Registered number
07839566
International Medical Devices Limited
Filleted Accounts
31 October 2023
International Medical Devices Limited
Registered number: 07839566
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 10,962 16,444
Current assets
Debtors 4 310,155 1,238,541
Cash at bank and in hand 72,969 43,444
383,124 1,281,985
Creditors: amounts falling due within one year 5 (376,218) (1,269,867)
Net current assets 6,906 12,118
Total assets less current liabilities 17,868 28,562
Creditors: amounts falling due after more than one year 6 (15,859) (26,720)
Net assets 2,009 1,842
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 1,009 842
Shareholder's funds 2,009 1,842
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her 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.
Lilija Makaraviciute
Director
Approved by the board on 29 August 2024
International Medical Devices Limited
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Motor vehicles
£
Cost
At 1 November 2022 27,408
At 31 October 2023 27,408
Depreciation
At 1 November 2022 10,964
Charge for the year 5,482
At 31 October 2023 16,446
Net book value
At 31 October 2023 10,962
At 31 October 2022 16,444
4 Debtors 2023 2022
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 388 288
Other debtors 309,767 1,238,253
310,155 1,238,541
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,648 9,606
Taxation and social security costs 14,788 (436)
Other creditors 350,782 1,260,697
376,218 1,269,867
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 15,859 26,720
7 Loans to directors and participators
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Lilija Makaraviciute
[Loan 1] - 8,500 - 8,500
Vyacheslav Makaravicius
[Loan 1] - 8,500 - 8,500
- 17,000 - 17,000
8 Other information
International Medical Devices Limited is a private company limited by shares and incorporated in England. Its registered office is:
1 Riverside Close
Wallington
SM6 7DH
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