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Registered number: 07253806
Teare Medical Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
Affinity Associates (Flemmings) Limited
Accountants and Statutory Auditors
76 Canterbury Road
Croydon
Surrey
CR0 3HA
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 07253806
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 105,000 122,500
Tangible Assets 5 4,944 3,205
Investments 6 70,881 45,309
180,825 171,014
CURRENT ASSETS
Debtors 7 1,887,601 237,982
Cash at bank and in hand 307,176 1,364,698
2,194,777 1,602,680
Creditors: Amounts Falling Due Within One Year 8 (495,534 ) (70,681 )
NET CURRENT ASSETS (LIABILITIES) 1,699,243 1,531,999
TOTAL ASSETS LESS CURRENT LIABILITIES 1,880,068 1,703,013
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,236 ) (849 )
NET ASSETS 1,878,832 1,702,164
CAPITAL AND RESERVES
Called up share capital 100 100
Other reserves 25,572 -
Profit and Loss Account 1,853,160 1,702,064
SHAREHOLDERS' FUNDS 1,878,832 1,702,164
Page 1
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For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Dr J P Teare
Director
27 May 2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Teare Medical Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07253806 . The registered office is 76 Canterbury Road, Croydon, Surrey, CR0 3HA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
The financial statements are presented in Pound Sterling, which is the functional currency of the company. 
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 20 years.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 25% Straight Line Method
2.6. Financial Instruments
Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.7. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.8. Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Other investments are valued at cost less impairment.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 4)
4 4
4. Intangible Assets
Goodwill
£
Cost
As at 1 June 2023 350,000
As at 31 May 2024 350,000
Amortisation
As at 1 June 2023 227,500
Provided during the period 17,500
As at 31 May 2024 245,000
Net Book Value
As at 31 May 2024 105,000
As at 1 June 2023 122,500
5. Tangible Assets
Fixtures & Fittings
£
Cost
As at 1 June 2023 14,825
Additions 4,125
Disposals (2,862 )
As at 31 May 2024 16,088
...CONTINUED
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Page 5
Depreciation
As at 1 June 2023 11,620
Provided during the period 2,020
Disposals (2,496 )
As at 31 May 2024 11,144
Net Book Value
As at 31 May 2024 4,944
As at 1 June 2023 3,205
6. Investments
Joint Ventures
£
Cost
As at 1 June 2023 45,309
Additions 67,724
Disposals (42,152 )
As at 31 May 2024 70,881
Provision
As at 1 June 2023 -
As at 31 May 2024 -
Net Book Value
As at 31 May 2024 70,881
As at 1 June 2023 45,309
The company is one of the members in ASI London A Clinician LLP, ASI London D Clinician LLP and ASI London E Clinician LLP. The above investment represents the company’s interest in these LLP's.
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 49,450 64,260
Prepayments and accrued income 5,777 10,065
Other debtors 547,282 158,501
Directors' loan accounts 1,285,092 5,156
1,887,601 237,982
Other debtors includes a loan of £47,851 to ASI London A Clinician LLP, a loan of £15,545 to ASI London D Clinician LLP and a loan of £28,537 to ASI London E Clinician LLP in which the company is one of the members. Interest is receivable on the loans.
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8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,571 392
Corporation tax 492,533 69,207
Other taxes and social security 896 1,083
Other creditors (1 ) (1 )
Accruals and deferred income 535 -
495,534 70,681
9. Related Party Transactions
Other transactions with directors
Dr J Teare and Mrs R Teare
(Directors and Shareholders)
Dr J Teare owns the business premises from which the company operates. The company paid rent and service charge amounting to £22,624 for the occupation of the premises.
During the year dividends totalling to £2,000 were paid to the directors (2023 : £4,000).
At the balance sheet date the amount due to/ (from) Dr J Teare and Mrs R Teare was (£1,285,092), (2023 - (£5,156)).
The amount due from the directors are repayable on demand. Interest at the HMRC official rate of interest is charged on the running balance due from the directors.  
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