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Financial Statements |
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for the Year Ended 31 March 2020 |
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for |
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Central Medical Supplies Limited |
REGISTERED NUMBER:
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Financial Statements |
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for the Year Ended 31 March 2020 |
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for |
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Central Medical Supplies Limited |
Central Medical Supplies Limited (Registered number: 02640770) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2020 |
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Page |
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Balance Sheet | 1 |
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Notes to the Financial Statements | 2 |
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Central Medical Supplies Limited (Registered number: 02640770) |
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Balance Sheet |
31 March 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks | 6 |
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Debtors | 7 |
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Investments | 8 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 9 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 10 | ( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
signed on its behalf by: |
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Central Medical Supplies Limited (Registered number: 02640770) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2020 |
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1. | STATUTORY INFORMATION |
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Central Medical Supplies Limited is a
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registered number and registered office address are as below: |
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Registered number: | 02640770 |
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Registered office: | CMS House |
Fynney Fields |
Brooklands Way |
Leek |
Staffordshire |
ST13 7QG |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The principal accounting policies adopted in the preparation of the financial statements are set out below and have |
remained unchanged from the previous year, and have been consistently applied within these accounts. |
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After making enquiries, the directors have a reasonable expectation that the company has adequate resources to |
continue in operational existence for the foreseeable future, being the 12 month period from the date of these accounts |
being approved, given the impact of the Coronavirus upon the economy and therefore the financial statements have been |
prepared on a going concern basis. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value |
added tax and other sales taxes. |
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Revenue is recognised as the company becomes entitled to consideration for the goods supplied. |
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Goodwill |
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Patents and trade marks |
Patents and trade marks are stated at cost less amortisation. Amortisation is provided at rates calculated to write off the |
cost of patents, less their estimated residual value, over their expected useful economic lives of 10 years. |
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Other intangible asset |
The other intangible asset relates to development costs connected with a project undertaken in 2010 and 2011 which is |
being amortised evenly over 10 years. |
Central Medical Supplies Limited (Registered number: 02640770) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
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Freehold property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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Plant and machinery has two methods of depreciation being 25% on reducing balance and 25% on straight line basis. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving |
items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the |
extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet |
date. |
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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. |
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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. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet |
date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of |
transaction. Exchange differences are taken into account in arriving at the operating result. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under |
hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are |
depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the |
future payments is treated as a liability. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme |
are charged to profit or loss in the period to which they relate. |
Central Medical Supplies Limited (Registered number: 02640770) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Patents |
and trade | Development |
marks | costs | Totals |
£ | £ | £ |
COST |
At 1 April 2019 |
and 31 March 2020 |
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AMORTISATION |
At 1 April 2019 |
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Amortisation for year |
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At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 April 2019 |
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Additions |
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Disposals |
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At 31 March 2020 |
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DEPRECIATION |
At 1 April 2019 |
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Charge for year |
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Eliminated on disposal |
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At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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Central Medical Supplies Limited (Registered number: 02640770) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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5. | TANGIBLE FIXED ASSETS - continued |
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Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2019 |
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Additions |
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Disposals | ( |
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( |
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At 31 March 2020 |
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DEPRECIATION |
At 1 April 2019 |
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Charge for year |
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Eliminated on disposal | ( |
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( |
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At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
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COST |
At 1 April 2019 |
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Additions |
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At 31 March 2020 |
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DEPRECIATION |
At 1 April 2019 |
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Charge for year |
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At 31 March 2020 |
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NET BOOK VALUE |
At 31 March 2020 |
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At 31 March 2019 |
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6. | STOCKS |
2020 | 2019 |
£ | £ |
Stocks |
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Central Medical Supplies Limited (Registered number: 02640770) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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8. | CURRENT ASSET INVESTMENTS |
2020 | 2019 |
£ | £ |
Shares in group undertakings |
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9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans |
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Hire purchase contracts |
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Other Creditors |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 585,725 | 616,770 |
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Included within other creditors, both due within one year and due after more than one year, is a combined balance of |
£196,563 (2019: £201,032) which represents Regional Growth Fund grants, which are being amortisied in line with the |
depreciation policy of the fixed asset the grant relates to. |
Central Medical Supplies Limited (Registered number: 02640770) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
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11. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2020 | 2019 |
£ | £ |
Bank overdraft |
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Bank loans |
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Hire purchase contracts | 24,238 | 12,378 |
RBS Invoice Finance Limited | 974,387 | 1,173,276 |
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The National Westminster Bank PLC holds a fixed and floating charge over all the current and future assets of the |
company dated 19th December 1992 and 31st May 2016, together with a Legal Mortgage over 4 Fynney Fields, Leekbrook |
dated 10th May 2013 and 21st September 2001. |
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National Westminster Bank PLC holds an additional fixed charge containing a negative pledge dated 25th May 2016. |
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RBS Invoice Finance Limited also hold a fixed and floating charge dated 21st July 2006 over the undertaking and all |
property and assets present and future including goodwill, book debts, uncalled capital, buildings, fixtures and fixed plant |
and machinery. |
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Hire purchase creditors are secured on the related assets. |
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12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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13. | FINANCIAL COMMITMENTS |
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At the reporting end date the company had outstanding commitments for future minimum lease payments under |
non-cancellable operating leases totalling £88,803 (2019 - £87,444). |
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14. | FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
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In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the |
tax authorities and assist with the preparation of the financial statements. |