Company No:
Contents
Note | 30.09.2023 | |
£ | ||
Fixed assets | ||
Tangible assets | 3 |
|
753 | ||
Current assets | ||
Debtors |
|
|
Cash at bank and in hand |
|
|
145,148 | ||
Creditors: amounts falling due within one year | 4 | (
|
Net current assets | 87,517 | |
Total assets less current liabilities | 88,270 | |
Provision for liabilities | 5 | (
|
Net assets |
|
|
Capital and reserves | ||
Called-up share capital | 6 |
|
Profit and loss account |
|
|
Total shareholder's funds |
|
Directors' responsibilities:
The financial statements of CM Orthopaedics Limited (registered number:
Christopher Munro
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.
CM Orthopaedics Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 1 Oldman Road, Maryculter, Aberdeen, AB12 5BZ, Scotland, United Kingdom.
The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
The Company was incorporated on 11 October 2022 and has decided to prepare its accounts to 30 September 2023 therefore these accounts are prepared for a period of less than 12 months.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Computer equipment |
|
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.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Non-financial assets
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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Period from 11.10.2022 to 30.09.2023 |
|
Number | |
Monthly average number of persons employed by the Company during the period, including directors |
|
Computer equipment | Total | ||
£ | £ | ||
Cost | |||
At 11 October 2022 |
|
|
|
Additions |
|
|
|
At 30 September 2023 |
|
|
|
Accumulated depreciation | |||
At 11 October 2022 |
|
|
|
Charge for the financial period |
|
|
|
At 30 September 2023 |
|
|
|
Net book value | |||
At 30 September 2023 |
|
|
30.09.2023 | |
£ | |
Taxation and social security |
|
Other creditors |
|
|
30.09.2023 | |
£ | |
At the beginning of financial period |
|
Charged to the Profit and Loss Account | (
|
At the end of financial period | (
|
30.09.2023 | |
£ | |
Allotted, called-up and fully-paid | |
|
|
Transactions with the entity's directors
30.09.2023 | |
£ | |
Amounts owed by director's | 10 |
This loan is interest free and there are no fixed terms of repayment.