Registered number
11579248
Medspack Ltd
Filleted Accounts
31 January 2023
Applied Accountancy Ltd
Accountants
Medspack Ltd
Registered number: 11579248
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 1,395,929 1,483,174
Tangible assets 4 65,116 67,487
1,461,045 1,550,661
Current assets
Stocks 154,420 130,630
Debtors 5 1,038,140 636,046
Cash at bank and in hand 344,831 554,357
1,537,391 1,321,033
Creditors: amounts falling due within one year 6 (1,259,346) (1,230,948)
Net current assets 278,045 90,085
Total assets less current liabilities 1,739,090 1,640,746
Creditors: amounts falling due after more than one year 7 (1,272,251) (1,384,586)
Provisions for liabilities (14,517) (12,823)
Net assets 452,322 243,337
Capital and reserves
Called up share capital 100 100
Profit and loss account 452,222 243,237
Shareholders' funds 452,322 243,337
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Zaydoun Abbas
Director
Approved by the board on 9 September 2023
Medspack Ltd
Notes to the Accounts
for the year ended 31 January 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over 20 years
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 17 14
3 Intangible fixed assets £
Goodwill:
Cost
At 1 February 2022 1,744,910
At 31 January 2023 1,744,910
Amortisation
At 1 February 2022 261,736
Provided during the year 87,245
At 31 January 2023 348,981
Net book value
At 31 January 2023 1,395,929
At 31 January 2022 1,483,174
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 February 2022 - 86,208 86,208
Additions 7,500 4,647 12,147
At 31 January 2023 7,500 90,855 98,355
Depreciation
At 1 February 2022 - 18,721 18,721
Charge for the year 375 14,143 14,518
At 31 January 2023 375 32,864 33,239
Net book value
At 31 January 2023 7,125 57,991 65,116
At 31 January 2022 - 67,487 67,487
5 Debtors 2023 2022
£ £
Trade debtors 756,107 520,078
Other debtors 282,033 115,968
1,038,140 636,046
6 Creditors: amounts falling due within one year 2023 2022
£ £
Directors loan 154,568 179,694
Bank loan 113,326 108,617
Obligations under finance lease and hire purchase contracts 8,783 8,427
Other loans - 33,888
Trade creditors 880,170 778,026
Taxation and social security costs 73,111 98,623
Other creditors 29,388 23,673
1,259,346 1,230,948
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loan 1,243,961 1,347,194
Obligations under finance lease and hire purchase contracts 28,290 37,392
1,272,251 1,384,586
8 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 774,702 886,250
Secured bank loans 1,323,195 1,411,553
The bank loan is secured by a fixed and floating charge over all assets, property and undertaking of the company. A personal guarantee has also been given over the Directors home should the loan be defaulted upon.
9 Capital commitments 2023 2022
£ £
Amounts contracted for but not provided in the accounts 140,000 -
10 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 384,000 408,000
The annual rental payment on the operating lease is £24,000
11 Other information
Medspack Ltd is a private company limited by shares and incorporated in England. Its registered office is:
113 Sheen Lane
London
SW14 8AE
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