Company registration number 14522689 (England and Wales)
APEX MEDICAL ACADEMY LTD
(FORMERLY KNOWN AS GLHMS LTD)
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
APEX MEDICAL ACADEMY LTD
(FORMERLY KNOWN AS GLHMS LTD)
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
APEX MEDICAL ACADEMY LTD
(FORMERLY KNOWN AS GLHMS LTD)
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
Notes
£
£
Current assets
Debtors
3
52,659
Cash at bank and in hand
1,784
54,443
Creditors: amounts falling due within one year
4
(2,980)
Net current assets
51,463
Creditors: amounts falling due after more than one year
5
(330,442)
Net liabilities
(278,979)
Capital and reserves
Called up share capital
6
1
Profit and loss reserves
(278,980)
Total equity
(278,979)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
APEX MEDICAL ACADEMY LTD
(FORMERLY KNOWN AS GLHMS LTD)
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 3 September 2024 and are signed on its behalf by:
K O'Mahony
Director
Company registration number 14522689 (England and Wales)
APEX MEDICAL ACADEMY LTD
(FORMERLY KNOWN AS GLHMS LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Apex Medical Academy Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Portman House, 2 Portman Street, London, W1H 6DU.
1.1
Reporting period
The financial statements are presented for a period longer than one year, owing to the fact that these are drawn from incorporation.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.3
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
APEX MEDICAL ACADEMY LTD
(FORMERLY KNOWN AS GLHMS LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies (Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
APEX MEDICAL ACADEMY LTD
(FORMERLY KNOWN AS GLHMS LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies (Continued)
- 5 -
1.7
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
Number
Total
2
3
Debtors
2023
Amounts falling due within one year:
£
Other debtors
52,659
4
Creditors: amounts falling due within one year
2023
£
Trade creditors
210
Other creditors
2,770
2,980
5
Creditors: amounts falling due after more than one year
2023
£
Other creditors
330,442
APEX MEDICAL ACADEMY LTD
(FORMERLY KNOWN AS GLHMS LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 6 -
6
Called up share capital
2023
2023
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
1
1
7
Related party transactions
Transactions with related parties
During the period the company entered into the following transactions with related parties:
Purchases
2023
£
Key management personnel
20,380
Other related parties
249,812
Interest
2023
£
Entities with control, joint control or significant influence over the company
5,442
The following amounts were outstanding at the reporting end date:
2023
Amounts due to related parties
£
Entities with control, joint control or significant influence over the company
330,442
Key management personnel
20
A commercial rate of interest was charged.
8
Parent company
The parent company of Apex Medical Academy Ltd is PCPF UK Limited and its registered office is Portman House, 2 Portman Street, London, W1H 6DU.