Company registration number 10368894 (England and Wales)
RAK MEDICOLEGAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
RAK MEDICOLEGAL LIMITED
COMPANY INFORMATION
Director
Mr R Kucheria
Company number
10368894
Registered office
2nd Floor
Hygeia House
66 College Road
Harrow
Middlesex
United Kingdom
HA1 1BE
Accountants
Lawrence Grant LLP
2nd Floor
Hygeia House
66 College Road
Harrow
Middlesex
United Kingdom
HA1 1BE
RAK MEDICOLEGAL LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
RAK MEDICOLEGAL LIMITED
BALANCE SHEET
AS AT
29 SEPTEMBER 2023
29 September 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
9,314
15,484
Current assets
Debtors
5
224,081
142,214
Cash at bank and in hand
85,287
111,754
309,368
253,968
Creditors: amounts falling due within one year
6
(151,190)
(118,869)
Net current assets
158,178
135,099
Total assets less current liabilities
167,492
150,583
Creditors: amounts falling due after more than one year
7
(30,395)
(96,370)
Provisions for liabilities
(2,329)
(2,942)
Net assets
134,768
51,271
Capital and reserves
Called up share capital
104
104
Profit and loss reserves
134,664
51,167
Total equity
134,768
51,271

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 29 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

RAK MEDICOLEGAL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
29 SEPTEMBER 2023
29 September 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 6 March 2024
Mr R Kucheria
Director
Company registration number 10368894 (England and Wales)
RAK MEDICOLEGAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 SEPTEMBER 2023
- 3 -
1
Accounting policies
Company information

RAK Medicolegal Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor, Hygeia House, 66 College Road, Harrow, Middlesex, United Kingdom, HA1 1BE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales tax.

1.3
Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computers
25% reducing balance
Motor vehicles
Straight line over 5 years
1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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 company after deducting all of its liabilities.

RAK MEDICOLEGAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognized in respect of all timing differences that have originated but not reversed at the statement of financial position date.

 

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognized in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

 

Unrelieved tax losses and other deferred tax assets are recognized 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.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

RAK MEDICOLEGAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 SEPTEMBER 2023
- 5 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average number of employees during the year was:

2023
2022
Number
Number
Total
3
3
4
Tangible fixed assets
Computers
Motor vehicles
Total
£
£
£
Cost
At 30 September 2022
3,378
34,335
37,713
Additions
1,483
-
0
1,483
At 29 September 2023
4,861
34,335
39,196
Depreciation and impairment
At 30 September 2022
483
21,746
22,229
Depreciation charged in the year
786
6,867
7,653
At 29 September 2023
1,269
28,613
29,882
Carrying amount
At 29 September 2023
3,592
5,722
9,314
At 29 September 2022
2,895
12,589
15,484
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
204,081
142,214
Other debtors
20,000
-
0
224,081
142,214
RAK MEDICOLEGAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 SEPTEMBER 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
587
2,846
Corporation tax
30,509
20,360
Other taxation and social security
41,133
27,689
Other creditors
78,961
67,974
151,190
118,869
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
30,395
96,370
8
Related party transactions

Included within other debtors is a balance of £20,000 (2022: £NIL) owed by a company connected by a virtue of a common director.

9
Directors' transactions

As at the period end date the director, R Kucheria, had a credit balance of £30,394 (2022: £96,370) on his director's loan account. This balance is included in other creditors falling due after one year.

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