Registered number: 09748313
KINETEC MEDICAL
PRODUCTS UK LIMITED
ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2018
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KINETEC MEDICAL PRODUCTS UK LIMITED
Company Information
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Park Farm Industrial Estate
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Chartered Accountants & Statutory Auditor
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KINETEC MEDICAL PRODUCTS UK LIMITED
Registered number:
09748313
Balance sheet
As at
31 December 2018
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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The
financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
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KINETEC MEDICAL PRODUCTS UK LIMITED
Registered number:
09748313
Balance sheet
(continued)
As at
31 December 2018
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
23 August 2019
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The notes on pages 3 to 9 form part of these financial statements.
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KINETEC MEDICAL PRODUCTS UK LIMITED
Notes to the financial statements
For the Year Ended 31 December 2018
Kinetec Medical Products UK Limited is a private limited company incorporated in the United Kingdom and registered in England and Wales, registration number 09748313. The company's registered office address is 16-20 Morris Close, Park Farm Industrial Estate, Wellingborough, Northamptonshire, NN8 6XF.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
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The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis. The parent company, Medfac BVBA, has confirmed in writing to the Directors that it will continue to provide the necessary financial support to enable it to meet its liabilities and commitments as they fall due. In particular the subsidiaries Medfac UK Ltd and Kinetec SAS agree to manage the staged repayments of any amounts owed to them by Kinetec Medical Products UK Limited so that Kinetec Medical Products UK Ltd is able to meet all other liabilities and commitments as they fall due for at least 12 months from the date of signing these financial statements.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
∙
the Company has transferred the significant risks and rewards of ownership to the buyer;
∙
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙
the amount of revenue can be measured reliably;
∙
it is probable that the Company will receive the consideration due under the transaction; and
∙
the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rental income
Turnover from rents receivable in relation to the hire of equipment is recognised on an accruals basis. Rents are recognised on a straight line basis over the term of the contract, excluding VAT.
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KINETEC MEDICAL PRODUCTS UK LIMITED
Notes to the financial statements
For the Year Ended 31 December 2018
2.
Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives on the following bases:
Leasehold improvements - over the life of the lease
Plant and machinery - 15% straight line
Fixtures and fittings - 15% straight line
Computer equipment - 25% straight line
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Intercompany sales and recharges
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Intercompany sales and recharges includes revenue recognised by the company in respect of goods supplied during the year, exclusive of Value Added Tax and expenses recharged to subsidiaries, such expenses include website costs, printing and salary recharges.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and loss account.
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KINETEC MEDICAL PRODUCTS UK LIMITED
Notes to the financial statements
For the Year Ended 31 December 2018
2.
Accounting policies (continued)
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Profit and loss account
except when deferred in other comprehensive income as qualifying cash flow hedges.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to the Profit and loss account on a straight line basis over the lease term.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
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KINETEC MEDICAL PRODUCTS UK LIMITED
Notes to the financial statements
For the Year Ended 31 December 2018
2.
Accounting policies (continued)
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
∙
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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The average monthly number of employees, including directors, during the year was
7
(2017 -
7
)
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KINETEC MEDICAL PRODUCTS UK LIMITED
Notes to the financial statements
For the Year Ended 31 December 2018
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KINETEC MEDICAL PRODUCTS UK LIMITED
Notes to the financial statements
For the Year Ended 31 December 2018
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Amounts owed by group undertakings
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Called up share capital not paid
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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KINETEC MEDICAL PRODUCTS UK LIMITED
Notes to the financial statements
For the Year Ended 31 December 2018
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Creditors: Amounts falling due after more than one year
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Commitments under operating leases
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At 31 December 2018, the company had future minimum lease payments under non-cancellable operating leases amounting to £59,333 (2017: £88,983).
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Authorised, allotted, called up and fully paid
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100
Ordinary shares of £
1.00
each
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Related party transactions
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At 31st December 2018 the Company owed a director £89,000 (2017: £90,000), this loan is interest free and the terms state that it is repayable in 2019.
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The parent undertaking of the smallest group of which Kinetec Medical Products UK Limited is a member is Medfac BVBA. Their registered office is Kattevennen 8, 3600 Genk, Belgium.
The auditors' report on the financial statements for the year ended 31 December 2018 was unqualified.
The audit report was signed on
23 August 2019
by
Martin Dunne
(Senior statutory auditor) on behalf of
Sayers Butterworth LLP
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