PS Medical Specialists Ltd 07997503 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is to be provide medical services. Digita Accounts Production Advanced 6.30.9574.0 true true 07997503 2023-04-01 2024-03-31 07997503 2024-03-31 07997503 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments 2024-03-31 07997503 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss core:Non-currentFinancialInstruments 2024-03-31 07997503 core:CurrentFinancialInstruments 2024-03-31 07997503 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 07997503 core:MotorVehicles 2024-03-31 07997503 core:OtherPropertyPlantEquipment 2024-03-31 07997503 bus:SmallEntities 2023-04-01 2024-03-31 07997503 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 07997503 bus:FullAccounts 2023-04-01 2024-03-31 07997503 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 07997503 bus:RegisteredOffice 2023-04-01 2024-03-31 07997503 bus:Director1 2023-04-01 2024-03-31 07997503 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 07997503 core:MotorVehicles 2023-04-01 2024-03-31 07997503 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 07997503 core:PlantMachinery 2023-04-01 2024-03-31 07997503 core:Vehicles 2023-04-01 2024-03-31 07997503 countries:England 2023-04-01 2024-03-31 07997503 2023-03-31 07997503 core:MotorVehicles 2023-03-31 07997503 core:OtherPropertyPlantEquipment 2023-03-31 07997503 2022-04-01 2023-03-31 07997503 2023-03-31 07997503 core:CurrentFinancialInstruments 2023-03-31 07997503 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 07997503 core:MotorVehicles 2023-03-31 07997503 core:OtherPropertyPlantEquipment 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 07997503

PS Medical Specialists Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

PS Medical Specialists Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

PS Medical Specialists Ltd

(Registration number: 07997503)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

36,080

6,346

Other financial assets

6

122,811

106,330

 

158,891

112,676

Current assets

 

Debtors

7

194,874

182,790

Cash at bank and in hand

 

749,911

648,552

 

944,785

831,342

Creditors: Amounts falling due within one year

8

(102,334)

(86,173)

Net current assets

 

842,451

745,169

Total assets less current liabilities

 

1,001,342

857,845

Provisions for liabilities

(9,020)

(1,206)

Net assets

 

992,322

856,639

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

992,222

856,539

Shareholders' funds

 

992,322

856,639

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 2 October 2024 and signed on its behalf by:
 

.........................................
Dominic Curtis Paviour
Director

 

PS Medical Specialists Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
80-83 Long Lane
London
EC1A 9ET
England

These financial statements were authorised for issue by the Board on 2 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

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

 

PS Medical Specialists Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

33% reducing balance

Motor vehicle

20% straight-line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

PS Medical Specialists Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

10,600

3,126

 

PS Medical Specialists Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

-

13,032

13,032

Additions

36,956

3,378

40,334

At 31 March 2024

36,956

16,410

53,366

Depreciation

At 1 April 2023

-

6,686

6,686

Charge for the year

7,391

3,209

10,600

At 31 March 2024

7,391

9,895

17,286

Carrying amount

At 31 March 2024

29,565

6,515

36,080

At 31 March 2023

-

6,346

6,346

6

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2023

104,173

2,157

106,330

Fair value adjustments

16,481

-

16,481

At 31 March 2024

120,654

2,157

122,811

Impairment

Carrying amount

At 31 March 2024

120,654

2,157

122,811

 

PS Medical Specialists Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Debtors

Current

2024
£

2023
£

Trade debtors

181,514

169,582

Prepayments

3,597

-

Other debtors

9,763

13,208

 

194,874

182,790

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

12,153

9,145

Taxation and social security

85,477

70,496

Accruals and deferred income

2,863

2,863

Other creditors

1,841

3,669

102,334

86,173

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share A of £1 each

50

50

50

50

Ordinary share B of £1 each

50

50

50

50

100

100

100

100