2023-01-012023-12-312023-12-31false12017284PROCURE MED 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PROCURE MED LTD

Registered Number
12017284
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

PROCURE MED LTD
Company Information
for the year from 1 January 2023 to 31 December 2023

Director

P S Patel

Registered Address

211 Coldhams Lane
Cambridge
CB1 3HY

Registered Number

12017284 (England and Wales)
PROCURE MED LTD
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets3735980
735980
Current assets
Debtors413,7987,711
Cash at bank and on hand79,54161,396
93,33969,107
Creditors amounts falling due within one year5(50,299)(41,912)
Net current assets (liabilities)43,04027,195
Total assets less current liabilities43,77528,175
Net assets43,77528,175
Capital and reserves
Called up share capital1,0001,000
Profit and loss account42,77527,175
Shareholders' funds43,77528,175
The financial statements were approved and authorised for issue by the Director on 2 August 2024, and are signed on its behalf by:
P S Patel
Director
Registered Company No. 12017284
PROCURE MED LTD
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover represents income receivable in the ordinary course of business for consultancy services, net of discounts and value added taxes. Turnover is recognised when service is provided.
Current taxation
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Fixtures and fittings25
Office Equipment25
Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
2.Average number of employees

20232022
Average number of employees during the year11
3.Tangible fixed assets

Fixtures & fittings

Office Equipment

Total

£££
Cost or valuation
At 01 January 231101,1681,278
At 31 December 231101,1681,278
Depreciation and impairment
At 01 January 2346252298
Charge for year16229245
At 31 December 2362481543
Net book value
At 31 December 2348687735
At 31 December 2264916980
4.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables7,0506,711
Other debtors-1,000
Prepayments and accrued income6,748-
Total13,7987,711
5.Creditors: amounts due within one year

2023

2022

££
Taxation and social security12,90511,033
Other creditors37,39430,339
Accrued liabilities and deferred income-540
Total50,29941,912
6.Related party transactions
Included in other creditors at the year end is an amount of £36,393 (2022: £30,339) due to the director. During the year the company has declared dividends of £35,000 (2022:£35,000) to the director.