Acorah Software Products - Accounts Production 16.1.300 false true 31 July 2023 1 August 2022 false 1 August 2023 31 July 2024 31 July 2024 04475385 Mr Saileshkumar Patel Mrs Aysha Strange Dr Natasha Wallace Miss Naomi Patel Miss Nina Patel iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 04475385 2023-07-31 04475385 2024-07-31 04475385 2023-08-01 2024-07-31 04475385 frs-core:CurrentFinancialInstruments 2024-07-31 04475385 frs-core:Non-currentFinancialInstruments 2024-07-31 04475385 frs-core:FurnitureFittings 2024-07-31 04475385 frs-core:FurnitureFittings 2023-08-01 2024-07-31 04475385 frs-core:FurnitureFittings 2023-07-31 04475385 frs-core:NetGoodwill 2024-07-31 04475385 frs-core:NetGoodwill 2023-08-01 2024-07-31 04475385 frs-core:NetGoodwill 2023-07-31 04475385 frs-core:MotorVehicles 2024-07-31 04475385 frs-core:MotorVehicles 2023-08-01 2024-07-31 04475385 frs-core:MotorVehicles 2023-07-31 04475385 frs-core:ShareCapital 2024-07-31 04475385 frs-core:RetainedEarningsAccumulatedLosses 2024-07-31 04475385 frs-bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 04475385 frs-bus:FilletedAccounts 2023-08-01 2024-07-31 04475385 frs-bus:SmallEntities 2023-08-01 2024-07-31 04475385 frs-bus:AuditExempt-NoAccountantsReport 2023-08-01 2024-07-31 04475385 frs-bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 04475385 frs-bus:Director1 2023-08-01 2024-07-31 04475385 frs-bus:Director1 2023-07-31 04475385 frs-bus:Director1 2024-07-31 04475385 frs-bus:Director2 2023-08-01 2024-07-31 04475385 frs-bus:Director3 2023-08-01 2024-07-31 04475385 frs-bus:Director4 2023-08-01 2024-07-31 04475385 frs-bus:Director5 2023-08-01 2024-07-31 04475385 frs-countries:EnglandWales 2023-08-01 2024-07-31 04475385 2022-07-31 04475385 2023-07-31 04475385 2022-08-01 2023-07-31 04475385 frs-core:CurrentFinancialInstruments 2023-07-31 04475385 frs-core:Non-currentFinancialInstruments 2023-07-31 04475385 frs-core:ShareCapital 2023-07-31 04475385 frs-core:RetainedEarningsAccumulatedLosses 2023-07-31
Registered number: 04475385
Medichem Limited
Unaudited Financial Statements
For The Year Ended 31 July 2024
R O'Leary ACA
Contents
Page
Company Information 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Company Information
Directors Mr Saileshkumar Patel
Mrs Aysha Strange
Dr Natasha Wallace
Miss Naomi Patel
Miss Nina Patel
Company Number 04475385
Registered Office 10 High Sandgrove
Cleadon Village
Sunderland
Tyne and Wear
SR6 7RW
Accountants R O'Leary ACA
Page 1
Page 2
Balance Sheet
Registered number: 04475385
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 199,722 132,991
199,722 132,991
CURRENT ASSETS
Stocks 132,175 118,731
Debtors 6 950,691 1,018,725
Cash at bank and in hand 6,301 1,508
1,089,167 1,138,964
Creditors: Amounts Falling Due Within One Year 7 (209,664 ) (237,623 )
NET CURRENT ASSETS (LIABILITIES) 879,503 901,341
TOTAL ASSETS LESS CURRENT LIABILITIES 1,079,225 1,034,332
Creditors: Amounts Falling Due After More Than One Year 8 (120,387 ) (63,848 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (20,851 ) (11,010 )
NET ASSETS 937,987 959,474
CAPITAL AND RESERVES
Called up share capital 9 2 2
Profit and Loss Account 937,985 959,472
SHAREHOLDERS' FUNDS 937,987 959,474
Page 2
Page 3
For the 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.
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 Profit and Loss Account.
On behalf of the board
Mr Saileshkumar Patel
Director
10/10/2024
The notes on pages 4 to 6 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Medichem Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04475385 . The registered office is 10 High Sandgrove, Cleadon Village, Sunderland, Tyne and Wear, SR6 7RW.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 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.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. 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:
Motor Vehicles 25% reducing balance
Fixtures & Fittings 15% reducing balance
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.
Page 4
Page 5
3. Average Number of Employees
Average number of employees, including directors, during the year was: 21 (2023: 21)
21 21
4. Intangible Assets
Goodwill
£
Cost
As at 1 August 2023 1,000,000
As at 31 July 2024 1,000,000
Amortisation
As at 1 August 2023 1,000,000
As at 31 July 2024 1,000,000
Net Book Value
As at 31 July 2024 -
As at 1 August 2023 -
5. Tangible Assets
Motor Vehicles Fixtures & Fittings Total
£ £ £
Cost
As at 1 August 2023 158,232 91,676 249,908
Additions 118,955 18,190 137,145
Disposals (61,584 ) - (61,584 )
As at 31 July 2024 215,603 109,866 325,469
Depreciation
As at 1 August 2023 43,425 73,492 116,917
Provided during the period 42,622 3,799 46,421
Disposals (37,591 ) - (37,591 )
As at 31 July 2024 48,456 77,291 125,747
Net Book Value
As at 31 July 2024 167,147 32,575 199,722
As at 1 August 2023 114,807 18,184 132,991
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 214,217 188,445
Other debtors 723,848 830,280
Corporation tax recoverable assets 12,626 -
950,691 1,018,725
Page 5
Page 6
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 172,038 170,071
Bank loans and overdrafts 10,121 30,547
Corporation tax - 13,561
Other taxes and social security 9,796 9,244
Other creditors 17,709 14,200
209,664 237,623
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 13,092 22,956
Other creditors 107,295 40,892
120,387 63,848
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 August 2023 Amounts advanced Amounts repaid Amounts written off As at 31 July 2024
£ £ £ £ £
Mr Saileshkumar Patel 245,104 99,260 208,200 - 136,164
The above loan is unsecured, interest free and repayable on demand.
Page 6