Acorah Software Products - Accounts Production 15.0.600 false true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 07992460 Mr Arvind Sarna Mr Arun Sarna Mr Arvind Sarna and Mr Arun Sarna true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 07992460 2023-03-31 07992460 2024-03-31 07992460 2023-04-01 2024-03-31 07992460 frs-core:CurrentFinancialInstruments 2024-03-31 07992460 frs-core:FurnitureFittings 2024-03-31 07992460 frs-core:FurnitureFittings 2023-04-01 2024-03-31 07992460 frs-core:FurnitureFittings 2023-03-31 07992460 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 07992460 frs-core:MotorVehicles 2024-03-31 07992460 frs-core:MotorVehicles 2023-04-01 2024-03-31 07992460 frs-core:MotorVehicles 2023-03-31 07992460 frs-core:ShareCapital 2024-03-31 07992460 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 07992460 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 07992460 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 07992460 frs-bus:SmallEntities 2023-04-01 2024-03-31 07992460 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 07992460 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 07992460 1 2023-04-01 2024-03-31 07992460 frs-bus:Director1 2023-04-01 2024-03-31 07992460 frs-bus:Director2 2023-04-01 2024-03-31 07992460 frs-countries:EnglandWales 2023-04-01 2024-03-31 07992460 2022-03-31 07992460 2023-03-31 07992460 2022-04-01 2023-03-31 07992460 frs-core:CurrentFinancialInstruments 2023-03-31 07992460 frs-core:ShareCapital 2023-03-31 07992460 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31
Registered number: 07992460
F2 Medical Supplies Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 07992460
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 96,102 134,505
96,102 134,505
CURRENT ASSETS
Stocks 5 603,899 539,915
Debtors 6 1,934,218 1,369,442
Cash at bank and in hand 1,289,347 1,297,839
3,827,464 3,207,196
Creditors: Amounts Falling Due Within One Year 7 (539,120 ) (417,311 )
NET CURRENT ASSETS (LIABILITIES) 3,288,344 2,789,885
TOTAL ASSETS LESS CURRENT LIABILITIES 3,384,446 2,924,390
PROVISIONS FOR LIABILITIES
Deferred Taxation (24,026 ) (25,556 )
NET ASSETS 3,360,420 2,898,834
CAPITAL AND RESERVES
Called up share capital 8 2 2
Profit and Loss Account 3,360,418 2,898,832
SHAREHOLDERS' FUNDS 3,360,420 2,898,834
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For the 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.
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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Arvind Sarna
Director
5 August 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
F2 Medical Supplies Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07992460 . The registered office is Unit 15, Genesis Park, Magna Road, South Wigston, LE18 4AJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
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. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Buildings - 2% Straight Line
Motor Vehicles 20% Straight Line
Fixtures & Fittings 33% Straight Line
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Foreign Currencies
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 rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.6. 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 statement of comprehensive income 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 is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.8. Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
2.9. Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2.10. Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 11 (2023: 10)
11 10
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4. Tangible Assets
Motor Vehicles Fixtures & Fittings Total
£ £ £
Cost
As at 1 April 2023 185,257 9,717 194,974
As at 31 March 2024 185,257 9,717 194,974
Depreciation
As at 1 April 2023 52,278 8,191 60,469
Provided during the period 37,051 1,352 38,403
As at 31 March 2024 89,329 9,543 98,872
Net Book Value
As at 31 March 2024 95,928 174 96,102
As at 1 April 2023 132,979 1,526 134,505
5. Stocks
2024 2023
£ £
Finished goods 603,899 539,915
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 277,640 219,054
Prepayments and accrued income 5,533 -
Other debtors 1,651,045 1,150,388
1,934,218 1,369,442
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 148,003 121,055
Other taxes and social security 366,888 271,227
Other creditors 24,229 25,029
539,120 417,311
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8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
9. Related Party Transactions
Directors Loan Account - these loans are free of interest and repayable on demand. The amount is included within other creditors / debtors.
Amounts due to / from the related party £4,312 (2023: £1,103 CR).
Hot Tub Suppliers Ltd Loan Account - A company in which the directors are also directors and shareholders. These loans are free of interest and repayable on demand. The amount is included within other creditors.
Amount due to the related party £11,727 (2023: £11,727).
Sarna Properties Ltd Loan Account - A company in which the directors are also directors and shareholders. These loans are free of interest and repayable on demand. The amount is included within other debtors.
Amount due from the related party £975,028 (2023: £1,150,028).
F2 Medical Pension Scheme Loan Account - The directors are beneficiaries of the pension scheme. These loans are free of interest and repayable on demand. The amount is included within other debtors.
Amount due from the related party £670,000 (2023: £360).
10. Ultimate Controlling Party
Mr Arvind Sarna and Mr Arun Sarna are the ultimate controlling party by virtue of their joint ownership of 100% of the issued share capital in the company.
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