Registered number
05655904
Medics24 Limited
Unaudited Filleted Accounts
31 May 2023
Medics24 Limited
Registered number: 05655904
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 21,803 28,677
Current assets
Debtors 4 57,123 23,504
Cash at bank and in hand 19,345 16,333
76,468 39,837
Creditors: amounts falling due within one year 5 (43,799) (33,993)
Net current assets 32,669 5,844
Total assets less current liabilities 54,472 34,521
Creditors: amounts falling due after more than one year 6 (21,667) (31,667)
Provisions for liabilities (6,042) (4,736)
Net assets/(liabilities) 26,763 (1,882)
Capital and reserves
Called up share capital 4 4
Profit and loss account 26,759 (1,886)
Shareholders' funds 26,763 (1,882)
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.
I Young
Director
Approved by the board on 10 October 2023
Medics24 Limited
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
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 its expected useful life, as follows:
Motor vehicles 25% reducing balance
Fixtures, fittings, tools and equipment 15% 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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 22 20
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 June 2022 9,158 61,273 70,431
At 31 May 2023 9,158 61,273 70,431
Depreciation
At 1 June 2022 6,210 35,544 41,754
Charge for the year 442 6,432 6,874
At 31 May 2023 6,652 41,976 48,628
Net book value
At 31 May 2023 2,506 19,297 21,803
At 31 May 2022 2,948 25,729 28,677
4 Debtors 2023 2022
£ £
Trade debtors 57,123 23,504
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 15,652 13,674
Taxation and social security costs 13,758 6,359
Other creditors 4,389 3,960
43,799 33,993
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 21,667 31,667
7 Other information
Medics24 Limited is a private company limited by shares and incorporated in England. Its registered office is:
Hopkin, The Heath
Lavenham Road
Great Waldingfield
Suffolk
CO10 0SA
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