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Company No: 07891918 (England and Wales)

SPENCER MEDICAL LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2023
Pages for filing with the registrar

SPENCER MEDICAL LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2023

Contents

SPENCER MEDICAL LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 September 2023
SPENCER MEDICAL LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 September 2023
2023 2022
£ £
Current assets
Debtors 3 1,680 2,597
Cash at bank and in hand 12,911 5,479
14,591 8,076
Creditors: amounts falling due within one year 4 ( 5,512) ( 5,076)
Net current assets 9,079 3,000
Total assets less current liabilities 9,079 3,000
Net assets 9,079 3,000
Capital and reserves
Called-up share capital 5 20 20
Profit and loss account 9,059 2,980
Total shareholders' funds 9,079 3,000

For the financial year ending 30 September 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Spencer Medical Limited (registered number: 07891918) were approved and authorised for issue by the Board of Directors on 19 March 2024. They were signed on its behalf by:

Ciaran James Spencer
Director
SPENCER MEDICAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
SPENCER MEDICAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Spencer Medical Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Tremorvah, Porthpean Beach Road, St Austell, PL26 6AU, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable 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 when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Debtors

2023 2022
£ £
Trade debtors 1,680 2,597

4. Creditors: amounts falling due within one year

2023 2022
£ £
Accruals 1,620 1,681
Taxation and social security 3,892 3,395
5,512 5,076

5. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
20 Ordinary shares of £ 1.00 each 20 20