Green Cross Medico Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: SC159637 (Scotland)

Report of the Director and

Unaudited Financial Statements

for the Year Ended 31 December 2017

for

Green Cross Medico Limited

Page

Company Information

1

Report of the Director

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTOR:

G Benedetti

REGISTERED OFFICE:

10 Bothwell Bridge Business Park

Bothwell Road

Hamilton

Lanarkshire

ML3 OFD

REGISTERED NUMBER:

SC159637 (Scotland)

The director presents his report with the financial statements of the company for the year ended 31 December 2017.

REVIEW OF BUSINESS

For the financial year ended 2017, the company made significant progress in developing and trialling

innovative medical products (Airglove & Secure dressing) with the NHS working with the following: NHS

Innovations South East, NHS Innovations West Midlands, NHS Healthcare Improvement Scotland,

Lifesciences Scotland and NICE. NICE are currently developing a Medtech innovation briefing on Airglove.

There are further innovations in the pipeline including a very innovative epidural fixation device.

During 2017 prototypes and pre- production models of Air-GloveTM were used in patient service

evaluations at The Maidstone & Tunbridge Wells NHS Trust. The successful results from these evaluations

showed an 87.5% success rate in cannulating on 1st attempt. Currently there are further patient service

evaluations taking place in the Royal Marsden, UCLH, Royal Stoke and the Beatson Glasgow. The Secure

cannula dressing is currently doing an evaluation at Medway Maritime NHS Trust Hospital.

Air-GloveTM was Highly Commended in the prestigious industry collaboration awards at the WMAHSN

Celebration of Innovation Awards in July 2017, plus Runner Up in the Medilink West Midlands Medical &

Healthcare Business Awards "Partnership with the NHS" in January 2018.

Air-GloveTM will be officially launched in the UK and European markets in May 2018 and is in the process

of being listed with NHS Supply Chain. It is CE medical device certified with FDA Approval in progress for

the US market

DIRECTOR

G Benedetti held office during the whole of the period from 1 January 2017 to the date of this report.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006

relating to small companies.

ON BEHALF OF THE BOARD:

G Benedetti - Director

13 April 2018

FIXED ASSETS

Intangible assets

4

100,189

50,346

Tangible assets

5

2,305

757

102,494

51,103

CURRENT ASSETS

Stocks

19,470

13,581

Debtors

6

24,986

59,908

Cash at bank

1,696

1,623

46,152

75,112

CREDITORS

Amounts falling due within one year

7

2,273,467

2,053,725

NET CURRENT LIABILITIES

(2,227,315

)

(1,978,613

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(2,124,821

)

(1,927,510

)

CAPITAL AND RESERVES

Called up share capital

8

2,304,731

2,304,731

Share premium

3,832,000

3,832,000

Retained earnings

(8,261,552

)

(8,064,241

)

(2,124,821

)

(1,927,510

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 13 April 2018 and were signed by:

G Benedetti - Director

1.	STATUTORY INFORMATION

Green Cross Medico Limited is a private company, limited by shares , registered in Scotland. 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 (£).

Monetary amounts in these financial statements are rounded to the nearest £.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company has net liabilities of £2,124,821 at 31 December 2017. The company is supported by a

loan from the director and it is anticipated this will continue. The accounts are prepared on a going

concern basis.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are

measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets

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

Plant and machinery etc

-

25% on cost

Government grants

Revenue grants are credited to the income statement in the period or periods that they relate.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Taxation

Taxation for the year 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet 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 year 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2016 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2017

50,346

Additions

49,843

At 31 December 2017

100,189

NET BOOK VALUE

At 31 December 2017

100,189

At 31 December 2016

50,346

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2017

1,009

Additions

2,400

At 31 December 2017

3,409

DEPRECIATION

At 1 January 2017

252

Charge for year

852

At 31 December 2017

1,104

NET BOOK VALUE

At 31 December 2017

2,305

At 31 December 2016

757

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Other debtors

24,986

59,908

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Taxation and social security

3,873

6,303

Other creditors

2,269,594

2,047,422

2,273,467

2,053,725

8.	CALLED UP SHARE CAPITAL

9.	RELATED PARTY DISCLOSURES