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Registered number: 02131613
Principality Medical Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Accountant's Report
Chartered Accountant's report to the directors on the preparation of the unaudited statutory accounts of Principality Medical Limited For The Year Ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of Principality Medical Limited For The Year Ended 31 March 2024 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the directors of Principality Medical Limited , as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Principality Medical Limited and state those matters that we have agreed to state to the directors of Principality Medical Limited , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Principality Medical Limited and its directors, as a body, for our work or for this report.
It is your duty to ensure that Principality Medical Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Principality Medical Limited . You consider that Principality Medical Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of Principality Medical Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
Ellis Lloyd Jones LLP
15/05/2024
Ellis Lloyd Jones LLP
Chartered Accountants
11 Park Square
Newport
NP20 4EL
Page 1
Page 2
Balance Sheet
Registered number: 02131613
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 198,562 255,276
198,562 255,276
CURRENT ASSETS
Stocks 5 325,523 235,125
Debtors 6 560,233 430,223
Cash at bank and in hand 529,277 231,031
1,415,033 896,379
Creditors: Amounts Falling Due Within One Year 7 (719,264 ) (287,231 )
NET CURRENT ASSETS (LIABILITIES) 695,769 609,148
TOTAL ASSETS LESS CURRENT LIABILITIES 894,331 864,424
Creditors: Amounts Falling Due After More Than One Year 8 - (40,815 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (37,727 ) (44,872 )
NET ASSETS 856,604 778,737
CAPITAL AND RESERVES
Called up share capital 9 26,000 26,000
Profit and Loss Account 830,604 752,737
SHAREHOLDERS' FUNDS 856,604 778,737
Page 2
Page 3
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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr L C Basil
Director
15/05/2024
The notes on pages 4 to 6 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Principality Medical Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02131613 . The registered office is Principality House, Western Valley Road, Newport, NP10 9DS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 15% reducing balance
Computer Equipment 15% reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 31 (2023: 26)
31 26
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2023 364,460 70,899 24,300 39,571 499,230
Additions 25,050 - 8,145 8,522 41,717
Disposals (82,269 ) (23,000 ) - (27,466 ) (132,735 )
As at 31 March 2024 307,241 47,899 32,445 20,627 408,212
Depreciation
As at 1 April 2023 155,369 37,645 23,046 27,894 243,954
Provided during the period 32,583 5,618 900 3,355 42,456
Disposals (41,681 ) (12,219 ) - (22,860 ) (76,760 )
As at 31 March 2024 146,271 31,044 23,946 8,389 209,650
Net Book Value
As at 31 March 2024 160,970 16,855 8,499 12,238 198,562
As at 1 April 2023 209,091 33,254 1,254 11,677 255,276
5. Stocks
2024 2023
£ £
Stock 325,523 235,125
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 546,334 63,920
Prepayments and accrued income 11,224 16,723
Other debtors 2,675 349,580
560,233 430,223
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Page 6
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 129,888 130,918
Bank loans and overdrafts - 15,009
Corporation tax 331,962 26,142
Other taxes and social security 20,111 11,754
VAT 169,333 19,141
Other creditors 54,565 71,522
Accruals and deferred income 13,405 6,853
Directors' loan accounts - 5,892
719,264 287,231
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans - 40,815
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 26,000 26,000
10. Capital Commitments
At the end of the period, the company had capital commitments contracted for but not provided in these financial statements
Page 6