Medicine Box (Leicester) Ltd
Registered number: 04658767
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 400,000 400,000
Tangible assets 4 28,428 65,417
428,428 465,417
Current assets
Stocks 37,567 32,973
Debtors 5 27,234 31,030
Cash at bank and in hand 123,788 32,268
188,589 96,271
Creditors: amounts falling due within one year 6 (183,001) (149,969)
Net current assets/(liabilities) 5,588 (53,698)
Total assets less current liabilities 434,016 411,719
Creditors: amounts falling due after more than one year 7 (52,740) (54,029)
Net assets 381,276 357,690
Capital and reserves
Called up share capital 100 100
Profit and loss account 381,176 357,590
Shareholders' funds 381,276 357,690
The director is 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 director acknowledges his 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.
Mr U B Patel
Director
Approved by the board on 26 December 2024
Medicine Box (Leicester) Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative 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:
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 400,000
At 31 March 2024 400,000
Amortisation
At 31 March 2024 -
Net book value
At 31 March 2024 400,000
At 31 March 2023 400,000
4 Tangible fixed assets
Motor Computer Fixtures & Fittings Total
£ £ £ £
Cost
At 1 April 2023 58,789 6,252 376 65,417
Disposals (27,513) - - (27,513)
At 31 March 2024 31,276 6,252 376 37,904
Depreciation
Charge for the year 7,819 1,563 94 9,476
At 31 March 2024 7,819 1,563 94 9,476
Net book value
At 31 March 2024 23,457 4,689 282 28,428
At 31 March 2023 58,789 6,252 376 65,417
[For revalued assets, state the years in which the assets were valued and their values. For assets revalued during the reporting period, state the names of the persons who revalued them or particulars of their qualifications for doing so and the bases of valuation used by them.]
5 Debtors 2024 2023
£ £
Shares 7,573 7,573
Vat 13,532 12,487
Trade debtors 1,178 10,970
Other debtors 4,951 -
27,234 31,030
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 15,289 15,289
Trade creditors 127,562 109,305
Wages - 2,743
Corporation tax 27,253 17,147
Other taxes and social security costs 1,382 1,185
Accruals and deferred income 11,515 4,300
183,001 149,969
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 52,740 54,029
8 Other information
Medicine Box (Leicester) Ltd is a private company limited by shares and incorporated in England. Its registered office is:
132 Evington Road
Leicester
LE2 1HL
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