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Company No: 08058862 (England and Wales)

RM MEDICS LTD

Unaudited Financial Statements
For the financial period from 31 May 2023 to 31 May 2024
Pages for filing with the registrar

RM MEDICS LTD

Unaudited Financial Statements

For the financial period from 31 May 2023 to 31 May 2024

Contents

RM MEDICS LTD

COMPANY INFORMATION

For the financial period from 31 May 2023 to 31 May 2024
RM MEDICS LTD

COMPANY INFORMATION (continued)

For the financial period from 31 May 2023 to 31 May 2024
DIRECTORS R F Facchiano
M A Mohson
REGISTERED OFFICE Suite K
Sandland Court The Pilgrim Centre
Brickhill Drive
Bedford
MK41 7PZ
United Kingdom
COMPANY NUMBER 08058862 (England and Wales)
ACCOUNTANT Gravita II LLP
Aldgate Tower
2 Leman Street
London
E1 8FA
United Kingdom
RM MEDICS LTD

STATEMENT OF FINANCIAL POSITION

As at 31 May 2024
RM MEDICS LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 May 2024
Note 31.05.2024 30.05.2023
£ £
Fixed assets
Tangible assets 3 54,511 72,342
54,511 72,342
Current assets
Debtors 4 1,186,719 1,434,528
Cash at bank and in hand 18,267 16,727
1,204,986 1,451,255
Creditors: amounts falling due within one year 5 ( 710,313) ( 531,474)
Net current assets 494,673 919,781
Total assets less current liabilities 549,184 992,123
Provision for liabilities 0 ( 12,234)
Net assets 549,184 979,889
Capital and reserves
Called-up share capital 6 5 5
Share premium account 7,433 7,433
Profit and loss account 541,746 972,451
Total shareholders' funds 549,184 979,889

For the financial period ending 31 May 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of RM Medics Ltd (registered number: 08058862) were approved and authorised for issue by the Board of Directors on 23 May 2025. They were signed on its behalf by:

M A Mohson
Director
RM MEDICS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 31 May 2023 to 31 May 2024
RM MEDICS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 31 May 2023 to 31 May 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

RM Medics Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Suite K, Sandland Court The Pilgrim Centre, Brickhill Drive, Bedford, MK41 7PZ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

The current accounting period commenced on 31 May 2023 to 31 May 2024. Therefore, the comparative figures are not entirely comparable.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,
value added tax and other sales taxes.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Comprehensive Income in respect of pension costs and other post-retirement benefits is the contributions payable in the financial period. Differences between contributions payable in the financial period and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 25 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 20 % reducing balance
Computer equipment 33.33 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Comprehensive Income over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

Period from
31.05.2023 to
31.05.2024
Year ended
30.05.2023
Number Number
Monthly average number of persons employed by the Company during the period, including directors 36 43

3. Tangible assets

Leasehold improve-
ments
Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £
Cost
At 31 May 2023 55,868 29,560 113,767 195,805 395,000
Additions 0 0 0 3,093 3,093
At 31 May 2024 55,868 29,560 113,767 198,898 398,093
Accumulated depreciation
At 31 May 2023 26,762 27,341 89,698 178,857 322,658
Charge for the financial period 7,276 2,219 4,813 6,616 20,924
At 31 May 2024 34,038 29,560 94,511 185,473 343,582
Net book value
At 31 May 2024 21,830 0 19,256 13,425 54,511
At 30 May 2023 29,106 2,219 24,069 16,948 72,342

4. Debtors

31.05.2024 30.05.2023
£ £
Trade debtors 942,644 807,883
Amounts owed by Group undertakings 0 32,450
Prepayments 237,955 145,099
Other debtors 6,120 449,096
1,186,719 1,434,528

5. Creditors: amounts falling due within one year

31.05.2024 30.05.2023
£ £
Bank overdrafts 272,814 0
Trade creditors 49,481 49,263
Amounts owed to Group undertakings 15,095 6,485
Taxation and social security 187,895 338,418
Other creditors 185,028 137,308
710,313 531,474

Bank overdrafts are secured by way of a fixed and floating charge over the property and undertakings of the company.

6. Called-up share capital

31.05.2024 30.05.2023
£ £
Allotted, called-up and fully-paid
4 Ordinary shares of £ 1.00 each 4 4
1 Ordinary A share of £ 1.00 1 1
5 5