1 January 2023 false No description of principal activity Taxfiler 2024.5 06012594business:PrivateLimitedCompanyLtd2023-01-012023-12-31 060125942022-12-31 060125942023-01-012023-12-31 06012594business:AuditExempt-NoAccountantsReport2023-01-012023-12-31 06012594business:FilletedAccounts2023-01-012023-12-31 060125942023-12-31 060125942022-12-31 06012594core:WithinOneYear2023-12-31 06012594core:WithinOneYear2022-12-31 06012594core:AfterOneYear2023-12-31 06012594core:AfterOneYear2022-12-31 06012594core:ShareCapitalcore:PreviouslyStatedAmount2023-12-31 06012594core:ShareCapitalcore:PreviouslyStatedAmount2022-12-31 06012594core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-12-31 06012594core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2022-12-31 06012594core:PreviouslyStatedAmount2023-12-31 06012594core:PreviouslyStatedAmount2022-12-31 06012594business:SmallEntities2023-01-012023-12-31 06012594business:Director12023-01-012023-12-31 06012594countries:EnglandWales2023-01-012023-12-31 06012594business:RegisteredOffice2023-01-012023-12-31 06012594core:LandBuildings2023-01-012023-12-31 06012594core:PlantMachinery2023-01-012023-12-31 06012594core:Goodwill2022-12-31 06012594core:Goodwill2023-12-31 06012594core:Goodwill2023-01-012023-12-31 06012594core:LandBuildings2022-12-31 06012594core:PlantMachinery2022-12-31 06012594core:LandBuildings2023-12-31 06012594core:PlantMachinery2023-12-31 06012594core:AfterOneYear2023-01-012023-12-31 060125942022-01-012022-12-31 iso4217:GBP xbrli:pure
Company Registration No. 06012594 (England and Wales)
Funky Medical Accessories Limited Unaudited accounts for the year ended 31 December 2023
Funky Medical Accessories Limited Statement of financial position as at 31 December 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Intangible assets
7,833 
9,833 
Tangible assets
78,842 
84,691 
86,675 
94,524 
Current assets
Inventories
80,360 
96,964 
Debtors
16,770 
15,213 
Cash at bank and in hand
26,651 
65,118 
123,781 
177,295 
Creditors: amounts falling due within one year
(142,306)
(163,253)
Net current (liabilities)/assets
(18,525)
14,042 
Total assets less current liabilities
68,150 
108,566 
Creditors: amounts falling due after more than one year
(90,068)
(95,662)
Provisions for liabilities
Deferred tax
- 
(2,441)
Net (liabilities)/assets
(21,918)
10,463 
Capital and reserves
Called up share capital
101 
101 
Profit and loss account
(22,019)
10,362 
Shareholders' funds
(21,918)
10,463 
For the year ending 31 December 2023 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2024 and were signed on its behalf by
L J Mudie Director Company Registration No. 06012594
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Funky Medical Accessories Limited Notes to the Accounts for the year ended 31 December 2023
1
Statutory information
Funky Medical Accessories Limited is a private company, limited by shares, registered in England and Wales, registration number 06012594. The registered office is 34 Clarence Street, Southend-On-Sea, Essex, SS1 1BD, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
50 years straight line
Plant & machinery
20% reducing balance
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred taxation
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 accounts. 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.
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Funky Medical Accessories Limited Notes to the Accounts for the year ended 31 December 2023
Foreign exchange
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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Intangible fixed assets
Goodwill 
£ 
Cost
At 1 January 2023
20,000 
At 31 December 2023
20,000 
Amortisation
At 1 January 2023
10,167 
Charge for the year
2,000 
At 31 December 2023
12,167 
Net book value
At 31 December 2023
7,833 
At 31 December 2022
9,833 
5
Tangible fixed assets
Land & buildings 
Plant & machinery 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 January 2023
84,010 
77,399 
161,409 
At 31 December 2023
84,010 
77,399 
161,409 
Depreciation
At 1 January 2023
20,162 
56,556 
76,718 
Charge for the year
1,680 
4,169 
5,849 
At 31 December 2023
21,842 
60,725 
82,567 
Net book value
At 31 December 2023
62,168 
16,674 
78,842 
At 31 December 2022
63,848 
20,843 
84,691 
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
12,640 
4,020 
Accrued income and prepayments
- 
7,593 
Other debtors
4,130 
3,600 
16,770 
15,213 
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Funky Medical Accessories Limited Notes to the Accounts for the year ended 31 December 2023
7
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
27,313 
8,232 
VAT
8,088 
15,028 
Trade creditors
4,699 
16,878 
Taxes and social security
- 
100 
Other creditors
5,284 
4,038 
Loans from directors
96,922 
118,977 
142,306 
163,253 
8
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
90,068 
95,662 
Mortgages totaling £58,099 (2022 - £59,887) are secured by way of a fixed charge over the property to which they relate.
9
Average number of employees
During the year the average number of employees was 4 (2022: 4).
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