Registration number: SC415351

Goodmark Medical (International) Ltd

Contents

Company Information	1
Statement of Financial Position	2 to 3
Notes to the Unaudited Financial Statements	4 to 9

Goodmark Medical (International) Ltd

Company Information

Directors

Brian Leslie Bellissimo Belinda Goodmark Visnich Michael Robert Visnich Steven Howell Neil Farish

Registered office

Argyle House 3 (L9) Lady Lawson Street Edinburgh EH3 9DR

Accountants

Morris & Young Chartered Accountants 6 Atholl Crescent PERTH PH1 5JN

Goodmark Medical (International) Ltd

(Registration number: SC415351)
Statement of Financial Position as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	3,000	6,452
Current assets
Stocks	5	31,516	20,518
Debtors	6	650,814	602,785
Cash at bank and in hand		867,427	575,186
		1,549,757	1,198,489
Creditors: Amounts falling due within one year	7	(1,006,613)	(1,067,787)
Net current assets		543,144	130,702
Total assets less current liabilities		546,144	137,154
Creditors: Amounts falling due after more than one year	7	(3,719,291)	(3,453,770)
Net liabilities		(3,173,147)	(3,316,616)
Capital and reserves
Called up share capital	8	125	125
Share premium reserve		2,608,042	2,608,042
Retained earnings		(5,781,314)	(5,924,783)
Shareholders' deficit		(3,173,147)	(3,316,616)

Goodmark Medical (International) Ltd

(Registration number: SC415351)
Statement of Financial Position as at 31 December 2024

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 24 December 2025 and signed on its behalf by:
 

......................................... Neil Farish Director

Goodmark Medical (International) Ltd

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

1	General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Argyle House
3 (L9) Lady Lawson Street
Edinburgh
EH3 9DR

The principal place of business is:
CodeBase, Floor M
Argyle House
3 Lady Lawson street
Edinburgh
EH3 9DR
Scotland

These financial statements were authorised for issue by the Board on 24 December 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Sterling (GBP). The financial statements are rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis. Although liabilities exceed assets in the Balance Sheet, the directors will continue to support the company for atleast the next twelve months from the signing date of these financial statements.

Goodmark Medical (International) Ltd

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	33.33% straight line
Office equipment	33.33% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and bank deposits.

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.

Goodmark Medical (International) Ltd

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2023 - 15).

Goodmark Medical (International) Ltd

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

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 January 2024	50,486	50,486
Additions	1,360	1,360
At 31 December 2024	51,846	51,846
Depreciation
At 1 January 2024	44,034	44,034
Charge for the year	4,812	4,812
At 31 December 2024	48,846	48,846
Carrying amount
At 31 December 2024	3,000	3,000
At 31 December 2023	6,452	6,452

5

Stocks

	2024 £	2023 £
Other inventories	31,516	20,518

Goodmark Medical (International) Ltd

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

6

Debtors

Current	2024 £	2023 £
Trade debtors	621,505	581,132
Prepayments	13,391	13,391
Other debtors	15,918	8,262
	650,814	602,785

7

Creditors

Creditors: amounts falling due within one year

	2024 £	2023 £
Due within one year
Trade creditors	424,014	405,385
Taxation and social security	24,836	24,525
Accruals and deferred income	554,861	636,130
Other creditors	2,902	1,747
	1,006,613	1,067,787

Creditors: amounts falling due after more than one year

	Note	2024 £	2023 £
Due after one year
Loans and borrowings	9	368,084	325,001
Other non-current financial liabilities		3,351,207	3,128,769
		3,719,291	3,453,770

Goodmark Medical (International) Ltd

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

8	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary A Shares of £0.00 each	11,335,534	113	11,335,534	113
Ordinary B Shares of £0.00 each	1,164,000	12	1,164,000	12
	12,499,534	125	12,499,534	125

9	Loans and borrowings

Non-current loans and borrowings

	2024 £	2023 £
Other borrowings	368,084	325,001