Company Registration No. 07067487 (England and Wales)
Mediright Limited
Unaudited Financial Statements
for the year ended 30 June 2023
Mediright Limited
Unaudited Financial Statements
Contents
Mediright Limited
Company Information
for the year ended 30 June 2023
Directors
S Wright
T J Wright
J Smith
Company Number
07067487 (England and Wales)
Registered Office
The Medicentre
Carlton Forest, Red Lane, Off Blyth Road
Worksop
Nottinghamshire
S81 8BP
United Kingdom
Mediright Limited
Statement of financial position
as at 30 June 2023
Tangible assets
120,178
96,074
Cash at bank and in hand
36,493
5,498
Creditors: amounts falling due within one year
(133,347)
(125,312)
Net current assets
130,989
53,515
Total assets less current liabilities
251,167
149,589
Creditors: amounts falling due after more than one year
(68,923)
(69,004)
Provisions for liabilities
Deferred tax
(21,872)
(17,082)
Called up share capital
80
80
Capital redemption reserve
20
20
Profit and loss account
160,272
63,403
Shareholders' funds
160,372
63,503
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 11 March 2024 and were signed on its behalf by
S Wright
Director
Company Registration No. 07067487
Mediright Limited
Notes to the Accounts
for the year ended 30 June 2023
Mediright Limited is a private company, limited by shares, registered in England and Wales, registration number 07067487. The registered office is The Medicentre, Carlton Forest, Red Lane, Off Blyth Road, Worksop, Nottinghamshire, S81 8BP, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Tangible assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
The current income tax charged is calculated on the basis of the 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.
Deferred tax shall be recognised in respect of all timing differences at the reporting date, except as otherwise required by FRS102. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Unrelieved tax losses and other deferred tax assets shall be 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.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.
Mediright Limited
Notes to the Accounts
for the year ended 30 June 2023
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. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
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Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 July 2022
81,258
237,669
47,922
51,948
418,797
Additions
6,745
47,800
605
18,977
74,127
At 30 June 2023
88,003
285,469
48,527
70,925
492,924
At 1 July 2022
66,013
177,778
34,686
44,246
322,723
Charge for the year
7,514
27,811
9,476
5,222
50,023
At 30 June 2023
73,527
205,589
44,162
49,468
372,746
At 30 June 2023
14,476
79,880
4,365
21,457
120,178
At 30 June 2022
15,245
59,891
13,236
7,702
96,074
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Motor vehicles
70,638
46,027
Mediright Limited
Notes to the Accounts
for the year ended 30 June 2023
Amounts falling due within one year
Trade debtors
213,501
152,930
Other debtors
10,799
15,550
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
10,648
9,733
Trade creditors
40,671
58,406
Taxes and social security
44,816
35,529
Other creditors
37,212
21,644
Bank loans and overdrafts are secured by a fixed and floating charge over all assets of the company.
7
Creditors: amounts falling due after more than one year
2023
2022
Other creditors
48,858
38,278
Allotted, called up and fully paid:
80 Ordinary shares of £1 each
80
80
9
Operating lease commitments
2023
2022
At 30 June 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
38,500
38,500
Later than one year and not later than five years
154,000
154,000
Later than five years
11,075
49,575
10
Average number of employees
During the year the average number of employees was 25 (2022: 20).