Registered number
05961874
Preferred Locums Ltd
Filleted Accounts
30 November 2023
Preferred Locums Ltd
Registered number: 05961874
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 15,000 15,000
Tangible assets 4 201,255 132,272
216,255 147,272
Current assets
Debtors 5 533,598 523,132
Cash at bank and in hand 78,059 86,933
611,657 610,065
Creditors: amounts falling due within one year 6 (113,449) (59,406)
Net current assets 498,208 550,659
Total assets less current liabilities 714,463 697,931
Creditors: amounts falling due after more than one year 7 (37,328) (43,435)
Net assets 677,135 654,496
Capital and reserves
Called up share capital 100 100
Profit and loss account 677,035 654,396
Shareholders' funds 677,135 654,496
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Zakir Patel
Director
Approved by the board on 27 February 2024
Preferred Locums Ltd
Notes to the Accounts
for the year ended 30 November 2023
1 Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles reducing balance method 25%
Office equipment over 5 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 12 14
3 Intangible fixed assets £
Goodwill:
Cost
At 1 December 2022 15,000
At 30 November 2023 15,000
Amortisation
At 30 November 2023 -
Net book value
At 30 November 2023 15,000
At 30 November 2022 15,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Furnitures & Fixtures Office equipment Motor vehicles Total
£ £ £ £
Cost
At 1 December 2022 41,209 46,885 135,000 223,094
Additions - - 134,000 134,000
At 30 November 2023 41,209 46,885 269,000 357,094
Depreciation
At 1 December 2022 19,077 37,995 33,750 90,822
Charge for the year 4,426 1,778 58,813 65,017
At 30 November 2023 23,503 39,773 92,563 155,839
Net book value
At 30 November 2023 17,706 7,112 176,437 201,255
At 30 November 2022 22,132 8,890 101,250 132,272
5 Debtors 2023 2022
£ £
Trade debtors 53,598 43,132
Other debtors 480,000 480,000
533,598 523,132
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors - 1,679
Directors loan 88,830 28,830
Taxation and social security costs 19,311 23,589
Other creditors 5,308 5,308
113,449 59,406
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 37,328 43,435
8 Other information
Preferred Locums Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 7, Cable Court Pittman Way
Fulwood
Preston
Lancashire
PR2 9YW
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