Registered number
08800272
Novmed Medical Service Ltd
Filleted Accounts
31 December 2023
Novmed Medical Service Ltd
Registered number: 08800272
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Current assets
Stocks 4,949,971 4,949,971
Debtors 3 774,609 1,061,876
Cash at bank and in hand 307,003 307,003
6,031,583 6,318,850
Creditors: amounts falling due within one year 4 (807,348) (624,532)
Net current assets 5,224,235 5,694,318
Total assets less current liabilities 5,224,235 5,694,318
Creditors: amounts falling due after more than one year 5 (5,146,486) (5,578,753)
Net assets 77,749 115,565
Capital and reserves
Called up share capital 30,000 30,000
Profit and loss account 47,749 85,565
Shareholder's funds 77,749 115,565
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
D Mitterer
Director
Approved by the board on 15 May 2025
Novmed Medical Service Ltd
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company - -
3 Debtors 2023 2022
£ £
Trade debtors 716,653 1,037,210
VAT 55,122 24,509
Prepayments 2,834 157
774,609 1,061,876
4 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 521,231 521,347
Other taxes and social security 21,082 21,083
Directors loan account 259,958 76,110
Accruals 5,077 5,992
807,348 624,532
5 Creditors: amounts falling due after one year 2023 2022
£ £
Due to related parties 1,578,429 2,182,980
Due to related companies 3,568,057 3,395,773
5,146,486 5,578,753
6 Related party transactions
Novmed Medical Service Ltd has received substantial loans from a company under common control, Balmung Medical GmbH, with no interest during the year. There are no fixed repayment terms on the loan. The loan stands at £1,578,429 at the year end.
The company received a loan from a related company that was controlled by Doris Mitterer (also the controlling party of Novmed Medical Service Ltd), AAA Medical Service UG. Interest has been charged at a preferential rate and the total amount outstanding at the year end was £3,568,057. There are no fixed repayment terms for the first 5 years.
The company has preferential payment terms for two suppliers, Metron Handel GmbH and Mitterer Medical GmbH, who are owned by Simon Mitterer. Simon Mitterer is the son of Doris Mitterer.
7 Controlling party
The ultimate controlling party of the company is Doris Mitterer.
8 Other information
Novmed Medical Service Ltd is a private company limited by shares and incorporated in England. Its registered office is:
No 1 Royal Exchange
London
EC3V 3DG
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