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Registered number: 12636984
Tula Medical Negligence Experts Limited
Financial Statements
For The Year Ended 30 June 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12636984
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 4,453 6,047
Tangible Assets 5 7,465 3,886
11,918 9,933
CURRENT ASSETS
Debtors 6 1,733,556 804,096
Cash at bank and in hand 170,682 118,048
1,904,238 922,144
Creditors: Amounts Falling Due Within One Year 7 (774,401 ) (195,999 )
NET CURRENT ASSETS (LIABILITIES) 1,129,837 726,145
TOTAL ASSETS LESS CURRENT LIABILITIES 1,141,755 736,078
Creditors: Amounts Falling Due After More Than One Year 8 (657,534 ) (947,771 )
NET ASSETS/(LIABILITIES) 484,221 (211,693 )
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 484,121 (211,793 )
SHAREHOLDERS' FUNDS 484,221 (211,693)
Page 1
Page 2
For the year ending 30 June 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 K S Kathuria
Director
31 October 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Tula Medical Negligence Experts Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12636984 . The registered office is First Floor Stirling House, Outrams Wharf, Little Eaton, Derbyshire, DE21 5EL.
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.
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. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets is made up of a computer software system. It is amortised to profit and loss account over its estimated economic life of 4 years.
2.4. 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:
Fixtures & Fittings Over 3 years
Computer Equipment Over 3 years
2.5. 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. 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. The carrying amount of deferred tax assets is reviewed at the end of each reporting period.
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 18 (2023: 5)
18 5
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4. Intangible Assets
Other
£
Cost
As at 1 July 2023 6,375
As at 30 June 2024 6,375
Amortisation
As at 1 July 2023 328
Provided during the period 1,594
As at 30 June 2024 1,922
Net Book Value
As at 30 June 2024 4,453
As at 1 July 2023 6,047
5. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 July 2023 1,147 6,204 7,351
Additions 7,332 219 7,551
As at 30 June 2024 8,479 6,423 14,902
Depreciation
As at 1 July 2023 284 3,181 3,465
Provided during the period 1,228 2,744 3,972
As at 30 June 2024 1,512 5,925 7,437
Net Book Value
As at 30 June 2024 6,967 498 7,465
As at 1 July 2023 863 3,023 3,886
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 401,156 780,271
Other debtors 42,528 23,825
443,684 804,096
Due after more than one year
Trade debtors 1,289,872 -
1,733,556 804,096
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 261,375 81,464
Other creditors 49,619 -
Taxation and social security 463,407 114,535
774,401 195,999
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 128,333 163,333
Other creditors 529,201 784,438
657,534 947,771
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 5