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Company registration number: 05638081
Medi-It Limited
Unaudited filleted financial statements
30 November 2022
Medi-It Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Medi-It Limited
Directors and other information
Director Mrs Nimisha Naran
Company number 05638081
Registered office 35 Colworth House
Colworth Park, Sharnbrook
Bedford
Beds
MK44 1LQ
Accountants Rawnsley & Co
35 Colworth House
Colworth Park, Sharnbrook
Bedford
Beds
MK44 1LQ
Medi-It Limited
Report to the director on the preparation of the
unaudited statutory financial statements of Medi-It Limited
Year ended 30 November 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Medi-It Limited for the year ended 30 November 2022 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the director of Medi-It 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 financial statements of Medi-It Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Medi-It Limited and its director as a body for our work or for this report.
It is your duty to ensure that Medi-It Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Medi-It Limited. You consider that Medi-It 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 financial statements of Medi-It 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 financial statements.
Rawnsley & Co
Chartered Certified Accountant
35 Colworth House
Colworth Park, Sharnbrook
Bedford
Beds
MK44 1LQ
12 October 2023
Medi-It Limited
Statement of financial position
30 November 2022
2022 2021
Note £ £ £ £
Current assets
Debtors 5 - 879
Cash at bank and in hand 9,927 3,729
_______ _______
9,927 4,608
Creditors: amounts falling due
within one year 6 ( 2,588) ( 1,848)
_______ _______
Net current assets 7,339 2,760
_______ _______
Total assets less current liabilities 7,339 2,760
_______ _______
Net assets 7,339 2,760
_______ _______
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 6,339 1,760
_______ _______
Shareholder funds 7,339 2,760
_______ _______
For the year ending 30 November 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These 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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 12 October 2023 , and are signed on behalf of the board by:
Mrs Nimisha Naran
Director
Company registration number: 05638081
Medi-It Limited
Statement of changes in equity
Year ended 30 November 2022
Called up share capital Profit and loss account Total
£ £ £
At 1 December 2020 1,000 1,996 2,996
Profit/(loss) for the year ( 236) ( 236)
_______ _______ _______
Total comprehensive income for the year - ( 236) ( 236)
_______ _______ _______
At 30 November 2021 and 1 December 2021 1,000 1,760 2,760
Profit/(loss) for the year 12,479 12,479
_______ _______ _______
Total comprehensive income for the year - 12,479 12,479
Dividends paid and payable ( 7,900) ( 7,900)
_______ _______ _______
Total investments by and distributions to owners - ( 7,900) ( 7,900)
_______ _______ _______
At 30 November 2022 1,000 6,339 7,339
_______ _______ _______
Medi-It Limited
Notes to the financial statements
Year ended 30 November 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 35 Colworth House, Colworth Park, Sharnbrook, Bedford, Beds, MK44 1LQ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
Coronavirus-Covid
Like most Businesses the company is likely to be adversely affected by the global Coronavirus pandemic. There is considerable uncertainty as to the size, nature and duration of the impact that will result from the pandemic and national response thereto.The director has considered the information available and has reasonable expectation that the company has adequate reserves and resources to continue its operational activities for the foreseeable future. Accordingly, the director is satisfied that the going concern basis continues to be appropriate for the preparation of the annual financial statements.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2021: 1 ).
5. Debtors
2022 2021
£ £
Other debtors - 879
_______ _______
6. Creditors: amounts falling due within one year
2022 2021
£ £
Corporation tax ( 1) ( 1)
Other creditors 2,589 1,849
_______ _______
2,588 1,848
_______ _______
7. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2022
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Mrs Nimisha Naran 879 ( 917) ( 38)
_______ _______ _______
2021
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Mrs Nimisha Naran ( 559) 1,438 879
_______ _______ _______
Mrs N Haran there are no terms for loan repayment and the loan does not carry interest.
8. Controlling party
Mrs Naran controls the company by virtue of her 100% shareholding.