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Financial Statements |
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for the Year Ended 31 May 2019 |
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for |
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Mana-Tech Limited |
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REGISTERED NUMBER:
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Financial Statements |
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for the Year Ended 31 May 2019 |
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for |
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Mana-Tech Limited |
Mana-Tech Limited (Registered number: 03543457) |
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Contents of the Financial Statements |
for the Year Ended 31 May 2019 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Mana-Tech Limited |
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Company Information |
for the Year Ended 31 May 2019 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditors |
6 Lichfield Street |
Burton-on-Trent |
Staffordshire |
DE14 3RD |
Mana-Tech Limited (Registered number: 03543457) |
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Balance Sheet |
31 May 2019 |
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31.5.19 | 31.5.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks | 5 |
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Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Capital redemption reserve | 10 |
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Retained earnings | 10 |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director on
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Mana-Tech Limited (Registered number: 03543457) |
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Notes to the Financial Statements |
for the Year Ended 31 May 2019 |
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1. | STATUTORY INFORMATION |
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Mana-Tech Limited is a
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company's registered number and registered office address can be found on the Company |
Information page. |
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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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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 at the point of despatch of goods to the customer. |
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Tangible fixed assets |
Tangible fixed assets are included at cost less depreciation and impairment. Depreciation is provided |
at the following annual rates in order to write off each asset over its estimated useful life. |
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Fixtures and fittings | - | variable rates on reducing balance |
Motor vehicles | - | 25% on reducing balance |
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Stocks |
Stocks have been valued at the lower of cost and estimated selling price less costs to sell. Provision is |
made for obsolete and slow-moving stock where appropriate. |
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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. |
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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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Mana-Tech Limited (Registered number: 03543457) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2019 |
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2. | ACCOUNTING POLICIES - continued |
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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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. |
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Debtors |
Short term debtors are measured at transaction price less any impairment. Any losses arising from |
impairment are recognised in profit or loss. |
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Creditors |
Short term creditors are measured at transaction price. |
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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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Mana-Tech Limited (Registered number: 03543457) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2019 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 1 June 2018 |
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Additions |
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Disposals | ( |
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At 31 May 2019 |
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DEPRECIATION |
At 1 June 2018 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 May 2019 |
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NET BOOK VALUE |
At 31 May 2019 |
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At 31 May 2018 |
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5. | STOCKS |
31.5.19 | 31.5.18 |
£ | £ |
Stocks |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.19 | 31.5.18 |
£ | £ |
Trade debtors |
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Other debtors |
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Prepayments and accrued income |
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Mana-Tech Limited (Registered number: 03543457) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2019 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.19 | 31.5.18 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Corporation tax |
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Social security and other taxes |
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Other creditors |
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Directors' current accounts | - | 6,513 |
Accrued expenses |
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8. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.5.19 | 31.5.18 |
£ | £ |
Within one year |
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Between one and five years |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.5.19 | 31.5.18 |
value: | £ | £ |
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Ordinary | £1 | 95 | 95 |
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A - G | £1 | - | 7 |
95 | 102 |
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During the year, Mana-Tech Limited reduced its share capital by cancelling the A-G £1 ordinary |
shares. |
Mana-Tech Limited (Registered number: 03543457) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2019 |
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10. | RESERVES |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
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At 1 June 2018 |
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5,120,541 |
Profit for the year |
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At 31 May 2019 |
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6,144,275 |
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11. | 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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12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 31 May 2019 and |
31 May 2018: |
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31.5.19 | 31.5.18 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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Interest was charged on the above advance, calculated on a daily basis, using an annual rate of 2.5%. |
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13. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is
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On the 16th May 2019 Argon Medical Devices, Inc, registered address 2600 Dallas Parkway, Suite |
440 Frisco, USA, became the immediate parent company of Mana-Tech Limited. |
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On the 16th May 2019 Shandong Weigao Group Medical Polymer Company Limited, a company |
registered in the Peoples Republic of China, became the Ultimate controlling party of Mana-Tech |
Limited. |
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Shandong Weigao Group Medical Polymer Company Limited prepare consolidated accounts for the |
group and are publicly available from it own website weigaogroup.com. |