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Isles of Scilly Medical Services Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2024

Registration number: 08486087

 

Isles of Scilly Medical Services Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Isles of Scilly Medical Services Limited

Balance Sheet

31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

4,471

5,589

Current assets

 

Stocks

31,392

28,817

Debtors

5

348,263

252,468

Cash at bank and in hand

 

16,565

19,144

 

396,220

300,429

Creditors: Amounts falling due within one year

6

(490,103)

(372,079)

Net current liabilities

 

(93,883)

(71,650)

Net liabilities

 

(89,412)

(66,061)

Capital and reserves

 

Called up share capital

7

100

100

Profit and loss account

(89,512)

(66,161)

Shareholders' deficit

 

(89,412)

(66,061)

 

Isles of Scilly Medical Services Limited

Balance Sheet

31 March 2024

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 6 March 2025 and signed on its behalf by:
 

.........................................
Mrs Alison Butterill
Director

Company Registration Number: 08486087

 

Isles of Scilly Medical Services Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Lowin House
Tregolls Road
Truro
Cornwall
TR1 2NA

The principal place of business is:
The Health Centre
St Marys
Isles of Scilly
TR21 0HE

2

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 including Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis. The largest creditor is Helston Medical Centre which is owed £318,915. The partners of Helston Medical Centre own all shares of the company and have confirmed that they will not seek repayment of the loan for the foreseeable future.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Isles of Scilly Medical Services Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fixtures and fittings

20% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.


 

3

Staff numbers

The average number of persons employed by the company (excluding directors) during the year, was 0 (2023 - 0).

 

Isles of Scilly Medical Services Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

42,614

42,614

At 31 March 2024

42,614

42,614

Depreciation

At 1 April 2023

37,025

37,025

Charge for the year

1,118

1,118

At 31 March 2024

38,143

38,143

Carrying amount

At 31 March 2024

4,471

4,471

At 31 March 2023

5,589

5,589

5

Debtors

2024
£

2023
£

Trade debtors

60,007

55,061

Other debtors

288,256

197,407

348,263

252,468

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

40,941

30,085

Accruals and deferred income

5,930

5,904

Other creditors

443,232

336,090

490,103

372,079

7

Share capital

Allotted, called up and fully paid shares

 

Isles of Scilly Medical Services Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2024

2024

2023

No.

£

No.

£

Allotted, called up and unpaid of £1 each

100

100

100

100