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Registered number: 11203534









MEDICAL ASSET MANAGEMENT LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2023

 
MEDICAL ASSET MANAGEMENT LIMITED
REGISTERED NUMBER: 11203534

BALANCE SHEET
AS AT 31 AUGUST 2023

31 August
31 August
28 February
28 February
2023
2023
2023
2023
Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
2,848
1,064

Investments
 5 
142,790
11,290

  
145,638
12,354

Current assets
  

Debtors
 6 
169,789
178,142

Current asset investments
  
203,236
-

Cash at bank and in hand
 7 
348,308
618,741

  
721,333
796,883

Creditors: amounts falling due within one year
 8 
(840,450)
(767,239)

Net current (liabilities)/assets
  
 
 
(119,117)
 
 
29,644

Total assets less current liabilities
  
26,521
41,998

Creditors: amounts falling due after more than one year
 9 
(19,895)
(29,078)

Net assets
  
6,626
12,920


Capital and reserves
  

Called up share capital 
 10 
2
2

Profit and loss account
  
6,624
12,918

  
6,626
12,920


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

Page 1

 
MEDICAL ASSET MANAGEMENT LIMITED
REGISTERED NUMBER: 11203534
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 August 2024.




Dr J Hoare
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
MEDICAL ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2023

1.


General information

Medical Asset Management Limited ("the Company") is a private company limited by shares, incorporated in England and Wales. Its registered office is Leytonstone House, 3 Hanbury Drive, Leytonstone, London, United Kingdom, E11 1GA. 
The principle activity of the Company during the period was that of provision of medical services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

Page 3

 
MEDICAL ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following annual basis:

Plant and machinery
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Page 4

 
MEDICAL ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the period was 2 (28 February 2023 - 2).


4.


Tangible fixed assets







Office equipment

£



Cost


At 1 March 2023
2,415


Additions
2,158



At 31 August 2023

4,573



Depreciation


At 1 March 2023
1,351


Charge for the period on owned assets
374



At 31 August 2023

1,725



Net book value



At 31 August 2023
2,848



At 28 February 2023
1,064

Page 5

 
MEDICAL ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2023

5.


Fixed asset investments








Unlisted investments

£



Cost or valuation


At 1 March 2023
11,290


Additions
131,500



At 31 August 2023
142,790





6.


Debtors

31 August
28 February
2023
2023
£
£

Due after more than one year

Other debtors
20,494
27,325

Due within one year

Other debtors
149,295
150,817

169,789
178,142



7.


Cash and cash equivalents

31 August
28 February
2023
2023
£
£

Cash at bank and in hand
348,308
618,741


Page 6

 
MEDICAL ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2023

8.


Creditors: Amounts falling due within one year

31 August
28 February
2023
2023
£
£

Bank loans
18,365
18,365

Trade creditors
-
4,560

Amounts owed to joint ventures
18,937
10,421

Corporation tax
-
3,354

Other creditors
793,748
726,539

Accruals and deferred income
9,400
4,000

840,450
767,239



9.


Creditors: Amounts falling due after more than one year

31 August
28 February
2023
2023
£
£

Bank loans
19,895
29,078



10.


Share capital

31 August
28 February
2023
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary A shares of £0.01 each
1.00
1.00
60 (2023 - 60) Ordinary B shares of £0.01 each
0.60
0.60
20 (2023 - 20) Ordinary C shares of £0.01 each
0.20
0.20
20 (2023 - 20) Ordinary D shares of £0.01 each
0.20
0.20

2.00

2.00

All shares rank pari-passu in all respects.



11.


Related party transactions

At the period end, the Company owed the directors £5 (2023 - £49,565).
At the period end, amounts due to connected entities totalled £18,937 
(2023 - £10,421).

 
Page 7