Caseware UK (AP4) 2022.0.179 2022.0.179 2023-07-312023-07-312022-08-01falseGeneral medical practice activities11truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 12762953 2022-08-01 2023-07-31 12762953 2021-08-01 2022-07-31 12762953 2023-07-31 12762953 2022-07-31 12762953 c:Director1 2022-08-01 2023-07-31 12762953 d:CurrentFinancialInstruments 2023-07-31 12762953 d:CurrentFinancialInstruments 2022-07-31 12762953 d:Non-currentFinancialInstruments 2023-07-31 12762953 d:Non-currentFinancialInstruments 2022-07-31 12762953 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 12762953 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 12762953 d:ShareCapital 2023-07-31 12762953 d:ShareCapital 2022-07-31 12762953 d:RetainedEarningsAccumulatedLosses 2023-07-31 12762953 d:RetainedEarningsAccumulatedLosses 2022-07-31 12762953 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-07-31 12762953 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-07-31 12762953 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:UnlistedNon-exchangeTraded 2023-07-31 12762953 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:UnlistedNon-exchangeTraded 2022-07-31 12762953 c:FRS102 2022-08-01 2023-07-31 12762953 c:AuditExempt-NoAccountantsReport 2022-08-01 2023-07-31 12762953 c:FullAccounts 2022-08-01 2023-07-31 12762953 c:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 12762953 e:PoundSterling 2022-08-01 2023-07-31 iso4217:GBP xbrli:pure

Registered number:  12762953














VENUG MEDICAL LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023


 
VENUG MEDICAL LTD
REGISTERED NUMBER: 12762953

BALANCE SHEET
AS AT 31 JULY 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due after more than one year
 4 
25,000
25,000

Debtors: amounts falling due within one year
 4 
105,514
49,737

Cash at bank and in hand
 5 
21,374
37,111

  
151,888
111,848

Creditors: amounts falling due within one year
 6 
(36,901)
(40,290)

Net current assets
  
 
 
114,987
 
 
71,558

Total assets less current liabilities
  
114,987
71,558

  

Net assets
  
114,987
71,558


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
114,887
71,458

  
114,987
71,558


Page 1

 
VENUG MEDICAL LTD
REGISTERED NUMBER: 12762953
    
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




U C Icheke
Director

Date: 17 April 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
VENUG MEDICAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


General information

The company is a private company limited by shares, which is incorporated under the Companies Act 2006 and registered in England & Wales (no. 12762953). The registered office is Apartment 87, 136 Duke Street, Liverpool, England, L1 5BBD.
These financial statements present information about the company as an individual undertaking; it is not a member of a group of companies. The principal activity of the company is that of medical services.
The presentation currency of these financial statements is £ sterling; the financial statements are rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Page 3

 
VENUG MEDICAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.4

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.6

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.7

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the
Page 4

 
VENUG MEDICAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)


2.7
Financial instruments (continued)

payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.8

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

2023
£

Wages and salaries
11,908

Social security costs
588

12,496


The average monthly number of employees, including directors, during the year was 1 (2022 - 1).

Page 5

 
VENUG MEDICAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

4.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
25,000
25,000

25,000
25,000


2023
2022
£
£

Due within one year

Other debtors
105,514
49,737

105,514
49,737



5.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
21,374
37,111

21,374
37,111



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other creditors
35,821
39,210

Accruals and deferred income
1,080
1,080

36,901
40,290


Page 6

 
VENUG MEDICAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

7.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
21,374
37,111

Financial assets measured at amortised cost
130,514
74,737

151,888
111,848


Financial liabilities


Financial liabilities measured at amortised cost
16,209
22,200


Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand.


Financial assets measured at amortised cost comprise of other debtors.


Financial liabilities measured at amortised cost comprise of other creditors and accruals.


8.


Related party transactions

Included in other debtors is an amount of £130,514 (2022: £74,737) due from Puldom Properties Ltd, a connected company. £25,000 (2022: £25,000) is due for repayment by no later than 23 January 2071. £105,514 (2022: £49.737) is repayable on demand. No interest has been charged on the loan. 
Included in other creditors is an amount of £15,129 (2022: £21,120) owed to the director. The loan is repayable on demand and no interest has been charged.


9.


Controlling party

The company is under the control of the director.

 
Page 7