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REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS FOR THE PERIOD 4 JANUARY 2014 TO 2 JANUARY 2015 |
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GREATBATCH MEDICAL LIMITED |
REGISTERED NUMBER:
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REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS FOR THE PERIOD 4 JANUARY 2014 TO 2 JANUARY 2015 |
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FOR |
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GREATBATCH MEDICAL LIMITED |
GREATBATCH MEDICAL LIMITED (REGISTERED NUMBER: 05179062) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 4 JANUARY 2014 TO 2 JANUARY 2015 |
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Company Information | 1 |
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Report of the Directors | 2 |
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Report of the Independent Auditors | 3 |
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Profit and Loss Account | 4 |
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Balance Sheet | 5 |
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Notes to the Financial Statements | 6 |
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GREATBATCH MEDICAL LIMITED |
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COMPANY INFORMATION |
FOR THE PERIOD 4 JANUARY 2014 TO 2 JANUARY 2015 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants and Statutory Auditors |
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BANKERS: |
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GREATBATCH MEDICAL LIMITED (REGISTERED NUMBER: 05179062) |
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REPORT OF THE DIRECTORS |
FOR THE PERIOD 4 JANUARY 2014 TO 2 JANUARY 2015 |
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The directors present their report with the financial statements of the company for the period 4 January 2014 to 2 January 2015. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 4 January 2014 to the date of this |
report. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with |
applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors |
have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting |
Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not |
approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the |
company and of the profit or loss of the company for that period. In preparing these financial statements, the directors |
are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will
continue in business. |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the |
company's transactions and disclose with reasonable accuracy at any time the financial position of the company and |
enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for |
safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud |
and other irregularities. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act |
2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken |
as a director in order to make himself aware of any relevant audit information and to establish that the company's |
auditors are aware of that information. |
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AUDITORS |
The auditors, Revell Ward Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating |
to small companies. |
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ON BEHALF OF THE BOARD: |
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
GREATBATCH MEDICAL LIMITED |
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We have audited the financial statements of Greatbatch Medical Limited for the period ended 2 January 2015 on pages |
four to ten. The financial reporting framework that has been applied in their preparation is applicable law and United |
Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). |
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This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the |
Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those |
matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent |
permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's |
members as a body, for our audit work, for this report, or for the opinions we have formed. |
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Respective responsibilities of directors and auditors |
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Scope of the audit of the financial statements |
A description of the scope of an audit of financial statements is provided on the FRC's website at |
www.frc.org.uk/apb/scope/private.cfm. |
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Opinion on financial statements |
In our opinion the financial statements: |
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give a true and fair view of the state of the company's affairs as at 2 January 2015 and of its loss for the period then
ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Opinion on other matter prescribed by the Companies Act 2006 |
In our opinion the information given in the Report of the Directors for the financial year for which the financial |
statements are prepared is consistent with the financial statements. |
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Matters on which we are required to report by exception |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you |
if, in our opinion: |
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from
branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
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the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a
Strategic Report or in preparing the Report of the Directors. |
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for and on behalf of
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Chartered Accountants and Statutory Auditors |
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GREATBATCH MEDICAL LIMITED (REGISTERED NUMBER: 05179062) |
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PROFIT AND LOSS ACCOUNT |
FOR THE PERIOD 4 JANUARY 2014 TO 2 JANUARY 2015 |
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Period | Period |
4.1.14 | 29.12.12 |
to | to |
2.1.15 | 3.1.14 |
Notes | £ | £ |
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TURNOVER | 2 |
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Administrative expenses |
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OPERATING LOSS | 4 | ( |
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Interest receivable and similar income |
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LOSS ON ORDINARY ACTIVITIES
BEFORE TAXATION |
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Tax on loss on ordinary activities | 5 |
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LOSS FOR THE FINANCIAL PERIOD | ( |
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CONTINUING OPERATIONS |
None of the company's activities were acquired or discontinued during the current period or previous period. |
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TOTAL RECOGNISED GAINS AND LOSSES |
The company has no recognised gains or losses other than the losses for the current period or previous period. |
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GREATBATCH MEDICAL LIMITED (REGISTERED NUMBER: 05179062) |
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BALANCE SHEET |
2 JANUARY 2015 |
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2.1.15 | 3.1.14 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Profit and loss account | 11 | ( |
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SHAREHOLDERS' FUNDS | 14 | ( |
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The financial statements were approved by the Board of Directors on
by: |
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GREATBATCH MEDICAL LIMITED (REGISTERED NUMBER: 05179062) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 4 JANUARY 2014 TO 2 JANUARY 2015 |
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1. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
During the period the company incurred a net loss of £71,029. The company has a positive cash position and no |
reliance is placed on bank facilities. The ultimate parent company has confirmed its continued support to the |
company for at least 12 months after the signing date on the balance sheet. In the prior period the holding |
company disposed of it's Precimed product range and moved it's focus to Greatbatch products. The ultimate |
parent company is committed to future investment in Greatbatch Limited in order to grow it's customer base. |
Based on this information, the directors consider that the company will continue in operation for the foreseeable |
future. Consequently the financial statements have been prepared on a going concern basis. |
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Accounting convention |
The financial statements have been prepared under the historical cost convention and in accordance with |
applicable accounting standards. |
