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Financial Statements |
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for the Year Ended 31 December 2020 |
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Argon Medical Devices UK Ltd |
REGISTERED NUMBER:
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Financial Statements |
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for the Year Ended 31 December 2020 |
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for |
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Argon Medical Devices UK Ltd |
Argon Medical Devices UK Ltd (Registered number: 03543457) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2020 |
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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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Argon Medical Devices UK Ltd |
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Company Information |
for the Year Ended 31 December 2020 |
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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 |
Argon Medical Devices UK Ltd (Registered number: 03543457) |
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Balance Sheet |
31 December 2020 |
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31.12.20 | 31.12.19 |
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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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 and authorised for issue on
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Argon Medical Devices UK Ltd (Registered number: 03543457) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2020 |
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1. | STATUTORY INFORMATION |
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Argon Medical Devices UK Ltd is a
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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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Equipment, fixtures and
fittings |
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variable rates on reducing balance or cost |
Motor vehicles | - | 25% on reducing balance |
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Government grants |
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model. |
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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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Argon Medical Devices UK Ltd (Registered number: 03543457) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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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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Argon Medical Devices UK Ltd (Registered number: 03543457) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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4. | TANGIBLE FIXED ASSETS |
Equipment, |
fixtures | Motor |
& fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 1 January 2020 |
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Additions |
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Disposals | ( |
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At 31 December 2020 |
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DEPRECIATION |
At 1 January 2020 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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5. | STOCKS |
31.12.20 | 31.12.19 |
£ | £ |
Stocks |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Prepayments and accrued income |
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Argon Medical Devices UK Ltd (Registered number: 03543457) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
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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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: |
31.12.20 | 31.12.19 |
£ | £ |
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 | 31.12.20 | 31.12.19 |
value: | £ | £ |
95 | Ordinary | £1 | 95 | 95 |
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10. | RESERVES |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
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At 1 January 2020 |
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2,054,440 |
Profit for the year |
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Dividends | ( |
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At 31 December 2020 |
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1,379,227 |
Argon Medical Devices UK Ltd (Registered number: 03543457) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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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. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is
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Shandong Weigao Group Medical Polymer Company Limited is a company registered in the Peoples Republic of China. |
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Shandong Weigao Group Medical Polymer Company Limited prepare consolidated accounts for the group and are publicly available from it's own website weigaogroup.com. |
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Argon Medical Devices Inc, registered address 2600 Dallas Parkway, Suite 440 Frisco, USA, is the immediate parent company of Argon Medical Devices UK Ltd (formerly Mana-Tech Limited). |
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13. | COVID-19 |
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The COVID-19 pandemic developed rapidly throughout 2020 with the UK government and the devolved administrations of the United Kingdom introducing various measures that have affected economic activity. We have taken the necessary measures to monitor and mitigate the effects of COVID-19, such as health and safety measures for our staff and visitors. |
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To date, the impact on our business and results has not been significant and based on our experience to date we expect this to remain the case. |
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We will continue to follow government policies and guidelines and to continue operations in the best and safest way possible without endangering the health of our staff. |
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There has been no impact upon the company's liquidity or ability to continue as a going concern arising from the pandemic. |