Registered number
08466471
Maya Medics Limited
Filleted Accounts
31 March 2023
Maya Medics Limited
Registered number: 08466471
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 2,171,291 1,987,372
Investments 4 410 -
2,171,701 1,987,372
Current assets
Debtors 5 301,590 500,509
Cash at bank and in hand 9,272 10,203
310,862 510,712
Creditors: amounts falling due within one year 6 (106,204) (211,998)
Net current assets 204,658 298,714
Total assets less current liabilities 2,376,359 2,286,086
Creditors: amounts falling due after more than one year 7 (1,188,711) (1,214,053)
Provisions for liabilities (147,450) (112,395)
Net assets 1,040,198 959,638
Capital and reserves
Called up share capital 1 1
Profit and loss account 1,040,197 959,637
Shareholder's funds 1,040,198 959,638
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Dr Abheesta Mayakonda Halaswamy
Director
Approved by the board on 10 November 2023
Maya Medics Limited
Notes to the Accounts
for the year ended 31 March 2023
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.
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:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 April 2022 1,986,500 3,439 1,989,939
Surplus on revaluation 184,500 - 184,500
At 31 March 2023 2,171,000 3,439 2,174,439
Depreciation
At 1 April 2022 - 2,567 2,567
Charge for the year - 581 581
At 31 March 2023 - 3,148 3,148
Net book value
At 31 March 2023 2,171,000 291 2,171,291
At 31 March 2022 1,986,500 872 1,987,372
Freehold land and buildings: 2023 2022
£ £
Historical cost 1,275,000 1,275,000
Cumulative depreciation based on historical cost - -
1,275,000 1,275,000
4 Investments
Other
investments
£
Cost
Additions 410
At 31 March 2023 410
5 Debtors 2023 2022
£ £
Other debtors 301,590 500,509
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 40,588 40,588
Corporation tax 8,927 28,851
Other creditors 56,689 142,559
106,204 211,998
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 1,188,711 1,214,053
8 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 1,095,000 1,095,000
The security is provided as a charge on the property owned by the company
9 Other information
Maya Medics Limited is a private company limited by shares and incorporated in England. Its registered office is:
12 Bourne Drive
Ravenshead
Nottingham
Nottinghamshire
NG15 9FN
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