Company No: SC345525 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2021		2020
		£		£
Fixed assets
Tangible assets	3	67,417		33,862
		67,417		33,862
Current assets
Stocks		256,097		302,150
Debtors	4	160,125		851,263
Cash at bank and in hand		1,223,057		2,254,629
		1,639,279		3,408,042
Creditors
Amounts falling due within one year	5	( 338,654)		( 614,001)
Net current assets		1,300,625		2,794,041
Total assets less current liabilities		1,368,042		2,827,903
Provision for liabilities		( 16,487)		( 6,186)
Net assets		1,351,555		2,821,717
Capital and reserves
Called-up share capital	6	50,100		100,200
Capital redemption reserve		75,100		25,000
Profit and loss account		1,226,355		2,696,517
Total shareholders' funds		1,351,555		2,821,717

For the financial year ending 31 December 2021 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 financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Eden Medical (UK) Limited (registered number: SC345525) were approved and authorised for issue by the Director on 16 September 2022. They were signed on its behalf by:

Simon John Krievs Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Eden Medical (UK) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 7 Dryden Place, Bilston Glen Industrial Estate, Loanhead, EH20 9HP, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the sale and distribution of medical equipment, and is shown net of VAT and other sales related taxes.

Revenue from the sale of medical equipment is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	10 years straight line
Plant and machinery	4 years straight line
Fixtures and fittings	10 years straight line
Computer equipment	3 years straight line
Other property, plant and equipment	3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and at bank.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2. Employees

	2021		2020
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	11		12

3. Tangible assets

	Land and buildings		Plant and machinery		Fixtures and fittings		Computer equipment		Other property, plant and equipment		Total
	£		£		£		£		£		£
Cost
At 01 January 2021	2,437		10,051		22,775		16,403		0		51,666
Additions	0		0		0		9,803		52,506		62,309
Disposals	0		0		0		( 1,415)		0		( 1,415)
At 31 December 2021	2,437		10,051		22,775		24,791		52,506		112,560
Accumulated depreciation
At 01 January 2021	303		7,652		2,662		7,187		0		17,804
Charge for the financial year	244		975		2,278		7,457		16,857		27,811
Disposals	0		0		0		( 472)		0		( 472)
At 31 December 2021	547		8,627		4,940		14,172		16,857		45,143
Net book value
At 31 December 2021	1,890		1,424		17,835		10,619		35,649		67,417
At 31 December 2020	2,134		2,399		20,113		9,216		0		33,862

4. Debtors

	2021		2020
	£		£
Trade debtors	129,276		88,391
Other debtors	30,849		762,872
	160,125		851,263

5. Creditors: amounts falling due within one year

	2021		2020
	£		£
Trade creditors	231,103		466,801
Other creditors	34,204		15,828
Corporation tax	21,409		91,091
Other taxation and social security	51,938		40,281
	338,654		614,001

Bank overdrafts are secured over a floating charge on the assets held by the company.

6. Called-up share capital

	2021		2020
	£		£
Allotted, called-up and fully-paid
50,000 Ordinary shares of £ 1.00 each (2020: 100,000 shares of £ 1.00 each)	50,000		100,000
100 Non-Voting B ordinary shares of £ 1.00 each (2020: 200 shares of £ 1.00 each)	100		200
	50,100		100,200

7. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2021		2020
	£		£
- within one year	37,430		43,341
- between one and five years	21,348		44,189
	58,778		87,530

8. Related party transactions

Transactions with owners holding a participating interest in the entity

	2021		2020
	£		£
Owner holding participating interest in the entity (amounts owed to owner)	(9,000)		0