Abbreviated Company Accounts - HEALTHMATIC LIMITED

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Tangible assets depreciation policy
Fixed Assets are stated at cost less accumulated Depreciation. Depreciation is provided to write off the net cost of each asset evenly over the term of its useful life. The rates used are:

Equipment leased to Customers - over the term of the lease
Motor Vehicles - 25% a year of cost
Office Equipment - 15% a year of cost

Other accounting policies
Stocks and Work in Progress

Stocks and Work in Progress are valued at the lower of cost (including attributable overheads) or net realisable value. All Stocks are of Raw Materials and Consumables.


Hire Purchase and Leases

Assets acquired under Hire Purchase, Lease Purchase, and Finance Lease agreements are included in Fixed Assets at their cash equivalent purchase price and depreciated according to the Company's usual depreciation policies. The interest element in rental obligations is charged in the profit and loss account over the period of lease in proportion to the capital repayments outstanding. Payments under operating leases are charged against revenue as the expenditure is incurred.


Foreign Exchange

Trading transactions in foreign currencies are recorded at the exchange rate on the day of the transaction unless forward exchange cover exists when the contracted rate is used. All exchange differences are taken in the profit and loss account.


Maintenance Contracts

The Company's turnover includes charges for the sale of maintenance contracts. These contracts commit the Company to provide service and maintenance cover for equipment which it has sold and installed. Charges under such contracts are taken as income as they arise but provisions are made for the estimated cost of fulfilling contractual obligations and these provisions are included as a liability within "Accrued Charges and Deferred Income".


Deferred Tax

The Company's policy is to provide for deferred tax in full by the liability method at rates currently in force. Tax is deferred because the tax relief obtained from capital allowances exceeds depreciation charged against the cost of relevant fixed assets.


Pension Costs

The Company operates a defined contribution scheme for the benefit of some employees.. Contributions are due and are charged to revenue as related wages and salaries are due.


Group Accounts

Healthmatic Limited is a holding company because it owns the entire issued share capital of Healthmatic Limited, a company registered in the Republic of Ireland, which is therefore its subsidiary undertaking. However these Accounts present information about Healthmatic Limited only as an individual undertaking and not about its group. The Directors' understanding is that group accounts are not required because the Group qualifies as a small group.


Cash Flow Statement

The Company has not published a cash flow statement. It has chosen to take advantage of the exemption afforded by Financial Reporting Standard No. 1 on the grounds that it is a small company.

On 30 April 2015 assets with a net book value of £538,744 (2014 - £546,576) were held under hire purchase contracts. The Year's depreciation charge for these assets was £97,876 (2014 - £92,281).