Registered number
03077781
Medicrest Limited
Filleted Accounts
31 December 2022
Medicrest Limited
Registered number: 03077781
Balance Sheet
as at 31 December 2022
Notes 2022 2021
£ £
Fixed assets
Intangible assets 3 246,650 268,650
Tangible assets 4 4,974,687 4,934,082
5,221,337 5,202,732
Current assets
Debtors 5 189,915 447,710
Cash at bank and in hand 1,029,259 503,592
1,219,174 951,302
Creditors: amounts falling due within one year 6 (943,224) (985,799)
Net current assets/(liabilities) 275,950 (34,497)
Total assets less current liabilities 5,497,287 5,168,235
Creditors: amounts falling due after more than one year 7 (1,302,174) (1,266,600)
Net assets 4,195,113 3,901,635
Capital and reserves
Called up share capital 109 109
Share premium 85,500 85,500
Revaluation reserve 8 2,091,425 2,091,425
Profit and loss account 2,018,079 1,724,601
Shareholders' funds 4,195,113 3,901,635
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.
K. Sathananthan
Director
Approved by the board on 31 October 2023
Medicrest Limited
Notes to the Accounts
for the year ended 31 December 2022
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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 41 38
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2022 657,319
At 31 December 2022 657,319
Amortisation
At 1 January 2022 388,669
Provided during the year 22,000
At 31 December 2022 410,669
Net book value
At 31 December 2022 246,650
At 31 December 2021 268,650
Goodwill is being written off in equal annual instalments over its estimated economic life of 30 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
At 1 January 2022 4,775,760 529,613 694,833 6,000,206
Additions - 21,060 59,504 9,772 90,336
At 31 December 2022 4,775,760 550,673 59,504 704,605 6,090,542
Depreciation
At 1 January 2022 - 446,446 - 619,678 1,066,124
Charge for the year - 20,845 11,900 16,986 49,731
At 31 December 2022 - 467,291 11,900 636,664 1,115,855
Net book value
At 31 December 2022 4,775,760 83,382 47,604 67,941 4,974,687
At 31 December 2021 4,775,760 83,167 - 75,155 4,934,082
5 Debtors 2022 2021
£ £
Trade debtors 189,410 397,769
Other debtors 505 49,941
189,915 447,710
6 Creditors: amounts falling due within one year 2022 2021
£ £
Trade creditors 141,588 119,604
Taxation and social security costs 200,821 150,516
Other creditors 600,815 715,679
943,224 985,799
7 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 1,266,600 1,266,600
Other creditors 35,574 -
1,302,174 1,266,600
8 Revaluation reserve 2022 2021
£ £
At 1 January 2022 2,091,425 2,091,425
At 31 December 2022 2,091,425 2,091,425
9 Other information
Medicrest Limited is a private company limited by shares and incorporated in England. Its registered office is:
104 High Street
West Wickham
Kent
BR4 0NF
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