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Registration number: 11571735

McGlone Medical Services Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2022

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
McGlone Medical Services Limited
for the Year Ended 31 March 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of McGlone Medical Services Limited for the year ended 31 March 2022 as set out on pages 2 to 6 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of McGlone Medical Services Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of McGlone Medical Services Limited and state those matters that we have agreed to state to the Board of Directors of McGlone Medical Services Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than McGlone Medical Services Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that McGlone Medical Services Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of McGlone Medical Services Limited. You consider that McGlone Medical Services Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of McGlone Medical Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

MMO Limited
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

13 September 2022

 

McGlone Medical Services Limited

(Registration number: 11571735)
Balance Sheet as at 31 March 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

6,426

3,713

Current assets

 

Cash at bank and in hand

 

94,988

62,203

Creditors: Amounts falling due within one year

5

(16,003)

(17,442)

Net current assets

 

78,985

44,761

Total assets less current liabilities

 

85,411

48,474

Provisions for liabilities

(1,221)

(706)

Net assets

 

84,190

47,768

Capital and reserves

 

Called up share capital

6

120

140

Retained earnings

84,070

47,628

Shareholders' funds

 

84,190

47,768

For the financial year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 9 September 2022 and signed on its behalf by:
 

.........................................
Dr Philip McGlone
Director

 

McGlone Medical Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

McGlone Medical Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% - written down value

Plant and machinery

25% - written down value

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

McGlone Medical Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2021 - 2).

4

Tangible assets

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2021

365

4,861

5,226

Additions

1,468

3,386

4,854

At 31 March 2022

1,833

8,247

10,080

Depreciation

At 1 April 2021

160

1,353

1,513

Charge for the year

418

1,723

2,141

At 31 March 2022

578

3,076

3,654

Carrying amount

At 31 March 2022

1,255

5,171

6,426

At 31 March 2021

205

3,508

3,713

 

McGlone Medical Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

5

Creditors

Note

2022
 £

2021
 £

Due within one year

 

Trade creditors

 

3,807

6,575

Other payables

 

347

7,020

Accrued expenses

 

1,000

1,000

Corporation tax liability

10,849

2,847

 

16,003

17,442

6

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

Ordinary A shares of £1 each

10

10

10

10

Ordinary B shares of £1 each

10

10

10

10

 

120

120

120

120

7

Related party transactions

Transactions with directors

2022

At 1 April 2021
£

Advances to director
£

At 31 March 2022
£

Dr Philip McGlone

The directors loan account balance is undated, unsecured, interest free and repayable on demand.

(7,021)

6,674

(348)

       
     

 

2021

At 1 April 2020
£

Repayments by director
£

At 31 March 2021
£

Dr Philip McGlone

The directors loan account balance is undated, unsecured, interest free and repayable on demand.

(874)

(6,147)

(7,021)