Company registration number 06491893 (England and Wales)
GLOBUS MEDICAL UK LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
GLOBUS MEDICAL UK LTD
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
1
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
5
547,533
528,210
Current assets
Debtors
6
2,872,279
3,399,036
Cash at bank and in hand
1,270,160
530,627
4,142,439
3,929,663
Creditors: amounts falling due within one year
7
(2,360,104)
(2,087,660)
Net current assets
1,782,335
1,842,003
Total assets less current liabilities
2,329,868
2,370,213
Creditors: amounts falling due after more than one year
8
(281,409)
(397,210)
Provisions for liabilities
4
(22,786)
(17,973)
Net assets
2,025,673
1,955,030
Capital and reserves
Called up share capital
9
1
1
Profit and loss reserves
2,025,672
1,955,029
Total equity
2,025,673
1,955,030
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the year 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.
GLOBUS MEDICAL UK LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2021
31 December 2021
2
The financial statements were approved and signed by the director and authorised for issue on 4 November 2022
Mr K Pfeil
Director
Company Registration No. 06491893
GLOBUS MEDICAL UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
3
1
Accounting policies
Company information
Globus Medical UK LTD is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Heathrow Boulevard 2, 284 Bath Road, Sipson, West Drayton, UB7 0DQ.
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.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts, and was wholly attributable to markets in the UK.
1.3
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:
Right of use operating leases
over life of the lease
Surgical instrument
33% straight line
Fixtures, fittings & equipment
20% straight line
Computer equipment
33% straight line
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
.
1.4
Financial instruments
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.
GLOBUS MEDICAL UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies (Continued)
4
1.5
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.
1.6
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in
profit
or
loss
immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in
profit
or
loss
depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.7
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 liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
GLOBUS MEDICAL UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies (Continued)
5
1.10
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.
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.
1.11
Foreign exchange
Transactions in currencies other than
pounds sterling
are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
60
44
GLOBUS MEDICAL UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
6
3
Taxation
2021
2020
£
£
Current tax
UK corporation tax on profits for the current period
45,628
12,106
Adjustments in respect of prior periods
35,557
28,531
Total current tax
81,185
40,637
Deferred tax
Other adjustments
4,813
18,682
Total tax charge
85,998
59,319
4
Provisions for liabilities
2021
2020
£
£
Deferred tax liabilities
22,786
17,973
GLOBUS MEDICAL UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
7
5
Tangible fixed assets
Right of use operating leases
Surgical instrument
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
£
Cost
At 1 January 2021
501,605
181,732
115,274
16,788
815,399
Additions
155,314
38,270
1,142
194,726
Disposals
(175,527)
(6,688)
(182,215)
At 31 December 2021
656,919
6,205
153,544
11,242
827,910
Depreciation and impairment
At 1 January 2021
75,966
178,974
23,835
8,414
287,189
Depreciation charged in the year
159,888
887
13,019
3,062
176,856
Eliminated in respect of disposals
(175,527)
(6,688)
(182,215)
Adjustment
(1,453)
(1,453)
At 31 December 2021
235,854
2,881
36,854
4,788
280,377
Carrying amount
At 31 December 2021
421,065
3,324
116,690
6,454
547,533
At 31 December 2020
425,639
2,758
91,439
8,374
528,210
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
2,135,621
2,223,562
Corporation tax recoverable
11,867
11,867
Amounts owed by group undertakings
663,900
1,135,229
Other debtors
60,891
28,378
2,872,279
3,399,036
GLOBUS MEDICAL UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
8
7
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
725
44,044
Amounts owed to group undertakings
599,099
579,049
Corporation tax
45,628
12,106
Other taxation and social security
447,626
524,349
Other creditors
1,267,026
928,112
2,360,104
2,087,660
8
Creditors: amounts falling due after more than one year
2021
2020
£
£
Other creditors
281,409
397,210
9
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
10
Parent company
The ultimate controlling party is the shareholder Globus medical GMBH by virtue of its shareholding.
11
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:
2021
2020
£
£
39,349
45,176