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North Coast Medical Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2023

Registration number: 11922748

 

North Coast Medical Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

North Coast Medical Limited

Company Information

Directors

Dr Rutesh Patel

Dr Nicholas Jacobsen

Dr Nicholas Walker

Dr Jennifer Quigg

Dr Kawita Schur

Dr Andrew Flewitt

Dr Sheona Burns

Dr Michael Richards

Dr Marlene Barr

Registered office

Newquay Health Centre
St Thomas Road
Newquay
Cornwall
TR7 1RU

Accountants

Francis Clark LLP
Lowin House
Tregolls Road
Truro
Cornwall
TR1 2NA

 

North Coast Medical Limited

Balance Sheet

31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

9,875

8,527

Current assets

 

Stocks

5

5,000

-

Debtors

6

20,042

36,763

Cash at bank and in hand

 

34,447

53,494

 

59,489

90,257

Creditors: Amounts falling due within one year

7

(49,208)

(41,426)

Net current assets

 

10,281

48,831

Total assets less current liabilities

 

20,156

57,358

Provisions for liabilities

(1,876)

(1,620)

Net assets

 

18,280

55,738

Capital and reserves

 

Called up share capital

8

670

670

Profit and loss account

17,610

55,068

Shareholders' funds

 

18,280

55,738

 

North Coast Medical Limited

Balance Sheet

31 March 2023

For the financial year ending 31 March 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 8 November 2023 and signed on its behalf by:
 

.........................................
Dr Nicholas Jacobsen
Director

Company Registration Number: 11922748

 

North Coast Medical Limited

Notes to the Financial Statements

Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Newquay Health Centre
St Thomas Road
Newquay
Cornwall
TR7 1RU

These financial statements were authorised for issue by the Board on 8 November 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 financial statements have been prepared in accordance with Financial Reporting Standard 102 including Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These 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.

Revenue recognition

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

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

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 corporation 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.

 

North Coast Medical Limited

Notes to the Financial Statements

Year Ended 31 March 2023

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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 Computer Equipment

33% Straight line basis

Plant and Machinery

20% Straight line basis

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

North Coast Medical Limited

Notes to the Financial Statements

Year Ended 31 March 2023

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2022 - 2).

 

North Coast Medical Limited

Notes to the Financial Statements

Year Ended 31 March 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2022

3,121

11,457

14,578

Additions

275

4,766

5,041

At 31 March 2023

3,396

16,223

19,619

Depreciation

At 1 April 2022

1,836

4,215

6,051

Charge for the year

1,042

2,651

3,693

At 31 March 2023

2,878

6,866

9,744

Carrying amount

At 31 March 2023

518

9,357

9,875

At 31 March 2022

1,285

7,242

8,527

5

Stocks

2023
£

2022
£

Work in progress

5,000

-

6

Debtors

2023
£

2022
£

Trade debtors

15,546

24,683

Other debtors

4,496

12,080

20,042

36,763

 

North Coast Medical Limited

Notes to the Financial Statements

Year Ended 31 March 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

2,134

264

Corporation tax

3,527

13,082

Taxation and social security

-

1,012

Accruals and deferred income

43,547

27,068

49,208

41,426

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

670

670

670

670