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Turnover |
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. |
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Tangible fixed assets |
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Office equipment | - |
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Motor vehicles | - |
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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. The deferred tax balance has not been discounted. |
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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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Pensions |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to the profit and loss account in the period to which they relate. |
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Cash flow |
The company, being a subsidiary undertaking where 90% or more of the voting rights are controlled within the |
group whose consolidated financial statements are publicly available, is exempt from the requirement to draw up |
a cash flow statement in accordance with FRS 1. |
GREATBATCH MEDICAL LIMITED (REGISTERED NUMBER: 05179062) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 4 JANUARY 2014 TO 2 JANUARY 2015 |
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2. | TURNOVER |
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The turnover and loss before taxation are attributable to the principal activities of the company. |
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An analysis of turnover by geographical market is given below: |
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Period | Period |
4.1.14 | 29.12.12 |
to | to |
2.1.15 | 3.1.14 |
£ | £ |
Europe (excluding UK) |
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The company's turnover in the period is commission received entirely from its Swiss parent company Greatbatch |
Medical SA. The commission relates to UK and Irish sales generated for Greatbatch Medical SA by Greatbatch |
Medical Limited. |
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3. | STAFF COSTS |
Period | Period |
4.1.14 | 29.12.12 |
to | to |
2.1.15 | 3.1.14 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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The average monthly number of employees during the period was as follows: |
Period | Period |
4.1.14 | 29.12.12 |
to | to |
2.1.15 | 3.1.14 |
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Sales |
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4. | OPERATING LOSS |
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The operating loss is stated after charging: |
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Period | Period |
4.1.14 | 29.12.12 |
to | to |
2.1.15 | 3.1.14 |
£ | £ |
Depreciation - owned assets |
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Auditors' remuneration |
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Auditors' remuneration for non audit work - taxation compliance services |
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Auditors' remuneration for non audit work - other non audit services |
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GREATBATCH MEDICAL LIMITED (REGISTERED NUMBER: 05179062) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 4 JANUARY 2014 TO 2 JANUARY 2015 |
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4. | OPERATING LOSS - continued |
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Directors' remuneration |
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5. | TAXATION |
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Analysis of the tax charge/(credit) |
The tax charge/(credit) on the loss on ordinary activities for the period was as follows: |
Period | Period |
4.1.14 | 29.12.12 |
to | to |
2.1.15 | 3.1.14 |
£ | £ |
Current tax: |
UK corporation tax |
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Deferred tax |
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Tax on loss on ordinary activities |
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Factors affecting the tax charge/(credit) |
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is |
explained below: |
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Period | Period |
4.1.14 | 29.12.12 |
to | to |
2.1.15 | 3.1.14 |
£ | £ |
Loss on ordinary activities before tax | ( |
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Loss on ordinary activities |
multiplied by the standard rate of corporation tax |
in the UK of
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( |
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Effects of: |
Expenses not deductible for tax purposes |
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Depreciation in excess of capital allowances |
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Other differences leading to an increase / (decrease) in tax | - | ( |
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Tax losses carried forward |
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Current tax charge/(credit) |
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Factors that may affect future tax charges |
The company has tax losses of approximately £65,911 (2013 - £Nil) to carry forward against future trading |
profits. |
GREATBATCH MEDICAL LIMITED (REGISTERED NUMBER: 05179062) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 4 JANUARY 2014 TO 2 JANUARY 2015 |
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6. | TANGIBLE FIXED ASSETS |
Office | Motor |
equipment | vehicles | Totals |
£ | £ | £ |
COST |
At 4 January 2014 |
and 2 January 2015 |
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DEPRECIATION |
At 4 January 2014 |
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Charge for period |
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At 2 January 2015 |
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NET BOOK VALUE |
At 2 January 2015 |
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At 3 January 2014 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2.1.15 | 3.1.14 |
£ | £ |
Amounts owed by group undertakings |
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Other debtors |
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Tax | - |
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VAT |
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Deferred tax asset |
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Prepayments and accrued income |
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At the period end the company had prepaid pension contributions totalling £
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2.1.15 | 3.1.14 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Social security and other taxes |
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Other creditors |
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Accruals and deferred income |
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9. | DEFERRED TAX |
£ |
Balance at 4 January 2014 | ( |
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Charge to Profit and Loss Account during period |
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Balance at 2 January 2015 |
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GREATBATCH MEDICAL LIMITED (REGISTERED NUMBER: 05179062) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 4 JANUARY 2014 TO 2 JANUARY 2015 |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2.1.15 | 3.1.14 |
value: | £ | £ |
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Ordinary | £ 1 |
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11. | RESERVES |
Profit |
and loss |
account |
£ |
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At 4 January 2014 |
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Deficit for the period | ( |
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At 2 January 2015 | ( |
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12. | ULTIMATE PARENT COMPANY |
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subsidiary of |
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Copies of financial statements of P Medical Holding SA can be obtained from the following address:
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At the period end,
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Copies of financial statements of
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13. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 8 Related |
Party Disclosures, not to disclose related party transactions with wholly owned companies within the group. |
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14. | RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS |
2.1.15 | 3.1.14 |
£ | £ |
Loss for the financial period | ( |
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Net reduction of shareholders' funds | ( |
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Opening shareholders' funds |
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Closing shareholders' funds | ( |
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