Company No:
Contents
| Director | M A Rodriguez Campa |
| Secretary | R M Ruiz De Rodriguez |
| Registered office | 9 Donnington Park |
| 85 Birdham Road | |
| Chichester | |
| PO20 7AJ | |
| United Kingdom |
| Company number | 04498804 (England and Wales) |
| Accountant | Kreston Reeves LLP |
| 9 Donnington Park | |
| 85 Birdham Road | |
| Chichester | |
| West Sussex | |
| PO20 7AJ |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/regulation.
It is your duty to ensure that Advanced Medical Equipment Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Advanced Medical Equipment Limited. You consider that Advanced Medical Equipment Limited is exempt from the statutory audit requirement for the financial year.
We have not been instructed to carry out an audit or a review of the financial statements of Advanced Medical Equipment Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Chartered Accountants
85 Birdham Road
Chichester
West Sussex
PO20 7AJ
| Note | 2023 | 2022 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 3 |
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| 236,886 | 215,268 | |||
| Current assets | ||||
| Stocks |
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| Debtors | 4 |
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| Cash at bank and in hand |
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| 70,792 | 105,812 | |||
| Creditors: amounts falling due within one year | 5 | (
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| Net current liabilities | (175,419) | (142,412) | ||
| Total assets less current liabilities | 61,467 | 72,856 | ||
| Creditors: amounts falling due after more than one year | 6, 10 | (
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| Provision for liabilities | 7 | (
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| Net assets |
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| Capital and reserves | ||||
| Called-up share capital |
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| Profit and loss account |
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| Total shareholder's funds |
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Director's responsibilities:
The financial statements of Advanced Medical Equipment Limited (registered number:
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M A Rodriguez Campa
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Advanced Medical Equipment Limited (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 9 Donnington Park, 85 Birdham Road, Chichester, PO20 7AJ, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.
Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so 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.
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 Balance Sheet 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.
| Land and buildings |
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| Computer equipment |
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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.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
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.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet 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.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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| Monthly average number of persons employed by the Company during the year, including the director |
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| Land and buildings | Computer equipment | Total | |||
| £ | £ | £ | |||
| Cost | |||||
| At 01 January 2023 |
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| Additions |
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| At 31 December 2023 |
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| Accumulated depreciation | |||||
| At 01 January 2023 |
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| Charge for the financial year |
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| At 31 December 2023 |
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| Net book value | |||||
| At 31 December 2023 |
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| At 31 December 2022 |
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| Trade debtors |
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| Amounts owed by director |
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| Prepayments |
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| Other debtors |
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| £ | £ | ||
| Bank loans (secured) |
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| Trade creditors |
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| Amounts owed to director |
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| Other loans (secured) |
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| Accruals and deferred income |
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| Corporation tax |
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| Other taxation and social security |
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| Other creditors |
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Bank loans are secured by way of fixed charge over freehold property, fixed plant and machinery and all present and future book and other debts, and a floating charge over moveable plant and machinery and fixtures and fittings. Other loans are backed by the Government.
| 2023 | 2022 | ||
| £ | £ | ||
| Bank loans (secured) |
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| Other loans (secured) |
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Bank loans are secured by way of fixed charge over freehold property, fixed plant and machinery and all present and future book and other debts, and a floating charge over moveable plant and machinery and fixtures and fittings. Other loans are backed by the Government.
| 2023 | 2022 | ||
| £ | £ | ||
| At the beginning of financial year | (
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| Charged to the Statement of Income and Retained Earnings | (
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| At the end of financial year | (
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The deferred taxation balance is made up as follows:
| 2023 | 2022 | ||
| £ | £ | ||
| Accelerated capital allowances | (
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Pensions
The Company operates a defined contribution pension scheme. The assets of he 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 £22,400 (2022 - £2,400). Contribution totalling £nil (2022 - £nil) were payable to the fund at the balance sheet date and are included in creditors.
Other related party transactions
| 2023 | 2022 | ||
| £ | £ | ||
| Unsecured loan to the director | (2,377) | 13,613 |
Interest of 2.25% was charged on the loan to the director.
Amount Falling due within one year
| 2023 | 2022 | ||
| £ | £ | ||
| Bank Loans | 3,172 | 11,679 | |
| Other loans | 4,474 | 5,880 | |
| 7,646 | 17,559 |
Amount falling due 1-2 years
| 2023 | 2022 | ||
| £ | £ | ||
| Bank loans | 0 | 3,608 | |
| Other loans | 36,558 | 41,014 | |
| 36,558 | 44,622 |