2023-01-012023-12-312023-12-31false05844549SMERUD MEDICAL RESEARCH UK 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SMERUD MEDICAL RESEARCH UK LIMITED

Registered Number
05844549
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

SMERUD MEDICAL RESEARCH UK LIMITED
Company Information
for the year from 1 January 2023 to 31 December 2023

Director

K T Smerud

Company Secretary

H K Smerud

Registered Address

Suite 1s-B Trafford House Chester Road
Stretford
Manchester
M32 0RS

Registered Number

05844549 (England and Wales)
SMERUD MEDICAL RESEARCH UK LIMITED
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets34,553176
4,553176
Current assets
Debtors19,19240,094
Cash at bank and on hand157,2935,499
176,48545,593
Creditors amounts falling due within one year4(243,027)(420,178)
Net current assets (liabilities)(66,542)(374,585)
Total assets less current liabilities(61,989)(374,409)
Net assets(61,989)(374,409)
Capital and reserves
Called up share capital11
Profit and loss account(61,990)(374,410)
Shareholders' funds(61,989)(374,409)
The financial statements were approved and authorised for issue by the Director on 3 September 2024, and are signed on its behalf by:
K T Smerud
Director
Registered Company No. 05844549
SMERUD MEDICAL RESEARCH UK LIMITED
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
The company has net liabilities of £62,097 at the year end; however, the director has confirmed that he will continue to provide the financial support that the company requires to enable it to meet its liabilities for a period of at least twelve months from the approval of these financial statements. On the above basis, the director continues to adopt the going concern basis of accounting in preparing the financial statements.
Turnover policy
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.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Employee benefits
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current 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 profit and loss account because of items of income or expense that are taxable or deductible in other years 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
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Research and development
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Fixtures and fittings4
Office Equipment3
2.Average number of employees

20232022
Average number of employees during the year65
3.Tangible fixed assets

Fixtures & fittings

Office Equipment

Total

£££
Cost or valuation
At 01 January 239,3665,68815,054
Additions-5,1835,183
At 31 December 239,36610,87120,237
Depreciation and impairment
At 01 January 239,3665,51214,878
Charge for year-806806
At 31 December 239,3666,31815,684
Net book value
At 31 December 23-4,5534,553
At 31 December 22-176176
4.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables15,1437,704
Amounts owed to related parties206,970403,653
Taxation and social security16,9175,567
Other creditors3,9453,202
Accrued liabilities and deferred income5252
Total243,027420,178
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.
5.Provisions for liabilities
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of going the amount of the obligation. Provisions are charged as an expense to the profit and loss account in the year that the company becomes aware of the obligation and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the balance sheet.