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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
Page
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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
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Medshr Ltd. Statement of financial position as at 31 March 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
18,724 
24,531 
Current assets
Debtors
1,255,715 
1,378,873 
Cash at bank and in hand
13,692 
247,978 
1,269,407 
1,626,851 
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 
Capital and reserves
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
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Medshr Ltd. Notes to the Accounts for the year ended 31 March 2024
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
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.
Going concern
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.
Revenue recognition
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
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.
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Medshr Ltd. Notes to the Accounts for the year ended 31 March 2024
Taxation
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
Research and development
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
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
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.
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Medshr Ltd. Notes to the Accounts for the year ended 31 March 2024
Leases
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.
Share capital
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.
4
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 
Additions
- 
6,620 
- 
6,620 
Disposals
- 
- 
(1,249)
(1,249)
At 31 March 2024
390 
8,547 
50,694 
59,631 
Depreciation
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 
Net book value
At 31 March 2024
- 
6,848 
11,876 
18,724 
At 31 March 2023
- 
642 
23,889 
24,531 
5
Debtors
2024 
2023 
£ 
£ 
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 
1,255,715 
1,378,873 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
VAT
26,365 
38,906 
Trade creditors
21,900 
76,858 
Taxes and social security
62,673 
80,045 
Other creditors
- 
50,000 
Loans from directors
351,722 
145,188 
Accruals
32,438 
79,528 
Deferred income
250,638 
78,217 
745,736 
548,742 
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Medshr Ltd. Notes to the Accounts for the year ended 31 March 2024
7
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)
8
Share capital
2024 
2023 
£ 
£ 
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 
1,465.71 
1,450.28 
Shares issued during the period:
1,543 Ordinary shares of £0.01 each
15.43 
9
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).
10
Average number of employees
During the year the average number of employees was 28 (2023: 29).
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