Company Registration No. 10416088 (England and Wales)
L & A Medical Ltd
Unaudited accounts
for the year ended 31 March 2024
L & A Medical Ltd
Unaudited accounts
Contents
L & A Medical Ltd
Company Information
for the year ended 31 March 2024
Directors
Dr A Sharma
Mrs L Sharma
Company Number
10416088 (England and Wales)
Registered Office
Bilston Health Centre
Prouds Lane
Bilston
WV14 6PW
West Midlands
Accountants
J Biddulph
48 Oval Drive
Wolverhampton
West Midlands
WV10 6AX
L & A Medical Ltd
Statement of financial position
as at 31 March 2024
Cash at bank and in hand
27,280
39,965
Creditors: amounts falling due within one year
(13,070)
(14,447)
Net current assets
18,681
27,893
Called up share capital
100
100
Profit and loss account
18,581
27,793
Shareholders' funds
18,681
27,893
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 26 November 2024 and were signed on its behalf by
Dr A Sharma
Director
Company Registration No. 10416088
L & A Medical Ltd
Notes to the Accounts
for the year ended 31 March 2024
L & A Medical Ltd is a private company, limited by shares, registered in England and Wales, registration number 10416088. The registered office is Bilston Health Centre, Prouds Lane, Bilston, WV14 6PW, West Midlands.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
These financial statements have been prepared in accordance with FRS The Financial Reporting Standard applicable in the UK and Republic of Ireland and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling , which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business .
Revenue from contracts for the provision of professional services is recognised once the work has been completed.
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
L & A Medical Ltd
Notes to the Accounts
for the year ended 31 March 2024
The company has elected to apply the provisions of Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments Issues of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction
is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the
future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at
transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
The tax expense represents the sum of the tax currently payable .
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
L & A Medical Ltd
Notes to the Accounts
for the year ended 31 March 2024
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Amounts falling due within one year
Accrued income and prepayments
4,471
2,375
5
Creditors: amounts falling due within one year
2024
2023
Taxes and social security
7,858
5,386
Loans from directors
3,699
3,699
Allotted, called up and fully paid:
26 Ordinary A shares of £1 each of £1 each
26
26
26 Ordinary B shares of £1 each of £1 each
26
26
16 Ordinary C shares of £1 each of £1 each
16
16
16 Ordinary D shares of £1 each of £1 each
16
16
16 Ordinary E shares of £1 each of £1 each
16
16
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Average number of employees
During the year the average number of employees was 0 (2023: 0).