Registered number
08489664
Shay Medical Limited
Filleted Accounts
31 March 2024
Shay Medical Limited
Registered number: 08489664
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Current assets
Debtors 4 12,252 9,660
Cash at bank and in hand 22,432 19,277
34,684 28,937
Creditors: amounts falling due within one year 5 (20,412) (15,856)
Net current assets 14,272 13,081
Net assets 14,272 13,081
Capital and reserves
Called up share capital 1 1
Profit and loss account 14,271 13,080
Shareholder's funds 14,272 13,081
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.
Dr A Bhanshaly
Director
Approved by the board on 27 November 2024
Shay Medical 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.
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:
Plant and machinery 33.33% straight line
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.
Leased assets
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 1 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 1,557
At 31 March 2024 1,557
Depreciation
At 1 April 2023 1,557
At 31 March 2024 1,557
Net book value
At 31 March 2024 -
4 Debtors 2024 2023
£ £
Trade debtors 10,902 9,240
Other debtors 1,350 420
12,252 9,660
5 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 19,367 14,348
Other creditors 1,045 1,508
20,412 15,856
6 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 17,717 23,623
7 Controlling party
The company is under the control of the director Dr A Bhanshaly who is the sole director and shareholder of the company.
8 Other information
Shay Medical Limited is a private company limited by shares and incorporated in England. Its registered office is:
109 Cheyneys Avenue
Edgware
Middlesex
HA8 6SD
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