Registration number:
M A H Consulting Limited
for the Year Ended 30 June 2024
M A H Consulting Limited
Contents
Company Information |
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Statement of Directors' Responsibilities |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
M A H Consulting Limited
Company Information
Directors |
Mr M A Hedley Mrs J A Hedley |
Registered office |
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Accountants |
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M A H Consulting Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
M A H Consulting Limited
for the Year Ended 30 June 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of M A H Consulting Limited for the year ended 30 June 2024 as set out on pages 4 to 9 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of The Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance.
This report is made solely to you, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial information of M A H Consulting Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of The Institute of Chartered Accountants of Scotland as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company for our work or for this report.
It is your duty to ensure that M A H Consulting Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of M A H Consulting Limited. You consider that M A H Consulting Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of M A H Consulting Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Chartered Accountants
Kirkcaldy
Fife
KY1 1HB
M A H Consulting Limited
(Registration number: SC325545)
Balance Sheet as at 30 June 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net (liabilities)/assets |
( |
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Capital and reserves |
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Called up share capital |
1,000 |
1,000 |
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Retained earnings |
(2,394) |
79,097 |
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Shareholders' (deficit)/funds |
(1,394) |
80,097 |
For the financial 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.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
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M A H Consulting Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Statutory information |
M A H Consulting Limited is a private company limited by share capital, incorporated in Scotland. The company's registration number and registered office can be found on the Company Information page.
The principal place of business is:
Unit 6
Katherine Park
Katherine Street
Kirkcaldy
Fife
KY2 5JY
Scotland
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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The presentation currency is sterling.
Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2011, was amortised evenly over its estimated useful life of five years.
Revenue recognition
Turnover represents net invoiced sales of services provided during the accounting period, excluding value added tax.
Tax
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current corporation tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
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.
M A H Consulting Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
2 |
Accounting policies (continued) |
Foreign currency transactions and balances
Tangible assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.
Depreciation
Depreciation is charged so as to write off the cost less residual value of the asset over its useful life at the following rates:
Asset class |
Depreciation method and rate |
Office equipment |
20% straight line |
Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
Going concern
The financial statements have been prepared on the going concern basis. The directors consider this appropriate as the company continues to meet its day to day commitments from working capital and existing financial arrangements as they fall due. The directors are confident that the company has adequate resources to continue in operational existence and expect it to become profitable in the near future.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Taxation |
The tax charge/(credit) on the profit/(loss) for the year was as follows: |
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2024 |
2023 |
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£ |
£ |
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UK corporation tax |
- |
(2,660) |
M A H Consulting Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 July 2023 |
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At 30 June 2024 |
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Amortisation |
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At 1 July 2023 |
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At 30 June 2024 |
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Carrying amount |
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At 30 June 2024 |
- |
- |
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost |
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At 1 July 2023 |
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At 30 June 2024 |
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Depreciation |
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At 1 July 2023 |
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Charge for the year |
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At 30 June 2024 |
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Carrying amount |
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At 30 June 2024 |
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At 30 June 2023 |
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Debtors |
Current |
2024 |
2023 |
Trade debtors |
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Prepayments |
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Other debtors |
- |
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Debtors include balances due from related parties. Details of related party transactions are provided at note 10.
M A H Consulting Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
- |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors include balances due to related parties. Details of related party transactions are provided at note 10.
Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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In 2020 the company borrowed £12,600 through the government's bounce back loan scheme, made available to businesses in response to the coronavirus pandemic. The loan was interest free for the first 12 months (the first 12 months interest was payable by the UK Government) and no repayments were due within this period. Interest is then charged at 2.5% per annum and the loan is repayable over the following 5 years by monthly instalment.
M A H Consulting Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Related party transactions |
Mr M A Hedley, director and shareholder of MAH Consulting Limited, is also a director and shareholder in a number of companies operating retail pharmacies and other health related businesses. MAH Consulting Limited provides management consultancy services to these related companies on a commercial, arms length basis.
In addition to the following transactions a balance of £22,000 (2023 £22,000) was due from the company to Mr M A Hedley. The loan is interest free and repayable on demand.
During the year the following related party transactions (excluding loans) took place: |
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Consultancy services provided by |
Services purchased by |
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MAH Consulting Limited |
MAH Consulting Limited |
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2024 |
2023 |
2024 |
2023 |
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£ |
£ |
£ |
£ |
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Agilis Health Limited |
- |
7,500 |
- |
- |
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Wellbeing Pharmacies Limited |
- |
3,125 |
- |
- |
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Medicine Collection Limited |
24,000 |
24,000 |
- |
- |
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MAF Pharma Limited |
- |
- |
6,000 |
6,000 |
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24,000 |
34,625 |
6,000 |
6,000 |
At the year end the following balances (excluding loans) were due: |
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Balances due to |
Balances due from |
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MAH Consulting Limited |
MAH Consulting Limited |
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2024 |
2023 |
2024 |
2023 |
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£ |
£ |
£ |
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Medicine Collection Limited |
- |
35,700 |
- |
- |
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Wellbeing Pharmacies Limited |
19,200 |
28,800 |
- |
- |
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MAF Pharma Ltd |
- |
- |
- |
1,800 |
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19,200 |
64,500 |
- |
1,800 |