Statutory Copy
MMM MEDICAL EQUIPMENT UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Company Registration No. 03297927 (England and Wales)
MMM MEDICAL EQUIPMENT UK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
MMM MEDICAL EQUIPMENT UK LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
474,342
286,436
Current assets
Stocks
5
2,658,789
3,321,181
Debtors
6
1,349,798
1,336,873
Cash at bank and in hand
1,601,615
1,474,731
5,610,202
6,132,785
Creditors: amounts falling due within one year
7
(2,785,455)
(3,292,790)
Net current assets
2,824,747
2,839,995
Total assets less current liabilities
3,299,089
3,126,431
Provisions for liabilities
9
(72,981)
(47,993)
Net assets
3,226,108
3,078,438
Capital and reserves
Called up share capital
10
250,000
250,000
Profit and loss reserves
2,976,108
2,828,438
Total equity
3,226,108
3,078,438
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
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 and signed by the director and authorised for issue on 25 February 2022
Mr B Mitchell
Director
Company Registration No. 03297927
MMM MEDICAL EQUIPMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
1
Accounting policies
Company information
MMM Medical Equipment UK Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Units 2 & 3 Gateway Business Park, Gateway Drive, Yeadon, Leeds, LS19 7XY.
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 on the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
A
t the time of approving the financial statements
,
t
he director has a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he director continues to adopt the going concern basis of accounting in preparing the financial statements.
The director does not consider the Covid-19 pandemic to have created a material uncertainty in relation to the going concern of the company.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
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.
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:
Leasehold improvements
20% Straight line
Plant and machinery
20% and 25% Straight line
Fixtures, fittings & equipment
25% Straight line
Motor vehicles
25% Reducing balance
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
.
MMM MEDICAL EQUIPMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
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 and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
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.
1.7
Long term contracts
Where the outcome of a contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.
Where the outcome of a contract cannot be estimated reliably, contract costs are recognised as expenses in the period in which they are incurred and contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable.
MMM MEDICAL EQUIPMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature and provided it is probable they will be recovered.
1.8
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
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 balance sheet 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.
Other financial assets
Trade debtors
, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.
Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial.
The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.
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.
MMM MEDICAL EQUIPMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
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.
Other 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.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.12
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
MMM MEDICAL EQUIPMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 6 -
1.14
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
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
s
asset are consumed.
1.15
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
47
41
MMM MEDICAL EQUIPMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2021
221,629
1,062,139
1,283,768
Additions
60,593
241,624
302,217
Disposals
(16,175)
(16,175)
At 31 December 2021
282,222
1,287,588
1,569,810
Depreciation and impairment
At 1 January 2021
219,985
777,347
997,332
Depreciation charged in the year
3,357
107,516
110,873
Eliminated in respect of disposals
(12,737)
(12,737)
At 31 December 2021
223,342
872,126
1,095,468
Carrying amount
At 31 December 2021
58,880
415,462
474,342
At 31 December 2020
1,644
284,792
286,436
5
Stocks
2021
2020
£
£
Parts of spares and machine stock
2,358,022
2,814,459
Work in progress
806,280
561,062
Payments received on account
(505,513)
(54,340)
2,658,789
3,321,181
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
1,201,939
1,299,976
Gross amounts due from contract customers
75,682
13,114
Corporation tax recoverable
357
Other debtors
72,177
23,426
1,349,798
1,336,873
MMM MEDICAL EQUIPMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 8 -
7
Creditors: amounts falling due within one year
2021
2020
£
£
Obligations under finance leases
-
6,883
Trade creditors
102,373
84,590
Amounts due to group undertakings
193,317
857,903
Corporation tax payable
80,154
252,475
Other taxation and social security
221,428
347,297
Payments received on account
1,153,582
849,250
Other creditors
1,034,601
894,392
2,785,455
3,292,790
8
Finance lease obligations
2021
2020
Future minimum lease payments due under finance leases:
£
£
Within one year
7,248
Less: future finance charges
(365)
6,883
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
9
Provisions for liabilities
2021
2020
£
£
Deferred tax liabilities
72,981
47,993
72,981
47,993
10
Share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
250,000 Ordinary shares of £1 each
250,000
250,000
MMM MEDICAL EQUIPMENT UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 9 -
11
Operating lease commitments
Lessee
Operating lease payments represent rentals payable by the company for certain of its properties and vehicles. Leases are negotiated for an average term of 3 years and rentals are fixed for an average of 3 years.
