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Registration number: 09108976


Om Sai Ram Medical Limited

Directors' Report and Unaudited Financial Statements

for the Year Ended 31 July 2024

 

Om Sai Ram Medical Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

Om Sai Ram Medical Limited

Company Information

Directors

Dr V Chaudhary

Mrs R Chaudhary

Registered office

c/o Howsons
PO Box 165 Winton House
Stoke Road
Stoke on Trent
Staffordshire
ST4 2RW

Accountants

Howsons
Chartered Accountants
Winton House
Stoke Road
Stoke on Trent
Staffordshire
ST4 2RW

 

Om Sai Ram Medical Limited

(Registration number: 09108976)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

22,561

22,477

Current assets

 

Debtors

5

1,546

1,594

Cash at bank and in hand

 

166,098

119,321

 

167,644

120,915

Creditors: Amounts falling due within one year

6

(70,003)

(64,172)

Net current assets

 

97,641

56,743

Net assets

 

120,202

79,220

Capital and reserves

 

Called up share capital

2

2

Retained earnings

120,200

79,218

Shareholders' funds

 

120,202

79,220

For the financial year ending 31 July 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 and in accordance with the provisions of Financial Reporting Standard 102 (FRS 102) Section 1A - small entities.

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 18 January 2025 and signed on its behalf by:
 

.........................................

Dr V Chaudhary
Director

 

Om Sai Ram Medical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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:
c/o Howsons
PO Box 165 Winton House
Stoke Road
Stoke on Trent
Staffordshire
ST4 2RW

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 financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These 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.

The company's presentational currency is pound sterling (£). The accounts are rounded to the nearest whole pound.

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.

 

Om Sai Ram Medical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

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:

Asset class

Depreciation method and rate

Office equipment

33.33% straight line

Fixtures and fittings

20% straight line

Motor vehicles

20% straight line

Financial instruments

Classification
Basic financial assets, including trade and other debtors, cash and bank balances, are initially recognised at transaction price, 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.
Such assets are subsequently carried at amortised cost using the effective interest method.
Basic financial liabilities, including trade and other trade creditors, bank and other loans, 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 receipts discounted at a market rate of interest.

 Recognition and measurement
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit and loss.

 Impairment
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised in the profit or loss.

Financial assets are derecognised when a) the contractual rights to the cash flows from the asset expire or are settled, or b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 3).

 

Om Sai Ram Medical Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Office equipment
£

Total
£

Cost or valuation

At 1 August 2023

547

23,000

9,138

32,685

Additions

-

24,144

1,114

25,258

Disposals

-

(23,000)

-

(23,000)

At 31 July 2024

547

24,144

10,252

34,943

Depreciation

At 1 August 2023

547

1,533

8,127

10,207

Charge for the year

-

2,616

1,092

3,708

Eliminated on disposal

-

(1,533)

-

(1,533)

At 31 July 2024

547

2,616

9,219

12,382

Carrying amount

At 31 July 2024

-

21,528

1,033

22,561

At 31 July 2023

-

21,467

1,010

22,477

5

Debtors

2024
£

2023
£

Prepayments

1,546

1,594

1,546

1,594

6

Creditors

Note

2024
£

2023
£

Due within one year

 

Other creditors

 

66,870

59,209

Directors' loan account

 

3,133

4,963

 

70,003

64,172

 

Om Sai Ram Medical Limited

Detailed Profit and Loss Account for the Year Ended 31 July 2024

2024
£

2023
£

Turnover (analysed below)

313,045

254,164

Gross profit (%)

100%

100%

Administrative expenses

Employment costs (analysed below)

35,576

29,628

Establishment costs (analysed below)

1,177

912

General administrative expenses (analysed below)

13,221

12,466

Finance charges (analysed below)

96

192

Depreciation costs (analysed below)

3,708

3,082

Other expenses (analysed below)

3,967

-

57,745

46,280

Operating profit

255,300

207,884

Interest payable and similar expenses (analysed below)

-

67

Profit before tax

255,300

207,817

 

Om Sai Ram Medical Limited

Detailed Profit and Loss Account for the Year Ended 31 July 2024

2024
£

2023
£

Turnover

Sales, UK

313,045

254,164

Employment costs

Wages and salaries

15,637

9,876

Directors remuneration

19,752

19,752

Staff training

187

-

35,576

29,628

Establishment costs

Insurance

553

600

Use of home as office

624

312

1,177

912

General administrative expenses

Telephone and fax

240

240

Computer software and maintenance costs

140

-

Printing, postage and stationery

116

116

Trade subscriptions and Insurance

4,299

2,222

Sundry expenses

66

-

Motor expenses

5,800

6,989

Accountancy fees

2,560

2,426

Legal and professional fees

-

473

13,221

12,466

Finance charges

Bank charges

96

192

Depreciation costs

Depreciation of motor vehicles (owned)

2,615

1,534

Depreciation of office equipment (owned)

1,093

1,548

3,708

3,082

Other expenses

(Profit)/loss on disposal of tangible fixed assets

3,967

-

Operating profit

255,300

207,884

Interest payable and similar expenses

Other interest payable

-

67

Profit before tax

255,300

207,817