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Medikit Limited
Unaudited financial statements
30 November 2023
Company Registration Number 02507796
Medikit Limited
Financial statements
year ended 30 November 2023
Contents
Pages
Balance sheet
1 to 2
Notes to the financial statements
3 to 6
Medikit Limited
Balance sheet
30 November 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
9,976
14,077
Current assets
Stocks
124,040
108,679
Debtors
6
322,467
374,438
Investments
7
160,166
Cash at bank and in hand
42,039
157,531
---------
---------
648,712
640,648
Prepayments and accrued income
25,556
6,764
Creditors: amounts falling due within one year
8
155,513
145,490
---------
---------
Net current assets
518,755
501,922
---------
---------
Total assets less current liabilities
528,731
515,999
Creditors: amounts falling due after more than one year
9
26,263
25,833
Accruals and deferred income
50,504
48,847
---------
---------
Net assets
451,964
441,319
---------
---------
Medikit Limited
Balance sheet (continued)
30 November 2023
2023
2022
Note
£
£
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
450,964
440,319
---------
---------
Shareholders funds
451,964
441,319
---------
---------
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 profit and loss account has not been delivered.
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 27 April 2024 , and are signed on behalf of the board by:
G P Marchington
Director
Company registration number: 02507796
Medikit Limited
Notes to the financial statements
year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Unit 1 Newporte Business Park, Cardinal Close, Bishops Road, Lincoln.
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
3.1 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.
3.2 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.
3.3 Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exception: deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
3.4 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.
3.5 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:
Leasehold property
-
10% straight line
Fixtures and equipment
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
15% reducing balance
3.6 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.
3.7 Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
3.8 Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
3.9 Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2022: 8 ).
5. Tangible assets
Land and buildings
Fixtures and equipment
Office equipment
Total
£
£
£
£
Cost
At 1 December 2022
65,176
27,045
27,342
119,563
Additions
3,820
3,820
Disposals
( 14,658)
( 14,658)
--------
--------
--------
---------
At 30 November 2023
65,176
27,045
16,504
108,725
--------
--------
--------
---------
Depreciation
At 1 December 2022
61,839
24,075
19,572
105,486
Charge for the year
3,337
446
2,490
6,273
Disposals
( 13,010)
( 13,010)
--------
--------
--------
---------
At 30 November 2023
65,176
24,521
9,052
98,749
--------
--------
--------
---------
Carrying amount
At 30 November 2023
2,524
7,452
9,976
--------
--------
--------
---------
At 30 November 2022
3,337
2,970
7,770
14,077
--------
--------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
131,431
171,368
Other debtors
191,036
203,070
---------
---------
322,467
374,438
---------
---------
7. Investments
2023
2022
£
£
Other investments
160,166
---------
----
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
3,939
10,000
Trade creditors
74,220
107,537
Corporation tax
6,431
8,486
Social security and other taxes
11,784
19,275
Other creditors
59,139
192
---------
---------
155,513
145,490
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
26,263
25,833
--------
--------