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Registration number: 08924751

The Association of Independent Specialist Medical Accountants (AISMA) Limited

(A company limited by guarantee)

Unaudited Financial Statements

(Companies House version)

for the Year Ended 31 March 2024

 

The Association of Independent Specialist Medical Accountants (AISMA) Limited

Contents

Accountants' Report

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
The Association of Independent Specialist Medical Accountants (AISMA) Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The Association of Independent Specialist Medical Accountants (AISMA) Limited for the year ended 31 March 2024 as set out on pages 2 to 7 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
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of The Association of Independent Specialist Medical Accountants (AISMA) Limited, as a body, in accordance with the terms of our engagement letter dated 1 August 2024. Our work has been undertaken solely to prepare for your approval the accounts of The Association of Independent Specialist Medical Accountants (AISMA) Limited and state those matters that we have agreed to state to the Board of Directors of The Association of Independent Specialist Medical Accountants (AISMA) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Association of Independent Specialist Medical Accountants (AISMA) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that The Association of Independent Specialist Medical Accountants (AISMA) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of The Association of Independent Specialist Medical Accountants (AISMA) Limited. You consider that The Association of Independent Specialist Medical Accountants (AISMA) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of The Association of Independent Specialist Medical Accountants (AISMA) 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 accounts.

......................................

Page Kirk LLP
Chartered Accountants
Sherwood House
7 Gregory Boulevard
Nottingham
NG7 6LB

26 September 2024

 

The Association of Independent Specialist Medical Accountants (AISMA) Limited

(Registration number: 08924751)
Balance Sheet as at 31 March 2024

Note

2024

2023

   

£

£

£

£

Fixed assets

   

 

Tangible assets

4

 

43

 

57

Current assets

   

 

Debtors

5

17,482

 

12,180

 

Cash at bank and in hand

 

401,641

 

324,073

 

 

419,123

 

336,253

 

Creditors: Amounts falling due within one year

6

(298,515)

 

(237,767)

 

Net current assets

   

120,608

 

98,486

Net assets

   

120,651

 

98,543

Reserves

   

 

Other reserves

55,800

 

55,800

 

Profit and loss account

64,851

 

42,743

 

Surplus

   

120,651

 

98,543

 

The Association of Independent Specialist Medical Accountants (AISMA) Limited

(Registration number: 08924751)
Balance Sheet as at 31 March 2024

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 September 2024 and signed on its behalf by:

.........................................

Mrs D S Wood
Chairperson

.........................................

Miss F M W Wood
Director

 

The Association of Independent Specialist Medical Accountants (AISMA) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

The address of its registered office is:
48 St. Leonards Road
Bexhill on Sea
East Sussex
TN40 1JB

These financial statements were authorised for issue by the Board on 26 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in Sterling (£) which is the functional currency of the company.

Revenue recognition

Income comprises of income received or receivable for the provision of services in the ordinary course of the company's activities. Income is shown net of VAT, rebates and discounts.

Tax

The company has mutual trading status and only pays corporation tax on interest receivable and royalty income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

The Association of Independent Specialist Medical Accountants (AISMA) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

3

Staff numbers

During the year, the average number of employees at the company, including directors, was 12 (2023 - 12).

 

The Association of Independent Specialist Medical Accountants (AISMA) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

456

456

At 31 March 2024

456

456

Depreciation

At 1 April 2023

399

399

Charge for the year

14

14

At 31 March 2024

413

413

Carrying amount

At 31 March 2024

43

43

At 31 March 2023

57

57

5

Debtors

Current

2024
£

2023
£

Trade debtors

900

6,896

Prepayments

16,582

5,284

 

17,482

12,180

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

11,956

3,691

Taxation and social security

35,562

30,726

Accruals and deferred income

250,997

203,350

298,515

237,767

 

The Association of Independent Specialist Medical Accountants (AISMA) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Company status

The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.