Accountants

2nd Floor, Heathmans House

19 Heathmans Road

London

SW6 4TJ

24 December 2025

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COYNE MEDICAL LTD

REGISTERED NUMBER: 11562188

BALANCE SHEET

AS AT 28 SEPTEMBER 2024

	28 September	30 September
	2024	2023
Note	£	£

Fixed assets
Tangible assets	5		192,452		208,551
			192,452		208,551
Current assets
Debtors: amounts falling due within one year	6	179,672		157,059
Cash at bank and in hand	7	138,963		99,437
		318,635		256,496
Creditors: amounts falling due within one year	8	(92,276)		(113,071)
Net current assets			226,359		143,425
Total assets less current liabilities			418,811		351,976
Creditors: amounts falling due after more than one year	9		(780,697)		(780,697)
Provisions for liabilities
Deferred tax		(9,692)		(11,264)
			(9,692)		(11,264)
Net liabilities			(371,578)		(439,985)

Capital and reserves
Called up share capital	11	100	100
Profit and loss account		(371,678)	(440,085)
		(371,578)	(439,985)

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COYNE MEDICAL LTD

REGISTERED NUMBER: 11562188

BALANCE SHEET (CONTINUED)

AS AT 28 SEPTEMBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 December 2025.

L V B Hooper

Director

The notes on pages 4 to 10 form part of these financial statements.

Page 3

COYNE MEDICAL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 SEPTEMBER 2024

1.	General information

Coyne Medical Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 11562188 and its registered address is 660 Fulham Road, London, SW6 5RX.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements and the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

2.2

Going concern

The financial statements have been prepared on a going concern basis, which assumes that the Company will continue in operational existence for the foreseeable future. The Directors have considered the Company’s financial position, projected cash flows, and available funding sources in assessing its ability to continue as a going concern.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Finance costs

Finance costs are charged to the income statement over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

COYNE MEDICAL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 SEPTEMBER 2024

2.Accounting policies (continued)

2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the income statement when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.6

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in the income statement except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

COYNE MEDICAL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 SEPTEMBER 2024

2.Accounting policies (continued)

2.7

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Buildings	-	2%	over 50 years.
Plant and machinery	-	25%
Computer equipment	-	25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the income statement.

2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to the income statement.

Page 6

COYNE MEDICAL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 SEPTEMBER 2024

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Employees

The average monthly number of employees, including directors, during the period was 18 (2023 - 18).

5.	Tangible fixed assets

	Buildings	Plant and machinery	Office equipment	Computer equipment	Total
	£	£	£	£	£
Cost or valuation
At 1 October 2023	209,409	192,254	57,407	21,985	481,055
At 28 September 2024	209,409	192,254	57,407	21,985	481,055
Depreciation
At 1 October 2023	16,753	185,594	57,407	12,750	272,504
Charge for the period on owned assets	4,188	6,660	-	5,251	16,099
At 28 September 2024	20,941	192,254	57,407	18,001	288,603
Net book value
At 28 September 2024	188,468	-	-	3,984	192,452
At 30 September 2023	192,656	6,660	-	9,235	208,551

Page 7

COYNE MEDICAL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 SEPTEMBER 2024

Debtors

					28 September	30 September
					2024	2023
					£	£


Trade debtors	142,177	107,162
Other debtors	37,495	36,147
Prepayments and accrued income	-	13,750
	179,672	157,059

Cash at bank and in hand	138,963	99,437
	138,963	99,437

Trade creditors	33,062	47,583
Other taxation and social security	25,030	17,775
Other creditors	21,880	41,609
Accruals and deferred income	12,304	6,104
	92,276	113,071

Page 8

COYNE MEDICAL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 SEPTEMBER 2024

Other creditors	780,697	780,697
	780,697	780,697

Included in Creditors is a loan from John Hooper (connected to director Lucy Hooper) of £780,697 (2023: £780,697). The outstanding balance is unsecured, repayable on demand and not subject to interest.

Page 9

COYNE MEDICAL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 SEPTEMBER 2024

10.	Deferred taxation

		2024
		£

	At beginning of year	(11,264)
	Charged to profit or loss	1,572
	At end of year	(9,692)

Deferred tax	(11,264)	(25,975)
Movement in the year	1,572	14,711
	(9,692)	(11,264)

Allotted, called up and fully paid

100 (2023 - 100) Ordinary shares of £1.00 each	100	100

12.	Transactions with directors

Included within the year end debtors balance is an amount due to the company by Mrs L V B Hooper of £1,235 (2023: £8,764 Credit). Throughout the year, total withdrawal of funds amounted to £83,811, with total deposits of £73,812 (2023: £231,686). The outstanding balance is unsecured, repayable on demand and not subject to interest.

Included within the year end creditors balance is an amount due from the company to Mr J H Coyne of £14,211 (2023: £24,210). Throughout the year, total withdrawal of funds amounted to £76,247, with total deposits of £66,248 (2023: £62,028). The outstanding balance is unsecured, repayable on demand and not subject to interest.

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