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Registered number: 12870328










MILLFIELD MEDICAL ELECTRONICS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
MILLFIELD MEDICAL ELECTRONICS LIMITED
REGISTERED NUMBER: 12870328

BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Current assets
  

Debtors: amounts falling due within one year
 4 
13,958
111,872

Cash at bank and in hand
 5 
222
-

  
14,180
111,872

Current liabilities
  

Creditors: amounts falling due within one year
 6 
(457,517)
(360,784)

Net current liabilities
  
 
 
(443,337)
 
 
(248,912)

Net liabilities
  
(443,337)
(248,912)


Capital and reserves
  

Called up share capital 
 8 
20
20

Profit and loss account
  
(443,357)
(248,932)

  
(443,337)
(248,912)


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




A Best
S A Best
Director
Director


Date: 5 August 2024
Date:5 August 2024

Page 1

 
MILLFIELD MEDICAL ELECTRONICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

Millfield Medical Electronics Limited is a private company, limited by share capital and incorporated in England and Wales.
The company's registered office address is C/O Scott Bailey LLP, 63 High Street, Lymington, SO41 9ZT.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

At the year end the company had net liabilities of £333,876 (2022: £248,912). The directors have indicated that they are willing to continue to provide funding to support the company, therefore the accounts have been prepared on a going concern basis.

 
2.3

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Page 2

 
MILLFIELD MEDICAL ELECTRONICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)


2.5
Current and deferred taxation (continued)


Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).

Page 3

 
MILLFIELD MEDICAL ELECTRONICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

4.


Debtors

2023
2022
£
£

Other debtors
13,958
29,653

Deferred taxation
-
82,219

13,958
111,872



5.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
222
-

Less: bank overdrafts
-
(23,434)

222
(23,434)



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
23,434

Trade creditors
4,730
15,044

Other taxation and social security
8,069
13,581

Other creditors
441,468
285,175

Accruals and deferred income
3,250
23,550

457,517
360,784



7.


Deferred taxation




2023
2022


£

£






At beginning of year
82,219
40,048


Charged to profit or loss
(82,219)
42,171



At end of year
-
82,219

Page 4

 
MILLFIELD MEDICAL ELECTRONICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
 
7.Deferred taxation (continued)

The deferred tax asset is made up as follows:

2023
2022
£
£


Tax losses carried forward
-
82,219


8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



20 (2022 - 20) Ordinary shares of £1 each
20
20



9.


Related party transactions

At the period end the company owed its directors £463,918 (2022: £280,918). These amounts are interest free, repayable upon demand and included in other creditors.


10.


Controlling party

The company is controlled by its directors by virtue of their majority shareholdings. 


Page 5