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COMPANY REGISTRATION NUMBER: 07724917
Pioneer Medical UK Ltd
Filleted Unaudited Financial Statements
31 October 2023
Pioneer Medical UK Ltd
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
13,064
15,662
Investments
7
75,000
75,000
--------
--------
88,064
90,662
Current assets
Debtors
8
948,844
1,030,381
Cash at bank and in hand
124,751
50,680
------------
------------
1,073,595
1,081,061
Creditors: amounts falling due within one year
9
144,636
161,585
------------
------------
Net current assets
928,959
919,476
------------
------------
Total assets less current liabilities
1,017,023
1,010,138
Creditors: amounts falling due after more than one year
10
26,573
36,431
------------
------------
Net assets
990,450
973,707
------------
------------
Capital and reserves
Called up share capital
304
304
Profit and loss account
990,146
973,403
---------
---------
Shareholders funds
990,450
973,707
---------
---------
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 comprehensive income has not been delivered.
For the year ending 31 October 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 .
Pioneer Medical UK Ltd
Statement of Financial Position (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 23 July 2024 , and are signed on behalf of the board by:
Shafaq Aziz
Director
Company registration number: 07724917
Pioneer Medical UK Ltd
Notes to the Financial Statements
Year ended 31 October 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 78 Higher Drive, Banstead, Surrey, SM7 1PQ.
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.
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:
Goodwill Amortisation
-
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Equipment
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
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. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 5 ).
5. Intangible assets
Goodwill
£
Cost
At 1 November 2022 and 31 October 2023
250,000
---------
Amortisation
At 1 November 2022 and 31 October 2023
250,000
---------
Carrying amount
At 31 October 2023
---------
At 31 October 2022
---------
6. Tangible assets
Equipment
Total
£
£
Cost
At 1 November 2022
34,356
34,356
Additions
1,757
1,757
--------
--------
At 31 October 2023
36,113
36,113
--------
--------
Depreciation
At 1 November 2022
18,694
18,694
Charge for the year
4,355
4,355
--------
--------
At 31 October 2023
23,049
23,049
--------
--------
Carrying amount
At 31 October 2023
13,064
13,064
--------
--------
At 31 October 2022
15,662
15,662
--------
--------
7. Investments
Other investments other than loans
£
Cost
At 1 November 2022 and 31 October 2023
75,000
--------
Impairment
At 1 November 2022 and 31 October 2023
--------
Carrying amount
At 31 October 2023
75,000
--------
At 31 October 2022
75,000
--------
8. Debtors
2023
2022
£
£
Trade debtors
20,850
29,987
Other debtors
927,994
1,000,394
---------
------------
948,844
1,030,381
---------
------------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
23,772
36,747
Social security and other taxes
11,293
15,081
Other creditors
109,571
109,757
---------
---------
144,636
161,585
---------
---------
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
26,573
36,431
--------
--------
11. Related party transactions
The company was under the control of Ms Shafaq Aziz throughout the year. Included in the other debtors is £103,550.00 (2022:£129,650.00) from Pioneer Property Holdings Limited where the director Mrs Shafaq Aziz and her family have controlling interest. Included in the other debtors is an investment of £590,706.47 (2022: £590,706.47) in Friends Property Portfolio Limited. A family member of the director Mrs Shafaq Aziz have controlling interest in Friends Property Portfolio Limited. Included in the other debtors is £50,000.00 (2022:50,000.00) from Sutton Medical Centre (GP practice) where Dr. Aziz is a partner. Included in the other debtors is £17,7300.00 (2022:£31,230.00) from KA Property Portfolio Limited where the family members of the director Mrs Shafaq Aziz have controlling interest. Included in the other crditors is £81,235.00 (2022:£81,595.00) to Forex Trader Corporation Limited where the director Mrs Shafaq Aziz and her family have controlling interest.