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Registration number: 08970384

Medical & General Independent Financial Advisers Ltd

Unaudited Filleted Abridged Financial Statements

for the Year Ended 30 April 2023

 

Medical & General Independent Financial Advisers Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 8

 

Medical & General Independent Financial Advisers Ltd

Company Information

Director

Mr M D Harms

Company secretary

Mrs H E Harms

Registered office

Mey House
Bridport Road
Poundbury
Dorset
DT1 3QY

Accountants

Spirare Limited
Chartered Certified Accountants
Mey House
Bridport Road
Poundbury
Dorset
DT1 3QY

 

Medical & General Independent Financial Advisers Ltd

(Registration number: 08970384)
Abridged Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

38,995

11,340

Tangible assets

5

38,093

26,635

 

77,088

37,975

Current assets

 

Debtors

6

133,549

142,202

Cash at bank and in hand

 

151,871

131,675

 

285,420

273,877

Prepayments and accrued income

 

8,703

8,220

Creditors: Amounts falling due within one year

(73,162)

(58,439)

Net current assets

 

220,961

223,658

Total assets less current liabilities

 

298,049

261,633

Creditors: Amounts falling due after more than one year

(21,703)

(41,297)

Provisions for liabilities

(12,763)

(7,079)

Accruals and deferred income

 

(4,844)

(3,280)

Net assets

 

258,739

209,977

Capital and reserves

 

Called up share capital

7

4

4

Retained earnings

258,735

209,973

Shareholders' funds

 

258,739

209,977

For the financial year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

For the financial year ending 30 April 2023 the company was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.

For the financial year ending 30 April 2023 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Medical & General Independent Financial Advisers Ltd

(Registration number: 08970384)
Abridged Balance Sheet as at 30 April 2023

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 6 June 2023
 

.........................................
Mr M D Harms
Director

 

Medical & General Independent Financial Advisers Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Mey House
Bridport Road
Poundbury
Dorset
DT1 3QY

These financial statements were authorised for issue by the director on 6 June 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Medical & General Independent Financial Advisers Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office furniture and fittings

15% reducing balance

Computer equipment

33.3% reducing balance

Amortisation

Asset class

Amortisation method and rate

Other intangible asset

25% reducing balance

Internally generated software development

10 year straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Medical & General Independent Financial Advisers Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 9 (2022 - 12).

 

Medical & General Independent Financial Advisers Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2023

4

Intangible assets

Total
£

Cost or valuation

At 1 May 2022

13,485

Additions acquired separately

31,086

At 30 April 2023

44,571

Amortisation

At 1 May 2022

2,145

Amortisation charge

3,431

At 30 April 2023

5,576

Carrying amount

At 30 April 2023

38,995

At 30 April 2022

11,340

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2022

75,789

75,789

Additions

19,837

19,837

At 30 April 2023

95,626

95,626

Depreciation

At 1 May 2022

49,154

49,154

Charge for the year

8,379

8,379

At 30 April 2023

57,533

57,533

Carrying amount

At 30 April 2023

38,093

38,093

At 30 April 2022

26,635

26,635

6

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

 

Medical & General Independent Financial Advisers Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2023

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

4

4

4

4

         

8

Related party transactions

Transactions with the director

2023

At 1 May 2022
£

Advances to director
£

Repayments by director
£

At 30 April 2023
£

Mr M D Harms

The director maintains an interest free loan account which is repayable on demand

(2,777)

(704)

891

(2,590)

         
       

 

2022

At 1 May 2021
£

Advances to director
£

At 30 April 2022
£

Mr M D Harms

The director maintains an interest free loan account which is repayable on demand

1,148

(3,925)

(2,777)

       
     

 

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Summary of transactions with other related parties


Medical & General Independent Fiancial Advisers Ltd received financial services from MDH Wealth Management Ltd.

The total expense paid amounted to £261,840 (2022 - £256,103). Transactions were carried out on commercial terms.

The amount due to MDH Wealth Management Ltd from Medical & General Independent Financial Advisors Ltd at the year end was £35,000 (2022 - £35,000.).

Mr M Harms, director, comtrols Medical & General Independent Financial Advisers Ltd and MDH Wealth Management Ltd,