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Registration number: 09444163

Integrated Dermatology Solutions Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Integrated Dermatology Solutions Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 12

 

Integrated Dermatology Solutions Limited

Company Information

Directors

Mr David John Smith

Dr Usman Bello Buhari

Registered office

Heybridge House
Southend Road
Billericay
Essex
CM11 2PL

Accountants

SJB & Co
8 Barnfield
Feering
Colchester
Essex
CO5 9HP

 

Integrated Dermatology Solutions Limited

Directors' Report for the Year Ended 31 March 2023

The directors present their report and the financial statements for the year ended 31 March 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr David John Smith

Dr Usman Bello Buhari

Principal activity

The principal activity of the company is intended to be provision of health and beauty and skin related services

Going concern

The company is reliant upon the support of its directors and their company, Mayflower Healthcare Alliance Ltd.

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 22 December 2023 and signed on its behalf by:
 

.........................................
Mr David John Smith
Director

.........................................
Dr Usman Bello Buhari
Director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Integrated Dermatology Solutions Limited
for the Year Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Integrated Dermatology Solutions Limited for the year ended 31 March 2023 as set out on pages 4 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Integrated Dermatology Solutions Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Integrated Dermatology Solutions Limited and state those matters that we have agreed to state to the Board of Directors of Integrated Dermatology Solutions Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Integrated Dermatology Solutions Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Integrated Dermatology Solutions Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Integrated Dermatology Solutions Limited. You consider that Integrated Dermatology Solutions Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Integrated Dermatology Solutions Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

SJB & Co
8 Barnfield
Feering
Colchester
Essex
CO5 9HP

23 December 2023

 

Integrated Dermatology Solutions Limited

Profit and Loss Account for the Year Ended 31 March 2023

Note

2023
£

2022
£

Turnover

 

-

-

Gross profit/(loss)

 

-

-

Administrative expenses

 

(533)

416

Other operating income

 

2,386

-

Operating profit

 

1,853

416

Profit before tax

4

1,853

416

Tax on profit

 

-

(79)

Profit for the financial year

 

1,853

337

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Integrated Dermatology Solutions Limited

Statement of Comprehensive Income for the Year Ended 31 March 2023

2023
£

2022
£

Profit for the year

1,853

337

Total comprehensive income for the year

1,853

337

 

Integrated Dermatology Solutions Limited

(Registration number: 09444163)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Current assets

 

Debtors

8

6,250

6,250

Cash at bank and in hand

 

174

-

 

6,424

6,250

Creditors: Amounts falling due within one year

9

(131,462)

(133,141)

Net liabilities

 

(125,038)

(126,891)

Capital and reserves

 

Called up share capital

10

2

2

Retained earnings

(125,040)

(126,893)

Shareholders' deficit

 

(125,038)

(126,891)

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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 22 December 2023 and signed on its behalf by:
 

.........................................
Mr David John Smith
Director

.........................................
Dr Usman Bello Buhari
Director

 

Integrated Dermatology Solutions Limited

Statement of Changes in Equity for the Year Ended 31 March 2023

Share capital
£

Retained earnings
£

Total
£

At 1 April 2022

2

(126,893)

(126,891)

Profit for the year

-

1,853

1,853

At 31 March 2023

2

(125,040)

(125,038)

Share capital
£

Retained earnings
£

Total
£

At 1 April 2021

2

(127,230)

(127,228)

Profit for the year

-

337

337

At 31 March 2022

2

(126,893)

(126,891)

 

Integrated Dermatology Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

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

The address of its registered office is:
Heybridge House
Southend Road
Billericay
Essex
CM11 2PL
England

These financial statements were authorised for issue by the Board on 22 December 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 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 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.

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 .

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and
liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the
company. Deferred income 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.

 

Integrated Dermatology Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Tangible assets

Tangible assets are stated in the statement of financial position 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

Plant & machinery

Straightline over 3 years

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Amortisation

Striaghtline over 5 years

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 merchandise sold or 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.

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 inventories 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.

 

Integrated Dermatology Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Trade creditors

Trade creditors are obligations to pay for goods or 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

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 directors) during the year, was 2 (2022 - 2).

4

Profit before tax

Arrived at after charging/(crediting)

 

Integrated Dermatology Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

2023
£

2022
£

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

10,000

10,000

At 31 March 2023

10,000

10,000

Amortisation

At 1 April 2022

10,000

10,000

At 31 March 2023

10,000

10,000

Carrying amount

At 31 March 2023

-

-

6

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

6,140

6,140

At 31 March 2023

6,140

6,140

Depreciation

At 1 April 2022

6,140

6,140

At 31 March 2023

6,140

6,140

Carrying amount

At 31 March 2023

-

-

7

Stocks

2023
£

2022
£

8

Debtors

Current

2023
£

2022
£

Other debtors

6,250

6,250

 

Integrated Dermatology Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

11

-

2,317

Trade creditors

 

-

963

Amounts owed to group undertakings and undertakings in which the company has a participating interest

12

130,982

129,182

Taxation and social security

 

-

79

Accruals and deferred income

 

480

600

 

131,462

133,141

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

         

11

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

-

2,317

12

Related party transactions

Summary of transactions with entities with joint control or significant interest

Mayflower Healthcare Alliance Ltd is owned and controlled by the directors and their families.
 Mayflower Healthcare Alliance made loans to the company totalling £130,982 (£129,182 at 31 March 2022)
 The loan is interest free and has no fixed repayment terms