Registered number
06476501
Newton Medical Limited
Filleted Accounts
31 January 2023
Newton Medical Limited
Registered number: 06476501
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 200 253
200 253
Current assets
Debtors 4 11,967 13,383
Cash at bank and in hand 17,047 27,789
29,014 41,172
Creditors: amounts falling due within one year 5 (19,745) (19,939)
Net current assets 9,269 21,233
Total assets less current liabilities 9,469 21,486
Creditors: amounts falling due after more than one year 6 (10,849) (15,315)
Net (liabilities)/assets (1,380) 6,171
Capital and reserves
Called up share capital 100 100
Profit and loss account (1,480) 6,071
Shareholders' funds (1,380) 6,171
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.
Miss C Youngman
Director
Approved by the board on 25 October 2023
Newton Medical Limited
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).
Going concern
The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
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.
Other operating income
Government grants included within other operating income are reported under the accrual model as a 'revenue based' grant. They are recognised in the period in which it becomes receivable.
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:
Fixtures & fittings 15% reducing balance
Computer equipment 25% reducing balance
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.
Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.
Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Interest income
Interest income is recognised in the profit and loss using the effective interest method.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Fixtures & fittings Computer equipment Total
£ £ £
Cost
At 1 February 2022 268 605 873
At 31 January 2023 268 605 873
Depreciation
At 1 February 2022 116 504 620
Charge for the year 38 15 53
At 31 January 2023 154 519 673
Net book value
At 31 January 2023 114 86 200
At 31 January 2022 152 101 253
4 Debtors 2023 2022
£ £
Trade debtors 11,232 13,383
Other debtors 735 -
11,967 13,383
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 4,463 4,347
Trade creditors - 487
Taxation and social security costs 12,932 12,453
Other creditors 2,350 2,652
19,745 19,939
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 10,849 15,315
10,849 15,315
7 Related party transactions
During the year loans made to a director total £360 (2022: £nil) and repayments total £nil (2022: £nil). The amount owed to the company from the director at the year end totals £360 (2022: nil), this is shown within other debtors. Interest of £nil (2022: £nil) has been charged on this loan.
8 Other information
Newton Medical Limited is a private company limited by shares and incorporated in England. Its registered office is:
30 Juno Way
Stanground
Peterborough
PE2 8GR
Newton Medical Limited 06476501 false 2022-02-01 2023-01-31 2023-01-31 VT Final Accounts April 2022 Miss C Youngman No description of principal activity 06476501 2021-02-01 2022-01-31 06476501 core:WithinOneYear 2022-01-31 06476501 core:AfterOneYear 2022-01-31 06476501 core:ShareCapital 2022-01-31 06476501 core:RetainedEarningsAccumulatedLosses 2022-01-31 06476501 2022-02-01 2023-01-31 06476501 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 06476501 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 06476501 bus:Director40 2022-02-01 2023-01-31 06476501 1 2022-02-01 2023-01-31 06476501 2 2022-02-01 2023-01-31 06476501 core:PlantMachinery 2022-02-01 2023-01-31 06476501 core:Vehicles 2022-02-01 2023-01-31 06476501 countries:England 2022-02-01 2023-01-31 06476501 bus:FRS102 2022-02-01 2023-01-31 06476501 bus:FullAccounts 2022-02-01 2023-01-31 06476501 2023-01-31 06476501 core:WithinOneYear 2023-01-31 06476501 core:AfterOneYear 2023-01-31 06476501 core:ShareCapital 2023-01-31 06476501 core:RetainedEarningsAccumulatedLosses 2023-01-31 06476501 core:PlantMachinery 2023-01-31 06476501 core:Vehicles 2023-01-31 06476501 2022-01-31 06476501 core:PlantMachinery 2022-01-31 06476501 core:Vehicles 2022-01-31 iso4217:GBP xbrli:pure