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Company No: 14669328 (England and Wales)

BUCKINGHAMSHIRE MEDICAL LIMITED

Unaudited Financial Statements
For the financial period from 17 February 2023 to 29 February 2024
Pages for filing with the registrar

BUCKINGHAMSHIRE MEDICAL LIMITED

Unaudited Financial Statements

For the financial period from 17 February 2023 to 29 February 2024

Contents

BUCKINGHAMSHIRE MEDICAL LIMITED

STATEMENT OF FINANCIAL POSITION

As at 29 February 2024
BUCKINGHAMSHIRE MEDICAL LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 29 February 2024
Note 29.02.2024
£
Fixed assets
Intangible assets 3 153
Tangible assets 4 8,811
8,964
Current assets
Debtors 5 11,718
Cash at bank and in hand 6,431
18,149
Creditors: amounts falling due within one year 6 ( 4,879)
Net current assets 13,270
Total assets less current liabilities 22,234
Provision for liabilities 7, 8 ( 1,674)
Net assets 20,560
Capital and reserves
Called-up share capital 10
Profit and loss account 20,550
Total shareholders' funds 20,560

For the financial period ending 29 February 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Buckinghamshire Medical Limited (registered number: 14669328) were approved and authorised for issue by the Director. They were signed on its behalf by:

Dr R Aliyar
Director

04 October 2024

BUCKINGHAMSHIRE MEDICAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 17 February 2023 to 29 February 2024
BUCKINGHAMSHIRE MEDICAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 17 February 2023 to 29 February 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

Buckinghamshire Medical Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 8 The Courtyard, Wyncolls Road 8 The Courtyard, Wyncolls Road, Severalls Industrial Park, Colchester, CO4 9PE, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

The company's first accounting period is from incorporation on 17 February 2023 to 29 February 2024.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of 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. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
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 financial statements. 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.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Trademarks, patents and licences 10 years straight line
Trademarks, patents and licences

Separately acquired patents and trademarks are included at cost and amortised in equal annual instalments over a period of 10 years which is their estimated useful economic life. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 5 years straight line
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Income Statement as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

Period from
17.02.2023 to
29.02.2024
Number
Monthly average number of persons employed by the Company during the period, including the director 1

3. Intangible assets

Trademarks, patents
and licences
Total
£ £
Cost/Valuation
At 17 February 2023 0 0
Additions 170 170
At 29 February 2024 170 170
Accumulated amortisation
At 17 February 2023 0 0
Charge for the financial period 17 17
At 29 February 2024 17 17
Net book value
At 29 February 2024 153 153

4. Tangible assets

Fixtures and fittings Computer equipment Total
£ £ £
Cost
At 17 February 2023 0 0 0
Additions 5,656 5,793 11,449
At 29 February 2024 5,656 5,793 11,449
Accumulated depreciation
At 17 February 2023 0 0 0
Charge for the financial period 753 1,885 2,638
At 29 February 2024 753 1,885 2,638
Net book value
At 29 February 2024 4,903 3,908 8,811

5. Debtors

29.02.2024
£
Amounts owed by director 141
Prepayments and accrued income 8,951
Other debtors 2,626
11,718

6. Creditors: amounts falling due within one year

29.02.2024
£
Accruals 1,800
Corporation tax 3,079
4,879

7. Provision for liabilities

29.02.2024
£
Deferred tax 1,674

8. Deferred tax

29.02.2024
£
At the beginning of financial period 0
Charged to the Income Statement ( 1,674)
At the end of financial period ( 1,674)

The deferred taxation balance is made up as follows:

29.02.2024
£
Accelerated capital allowances ( 1,674)