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Company registration number: 08455647
Cumbria Medical Services Limited
Unaudited filleted financial statements
For the year ended
31 March 2024
Cumbria Medical Services Limited
Contents
Statement of financial position
Notes to the financial statements
Cumbria Medical Services Limited
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 4 30,598 66,438
Investments 5 2,740 533,757
________ ________
33,338 600,195
Current assets
Stocks 6,900 6,900
Debtors 6 977,666 1,104,588
Cash at bank and in hand 180,020 167,934
________ ________
1,164,586 1,279,422
Creditors: amounts falling due
within one year 7 ( 167,251) ( 204,611)
________ ________
Net current assets 997,335 1,074,811
________ ________
Total assets less current liabilities 1,030,673 1,675,006
Provisions for liabilities ( 3,764) ( 13,394)
________ ________
Net assets 1,026,909 1,661,612
________ ________
Capital and reserves
Called up share capital 1,052 1,051
Fair value reserve 8 - 117,556
Profit and loss account 8 1,025,857 1,543,005
________ ________
Shareholders funds 1,026,909 1,661,612
________ ________
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.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 21 November 2024 , and are signed on behalf of the board by:
Dr M J White
Director
Company registration number: 08455647
Cumbria Medical Services Limited
Notes to the financial statements
Year ended 31 March 2024
1. Accounting policies
General information
The company is a private company limited by shares, registered in England and Wales, registration number 08455647 . The address of the registered office is Oxford Chambers, New Oxford Street, Workington, CA14 2LR.
Basis of preparation
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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 with the same financial statements.
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover consists of the sales value, excluding VAT, of all work done in the period under contracts to supply services to third parties. It includes the relevant proportion of contract values where work is partially performed in the period.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property - Straight line over the term of the lease
Plant and machinery - 20 % straight line
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially measured at fair value, which is normally the transaction price. Investments are subsequently carried at fair value with changes in fair value being recognised in the statement of comprehensive income.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model and the performance model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Deferred taxation
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.Tax deferred or accelerated is accounted for in respect of all material timing differences.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for fixed asset investments which are measured at fair value, with changes recognised in the fair value reserve.
2. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2023: Nil).
3. Income from other fixed asset investments
2024 2023
£ £
Income from other fixed asset investments 13,924 6,403
Loss on disposal of fixed asset investments (5,699) (3,374)
________ ________
8,225 3,029
________ ________
4. Tangible assets
Short leasehold property Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 11,435 96,526 100,003 207,964
Additions - 1,508 - 1,508
________ ________ ________ ________
At 31 March 2024 11,435 98,034 100,003 209,472
________ ________ ________ ________
Depreciation
At 1 April 2023 2,214 60,815 78,497 141,526
Charge for the year 3,503 12,339 21,506 37,348
________ ________ ________ ________
At 31 March 2024 5,717 73,154 100,003 178,874
________ ________ ________ ________
Carrying amount
At 31 March 2024 5,718 24,880 - 30,598
________ ________ ________ ________
At 31 March 2023 9,221 35,711 21,506 66,438
________ ________ ________ ________
5. Investments
Other investments other than loans Total
£ £
Cost or valuation
At 1 April 2023 533,757 533,757
Additions 2,051 2,051
Disposals ( 529,614) ( 529,614)
Revaluations ( 3,454) ( 3,454)
________ ________
At 31 March 2024 2,740 2,740
________ ________
Impairment
At 1 April 2023 and 31 March 2024 - -
________ ________
Carrying amount
At 31 March 2024 2,740 2,740
________ ________
At 31 March 2023 533,757 533,757
________ ________
Investments held at valuation
In respect of investments held at valuation, the comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Other investments other than loans Total
£ £
At 31 March 2024
Aggregate cost 5,990 5,990
Aggregate depreciation - -
________ ________
Carrying amount 5,990 5,990
________ ________
At 31 March 2023
Aggregate cost 416,201 416,201
Aggregate depreciation - -
________ ________
Carrying amount 416,201 416,201
________ ________
6. Debtors
2024 2023
£ £
Trade debtors 55,084 79,869
Other debtors 922,582 1,024,719
________ ________
977,666 1,104,588
________ ________
7. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 26,388 43,843
Taxation and social security 91,993 111,206
Directors loan account 545 -
Other creditors 48,325 49,562
________ ________
167,251 204,611
________ ________
8. Reserves
The fair value reserve is in respect of the recognition of listed investments at market value. The fair value reserve is non distributable.
9. Directors advances, credits and guarantees
No advances (2023 - £1,395) were made during the year to Dr F L Chaudhri, a director. Repayments of £2,800 were made by 31 March 2024 and so the balance outstanding at the year end, 31 March 2024, was £nil (2023 - £2,800). During the year the company made advances to Dr M J White , a director, totalling £37,146 (2023 - £nil). Repayments of £22,919 (2023 - £31,122) were made by 31 March 2024 and so the balance outstanding at the year end, 31 March 2024, was £629,738 (2023 - £615,511). Where applicable, interest is charged on overdrawn loan accounts at the rate 2% per annum for the period to 5 April 2023 and 2.25% per annum thereafter. Loans are repayable on demand.