Company registration number 09765797 (England and Wales)
Cipher Medical Consultancy Limited
Unaudited
financial statements
for the year ended 31 December 2023
PAGES FOR FILING WITH REGISTRAR
Cipher Medical Consultancy Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
Cipher Medical Consultancy Limited
Statement of financial position
as at 31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
187,984
1,928,339
Current assets
Stocks
193,548
82,010
Debtors
5
2,249,110
1,296,570
Cash at bank and in hand
718,146
891,829
3,160,804
2,270,409
Creditors: amounts falling due within one year
6
(868,615)
(448,825)
Net current assets
2,292,189
1,821,584
Total assets less current liabilities
2,480,173
3,749,923
Provisions for liabilities
7
(30,077)
(246,496)
Net assets
2,450,096
3,503,427
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
2,449,996
3,503,327
Total equity
2,450,096
3,503,427
Cipher Medical Consultancy Limited
Statement of financial position (continued)
as at 31 December 2023
- 2 -
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have 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.
The financial statements were approved by the board of directors and authorised for issue on 17 April 2024 and are signed on its behalf by:
K Thomas
A Thomas
Director
Director
Company Registration No. 09765797
Cipher Medical Consultancy Limited
Notes to the Financial Statements
for the year ended 31 December 2023
- 3 -
1
Accounting policies
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.
Turnover
Turnover represents the fair value of the consideration received for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. Turnover is recognised on the performance of contractual service obligation where a right to consideration is due.
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
No depreciation
Plant and equipment
20%/30% reducing balance basis
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
The directors are of the opinion the freehold land and building is continually maintained to a high level and therefore no depreciation is necessary.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Cipher Medical Consultancy Limited
Notes to the Financial Statements (continued)
for the year ended 31 December 2023
1
Accounting policies
(continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are 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 monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
307
168
Cipher Medical Consultancy Limited
Notes to the Financial Statements (continued)
for the year ended 31 December 2023
- 5 -
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
520,156
365,647
1,632,007
2,517,810
Disposals
(520,156)
(1,632,007)
(2,152,163)
At 31 December 2023
365,647
365,647
Depreciation and impairment
At 1 January 2023
130,671
458,800
589,471
Depreciation charged in the year
46,992
46,992
Eliminated in respect of disposals
(458,800)
(458,800)
At 31 December 2023
177,663
177,663
Carrying amount
At 31 December 2023
187,984
187,984
At 31 December 2022
520,156
234,976
1,173,207
1,928,339
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,056,057
1,156,472
Amounts owed by group undertakings
992,040
Other debtors
44,786
29,870
Prepayments and accrued income
156,227
110,228
2,249,110
1,296,570
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
118,275
75,171
Corporation tax
582,754
250,986
Other taxation and social security
91,269
89,010
Accruals and deferred income
76,317
33,658
868,615
448,825
Cipher Medical Consultancy Limited
Notes to the Financial Statements (continued)
for the year ended 31 December 2023
- 6 -
7
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
30,077
246,496
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
9
Parent company
The parent company of Cipher Medical Consultancy Limited is Kazoo Holdings Limited, a private company limited by shares incorporated in England and Wales. The registered office is Unit 5 Limeoak Way, Portrack Lane, Stockton, TS18 2LS.
10
Company information
Cipher Medical Consultancy Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 5 Limeoak Way, Portrack Lane, Stockton, TS18 2LS.