Bryden Medical Limited Filleted accounts for Companies House (small and micro)

BRYDEN MEDICAL LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC323357

Bryden Medical Limited

Filleted Unaudited Financial Statements

For the year ended

31 May 2019

Bryden Medical Limited

Statement of Financial Position

31 May 2019

	2019	2018
Note	£	£

Fixed assets

Tangible assets	5	35,696	45,765

Current assets

Debtors	6	66,350	71,763
Cash at bank and in hand		90,354	45,514
		---------	---------
		156,704	117,277

Creditors: amounts falling due within one year	7	80,878	71,775
		---------	---------
Net current assets		75,826	45,502
		---------	--------
Total assets less current liabilities		111,522	91,267

Creditors: amounts falling due after more than one year	8	18,071	30,827
		---------	--------
Net assets		93,451	60,440
		---------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	93,351	60,340
	--------	--------
Shareholders funds	93,451	60,440
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 May 2019 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 financial statements for the year in question in accordance with section 476 ;

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

Bryden Medical Limited

Statement of Financial Position (continued)

31 May 2019

These financial statements were approved by the board of directors and authorised for issue on 28 February 2020 , and are signed on behalf of the board by:

Dr H. S. Bryden

Director

Company registration number: SC323357

Bryden Medical Limited

Notes to the Financial Statements

Year ended 31 May 2019

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 4th Floor Merchants House, 7 West George Street, Glasgow, G2 1LA.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and Machinery	-	20% straight line
Fixtures and Fittings	-	25% reducing balance
Equipment	-	33% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 13 (2018: 10 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 June 2018	63,780	18,577	22,251	104,608
Additions	–	4,644	3,518	8,162
	--------	--------	--------	---------
At 31 May 2019	63,780	23,221	25,769	112,770
	--------	--------	--------	---------
Depreciation
At 1 June 2018	25,512	13,573	19,758	58,843
Charge for the year	12,756	2,412	3,063	18,231
	--------	--------	--------	---------
At 31 May 2019	38,268	15,985	22,821	77,074
	--------	--------	--------	---------
Carrying amount
At 31 May 2019	25,512	7,236	2,948	35,696
	--------	--------	--------	---------
At 31 May 2018	38,268	5,004	2,493	45,765
	--------	--------	--------	---------

6. Debtors

	2019	2018
	£	£
Trade debtors	54,333	62,104
Other debtors	12,017	9,659
	--------	--------
	66,350	71,763
	--------	--------

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	7,390	9,097
Corporation tax	50,408	46,029
Social security and other taxes	6,708	–
Other creditors	16,372	16,649
	--------	--------
	80,878	71,775
	--------	--------

8. Creditors: amounts falling due after more than one year

	2019	2018
	£	£
Other creditors	18,071	30,827
	--------	--------

9. Related party transactions

During the year aggregate salaries of £6,000 (2018: £6,00) was paid to the directors. During the year aggregate dividends of £171,817 (2018: £167,709) were paid to the directors. During the year the company made aggregate contributions to the directors’ pension schemes of Nil (2018: £1). During the year a loan of £171,817 (2018: £167,709) was made to the Directors. The balance outstanding at 31 May 2019 was £Nil (2018: Nil). No other transactions with related parties were entered into during the year that are required to be disclosed under the terms of FRS 102 Section 1A.