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COMPANY REGISTRATION NUMBER: 06903165
Primamed Limited
Filleted Unaudited Abridged Financial Statements
31 July 2023
Primamed Limited
Abridged Financial Statements
Year ended 31 July 2023
Contents
Page
Abridged statement of financial position
1
Notes to the abridged financial statements
3
Primamed Limited
Abridged Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
4
11,383
45,221
Current assets
Cash at bank and in hand
1
1
Creditors: amounts falling due within one year
175,401
175,401
---------
---------
Net current liabilities
175,400
175,400
---------
---------
Total assets less current liabilities
( 164,017)
( 130,179)
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 164,018)
( 130,180)
---------
---------
Shareholders deficit
( 164,017)
( 130,179)
---------
---------
These abridged 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 abridged statement of income and retained earnings has not been delivered.
For the year ending 31 July 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 abridged 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 abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 July 2023 in accordance with Section 444(2A) of the Companies Act 2006.
Primamed Limited
Abridged Statement of Financial Position (continued)
31 July 2023
These abridged financial statements were approved by the board of directors and authorised for issue on 29 July 2024 , and are signed on behalf of the board by:
Mr G M Brooke
Director
Company registration number: 06903165
Primamed Limited
Notes to the Abridged Financial Statements
Year ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in England & Wales.
The address of the registered office is The Counting House, Bond Mill
Estate, Stonehouse, Glos, GL10 3RF.
2. Statement of compliance
These abridged 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 abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Development costs
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
4. Intangible assets
£
Cost
At 1 August 2022 and 31 July 2023
169,190
---------
Amortisation
At 1 August 2022
123,969
Charge for the year
33,838
---------
At 31 July 2023
157,807
---------
Carrying amount
At 31 July 2023
11,383
---------
At 31 July 2022
45,221
---------
5. Director's advances, credits and guarantees
There were no material transactions with Directors during the year that were not concluded under normal market conditions.