Company Registration No. 05028725 (England and Wales)
MEDS4U LIMITED
UNAUDITED FINANCIAL STATEMENTS
for the year ended 30 April 2024
MEDS4U LIMITED
UNAUDITED FINANCIAL STATEMENTS
Contents
MEDS4U LIMITED
Company Information
for the year ended 30 April 2024
Company Number
05028725 (England and Wales)
Registered Office
12 DELAMERE GARDENS
HUDDERSFIELD
HD2 2AW
ENGLAND
Accountants
Account2u Limited (trading as ARIS Accountancy)
44 SPRINGBANK ROAD
HUDDERSFIELD
HD2 1XX
MEDS4U LIMITED
Statement of financial position
as at 30 April 2024
Intangible assets
1,200,000
1,200,000
Tangible assets
333,065
349,084
Cash at bank and in hand
77,478
248,360
Creditors: amounts falling due within one year
(164,069)
(195,082)
Net current assets
52,350
197,562
Total assets less current liabilities
1,585,415
1,746,646
Creditors: amounts falling due after more than one year
(821,682)
(1,071,619)
Net assets
763,733
675,027
Called up share capital
1
1
Profit and loss account
763,732
675,026
Shareholders' funds
763,733
675,027
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 26 January 2025 and were signed on its behalf by
Mr Kashif Akhtar
Director
Company Registration No. 05028725
MEDS4U LIMITED
Notes to the Accounts
for the year ended 30 April 2024
MEDS4U LIMITED is a private company, limited by shares, registered in England and Wales, registration number 05028725. The registered office is 12 DELAMERE GARDENS, HUDDERSFIELD, HD2 2AW, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
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 within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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 (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
over 5 years
Motor vehicles
over 5 years
Fixtures & fittings
over 5 years
Computer equipment
over 5 years
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
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.
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.
MEDS4U LIMITED
Notes to the Accounts
for the year ended 30 April 2024
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.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
4
Intangible fixed assets
Goodwill
At 30 April 2024
1,200,000
At 30 April 2024
1,200,000
At 30 April 2023
1,200,000
5
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At cost
At 1 May 2023
225,000
111,537
194,653
6,007
9,831
547,028
Additions
100,000
-
3,416
-
1,332
104,748
Disposals
(95,000)
-
-
-
-
(95,000)
At 30 April 2024
230,000
111,537
198,069
6,007
11,163
556,776
At 1 May 2023
-
95,252
94,119
2,575
5,998
197,944
Charge for the year
-
3,257
20,790
687
1,033
25,767
At 30 April 2024
-
98,509
114,909
3,262
7,031
223,711
At 30 April 2024
230,000
13,028
83,160
2,745
4,132
333,065
At 30 April 2023
225,000
16,285
100,534
3,432
3,833
349,084
MEDS4U LIMITED
Notes to the Accounts
for the year ended 30 April 2024
Amounts falling due within one year
Trade debtors
99,641
101,928
7
Creditors: amounts falling due within one year
2024
2023
Obligations under finance leases and hire purchase contracts
16,900
16,900
Trade creditors
146,806
152,721
Taxes and social security
14
25,102
8
Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
39,219
56,154
Other creditors
783,371
1,000,271
Loans from directors
(908)
15,194
9
Average number of employees
During the year the average number of employees was 7 (2023: 7).