Company Registration No. 05268095 (England and Wales)
FISCHEN MEDICAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2016
PAGES FOR FILING WITH REGISTRAR
FISCHEN MEDICAL LIMITED
COMPANY INFORMATION
Directors
Mr N Smith
Mr S Hussain
(Appointed 31 October 2016)
Secretary
Mr S Smith
Company number
05268095
Registered office
Edgbaston Stadium
Edgbaston Road
Birmingham
B5 7QU
Accountants
Edwards
34 High Street
Aldridge
Walsall
West Midlands
WS9 8LZ
Business address
Net Lynk 1
Gorsey Lane
Coleshill
B46 1JU
FISCHEN MEDICAL LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
FISCHEN MEDICAL LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2016
31 December 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
3
6,896
-
Current assets
Stocks
23,161
-
Debtors
4
16,090
-
Cash at bank and in hand
842
68
40,093
68
Creditors: amounts falling due within one year
5
(56,529)
(41,643)
Net current liabilities
(16,436)
(41,575)
Total assets less current liabilities
(9,540)
(41,575)
Capital and reserves
Called up share capital
6
1,000
68
Share premium account
41,642
-
Profit and loss reserves
(52,182)
(41,643)
Total equity
(9,540)
(41,575)
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial period ended 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T he members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 .
he members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 3 May 2017 and are signed on its behalf by:
Mr N Smith
Director
Company Registration No. 05268095
FISCHEN MEDICAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2016
- 2 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 November 2014
68
-
(41,643)
(41,575)
Year ended 31 October 2015:
Profit for the year
-
-
-
-
Balance at 31 October 2015
68
-
(41,643)
(41,575)
Period ended 31 December 2016:
Loss for the period
-
-
(10,539)
(10,539)
Issue of share capital
6
932
41,642
-
42,574
Balance at 31 December 2016
1,000
41,642
(52,182)
(9,540)
FISCHEN MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2016
- 3 -
1
Accounting policies
Company information
Fischen Medical Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Edgbaston Stadium, Edgbaston Road, Birmingham, B5 7QU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
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 financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the period ended 31 December 2016
are the
first
financial statements of Fischen Medical Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 November 2014. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Reporting period
The reporting period for the entity has been increased to 14 months in order to have a period end date that is coterminous with it's parent company. Comparative amounts presented in the financial statements, including the related notes, are not entirely comparable due to this reporting period extension.
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings leasehold
Nil
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
.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs .
.
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.
FISCHEN MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2016
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention 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.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, 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
paymen
ts 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. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense . The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination 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 immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
FISCHEN MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2016
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 1 (2015 - -).
3
Tangible fixed assets
Land and buildings
£
Cost
At 1 November 2015
-
Additions
6,896
At 31 December 2016
6,896
Depreciation and impairment
At 1 November 2015 and 31 December 2016
-
Carrying amount
At 31 December 2016
6,896
At 31 October 2015
-
4
Debtors
2016
2015
Amounts falling due within one year:
£
£
Trade debtors
4,240
-
Other debtors
11,850
-
16,090
-
5
Creditors: amounts falling due within one year
2016
2015
£
£
Bank loans and overdrafts
-
27
Trade creditors
15,073
-
Amounts due to group undertakings
41,456
-
Other creditors
-
41,616
56,529
41,643
FISCHEN MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2016
- 6 -
6
Called up share capital
2016
2015
£
£
Ordinary share capital
Issued and not fully paid
1,000 Ordinary shares of £1 each (2015: 68)
1,000
68
During the year, the company issued 932 shares for a total consideration of £42,574.
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2016
2015
£
£
Total
5,000
-
8
Related party transactions
At 31 December 2016, included in creditors is an amount of
£19,515
(2015 –
Nil
) due to One Asset Limited, the company’s parent company.
At 31 December 2016, included in creditors is an amount of £
21,941
(2015 –
£7,750
) due to Elonex Sports PLC, a fellow subsidiary company.
9
Parent company
The company was, at the balance sheet date, a 70% subsidiary of One Asset Limited, a company incorporated in the United Kingdom.
The company is controlled by Mr N Smith by virtue of his shareholding in One Asset Limited.