Registered number
NI612031
FMN Clinical Research Services Ltd
Filleted Accounts
30 April 2024
FMN Clinical Research Services Ltd
Registered number: NI612031
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 16,194 42,739
Current assets
Debtors 5 70,073 136,024
Cash at bank and in hand 297,815 176,835
367,888 312,859
Creditors: amounts falling due within one year 6 (70,207) (57,203)
Net current assets 297,681 255,656
Total assets less current liabilities 313,875 298,395
Creditors: amounts falling due after more than one year 7 - (262)
Provisions for liabilities (4,049) (10,685)
Net assets 309,826 287,448
Capital and reserves
Called up share capital 200 200
Profit and loss account 309,626 287,248
Shareholders' funds 309,826 287,448
The directors are 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 directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements 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.
Mrs Fiona McNulty
Director
Approved by the board on 24 January 2025
FMN Clinical Research Services Ltd
Notes to the Financial Statements
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The financial statements 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 (as applied to small entities by section 1A of the standard).
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Equipment over 5 years
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 3
3 Intangible fixed assets
Goodwill
£
Cost
At 1 May 2023 20,000
At 30 April 2024 20,000
Amortisation
At 1 May 2023 20,000
At 30 April 2024 20,000
Net book value
At 30 April 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Equipment
£
Cost
At 1 May 2023 65,418
Additions 3,331
Disposals (42,642)
At 30 April 2024 26,107
Depreciation
At 1 May 2023 22,679
Charge for the year 12,626
On disposals (25,392)
At 30 April 2024 9,913
Net book value
At 30 April 2024 16,194
At 30 April 2023 42,739
5 Debtors 2024 2023
£ £
Trade debtors 60,797 135,762
Other debtors 9,276 262
70,073 136,024
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 4,646 7,552
Corporation tax 49,480 27,087
Other taxes and social security costs 9,295 17,018
Other creditors 6,786 5,546
70,207 57,203
7 Creditors: amounts falling due after one year 2024 2023
£ £
Other creditors - 262
8 Events after the reporting date
There have been no significant events affecting the company since the year end.
9 Capital commitments
The company did not have any capital commitments at 30 April 2024 not already provided for in the financial statements.
10 Contingent liabilities
There were no contingent liabilities at the year end.
11 Related party transactions
Related party transactions occurred between the company and its directors.
All such transactions were in the normal course of business.
12 Controlling party
The controlling party has been identified as the company's directors.
13 Other information
FMN Clinical Research Services Ltd is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
23 Spring Meadows
Burren
Warrenpoint
Co Down
BT34 3SU
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