| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 30th September 2024 |
| for |
| Palan Medical Services Ltd |
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 30th September 2024 |
| for |
| Palan Medical Services Ltd |
| Palan Medical Services Ltd (Registered number: 06470120) |
| Contents of the Financial Statements |
| for the Year Ended 30th September 2024 |
| Page |
| Balance Sheet | 1 |
| Notes to the Financial Statements | 2 |
| Palan Medical Services Ltd (Registered number: 06470120) |
| Balance Sheet |
| 30th September 2024 |
| 30.9.24 | 30.9.23 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 8 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The director acknowledges his responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| The financial statements were approved by the director and authorised for issue on |
| Palan Medical Services Ltd (Registered number: 06470120) |
| Notes to the Financial Statements |
| for the Year Ended 30th September 2024 |
| 1. | COMPANY INFORMATION |
| Palan Medical Services Ltd is a |
| Registered number: |
| Registered office: |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Revenue from the provision of professional services is recognised on delivery of the service. |
| Goodwill |
| Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years. |
| For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
| Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: |
| Equipment - 25% Straight Line |
| Motor Vehicles - 20% Straight Line |
| 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. |
| Palan Medical Services Ltd (Registered number: 06470120) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30th September 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Franchise |
| costs |
| £ |
| COST |
| At 1st October 2023 |
| and 30th September 2024 |
| AMORTISATION |
| At 1st October 2023 |
| Amortisation for year |
| At 30th September 2024 |
| NET BOOK VALUE |
| At 30th September 2024 |
| At 30th September 2023 |
| Palan Medical Services Ltd (Registered number: 06470120) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30th September 2024 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| and | Motor |
| fittings | vehicles | Totals |
| £ | £ | £ |
| COST |
| At 1st October 2023 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 30th September 2024 |
| DEPRECIATION |
| At 1st October 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 30th September 2024 |
| NET BOOK VALUE |
| At 30th September 2024 |
| At 30th September 2023 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Trade debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Tax |
| Directors' current accounts | 87,432 | 63,058 |
| Accrued expenses |
| 8. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 30.9.24 | 30.9.23 |
| value: | £ | £ |
| Ordinary A | £1 | 60 | 60 |
| Ordinary B | £1 | 19 | 19 |
| Ordinary C | £1 | 1 | 1 |
| Ordinary D | £1 | 1 | 1 |
| 81 | 81 |
| Palan Medical Services Ltd (Registered number: 06470120) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30th September 2024 |
| 8. | CALLED UP SHARE CAPITAL - continued |
| Ordinary A Shares confer on the holders the right to vote upon any resolution proposed at any general meeting of the company. |
| Ordinary B Shares do not confer on the holders the right to vote upon any resolution proposed at any general meeting of the company. |
| Ordinary C Shares and Ordinary D Shares have no voting or distribution rights. Each share has a right to dividends at the discretion of the A and B shareholders. |
| The A and B shares rank pari passu for all dividend rights. |
| 9. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 30th September 2024 and 30th September 2023: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Balance outstanding at start of year | ( |
) | ( |
) |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) | ( |
) |
| This loan is repayable on demand and no interest was charged on this amount. |
| 10. | CONTROLLING PARTY |
| The controlling party is Dr V Nandapalan. |