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Registered number: 08414523










VAKHARIA MEDICAL LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
VAKHARIA MEDICAL LIMITED
 

CONTENTS



Page
Accountants' report
 
 
1
Balance sheet
 
 
2
Notes to the financial statements
 
 
3 - 6


 
VAKHARIA MEDICAL LIMITED
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF VAKHARIA MEDICAL LIMITED
FOR THE YEAR ENDED 29 FEBRUARY 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Vakharia Medical Limited for the year ended 29 February 2024 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the director of Vakharia Medical Limited in accordance with the terms of our engagement letter dated 20 November 2019Our work has been undertaken solely to prepare for your approval the financial statements of Vakharia Medical Limited and state those matters that we have agreed to state to the director of Vakharia Medical Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Vakharia Medical Limited and its director for our work or for this report. 

It is your duty to ensure that Vakharia Medical Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Vakharia Medical Limited. You consider that Vakharia Medical Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Vakharia Medical Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  


BAGINSKY COHEN
CHARTERED ACCOUNTANTS
930 HIGH ROAD
LONDON
N12 9RT
22 November 2024
Page 1

 
VAKHARIA MEDICAL LIMITED
REGISTERED NUMBER: 08414523

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
29 February
28 February
28 February
2024
2024
2023
2023
Note
£
£
£
£

FIXED ASSETS
  

Tangible assets
 4 
18,603
4,948

 
CURRENT ASSETS
  

Debtors: amounts falling due within one year
 5 
2,026
1,190

Cash at bank and in hand
 6 
59,145
137,679

  
61,171
138,869

Creditors: amounts falling due within one year
 7 
(20,067)
(23,648)

NET CURRENT ASSETS
  
 
 
41,104
 
 
115,221

  

NET ASSETS
  
59,707
120,169


CAPITAL AND RESERVES
  

Called up share capital 
  
1,000
1,250

Share premium account
  
-
95,750

Profit and loss account
  
58,707
23,169

  
59,707
120,169


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 November 2024.



H. N. VAKHARIA
Director

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
VAKHARIA MEDICAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.ACCOUNTING POLICIES

 
1.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 2).

The following principal accounting policies have been applied:

 
1.2

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
1.3

TAXATION

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Page 3

 
VAKHARIA MEDICAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.ACCOUNTING POLICIES (CONTINUED)

 
1.4

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
Fixtures and fittings
-
25%
Computer equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
1.5

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
1.6

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
1.7

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


2.



JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company's accounting policies, which are described in note 1, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from those estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

Page 4

 
VAKHARIA MEDICAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 1 (2023 - 1).


4.


TANGIBLE FIXED ASSETS







Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£



COST OR VALUATION


At 1 March 2023
-
721
6,049
6,770


Additions
19,000
-
1,465
20,465



At 29 February 2024

19,000
721
7,514
27,235



DEPRECIATION


At 1 March 2023
-
180
1,643
1,823


Charge for the year on owned assets
4,750
180
1,879
6,809



At 29 February 2024

4,750
360
3,522
8,632



NET BOOK VALUE



At 29 February 2024
14,250
361
3,992
18,603



At 28 February 2023
-
541
4,407
4,948


5.


DEBTORS

29 February
28 February
2024
2023
£
£


Prepayments and accrued income
2,026
1,190



6.


CASH AND CASH EQUIVALENTS

29 February
28 February
2024
2023
£
£

Cash at bank and in hand
59,145
137,679


Page 5

 
VAKHARIA MEDICAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

7.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

29 February
28 February
2024
2023
£
£

Corporation tax
8,998
4,328

Other creditors
8,845
17,459

Accruals and deferred income
2,224
1,861

20,067
23,648



Page 6