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Registered number: 12450037









APPLIED RADIOLOGIC LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
APPLIED RADIOLOGIC LIMITED
 
 
COMPANY INFORMATION


Director
Dr D S Levine 




Registered number
12450037



Registered office
7 The Close

Norwich

Norfolk

NR1 4DJ




Accountants
MA Partners LLP
Chartered Accountants

7 The Close

Norwich

Norfolk

NR1 4DJ





 
APPLIED RADIOLOGIC LIMITED
 

CONTENTS



Page
Accountants' report
 
 
1
Balance sheet
 
 
2 - 3
Notes to the financial statements
 
 
4 - 9


 
APPLIED RADIOLOGIC LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF APPLIED RADIOLOGIC LIMITED
FOR THE YEAR ENDED 29 FEBRUARY 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Applied Radiologic Limited for the year ended 29 February 2024 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm 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 https://www.icaew.com/regulation.

This report is made solely to the director of Applied Radiologic Limited in accordance with the terms of our engagement letter dated 25 September 2023Our work has been undertaken solely to prepare for your approval the financial statements of Applied Radiologic Limited and state those matters that we have agreed to state to the director of Applied Radiologic Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Applied Radiologic Limited and its director for our work or for this report. 

It is your duty to ensure that Applied Radiologic Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Applied Radiologic Limited. You consider that Applied Radiologic Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Applied Radiologic 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 statutory financial statements.

  





MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ

27 August 2024
Page 1

 
APPLIED RADIOLOGIC LIMITED
REGISTERED NUMBER: 12450037

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,239
2,723

Investments
 5 
357,169
101,634

  
359,408
104,357

Current assets
  

Debtors: amounts falling due within one year
 6 
45,305
11,523

Cash at bank and in hand
  
7,809
44,530

  
53,114
56,053

Creditors: amounts falling due within one year
 7 
(73,603)
(20,627)

Net current (liabilities)/assets
  
 
 
(20,489)
 
 
35,426

Total assets less current liabilities
  
338,919
139,783

Provisions for liabilities
  

Deferred tax
 8 
(12,422)
(964)

  
 
 
(12,422)
 
 
(964)

Net assets
  
326,497
138,819


Capital and reserves
  

Called up share capital 
 9 
50
50

Fair value reserve
 10 
36,380
1,564

Profit and loss account
 10 
290,067
137,205

  
326,497
138,819


Page 2

 
APPLIED RADIOLOGIC LIMITED
REGISTERED NUMBER: 12450037
    
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024

The director considers 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 director acknowledges his 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 profit and loss account 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 on 27 August 2024.






Dr D S Levine
Director

The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
APPLIED RADIOLOGIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

The Company is a private company limited by shares.  It is both incorporated and domiciled in England and Wales.  The address of its registered office is 7 The Close, Norwich, NR1 4DJ.
The Company's principal place of business is London and the Company's principal activity is that of radiology services.

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

Revenue

Revenue is measured at the fair value of the consideration received or receivable.  Revenue for radiology services is recognised in the period in which the services are provided.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax.  
Deferred tax balances are recognised in respect of timing differences that have originated but not reversed by the balance sheet date.
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.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
APPLIED RADIOLOGIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)


2.6
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using both the straight-line method and reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
reducing balance
Office equipment
-
25%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Valuation of investments

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.8

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.

 
2.9

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.

 
2.10

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.

 
2.11

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.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Page 5

 
APPLIED RADIOLOGIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.12

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 1).


4.


Tangible fixed assets







Motor vehicles
Office equipment
Total

£
£
£



Cost or valuation


At 1 March 2023
532
5,265
5,797


Additions
-
1,209
1,209



At 29 February 2024

532
6,474
7,006



Depreciation


At 1 March 2023
233
2,841
3,074


Charge for the year on owned assets
75
1,618
1,693



At 29 February 2024

308
4,459
4,767



Net book value



At 29 February 2024
224
2,015
2,239



At 28 February 2023
299
2,424
2,723

Page 6

 
APPLIED RADIOLOGIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


Fixed asset investments








Listed investments

£



Cost or valuation


At 1 March 2023
101,634


Additions
210,055


Revaluations
45,480



At 29 February 2024
357,169





6.


Debtors

29 February
28 February
2024
2023
£
£


Trade debtors
45,227
10,750

Prepayments and accrued income
78
773

45,305
11,523



7.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Corporation tax
64,681
12,238

Other creditors
6,104
5,676

Accruals and deferred income
2,818
2,713

73,603
20,627


Page 7

 
APPLIED RADIOLOGIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

8.


Deferred taxation






2024


£






At beginning of year
(964)


Charged to profit or loss
(11,458)



At end of year
(12,422)

The provision for deferred taxation is made up as follows:

29 February
28 February
2024
2023
£
£


Accelerated capital allowances
(560)
(560)

Revaluation on listed investments
(11,862)
(404)

(12,422)
(964)


9.


Share capital

29 February
28 February
2024
2023
£
£
Allotted, called up and fully paid



1 Ordinary A share of £10
10
10
1 Ordinary B share of £10
10
10
1 Ordinary C share of £10
10
10
1 Ordinary D share of £10
10
10
1 Ordinary E share of £10
10
10

50

50


Page 8

 
APPLIED RADIOLOGIC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

10.


Reserves

Other reserves

The fair value reserve represents the cumulative value of revaluations of the company's unlisted investments to fair value.  The amounts debited or credited to the reserve are transfers from the profit and loss account.  

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.


11.Commitments, guarantees and contingencies

At 29 February 2024, the company had total financial commitments, guarantees and contingencies which are not included in the balance sheet amounting to £8,727.


12.


Related party transactions

As at 29 February 2024 the Company owed the director £6,319 (2023: £5,676).

 
Page 9