Company No:
Contents
Note | 2022 | 2021 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 3 |
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Tangible assets | 4 |
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1,023,954 | 287,322 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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1,579,825 | 814,760 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current assets | 932,766 | 616,428 | ||
Total assets less current liabilities | 1,956,720 | 903,750 | ||
Creditors: amounts falling due after more than one year | 7 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 8 |
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Share premium account |
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Other reserves | 10 |
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Profit and loss account | (
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Teledoctor Limited (registered number:
B J P Harrison
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Teledoctor Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 16 High Holborn High Holborn, London, WC1V 6BX, England, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The Company is supported through loans from the directors, who have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.
Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Development costs |
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Website costs |
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Other intangible assets | not amortised |
Plant and machinery etc. |
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Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
2022 | 2021 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Development costs | Website costs | Other intangible assets | Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 November 2021 |
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Additions |
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At 31 October 2022 |
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Accumulated amortisation | |||||||
At 01 November 2021 |
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Charge for the financial year |
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At 31 October 2022 |
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Net book value | |||||||
At 31 October 2022 |
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At 31 October 2021 |
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Plant and machinery etc. | Total | ||
£ | £ | ||
Cost | |||
At 01 November 2021 |
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Additions |
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At 31 October 2022 |
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Accumulated depreciation | |||
At 01 November 2021 |
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Charge for the financial year |
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At 31 October 2022 |
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Net book value | |||
At 31 October 2022 |
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At 31 October 2021 |
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2022 | 2021 | ||
£ | £ | ||
Trade debtors |
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Corporation tax |
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Other debtors |
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2022 | 2021 | ||
£ | £ | ||
Trade creditors |
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Accruals |
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Other taxation and social security |
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Other creditors |
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2022 | 2021 | ||
£ | £ | ||
Amounts owed to directors |
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2022 | 2021 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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At the balance sheet date £96,558 (2021: nil) was owed to a director. The loan bears interest at 12% and is repayable during the year ended 31 October 2024.
In the month prior to the balance sheet date, £907,982 was received in advance of a planned share issue. At year end the board had consented to the capital raise and the issue of subscription documents but the share certificates were not issued until 4 November 2022. It is the opinion of the directors that to present these monies in other reserves until conversion to share capital and share premium occurred gives a true and fair view of the company.