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REGISTERED NUMBER: 07212377 (England and Wales)




















Unaudited Financial Statements

for the Year Ended 5 April 2024

for

True Medica Limited

True Medica Limited (Registered number: 07212377)






Contents of the Financial Statements
for the Year Ended 5 April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


True Medica Limited

Company Information
for the Year Ended 5 April 2024







DIRECTOR: T H Yasen





SECRETARY: Mrs N H Yasen





REGISTERED OFFICE: 1 Berwick Road
Bournemouth
BH3 7BB





REGISTERED NUMBER: 07212377 (England and Wales)

True Medica Limited (Registered number: 07212377)

Balance Sheet
5 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 2,022 2,379
Investment property 6 1,580,000 1,500,000
1,582,022 1,502,379

CURRENT ASSETS
Debtors 7 458,469 729,707
Cash at bank 483,569 204,460
942,038 934,167
CREDITORS
Amounts falling due within one year 8 56,397 105,981
NET CURRENT ASSETS 885,641 828,186
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,467,663

2,330,565

PROVISIONS FOR LIABILITIES 66,510 66,510
NET ASSETS 2,401,153 2,264,055

CAPITAL AND RESERVES
Called up share capital 100 100
Non-distributable retained earnings 302,453 302,453
Retained earnings 2,098,600 1,961,502
SHAREHOLDERS' FUNDS 2,401,153 2,264,055

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 5 April 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 1 October 2024 and were signed by:





T H Yasen - Director


True Medica Limited (Registered number: 07212377)

Notes to the Financial Statements
for the Year Ended 5 April 2024

1. STATUTORY INFORMATION

True Medica Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements are prepared on a going concern basis, under the historical cost convention.

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.

Turnover
Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for services rendered and rents due.

Turnover from the supply of medical services represents the value of services provided under contracts to the extent that there is a right to consideration, and is recorded at the fair value of the consideration received or receivable.

Turnover from the rental of residential property represents the amount of rent due and property expenses reimbursed. Where payments are received from tenants in advance the amounts are recorded as deferred income.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance

Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in profit or loss.

Investment property
Investment properties for which fair value can be measured reliably without undue cost or effort on an ongoing basis are measured at fair value annually with any change recognised in the profit and loss account.

True Medica Limited (Registered number: 07212377)

Notes to the Financial Statements - continued
for the Year Ended 5 April 2024

3. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assets original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and overdrafts, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Taxation
Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case tax is also recognised in other comprehensive income or directly in equity respectively.

Current or deferred taxation assets and liabilities are not discounted.

Current tax
Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end.

Deferred tax

Deferred tax arises from timing differences that are differences between taxable profit and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessment in periods different from those in which are recognised in financial statements.

Deferred tax is recognised on all timing differences at the reporting date with certain exceptions. Unrelieved tax losses and other deferred tax assets are only 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 tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

True Medica Limited (Registered number: 07212377)

Notes to the Financial Statements - continued
for the Year Ended 5 April 2024

3. ACCOUNTING POLICIES - continued

Share capital
Ordinary shares are classified as equity.

Impairment of assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 6 April 2023
and 5 April 2024 4,242 6,087 10,329
DEPRECIATION
At 6 April 2023 3,111 4,839 7,950
Charge for year 170 187 357
At 5 April 2024 3,281 5,026 8,307
NET BOOK VALUE
At 5 April 2024 961 1,061 2,022
At 5 April 2023 1,131 1,248 2,379

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 6 April 2023 1,500,000
Additions 80,000
At 5 April 2024 1,580,000
NET BOOK VALUE
At 5 April 2024 1,580,000
At 5 April 2023 1,500,000

Fair value at 5 April 2024 is represented by:
£   
Valuation in 2016 368,963
Valuation in 2017 100,000
Valuation in 2018 (100,000 )
Cost 1,211,037
1,580,000

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 1,211,037 1,131,037

Investment property was valued on an open market basis on 5 April 2024 by the directors .

True Medica Limited (Registered number: 07212377)

Notes to the Financial Statements - continued
for the Year Ended 5 April 2024

7. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 31,966 32,689
Directors' current accounts 333,056 586,751
365,022 619,440

Amounts falling due after more than one year:
Other debtors 93,447 110,267

Aggregate amounts 458,469 729,707

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation 52,196 97,312
Accruals and deferred income 4,201 8,669
56,397 105,981

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 5 April 2024 and 5 April 2023:

2024 2023
£    £   
T H Yasen
Balance outstanding at start of year 586,751 308,164
Amounts advanced 15,549 278,587
Amounts repaid (269,244 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 333,056 586,751

Interest has been charged on balances exceeding £10,000 at HM Revenue & Customs official rate. The maximum balance outstanding during the year was £587,809.