Registered number
11579248
Medspack Ltd
Filleted Accounts
31 January 2024
Medspack Ltd
Registered number: 11579248
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 1,308,684 1,395,929
Tangible assets 4 78,043 65,116
1,386,727 1,461,045
Current assets
Stocks 78,420 154,420
Debtors 5 464,473 1,038,140
Cash at bank and in hand 715,288 344,831
1,258,181 1,537,391
Creditors: amounts falling due within one year 6 (872,948) (1,259,346)
Net current assets 385,233 278,045
Total assets less current liabilities 1,771,960 1,739,090
Creditors: amounts falling due after more than one year 7 (1,108,375) (1,272,251)
Provisions for liabilities (19,344) (14,517)
Net assets 644,241 452,322
Capital and reserves
Called up share capital 100 100
Profit and loss account 644,141 452,222
Shareholders' funds 644,241 452,322
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Zaydoun Abbas
Director
Approved by the board on 30 October 2024
Medspack Ltd
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over 20 years
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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 the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 16 17
3 Intangible fixed assets £
Goodwill:
Cost
At 1 February 2023 1,744,910
At 31 January 2024 1,744,910
Amortisation
At 1 February 2023 348,981
Provided during the year 87,245
At 31 January 2024 436,226
Net book value
At 31 January 2024 1,308,684
At 31 January 2023 1,395,929
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 February 2023 7,500 90,855 98,355
Additions - 34,017 34,017
At 31 January 2024 7,500 124,872 132,372
Depreciation
At 1 February 2023 375 32,864 33,239
Charge for the year 375 20,715 21,090
At 31 January 2024 750 53,579 54,329
Net book value
At 31 January 2024 6,750 71,293 78,043
At 31 January 2023 7,125 57,991 65,116
5 Debtors 2024 2023
£ £
Trade debtors 173,864 756,107
Other debtors 290,609 282,033
464,473 1,038,140
6 Creditors: amounts falling due within one year 2024 2023
£ £
Non-equity preference shares 100,694 154,568
Bank loans and overdrafts 116,411 113,326
Obligations under finance lease and hire purchase contracts 8,783 8,783
Trade creditors 526,319 880,170
Taxation and social security costs 86,374 73,111
Other creditors 34,367 29,388
872,948 1,259,346
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 1,089,004 1,243,961
Obligations under finance lease and hire purchase contracts 19,371 28,290
1,108,375 1,272,251
8 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 654,936 774,702
654,936 774,702
Secured bank loans 1,181,248 1,323,195
The bank loan is secured by a fixed and floating charge over all assets, property and undertaiking of the company. A personal guarantee has also been given over the Directors home should the loan be defaulted upon.
9 Capital commitments 2024 2023
£ £
Amounts contracted for but not provided in the accounts 140,000 140,000
10 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 360,000 384,000
11 Other information
Medspack Ltd is a private company limited by shares and incorporated in England. Its registered office is:
113 Sheen Lane
London
SW14 8AE
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