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2021
2020
£
£
Within one year
151,870
141,793
Between two and five years
66,494
108,476
218,364
250,269
12
Related party transactions
Remuneration of key management personnel
2021
2020
£
£
Aggregate compensation
107,900
119,200
13
Parent company
The parent company of MMM Medical Equipment UK Limited is MMM Munchener Medizin Mechanik GmbH, a company incorporated in Germany.
The ultimate controlling party is Mr M Koller by virtue of his holding in the share capital of the ultimate parent company, which is Koller Holding GmbH.
The financial statements of the company are consolidated into the group of MMM Munchener Medizin Mechanik GmbH.
14
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified. The senior statutory auditor was
Victoria Wainwright
for and on behalf of
Naylor Wintersgill Limited.
2021-12-31
2021-01-01
false
25 February 2022
CCH Software
CCH Accounts Production 2021.300
No description of principal activity
This audit opinion is unqualified
Mr B Mitchell
Mrs A Holdsworth
03297927
2021-01-01
2021-12-31
03297927
2021-12-31
03297927
2020-12-31
03297927
core:LandBuildings
2021-12-31
03297927
core:OtherPropertyPlantEquipment
2021-12-31
03297927
core:LandBuildings
2020-12-31
03297927
core:OtherPropertyPlantEquipment
2020-12-31
03297927
core:CurrentFinancialInstruments
core:WithinOneYear
2021-12-31
03297927
core:CurrentFinancialInstruments
core:WithinOneYear
2020-12-31
03297927
core:ShareCapital
2021-12-31
03297927
core:ShareCapital
2020-12-31
03297927
core:RetainedEarningsAccumulatedLosses
2021-12-31
03297927
core:RetainedEarningsAccumulatedLosses
2020-12-31
03297927
core:HedgingReserve
core:RestatedAmount
2019-12-31
03297927
core:CapitalRedemptionReserve
core:RestatedAmount
2019-12-31
03297927
bus:Director1
2021-01-01
2021-12-31
03297927
core:LandBuildings
core:LeasedAssetsHeldAsLessee
2021-01-01
2021-12-31
03297927
core:PlantMachinery
2021-01-01
2021-12-31
03297927
core:FurnitureFittings
2021-01-01
2021-12-31
03297927
core:MotorVehicles
2021-01-01
2021-12-31
03297927
2020-01-01
2020-12-31
03297927
core:LandBuildings
2020-12-31
03297927
core:OtherPropertyPlantEquipment
2020-12-31
03297927
2020-12-31
03297927
core:LandBuildings
2021-01-01
2021-12-31
03297927
core:OtherPropertyPlantEquipment
2021-01-01
2021-12-31
03297927
core:CurrentFinancialInstruments
2021-12-31
03297927
core:CurrentFinancialInstruments
2020-12-31
03297927
core:WithinOneYear
2021-12-31
03297927
core:WithinOneYear
2020-12-31
03297927
core:BetweenTwoFiveYears
2021-12-31
03297927
core:BetweenTwoFiveYears
2020-12-31
03297927
bus:PrivateLimitedCompanyLtd
2021-01-01
2021-12-31
03297927
bus:SmallCompaniesRegimeForAccounts
2021-01-01
2021-12-31
03297927
bus:FRS102
2021-01-01
2021-12-31
03297927
bus:Audited
2021-01-01
2021-12-31
03297927
bus:CompanySecretary1
2021-01-01
2021-12-31
03297927
bus:FullAccounts
2021-01-01
2021-12-31
xbrli:pure
xbrli:shares
iso4217:GBP