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COMPANY REGISTRATION NUMBER: 07680032
MEDICINES2HOME.COM LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2024
MEDICINES2HOME.COM LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
Contents
Pages
Balance sheet 1
Notes to the financial statements 2 to 4
MEDICINES2HOME.COM LIMITED
BALANCE SHEET
31 March 2024
2024
2023
Note
£
£
Current assets
Stocks
5
10,844
15,347
Debtors
6
99,660
102,284
Cash at bank and in hand
104,180
122,893
------------
------------
214,684
240,524
Creditors: amounts falling due within one year
7
( 134,336)
( 151,921)
------------
------------
Net current assets
80,348
88,603
------------
------------
Total assets less current liabilities
80,348
88,603
------------
------------
Net assets
80,348
88,603
------------
------------
Capital and reserves
Called up share capital
9
108
108
Share premium account
2,992
2,992
Profit and loss account
77,248
85,503
------------
------------
Shareholders funds
80,348
88,603
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 9 July 2024 , and are signed on behalf of the board by:
Y S Shamsee
A Dobson
Director
Director
Company registration number: 07680032
MEDICINES2HOME.COM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite 3 Railway House, Station Street, Meltham, Huddersfield, HD9 5NX.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2023: 10 ).
5. Stocks
2024
2023
£
£
Goods for resale
10,844
15,347
------------
------------
6. Debtors
2024
2023
£
£
Trade debtors
80,550
88,129
Prepayments and accrued income
2,356
1,361
Corporation tax recoverable
1,946
Other debtors
14,808
12,794
------------
------------
99,660
102,284
------------
------------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
131,783
96,941
Accruals and deferred income
1,684
1,740
Corporation tax
2,788
Social security and other taxes
869
452
Loans (note 11)
20,000
Directors' loan accounts (note 11)
30,000
------------
------------
134,336
151,921
------------
------------
8. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution pension plans was £ 1,037 (2023: £ 477 ).
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
108
108
108
108
------------
------------
------------
------------
10. Related party transactions
Transactions with the directors Included in other creditors at note 8 above are directors' loan accounts of £NIL (2023: £30,000), these are unsecured, repayable on demand and currently interest free. The loans of £NIL (2023: £20,000) set out at note 8 above are due to certain shareholders. They are unsecured, repayable on demand and currently interest free. There is no one controlling party of the company.