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COMPANY REGISTRATION NUMBER: 04493927
Morven Healthcare Limited
Filleted Unaudited Financial Statements
31 December 2023
Morven Healthcare Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
1
1
Tangible assets
6
3,774,913
3,772,161
------------
------------
3,774,914
3,772,162
Current assets
Debtors
7
44,472
18,300
Cash at bank and in hand
25,729
33,379
--------
--------
70,201
51,679
Creditors: amounts falling due within one year
8
371,634
473,782
---------
---------
Net current liabilities
301,433
422,103
------------
------------
Total assets less current liabilities
3,473,481
3,350,059
Creditors: amounts falling due after more than one year
9
2,950,285
2,940,302
------------
------------
Net assets
523,196
409,757
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
523,096
409,657
---------
---------
Shareholders funds
523,196
409,757
---------
---------
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 income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Morven Healthcare Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 15 August 2024 , and are signed on behalf of the board by:
Dr.B. Baskaran
Dr.C. Vivekananda
Director
Director
Mr.S. Surendran
Director
Company registration number: 04493927
Morven Healthcare Limited
Notes to the Financial Statements
Year ended 31 December 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 Morven House, 48 Uplands Road, Kenley, Surrey, CR8 5EF, UK.
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
-
100% leaving NBV at £1.00
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:
Web design
-
20% straight line
Fixtures & fittings
-
20% straight line
Motor vehicle
-
20% straight line
Equipment
-
20% straight line
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 23 (2022: 20 ).
5. Intangible assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
4
----
Amortisation
At 1 January 2023 and 31 December 2023
3
----
Carrying amount
At 31 December 2023
1
----
At 31 December 2022
1
----
6. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Jan 2023
3,771,891
2,020
74,987
14,997
6,961
3,870,856
Additions
3,440
3,440
Disposals
( 14,997)
( 14,997)
------------
-------
--------
--------
--------
------------
At 31 Dec 2023
3,771,891
2,020
74,987
10,401
3,859,299
------------
-------
--------
--------
--------
------------
Depreciation
At 1 Jan 2023
2,020
74,987
14,997
6,691
98,695
Charge for the year
688
688
Disposals
( 14,997)
( 14,997)
------------
-------
--------
--------
--------
------------
At 31 Dec 2023
2,020
74,987
7,379
84,386
------------
-------
--------
--------
--------
------------
Carrying amount
At 31 Dec 2023
3,771,891
3,022
3,774,913
------------
-------
--------
--------
--------
------------
At 31 Dec 2022
3,771,891
270
3,772,161
------------
-------
--------
--------
--------
------------
7. Debtors
2023
2022
£
£
Trade debtors
29,937
5,838
Corporation tax repayable
14,535
7,462
Other debtors
5,000
--------
--------
44,472
18,300
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
193,332
193,332
Trade creditors
42,808
88,661
Accruals and deferred income
7,394
33,291
Social security and other taxes
39,703
25,517
Other creditors
88,397
132,981
---------
---------
371,634
473,782
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
579,258
709,375
Director loan accounts
2,371,027
2,230,927
------------
------------
2,950,285
2,940,302
------------
------------
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Dr.B. Baskaran
752,549
50,100
802,649
Dr.C. Vivekananda
746,039
50,000
796,039
Mr.S. Surendran
732,339
40,000
772,339
------------
---------
------------
2,230,927
140,100
2,371,027
------------
---------
------------
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Dr.B. Baskaran
737,549
15,000
752,549
Dr.C. Vivekananda
731,039
15,000
746,039
Mr.S. Surendran
732,339
732,339
------------
--------
------------
2,200,927
30,000
2,230,927
------------
--------
------------