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Registration number: 10351121

Shergill Medical Ltd

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 August 2024

 

Shergill Medical Ltd

Contents

Company Information

1

Abridged Balance Sheet

2

Notes to the Unaudited Abridged Financial Statements

3 to 6

 

Shergill Medical Ltd

Company Information

Director

Mr Satinder Shergill

Company secretary

Mr Satinder Shergill

Registered office

Middlesex House
130 College Road
Harrow
Middlesex
HA1 1BQ

Accountants

Charles Rippin & Turner
Middlesex House
130 College Road
Harrow
Middlesex
HA1 1BQ

 

Shergill Medical Ltd

(Registration number: 10351121)
Abridged Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

131,987

95,408

Current assets

 

Cash at bank and in hand

 

11,068

29,918

Creditors: Amounts falling due within one year

(201)

(6,771)

Net current assets

 

10,867

23,147

Total assets less current liabilities

 

142,854

118,555

Accruals and deferred income

 

(3,500)

(3,465)

Net assets

 

139,354

115,090

Capital and reserves

 

Called up share capital

6

2

2

Retained earnings

139,352

115,088

Shareholders' funds

 

139,354

115,090

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

Director's 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 director acknowledges his 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 11 September 2024
 

.........................................
Mr Satinder Shergill
Company secretary and director

 

Shergill Medical Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Middlesex House
130 College Road
Harrow
Middlesex
HA1 1BQ

These financial statements were authorised for issue by the director on 11 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 abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged 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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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.

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:

 

Shergill Medical Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024

Asset class

Depreciation method and rate

Plant and machinery

20% Reducing balance

Fixtures and fittings

20% Reducing balance

Office equipment

20% 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 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Shergill Medical Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 September 2023

41,945

77,891

119,836

Additions

-

56,109

56,109

Disposals

(8,500)

(15,000)

(23,500)

At 31 August 2024

33,445

119,000

152,445

Depreciation

At 1 September 2023

8,725

15,703

24,428

Charge for the year

6,399

13,131

19,530

Eliminated on disposal

(8,500)

(15,000)

(23,500)

At 31 August 2024

6,624

13,834

20,458

Carrying amount

At 31 August 2024

26,821

105,166

131,987

At 31 August 2023

33,220

62,188

95,408

5

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

6

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

       

7

Dividends

2024

2023

£

£

 

 

8

Related party transactions

 

Shergill Medical Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

9,431

9,261