The Sleep Medicine Centre Limited
Unaudited Financial Statements
For the year ended 31 January 2024
Pages for Filing with Registrar
Company Registration No. 04639127 (England and Wales)
The Sleep Medicine Centre Limited
Company Information
Directors
Dr I Ebrahim
Ms S L Taylor
Secretary
S. L. Taylor
Company number
04639127
Registered office
6th Floor
9 Appold Street
London
EC2A 2AP
Accountants
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
The Sleep Medicine Centre Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
The Sleep Medicine Centre Limited
Balance Sheet
As at 31 January 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
308,314
160,983
Current assets
Stock
100
100
Debtors
4
1,903,968
837,122
Cash at bank and in hand
203
116
1,904,271
837,338
Creditors: amounts falling due within one year
5
(668,260)
(172,939)
Net current assets
1,236,011
664,399
Total assets less current liabilities
1,544,325
825,382
Creditors: amounts falling due after more than one year
6
(100,089)
(135,644)
Provisions for liabilities
(15,000)
(15,000)
Net assets
1,429,236
674,738
Capital and reserves
Called up share capital
7
680,000
680,000
Share premium account
48,000
48,000
Profit and loss reserves
701,236
(53,262)
Total equity
1,429,236
674,738
The Sleep Medicine Centre Limited
Balance Sheet (Continued)
As at 31 January 2024
Page 2
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Dr I Ebrahim
Director
Company Registration No. 04639127
The Sleep Medicine Centre Limited
Notes to the Financial Statements
For the year ended 31 January 2024
Page 3
1
Accounting policies
Company information
The Sleep Medicine Centre Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company is in a net trueasset position of £1,476,224 (2023: £674,738). The company is profitable this year and Irshaad Ebrahim Limited, the controlling party, has indicated its support of the company for the foreseeable future. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. The director does not consider that any events will impact the ability of the company to continue in business and meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements.
1.3
Turnover
Turnover represents the invoiced value of services provided to clients.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
Over the life of the lease
Plant and machinery
25% straight line
Fixtures, fittings & equipment
25% straight line
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.
1.5
Stock
Stock are stated at the lower of cost and estimated selling price less costs to complete and sell.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
The Sleep Medicine Centre Limited
Notes to the Financial Statements (Continued)
For the year ended 31 January 2024
1
Accounting policies
(Continued)
Page 4
1.6
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments' of FRS102 to all its Financial Instruments.
The company has only basic financial instruments recorded at amortised cost. The company has no financial instruments classified as other or basic financial instruments measured at fair value.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Provisions
Provisions are recognised when the company has a legal or constructive present obligation 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 reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
The Sleep Medicine Centre Limited
Notes to the Financial Statements (Continued)
For the year ended 31 January 2024
Page 5
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
4
3
Tangible fixed assets
Leasehold improvements
Plant and machinery etc
Total
£
£
£
Cost
At 1 February 2023
28,409
474,523
502,932
Additions
4,000
210,631
214,631
Disposals
(4,476)
(4,476)
At 31 January 2024
32,409
680,678
713,087
Depreciation and impairment
At 1 February 2023
28,409
313,539
341,948
Depreciation charged in the year
83
63,265
63,348
Eliminated in respect of disposals
(523)
(523)
At 31 January 2024
28,492
376,281
404,773
Carrying amount
At 31 January 2024
3,917
304,397
308,314
At 31 January 2023
160,983
160,983
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
209,640
191,491
Amounts due from parent entity
1,682,699
634,819
Other debtors
11,629
10,812
1,903,968
837,122
The Sleep Medicine Centre Limited
Notes to the Financial Statements (Continued)
For the year ended 31 January 2024
Page 6
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
99,109
44,813
Trade creditors
198,525
58,160
Corporation tax
193,684
14,303
Other taxation and social security
11,012
8,947
Other creditors
26,993
20,167
Accruals and deferred income
138,937
26,549
668,260
172,939
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
100,089
135,644
7
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
680,000 Ordinary shares of £1 each
680,000
680,000
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Within one year
72,000
72,000
Between two and five years
288,000
288,000
In over five years
30,000
101,000
390,000
461,000
The Sleep Medicine Centre Limited
Notes to the Financial Statements (Continued)
For the year ended 31 January 2024
Page 7
9
Related party transactions
Included in debtors is an amount due from the parent entity in the sum of £1,682,699 (2023: £634,819) which is owing to the company from Irshaad Ebrahim Limited, a company controlled by Dr I Ebrahim, the director. The balance owing carries no interest and is repayable on demand.
During the period the company was charged £90,000 (2023: £98,800) by Irshaad Ebrahim Limited for consultancy services provided to the company's clients.
As at the year end an amount of £3,075 (2023: £7,168) was owed by the director.
10
Parent company
The immediate parent company is Irshaad Ebrahim Limited, a company incorporated in England & Wales at 6th Floor, 9 Appold Street, London, EC2A 2AP.