Company Registration No. 08928248 (England and Wales)
Medshr Ltd.
Unaudited financial statements
for the year ended 31 March 2024
Medshr Ltd.
Unaudited financial statements
Contents
Medshr Ltd.
Company Information
for the year ended 31 March 2024
Directors
Dr Asif Qasim
Karl-Georg Altenburg
Company Number
08928248 (England and Wales)
Registered Office
64 Speldhurst Road
London
London
W4 1BZ
England
Medshr Ltd.
Statement of financial position
as at 31 March 2024
Tangible assets
18,724
24,531
Debtors
1,255,715
1,378,873
Cash at bank and in hand
13,692
247,978
Creditors: amounts falling due within one year
(745,736)
(548,742)
Net current assets
523,671
1,078,109
Total assets less current liabilities
542,395
1,102,640
Creditors: amounts falling due after more than one year
(324,374)
(324,374)
Provisions for liabilities
Deferred tax
(3,558)
(4,661)
Net assets
214,463
773,605
Called up share capital
1,466
1,450
Share premium
3,702,159
3,432,175
Profit and loss account
(3,489,162)
(2,660,020)
Shareholders' funds
214,463
773,605
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 29 August 2024 and were signed on its behalf by
Dr Asif Qasim
Director
Company Registration No. 08928248
Medshr Ltd.
Notes to the Accounts
for the year ended 31 March 2024
Medshr Ltd. is a private company, limited by shares, registered in England and Wales, registration number 08928248. The registered office is 64 Speldhurst Road, London, London, W4 1BZ, England.
2
Compliance with accounting standards
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
These financial statements have been prepared using the historical cost convention except for certain items that are shown at fair value as disclosed in the accounting policies set out below.
The financial statements have been prepared on a going concern basis.
Judgements and key sources of uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future period.
Turnover represents amounts receivable under contracts for services, net of Value Added Tax. Turnover is recognised to the extent that there is a right to the consideration and is recorded at the value of the consideration due.
Where a contract has only been partially completed at the balance sheet date, turnover represents 50% of the value of the contract plus the value of the service provided to date based on a proportion of the total expected consideration at completion. Any balance is recorded as deferred income and included as part of Creditors: amounts due within one year.
Where services are invoiced to customers, or payments are received from customers in advance of contract inception, the amounts are recorded as deferred income and included as part of Creditors: amounts due within one year.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Foreign currency transactions and balances
Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Medshr Ltd.
Notes to the Accounts
for the year ended 31 March 2024
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
Tangible assets and depreciation
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20.0% straight line
Fixtures & fittings
20.0% straight line
Computer equipment
33.3% straight line
Expenditure on research and development is written off in the year in which it is incurred.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Medshr Ltd.
Notes to the Accounts
for the year ended 31 March 2024
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
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Tangible fixed assets
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 April 2023
390
1,927
51,943
54,260
Disposals
-
-
(1,249)
(1,249)
At 31 March 2024
390
8,547
50,694
59,631
At 1 April 2023
390
1,285
28,054
29,729
Charge for the year
-
414
11,562
11,976
On disposals
-
-
(798)
(798)
At 31 March 2024
390
1,699
38,818
40,907
At 31 March 2024
-
6,848
11,876
18,724
At 31 March 2023
-
642
23,889
24,531
Amounts falling due within one year
Trade debtors
445,667
244,269
Amounts due from group undertakings etc.
114,045
173,924
Accrued income and prepayments
316,279
543,763
Other debtors
379,724
416,917
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Creditors: amounts falling due within one year
2024
2023
Trade creditors
21,900
76,858
Taxes and social security
62,673
80,045
Loans from directors
351,722
145,188
Deferred income
250,638
78,217
Medshr Ltd.
Notes to the Accounts
for the year ended 31 March 2024
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Creditors: amounts falling due after more than one year
2024
2023
Loans from directors
324,374
324,374
The loan of £324,374 is the aggregate net balance of funds advanced by a director of the company up to 31 March 2017. The loan is interest free and has no fixed terms for repayment but the director has agreed to defer repayment until such time as the company has become profitable and the company has sufficient working capital to allow for repayment. (2023: £324,374)
Allotted, called up and fully paid:
127,049 Ordinary shares of £0.01 each
1,270.49
1,255.06
19,522 Preference shares of £0.01 each
195.22
195.22
Shares issued during the period:
1,543 Ordinary shares of £0.01 each
15.43
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Transactions with related parties
Consultancy fees payable by the company during the period included £300,000 (2023 - £300,000) paid to Dr Asif Qasim, a director of the company.
Included in Creditors: amounts falling due within one year are interest free loans made by Dr Asif Qasim totalling £351,722 (2023 - £145,188).
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Average number of employees
During the year the average number of employees was 28 (2023: 29).