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Company No: 11827398 (England and Wales)

ST ERME MEDICAL LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

ST ERME MEDICAL LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

ST ERME MEDICAL LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
ST ERME MEDICAL LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,058,271 1,065,190
1,058,271 1,065,190
Current assets
Debtors 4 29,448 12,519
Cash at bank and in hand 53,232 78,583
82,680 91,102
Creditors: amounts falling due within one year 5 ( 991,096) ( 988,982)
Net current liabilities (908,416) (897,880)
Total assets less current liabilities 149,855 167,310
Creditors: amounts falling due after more than one year 6 ( 12,305) ( 23,165)
Provision for liabilities ( 68,385) ( 68,631)
Net assets 69,165 75,514
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 69,065 75,414
Total shareholders' funds 69,165 75,514

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.

Directors' responsibilities:

The financial statements of St Erme Medical Limited (registered number: 11827398) were approved and authorised for issue by the Board of Directors on 02 September 2024. They were signed on its behalf by:

Mr M D Gray
Director
ST ERME MEDICAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
ST ERME MEDICAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

St Erme Medical Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is St Erme Medical, St Erme, Truro, TR4 9BW, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors note that the business has net assets of £69,165. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line/reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery 25 % reducing balance
Office equipment 25 % reducing balance
Computer equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 15 14

3. Tangible assets

Land and buildings Plant and machinery Office equipment Computer equipment Total
£ £ £ £ £
Cost
At 01 April 2023 1,043,229 26,502 7,433 28,172 1,105,336
Additions 19,237 2,019 566 3,769 25,591
At 31 March 2024 1,062,466 28,521 7,999 31,941 1,130,927
Accumulated depreciation
At 01 April 2023 20,929 9,794 1,651 7,772 40,146
Charge for the financial year 21,113 4,285 1,536 5,576 32,510
At 31 March 2024 42,042 14,079 3,187 13,348 72,656
Net book value
At 31 March 2024 1,020,424 14,442 4,812 18,593 1,058,271
At 31 March 2023 1,022,300 16,708 5,782 20,400 1,065,190

4. Debtors

2024 2023
£ £
Trade debtors 17,448 12,519
Prepayments 12,000 0
29,448 12,519

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,000 10,000
Trade creditors 10,858 10,725
Amounts owed to directors 936,508 947,362
Accruals 3,500 3,500
Taxation and social security 27,579 13,987
Obligations under finance leases and hire purchase contracts (secured) 860 794
Other creditors 1,791 2,614
991,096 988,982

The obligations under finance lease and hire purchase contracts are secured by fixed charges over the assets to which they relate.

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 11,667 21,667
Obligations under finance leases and hire purchase contracts (secured) 638 1,498
12,305 23,165

The obligations under finance lease and hire purchase contracts are secured by fixed charges over the assets to which they relate.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100