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Registered number: 03170800
Promed Limited
Unaudited Financial Statements
For The Year Ended 30 June 2024
Davey Grover Ltd
Chartered Accountants
4 Fenice Court
Phoenix Business Park
St. Neots
Cambridgeshire
PE19 8EP
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—6
Page 1
Statement of Financial Position
Registered number: 03170800
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 508,577 491,932
Investments 5 200 200
508,777 492,132
CURRENT ASSETS
Stocks 680,617 271,516
Debtors 6 385,072 342,724
Cash at bank and in hand 945,514 1,139,813
2,011,203 1,754,053
Creditors: Amounts Falling Due Within One Year 7 (449,022 ) (387,169 )
NET CURRENT ASSETS (LIABILITIES) 1,562,181 1,366,884
TOTAL ASSETS LESS CURRENT LIABILITIES 2,070,958 1,859,016
PROVISIONS FOR LIABILITIES
Deferred Taxation (23,059 ) (25,755 )
NET ASSETS 2,047,899 1,833,261
CAPITAL AND RESERVES
Called up share capital 8 100 100
Income Statement 2,047,799 1,833,161
SHAREHOLDERS' FUNDS 2,047,899 1,833,261
Page 1
Page 2
For the year ending 30 June 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 directors acknowledge their 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr R A Koronowski
Director
2 January 2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Promed Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03170800 . The registered office is 116A High Street, Somersham, Huntingdon, Cambridgeshire, PE28 3EB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Hire of machinery
Turnover from the hire of machinery is recognised for the period of time that the hire relates.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2% on cost.
Leasehold 10% on cost.
Plant & Machinery 20% reducing balance.
Motor Vehicles 25% reducing balance.
Fixtures & Fittings 20% reducing balance.
Computer Equipment 33.3% on cost.
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 10 (2023: 9)
10 9
4. Tangible Assets
Land & Buildings Plant & Machinery etc. Total
£ £ £
Cost
As at 1 July 2023 401,515 389,676 791,191
Additions - 85,586 85,586
Disposals - (47,949 ) (47,949 )
As at 30 June 2024 401,515 427,313 828,828
Depreciation
As at 1 July 2023 55,181 244,078 299,259
Provided during the period 8,493 50,915 59,408
Disposals - (38,416 ) (38,416 )
As at 30 June 2024 63,674 256,577 320,251
Net Book Value
As at 30 June 2024 337,841 170,736 508,577
As at 1 July 2023 346,334 145,598 491,932
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Page 5
Included in cost of land and buildings is land of £60,000 at 30 June 2024 (2023: £60,000), which is not depreciated.
5. Investments
Subsidiaries
£
Cost
As at 1 July 2023 200
As at 30 June 2024 200
Provision
As at 1 July 2023 -
As at 30 June 2024 -
Net Book Value
As at 30 June 2024 200
As at 1 July 2023 200
The company's investment at 30 June 2024 and at 30 June 2023 represents a 100% share holding in the following company:
Promed Rental Services Limited
Registered Office: Hollickwood, Rectory Road, Bluntisham, Cambridgeshire, PE28 3LN.
Company Number: 07954255.
The investment has been valued at historical cost, as the directors are unable to obtain a reliable valuation.
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 350,168 322,384
Other debtors 34,904 20,340
385,072 342,724
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors - 5,720
Other creditors 256,979 127,297
Taxation and social security 192,043 254,152
449,022 387,169
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Page 6
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
9. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 July 2023 Amounts advanced Amounts repaid Amounts written off As at 30 June 2024
£ £ £ £ £
Mr Andrew Koronowski - 17,188 - - 17,188
The above loan is unsecured, interest free and repayable on demand. The loan was fully repaid in July 2024.
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