Registered number
10632197
MedBrief Services Limited
Annual Report and Unaudited Financial Statements
29 February 2024
Information for filing with the Registrar
MedBrief Services Limited
Company Information
29 February 2024
Directors
Mr S Ashford
Mr B J Hughes
Mr A C Stead
Registered office
Unit 5, 28 Avenue Road
Aston
Birmingham
West Midlands
B6 4DY
Registered number
10632197
MedBrief Services Limited
Registered number: 10632197
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 25,339 17,747
Current assets
Amounts recoverable on contracts 222,790 281,741
Debtors 5 802,315 754,225
Cash at bank and in hand 33,583 19,047
1,058,688 1,055,013
Creditors: amounts falling due within one year 6 (596,419) (660,186)
Net current assets 462,269 394,827
Total assets less current liabilities 487,608 412,574
Creditors: amounts falling due after more than one year 7 (213,989) (310,515)
Net assets 273,619 102,059
Capital and reserves
Called up share capital 100 100
Profit and loss account 273,519 101,959
Shareholders' funds 273,619 102,059
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
S J Ashford
Director
Approved by the board on 29 November 2024
The notes form an integral part of these financial statements.
MedBrief Services Limited
Notes to the Financial Statements
for the year ended 29 February 2024
1 General information
The company is registered in England and Wales. Its registered number is 10632197. The company is limited by shares. Its registered office is Unit 5, 28 Avenue Road, Aston, Birmingham, West Midlands, B6 4DY.
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.
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).
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these 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.

Amounts Recoverable on Contracts - the process of assessing amounts recoverable on contracts requires various estimates and judgements to be made. Matters hosted and stage of progress form the basis of the calculation. In prior periods, post year end billings were used, along with lead time estimates. The carrying amount is £222,790 (2023 - £281,741).
Revenue recognition
Income represents the fair value of services provided during the year on client assignments, net of discounts and value added taxes. Fair value reflects the amounts expected to be recoverable from clients based on time spent, skills provided and expenses incurred, and excludes VAT. Fee income is recognised as contract activity progresses and the right to consideration is secured, except where the final outcome cannot be assessed with reasonable certainty.
Fee income in respect of contingent fee assignments is recognised in the period in which the contingent event occurs and collectability of the fee is assured.
Unbilled fee income on individual assignments is included as amounts recoverable on contracts within debtors.
Government grants
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
Tangible fixed assets
Tangible fixed assets are measured at cost, including directly attributable incremental costs incurred in their acquisition and installation, less accumulated depreciation and any accumulated 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 improvements over the lease term
Furniture, fittings and equipment over 3, 4 or 5 years as appropriate
Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. Trade debtors that are repayable within one year are included at the undiscounted cost of cash expected to be received. 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 debtors.
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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial Instruments - classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.
Financial instruments - recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial instruments - impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.
A non-financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
3 Employees 2024 2023
Number Number
Average number of persons employed by the company 62 62
4 Tangible fixed assets
Land and buildings Furniture,
Fittings and equipment
Total
£ £ £
Cost
At 1 March 2023 8,696 104,198 112,894
Additions - 32,830 32,830
Disposals - (53,616) (53,616)
At 29 February 2024 8,696 83,412 92,108
Depreciation
At 1 March 2023 6,202 88,945 95,147
Charge for the year - 16,018 16,018
On disposals - (44,396) (44,396)
At 29 February 2024 6,202 60,567 66,769
Net book value
At 29 February 2024 2,494 22,845 25,339
At 28 February 2023 2,494 15,253 17,747
5 Debtors 2024 2023
£ £
Trade debtors 550,692 497,020
Amounts owed by group undertakings 226,541 243,676
Prepayments 18,932 7,379
Other debtors 6,150 6,150
802,315 754,225
Amounts due after more than one year included above - 19,182
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 290,381 338,608
Trade creditors 48,613 40,838
Taxation and social security costs 200,760 215,691
Outstanding defined contribution pension costs 11,120 28,171
Accrued expenses 23,583 2,950
Other creditors 21,962 33,928
596,419 660,186
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 213,989 310,515
Bank borrowings are secured by fixed and floating charges over the assets of the company.
8 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 76,500 16,500
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