Registered number
04966623
Medgo Limited
Unaudited Filleted Accounts
31 March 2024
Medgo Limited
Registered number: 04966623
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 9,050 7,752
Current assets
Stocks 7,250 5,500
Debtors 5 33,670 54,158
Cash at bank and in hand 335,911 285,049
376,831 344,707
Creditors: amounts falling due within one year 6 (181,675) (153,034)
Net current assets 195,156 191,673
Net assets 204,206 199,425
Capital and reserves
Called up share capital 10 10
Profit and loss account 204,196 199,415
Shareholder's funds 204,206 199,425
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
B.Fares
Director
Approved by the board on 21 November 2024
Medgo Limited
Notes to the Accounts
for the year ended 31 March 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 the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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.
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 19
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 49,673
At 31 March 2024 49,673
Amortisation
At 1 April 2023 49,673
At 31 March 2024 49,673
Net book value
At 31 March 2024 -
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 April 2023 3,104 183,567 186,671
Additions - 3,952 3,952
At 31 March 2024 3,104 187,519 190,623
Depreciation
At 1 April 2023 3,104 175,815 178,919
Charge for the year - 2,654 2,654
At 31 March 2024 3,104 178,469 181,573
Net book value
At 31 March 2024 - 9,050 9,050
At 31 March 2023 - 7,752 7,752
5 Debtors 2024 2023
£ £
Trade debtors 25,599 39,185
Other debtors 8,071 14,973
33,670 54,158
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 58,333 83,333
Trade creditors 53,688 16,223
Taxation and social security costs 43,565 52,519
Other creditors 26,089 959
181,675 153,034
7 Other information
Medgo Limited is a private company limited by shares and incorporated in England. Its registered office is:
37 Wootton Drive
Hemel Hempstead
Hertfordshire
HP2 6LA
Medgo Limited 04966623 false 2023-04-01 2024-03-31 2024-03-31 VT Final Accounts July 2024 B.Fares No description of principal activity 04966623 2022-04-01 2023-03-31 04966623 core:WithinOneYear 2023-03-31 04966623 core:ShareCapital 2023-03-31 04966623 core:RetainedEarningsAccumulatedLosses 2023-03-31 04966623 2023-04-01 2024-03-31 04966623 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04966623 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 04966623 bus:Director40 2023-04-01 2024-03-31 04966623 1 2023-04-01 2024-03-31 04966623 2 2023-04-01 2024-03-31 04966623 core:LandBuildings 2023-04-01 2024-03-31 04966623 core:PlantMachinery 2023-04-01 2024-03-31 04966623 countries:England 2023-04-01 2024-03-31 04966623 bus:FRS102 2023-04-01 2024-03-31 04966623 bus:FilletedAccounts 2023-04-01 2024-03-31 04966623 2024-03-31 04966623 core:WithinOneYear 2024-03-31 04966623 core:ShareCapital 2024-03-31 04966623 core:RetainedEarningsAccumulatedLosses 2024-03-31 04966623 core:Goodwill 2024-03-31 04966623 core:LandBuildings 2024-03-31 04966623 core:PlantMachinery 2024-03-31 04966623 2023-03-31 04966623 core:Goodwill 2023-03-31 04966623 core:LandBuildings 2023-03-31 04966623 core:PlantMachinery 2023-03-31 iso4217:GBP xbrli:pure