Mulberry Medical (NI) Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: NI612593 (Northern Ireland)

Mulberry Medical (NI) Ltd

Unaudited Financial Statements

for the Period 1 June 2018 to 30 November 2019

Page

Company information

1

Statement of financial position

2

Notes to the financial statements

3

to

6

Director:

Dr T McCormick

Registered office:

Mulberry House

37 Bleary Road

Portadown

Co Armagh

BT63 5NE

Registered number:

NI612593 (Northern Ireland)

Accountants:

Wylie Ruddell

Chartered Accountants

Armagh Business Centre

2 Loughgall Road

Armagh

BT61 7NH

Fixed assets

Intangible assets

4

-

-

Property, plant and equipment

5

-

14,315

-

14,315

Current assets

Receivables

6

5,832

14,480

Cash at bank and in hand

266,026

210,872

271,858

225,352

Payables

Amounts falling due within one year

7

(24

)

(22,327

)

Net current assets

271,834

203,025

Total assets less current liabilities

271,834

217,340

Provisions for liabilities

8

-

(2,720

)

Net assets

271,834

214,620

Capital and reserves

Called up share capital

9

100

100

Retained earnings

271,734

214,520

Shareholders' funds

271,834

214,620

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 November 2019.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 November 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 2 December 2019 and were signed by:

Dr T McCormick - Director

1.	Statutory information

Mulberry Medical (NI) Ltd is a private company, limited by shares , registered in Northern Ireland. The company's

registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Revenue

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Purchased goodwill arising on the acquisition of the sole trade, previously trading as Mulberry Medical, represents

the excess of acquisition cost over the fair value of the identifiable net assets when they were acquired. Purchased

goodwill was capitalised in the balance sheet at a cost of £150,000 and was fully amortised by 31 May 2015.

Property, plant and equipment

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

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Office equipment

-

33.3% on cost

Taxation

Taxation for the period 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.

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 period 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.

Receivables

Short term receivables 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.

Payables

Short term payables 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.

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.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when

paid. Final equity dividends are recognised when approved by the shareholder at an annual general meeting.

Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that

probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of

the obligation. Provisions are charged as an expense to the Statement of Income and Retained Earnings in the year

that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of

Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and

uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of

Financial Position.

Critical accounting judgements and key sources of estimation uncertainty

Estimates and judgements are required when applying accounting policies. These are continually evaluated and are

based on historical experience and other factors, including expectations of future events that are believed to be

reasonable under the circumstances. The company makes estimates and assumptions concerning the future, which

can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom

equal the related actual results. The estimates and assumptions that have a significant risk of causing a material

adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

Useful economic lives of tangible assets

The annual depreciation charges for tangible assets is sensitive to changes in the estimated useful economic lives

and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They

are amended when necessary to reflect current estimates, based on technological advancement, future investments,

economic utilisation and the physical condition of the assets.

3.	Employees and directors

The average number of employees during the period was 1 (2018 - 1 ) .

4.	Intangible fixed assets

Goodwill

£

Cost

At 1 June 2018

and 30 November 2019

150,000

Amortisation

At 1 June 2018

and 30 November 2019

150,000

Net book value

At 30 November 2019

-

At 31 May 2018

-

5.	Property, plant and equipment

Fixtures

Plant and

and

Office

machinery

fittings

equipment

Totals

£

£

£

£

Cost

At 1 June 2018

34,594

25,034

3,039

62,667

Disposals

(34,594

)

(25,034

)

(3,039

)

(62,667

)

At 30 November 2019

-

-

-

-

Depreciation

At 1 June 2018

28,575

16,871

2,906

48,352

Eliminated on disposal

(28,575

)

(16,871

)

(2,906

)

(48,352

)

At 30 November 2019

-

-

-

-

Net book value

At 30 November 2019

-

-

-

-

At 31 May 2018

6,019

8,163

133

14,315

6.

Receivables: amounts falling due within one year

2019

2018

£

£

Trade receivables

-

14,480

Other receivables

5,832

-

5,832

14,480

7.	Payables: amounts falling due

within one year

2019

2018

£

£

Taxation and social security

-

15,267

Other payables

24

7,060

24

22,327

8.	Provisions for liabilities

2019

2018

£

£

Deferred tax

Accelerated capital allowances

-

2,720

Deferred tax

£

Balance at 1 June 2018

2,720

Provided during period

(2,720

)

Balance at 30 November 2019

-

9.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

100

Ordinary Shares

1

100

100

10.	Director's advances, credits and guarantees

The following advances and credits to a director subsisted during the period ended 30 November 2019 and the year

ended 31 May 2018:

2019

2018

£

£

Dr T McCormick

Balance outstanding at start of period

(3,095

)

(4,658

)

Amounts advanced

12,265

20,000

Amounts repaid

(3,338

)

(18,437

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of period

5,832

(3,095

)