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Registration number: 13239930

James Duggan Medical Ltd

Annual Report and Unaudited Financial Statements

For The Year Ended 31 March 2024

 

James Duggan Medical Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

James Duggan Medical Ltd

(Registration number: 13239930)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

           

Fixed assets

   

 

Intangible assets

4

 

7,700

 

8,800

Tangible assets

5

 

302

 

598

   

8,002

 

9,398

Current assets

   

 

Stocks

6

735

 

625

 

Debtors

7

1,330

 

1,695

 

Cash at bank and in hand

 

7,008

 

7,007

 

 

9,073

 

9,327

 

Creditors: Amounts falling due within one year

8

(6,368)

 

(16,967)

 

Net current assets/(liabilities)

   

2,705

 

(7,640)

Net assets

   

10,707

 

1,758

Capital and reserves

   

 

Called up share capital

100

 

100

 

Profit and loss account

10,607

 

1,658

 

Total equity

   

10,707

 

1,758

For the financial 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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 3 September 2024
 

.........................................
Mr J.E. Duggan
Director

 

James Duggan Medical Ltd

Notes to the Unaudited Financial Statements For The Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales..

The address of its registered office is:
11 Fusion Court
Aberford Road
Garforth
West Yorkshire
LS25 2GH
England

These financial statements were authorised for issue by the director on 3 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are presented in Sterling (£).

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the company.

Tax

The tax expense for the period comprises current 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.

 

James Duggan Medical Ltd

Notes to the Unaudited Financial Statements For The Year Ended 31 March 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% Straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Estimated useful life of ten years

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

James Duggan Medical Ltd

Notes to the Unaudited Financial Statements For The Year Ended 31 March 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

11,000

11,000

At 31 March 2024

11,000

11,000

Amortisation

At 1 April 2023

2,200

2,200

Amortisation charge

1,100

1,100

At 31 March 2024

3,300

3,300

Carrying amount

At 31 March 2024

7,700

7,700

At 31 March 2023

8,800

8,800

5

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

1,190

1,190

At 31 March 2024

1,190

1,190

Depreciation

At 1 April 2023

592

592

Charge for the year

296

296

At 31 March 2024

888

888

Carrying amount

At 31 March 2024

302

302

At 31 March 2023

598

598

 

James Duggan Medical Ltd

Notes to the Unaudited Financial Statements For The Year Ended 31 March 2024

6

Stocks

2024
£

2023
£

Other inventories

735

625

7

Debtors

Current

2024
£

2023
£

Prepayments

1,330

1,695

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Taxation and social security

2,832

1,223

Other creditors

3,536

15,744

6,368

16,967

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £11,250 (2023 - £16,874). Financial commitments comprise £11,250 relating to operating lease commitments expiring in less than five years.