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COMPANY REGISTRATION NUMBER: 11375909
23MD Medical Services Limited
Filleted Unaudited Financial Statements
31 January 2023
23MD Medical Services Limited
Financial Statements
Year ended 31 January 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
23MD Medical Services Limited
Statement of Financial Position
31 January 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
36,402
49,815
Investments
6
2,750,074
2,950,060
------------
------------
2,786,476
2,999,875
Current assets
Stocks
750
750
Debtors
7
330,322
243,176
Cash at bank and in hand
54,302
177,268
---------
---------
385,374
421,194
Creditors: amounts falling due within one year
8
1,019,915
964,371
------------
---------
Net current liabilities
634,541
543,177
------------
------------
Total assets less current liabilities
2,151,935
2,456,698
Creditors: amounts falling due after more than one year
9
360,211
447,892
------------
------------
Net assets
1,791,724
2,008,806
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
1,791,624
2,008,706
------------
------------
Shareholders funds
1,791,724
2,008,806
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
23MD Medical Services Limited
Statement of Financial Position (continued)
31 January 2023
These financial statements were approved by the board of directors and authorised for issue on 1 November 2023 , and are signed on behalf of the board by:
Dr M Galy
Director
Company registration number: 11375909
23MD Medical Services Limited
Notes to the Financial Statements
Year ended 31 January 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts.
Income tax
The taxation expense represents the amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% straight line
Fixtures and fittings
-
10% straight line
Motor vehicles
-
25% reducing balance
Equipment
-
33% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
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 entity after deducting all of its financial liabilities. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2022: 7 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 February 2022 and 31 January 2023
11,619
4,653
85,181
7,291
108,744
--------
-------
--------
-------
---------
Depreciation
At 1 February 2022
5,848
1,179
45,253
6,649
58,929
Charge for the year
2,324
465
9,982
642
13,413
--------
-------
--------
-------
---------
At 31 January 2023
8,172
1,644
55,235
7,291
72,342
--------
-------
--------
-------
---------
Carrying amount
At 31 January 2023
3,447
3,009
29,946
36,402
--------
-------
--------
-------
---------
At 31 January 2022
5,771
3,474
39,928
642
49,815
--------
-------
--------
-------
---------
6. Investments
Other investments other than loans
£
Cost
At 1 February 2022
2,950,060
Transfers
(199,986)
------------
At 31 January 2023
2,750,074
------------
Impairment
At 1 February 2022 and 31 January 2023
------------
Carrying amount
At 31 January 2023
2,750,074
------------
At 31 January 2022
2,950,060
------------
7. Debtors
2023
2022
£
£
Other debtors
330,322
243,176
---------
---------
The debtors above include the following amounts falling due after more than one year:
2023
2022
£
£
Other debtors
238,037
----
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
281,916
27,117
Trade creditors
395,282
228,500
Corporation tax
170,214
438,420
Social security and other taxes
13,950
6,073
Other creditors
158,553
264,261
------------
---------
1,019,915
964,371
------------
---------
The company's bankers have fixed and floating charges over all the property or undertaking of the company.
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
346,167
423,398
Other creditors
14,044
24,494
---------
---------
360,211
447,892
---------
---------
The company's bankers have fixed and floating charges over all the property or undertaking of the company.
10. Related party transactions
At the year end the company owed £510 (2022: £336) to a Director. At the year end the company was owed £198,446 (2022: £14,616) to companies under common control.