Essex Gynaecology Services Limited
Unaudited Financial Statements
For the year ended 31 July 2023
Pages for Filing with Registrar
Company Registration No. 05866208 (England and Wales)
Essex Gynaecology Services Limited
Company Information
Directors
Mr A Coker
Mr M Masood
Secretary
Mr A Coker
Company number
05866208
Registered office
Orbital House
20 Eastern Road
Romford
Essex
RM1 3PJ
Accountants
Moore Kingston Smith LLP
Orbital House
20 Eastern Road
Romford
Essex
RM1 3PJ
Essex Gynaecology Services Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
Essex Gynaecology Services Limited
Balance Sheet
As at 31 July 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,214
2,952
Current assets
Cash at bank and in hand
76,044
11,541
Creditors: amounts falling due within one year
4
(43,451)
(20,715)
Net current assets/(liabilities)
32,593
(9,174)
Total assets less current liabilities
34,807
(6,222)
Creditors: amounts falling due after more than one year
5
(14,945)
(22,945)
Provisions for liabilities
(553)
(561)
Net assets/(liabilities)
19,309
(29,728)
Capital and reserves
Called up share capital
6
1,000
1,000
Profit and loss reserves
18,309
(30,728)
Total equity
19,309
(29,728)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 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.
Essex Gynaecology Services Limited
Balance Sheet (Continued)
As at 31 July 2023
Page 2
The financial statements were approved by the board of directors and authorised for issue on 14 March 2024 and are signed on its behalf by:
Mr A Coker
Director
Company Registration No. 05866208
Essex Gynaecology Services Limited
Notes to the Financial Statements
For the year ended 31 July 2023
Page 3
1
Accounting policies
Company information
Essex Gynaecology Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Orbital House, 20 Eastern Road, Romford, Essex, RM1 3PJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of 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 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
Going concern
At the balance sheet date, the company has net trueassets of £19,309 (2022 net liabilities: £29,728) and a profit after tax of £89,037 (2022: £23,628). The company meets its working capital requirements through the continued financial support of the directors and a bank loan. At the time of approving the financial statements to 31 July 2023, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and for a period of not less than 12 months following the approval of these financial statements. For this reason, the directors believe that it is appropriate for these financial statements to be prepared on a going concern basis.
1.3
Turnover
Turnover represents amounts receivable for consultations, procedures and other gynaecology services.
1.4
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:
Plant and machinery
25% Reducing balance
Computer equipment
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.
1.5
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
All of the company's financial assets and liabilities are basic and measured at amortised cost.
Essex Gynaecology Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2023
1
Accounting policies
(Continued)
Page 4
1.7
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.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 3 (2022: 2).
2023
2022
Number
Number
Total
3
2
Essex Gynaecology Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2023
Page 5
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2022 and 31 July 2023
22,508
Depreciation and impairment
At 1 August 2022
19,556
Depreciation charged in the year
738
At 31 July 2023
20,294
Carrying amount
At 31 July 2023
2,214
At 31 July 2022
2,952
4
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
8,000
8,000
Trade creditors
2,040
Corporation tax
21,826
Other creditors
9,575
9,575
Accruals and deferred income
4,050
1,100
43,451
20,715
5
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
14,945
22,945
The long term loans are unsecured with a loan term of 6 years and is repayable by instalments after the first 12 months. Interest is being charged at 0% for the first 12 months and at 2.5% for subsequent years.
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
Essex Gynaecology Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2023
Page 6
7
Related party transactions
At the balance sheet date, included in creditors is an amount of £9,575 (2022: £9,575) owed to the directors of the company. Included within consultancy is an amount of £17,430 (2022: £nil) in respect of consultancy charges from the directors.
A management fee of £13,500 (2022: £10,500) was invoiced to Mr A Coker in relation to services provided.
Dividends of £40,000 (2022: £nil) were paid to directors during the year.