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Registered number: 02520520










108 MEDICAL LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024



 
108 MEDICAL LIMITED
REGISTERED NUMBER: 02520520

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
373,012
414,599

  
373,012
414,599

Current assets
  

Debtors: amounts falling due after more than one year
 5 
149,811
157,840

Debtors: amounts falling due within one year
 5 
398,737
380,466

Cash at bank and in hand
 6 
355,499
556,810

  
904,047
1,095,116

Creditors: amounts falling due within one year
 7 
(477,683)
(707,422)

Net current assets
  
 
 
426,364
 
 
387,694

Total assets less current liabilities
  
799,376
802,293

Creditors: Amounts Falling Due After More Than One Year
 8 
(159,500)
(217,500)

Provisions for liabilities
  

Deferred tax
 11 
(59,452)
(45,380)

  
 
 
(59,452)
 
 
(45,380)

Net assets
  
580,424
539,413


Capital and reserves
  

Called up share capital 
 12 
100
100

Profit and loss account
  
580,324
539,313

  
580,424
539,413


The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



A D Chancellor-Weale
Director
Date: 13 January 2025

The notes on pages 2 to 8 form part of these financial statements.

Page 1

 
108 MEDICAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

108 Medical Limited is a private company limited by share capital and incorporated in England and Wales. Its registered office and principal place of business is 108 Harley Street, London, England, W1G 7ET.
The principal activity of the company continues to be the provision of medical services and care to patients.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The accounts are presented in pound sterling and rounded to the nearest pound.

The following principal accounting policies have been applied:

  
2.2

Turnover

Turnover represents the value in respect of medical services provided to patients and is recognised when treatment is undertaken by the company.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a mix of straight line and reducing balance bases.

The estimated useful lives range as follows:

Medical equipment
-
25%-50% reducing balance or straight line
Fixtures and fittings
-
15% reducing balance or straight line
Computer equipment
-
33.3% reducing balance or straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 2

 
108 MEDICAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

  
2.6

Financial intruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. 

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.10

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.11

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 
108 MEDICAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.14

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.


3.


Employees

The average monthly number of employees, including directors, during the year was 28 (2023 - 26).

Page 4

 
108 MEDICAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Tangible fixed assets





Medical Equipment
Fixtures and fittings
Other fixed assets
Total

£
£
£
£



Cost or valuation


At 1 July 2023
1,367,192
171,733
76,377
1,615,302


Additions
54,305
-
8,745
63,050



At 30 June 2024

1,421,497
171,733
85,122
1,678,352



Depreciation


At 1 July 2023
1,026,029
104,370
70,304
1,200,703


Charge for the year on owned assets
89,934
10,105
4,598
104,637



At 30 June 2024

1,115,963
114,475
74,902
1,305,340



Net book value



At 30 June 2024
305,534
57,258
10,220
373,012



At 30 June 2023
341,163
67,363
6,073
414,599


5.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
149,811
157,840

149,811
157,840


2024
2023
£
£

Due within one year

Trade debtors
182,446
196,277

Other debtors
52,432
57,677

Prepayments and accrued income
163,859
124,003

Tax recoverable
-
2,509

398,737
380,466


Page 5

 
108 MEDICAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
355,499
556,810

355,499
556,810



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
389,657
401,639

Corporation tax
-
35,885

Other taxation and social security
-
13,836

Obligations under finance lease and hire purchase contracts
58,000
58,000

Other creditors
13,000
126,616

Accruals and deferred income
17,026
52,996

Bank loans
-
18,450

477,683
707,422



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
159,500
217,500

159,500
217,500


Page 6

 
108 MEDICAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
-
18,450




-
18,450


The loan has a fixed and floating charge over all present and future assets of the company. The loan is interest bearing at 3.99% above the bank of England base rate from July 2021, the entity has overpaid the loan by the year ended 30 June 2024. 


10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
58,000
58,000

Between 1-5 years
159,500
217,500

217,500
275,500

Hire purchase contracts are secured against the assets they relate to.


11.


Deferred taxation




2024


£






At beginning of year
(45,380)


Charged to profit or loss
(14,072)



At end of year
(59,452)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Fixed asset timing differences
(59,452)
(45,380)

(59,452)
(45,380)

Page 7

 
108 MEDICAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

12.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,000 (2023 -1,000) Ordinary shares of £0.10 each
100
100





13.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £13,926 (2023: £14,092). No contributions were payable to the fund as at the balance sheet date.


14.


Commitments under operating leases

At 30 June 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
312,000
245,000

Later than 1 year and not later than 5 years
1,248,000
-

Later than 5 years
1,508,000
-

3,068,000
245,000


15.


Related party transactions

During the year ended 30 June 2024, More Surgical Services Limited, a company under common control, charged 108 Medical Limited rent of £204,167 (2023: £245,000). The annual rental charge is in line with market rates. At 30 June 2024, the company owed More Surgical Services Limited £Nil (2023: £100,000). More Surgical Services Limited owed 108 Medical Limited £379 at year end (2023: Nil). 


16.


Controlling party

The directors consider that there is currently no single ultimate controlling party.


17.


Auditors' information

The auditors' report on the financial statements for the year ended 30 June 2024 was unqualified.

The audit report was signed on 7 April 2025 by Darren O'Connor BSc (Hons) FCCA ACA (Senior Statutory Auditor) on behalf of James Cowper Kreston Audit.

Page 8