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Registration number: 04024860

Multicare Electronics Limited

Annual Report and Unaudited Financial Statements

For The Year Ended 30 June 2023

 

Multicare Electronics Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

Multicare Electronics Limited

(Registration number: 04024860)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

           

Fixed assets

   

 

Tangible assets

4

 

7,570

 

11,177

Current assets

   

 

Stocks

5

17,159

 

18,593

 

Debtors

6

70,837

 

88,743

 

Cash at bank and in hand

 

188,993

 

153,347

 

 

276,989

 

260,683

 

Creditors: Amounts falling due within one year

7

(35,467)

 

(43,347)

 

Net current assets

   

241,522

 

217,336

Total assets less current liabilities

   

249,092

 

228,513

Provisions for liabilities

 

(1,892)

 

-

Net assets

   

247,200

 

228,513

Capital and reserves

   

 

Called up share capital

8

780

 

780

 

Profit and loss account

246,420

 

227,733

 

Total equity

   

247,200

 

228,513

For the financial year ending 30 June 2023 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 26 September 2023 and signed on its behalf by:
 

.........................................
Mr Bhupendra Patel
Director

 

Multicare Electronics Limited

Notes to the Unaudited Financial Statements For The Year Ended 30 June 2023

1

General information

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

The address of its registered office is:
11 Fusion Court
Aberford Road
Garforth
Leeds
LS25 2GH
United Kingdom

These financial statements were authorised for issue by the Board on 26 September 2023.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Multicare Electronics Limited

Notes to the Unaudited Financial Statements For The Year Ended 30 June 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account.

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.

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

Plant and Machinery

15% Straight Line

Fixtures & Fittings

15% Straight Line

Motor Vehicles

25% Reducing Balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

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.

 

Multicare Electronics Limited

Notes to the Unaudited Financial Statements For The Year Ended 30 June 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 15 (2022 - 15).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2022

8,350

11,040

7,887

27,277

At 30 June 2023

8,350

11,040

7,887

27,277

Depreciation

At 1 July 2022

6,074

2,790

7,236

16,100

Charge for the year

561

2,063

983

3,607

At 30 June 2023

6,635

4,853

8,219

19,707

Carrying amount

At 30 June 2023

1,715

6,187

(332)

7,570

At 30 June 2022

2,276

8,250

651

11,177

5

Stocks

2023
£

2022
£

Other inventories

17,159

18,593

6

Debtors

Current

2023
£

2022
£

Trade debtors

69,185

87,194

Prepayments

1,650

1,547

Other debtors

2

2

 

70,837

88,743

 

Multicare Electronics Limited

Notes to the Unaudited Financial Statements For The Year Ended 30 June 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

16,254

29,645

Taxation and social security

13,147

8,027

Other creditors

6,066

5,675

35,467

43,347

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A of £1 each

156

156

156

156

Ordinary B of £1 each

208

208

416

416

Ordinary C of £1 each

208

208

208

208

Ordinary D of £1 (2022 - £0) each

208

208

-

-

 

780

780

780

780

9

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

36,637

44,535

Contributions paid to money purchase schemes

5,300

7,390

41,937

51,925