RIPPLE MEDICAL ASSESSMENT LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
Company registration number SC603165 (Scotland)
PAGES FOR FILING WITH REGISTRAR
RIPPLE MEDICAL ASSESSMENT LTD
COMPANY INFORMATION
Directors
Dr C Cartlidge
Dr L Khan
Company number
SC603165
Registered office
18 Margaret Rose Drive
EDINBURGH
EH10 7ER
Accountants
Dains
46 Bank Street
Kilmarnock
Ayrshire
KA1 1HA
RIPPLE MEDICAL ASSESSMENT LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
RIPPLE MEDICAL ASSESSMENT LTD
BALANCE SHEET
AS AT
31 JULY 2024
31 July 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
919
1,256
Current assets
Debtors
5
22,121
23,750
Cash at bank and in hand
221,491
147,029
243,612
170,779
Creditors: amounts falling due within one year
6
(26,660)
(23,371)
Net current assets
216,952
147,408
Net assets
217,871
148,664
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
217,869
148,662
Total equity
217,871
148,664

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 July 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.

The financial statements were approved by the board of directors and authorised for issue on 18 October 2024 and are signed on its behalf by:
Dr C Cartlidge
Director
Company registration number SC603165 (Scotland)
RIPPLE MEDICAL ASSESSMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
1
Accounting policies
Company information

Ripple Medical Assessment Ltd is a private company limited by shares incorporated in Scotland. The registered office is 18 Margaret Rose Drive, EDINBURGH, EH10 7ER.

1.1
Accounting convention

These financial statements have been prepared in accordance with 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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Turnover relates to the provision of specialist medical services.

 

1.3
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:

Fixtures and fittings
10% Straight line
Computers
25% Straight line
1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
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 current liabilities.

1.6
Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to or from related parties and investments in non-puttable ordinary shares.

RIPPLE MEDICAL ASSESSMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 3 -
1.7
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.

1.8
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

1.9
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.

1.10
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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
22,919
20,102
RIPPLE MEDICAL ASSESSMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 4 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2023 and 31 July 2024
1,848
Depreciation and impairment
At 1 August 2023
592
Depreciation charged in the year
337
At 31 July 2024
929
Carrying amount
At 31 July 2024
919
At 31 July 2023
1,256
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
22,121
23,750
6
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
22,884
20,052
Other creditors
3,776
3,319
26,660
23,371
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
-
2
-
2
Ordinary A shares of £1 each
1
-
1
-
Ordinary B shares of £1 each
1
-
1
-
2
2
2
2

The following shares were reclassified during the year: -

1 ordinary share reclassified to an A share

1 ordinary share reclassified to a B share

RIPPLE MEDICAL ASSESSMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 5 -
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
£
£
29,942
46,275
9
Directors' transactions

Dividends totalling £7,900 (2023 - £17,000) were paid in the year in respect of shares held by the company's directors.

During the year the company loaned C Cartlidge £10,015 and was repaid £10,010. The balance outstanding at 31 July 2024 was £25 (2023 - £20).

During the year the company loaned L Khan £92,716 and was repaid £92,711. The balance outstanding at 31 July 2024 was £5 (2023 - £0).

No interest is accruing on the loans from the directors.

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