Company registration number 06951725 (England and Wales)
CAMBRIDGE AVENUE MEDICAL SERVICES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
CAMBRIDGE AVENUE MEDICAL SERVICES LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
CAMBRIDGE AVENUE MEDICAL SERVICES LTD
BALANCE SHEET
AS AT
30 AUGUST 2023
30 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
354,090
404,675
Tangible assets
4
75,747
84,081
429,837
488,756
Current assets
Stocks
94,121
89,907
Debtors
5
835,711
783,875
Cash at bank and in hand
106,547
11,053
1,036,379
884,835
Creditors: amounts falling due within one year
6
(1,117,718)
(739,446)
Net current (liabilities)/assets
(81,339)
145,389
Total assets less current liabilities
348,498
634,145
Creditors: amounts falling due after more than one year
7
(177,578)
Provisions for liabilities
(2,480)
(2,706)
Net assets
346,018
453,861
Capital and reserves
Called up share capital
420
420
Profit and loss reserves
345,598
453,441
Total equity
346,018
453,861
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
CAMBRIDGE AVENUE MEDICAL SERVICES LTD
BALANCE SHEET (CONTINUED)
AS AT
30 AUGUST 2023
30 August 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 August 2024 and are signed on its behalf by:
Mr SY Ting
Director
Company Registration No. 06951725
CAMBRIDGE AVENUE MEDICAL SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 AUGUST 2023
- 3 -
1
Accounting policies
Company information
Cambridge Avenue Medical Services Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unity Pharmacy, Cambridge Avenue, Scunthorpe, England, DN16 3LG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
CAMBRIDGE AVENUE MEDICAL SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2023
1
Accounting policies
(Continued)
- 4 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Short Leasehold
Over the lease term
Fixtures and fittings
15% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
CAMBRIDGE AVENUE MEDICAL SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2023
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
23
23
3
Intangible fixed assets
Goodwill
£
Cost
At 31 August 2022 and 30 August 2023
505,845
Amortisation and impairment
At 31 August 2022
101,170
Amortisation charged for the year
50,585
At 30 August 2023
151,755
Carrying amount
At 30 August 2023
354,090
At 30 August 2022
404,675
4
Tangible fixed assets
Short Leasehold
Fixtures and fittings
Total
£
£
£
Cost
At 31 August 2022
101,781
60,462
162,243
Additions
1,041
1,041
At 30 August 2023
101,781
61,503
163,284
Depreciation and impairment
At 31 August 2022
33,926
44,236
78,162
Depreciation charged in the year
6,785
2,590
9,375
At 30 August 2023
40,711
46,826
87,537
Carrying amount
At 30 August 2023
61,070
14,677
75,747
At 30 August 2022
67,855
16,226
84,081
CAMBRIDGE AVENUE MEDICAL SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
212,280
210,185
Amounts owed by group undertakings
580,347
524,080
Other debtors
33,440
41,275
Prepayments and accrued income
9,644
8,335
835,711
783,875
Included within trade debtors above are factored debts of £198,506 which remain outstanding at the year end date.
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
416,058
105,602
Trade creditors
405,488
362,991
Taxation and social security
58,849
75,921
Other creditors
237,323
194,932
1,117,718
739,446
The above disclosed bank loans due within one year are secured by fixed and floating charges over the assets of the company. These loans were fully paid after the year end.
7
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
177,578
8
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
251,160
295,040
CAMBRIDGE AVENUE MEDICAL SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2023
- 7 -
9
Parent company
The company is a 100% owned subsidiary of Pharmahealth Limited, a company incorporated and registered in England and Wales.
The ultimate controlling party is TD Management Ltd, a company incorporated and registered in England and Wales.