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COMPANY REGISTRATION NUMBER: 08574962
Marlow Medical Limited
Filleted Unaudited Financial Statements
30 June 2023
Marlow Medical Limited
Financial Statements
Year ended 30 June 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Marlow Medical Limited
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
54,451
4,591
Current assets
Debtors
6
6,135
3,494
Cash at bank and in hand
113,632
139,221
---------
---------
119,767
142,715
Creditors: amounts falling due within one year
7
40,609
48,720
---------
---------
Net current assets
79,158
93,995
---------
--------
Total assets less current liabilities
133,609
98,586
Provisions
Taxation including deferred tax
13,613
---------
--------
Net assets
119,996
98,586
---------
--------
Capital and reserves
Called up share capital
8
100
100
Profit and loss account
119,896
98,486
---------
--------
Shareholders funds
119,996
98,586
---------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Marlow Medical Limited
Statement of Financial Position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 8 March 2024 , and are signed on behalf of the board by:
Dr J Siew Sun Lam
Director
Company registration number: 08574962
Marlow Medical Limited
Notes to the Financial Statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 8 Nancy Edwards Place, Chelmsford, Essex, CM1 2WU.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Fixed assets
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
25% reducing balance
Computer equipment
-
25% straight line
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
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 entity after deducting all of its financial liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 July 2022
7,808
7,808
Additions
54,325
595
54,920
--------
-------
--------
At 30 June 2023
54,325
8,403
62,728
--------
-------
--------
Depreciation
At 1 July 2022
3,217
3,217
Charge for the year
3,382
1,678
5,060
--------
-------
--------
At 30 June 2023
3,382
4,895
8,277
--------
-------
--------
Carrying amount
At 30 June 2023
50,943
3,508
54,451
--------
-------
--------
At 30 June 2022
4,591
4,591
--------
-------
--------
6. Debtors
2023
2022
£
£
Trade debtors
6,135
3,494
-------
-------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Accruals and deferred income
1,616
1,538
Corporation tax
23,960
35,743
Social security and other taxes
2
Director loan accounts
6,378
3,973
Other creditors
8,653
7,466
--------
--------
40,609
48,720
--------
--------
8. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
9. Related party transactions
At the year end the company owed the director £6,378 (2022: £3,973) by way of a loan account. This loan, which is shown amongst creditors, is interest free and repayable on demand.