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Company No: 08583924 (England and Wales)

MCGUINNESS MEDICAL SERVICES LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2024
Pages for filing with the registrar

MCGUINNESS MEDICAL SERVICES LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2024

Contents

MCGUINNESS MEDICAL SERVICES LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 September 2024
MCGUINNESS MEDICAL SERVICES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 September 2024
Note 2024 2023
£ £
Current assets
Debtors 4 53,091 71,100
Cash at bank and in hand 10,195 8,336
63,286 79,436
Creditors: amounts falling due within one year 5 ( 15,842) ( 20,212)
Net current assets 47,444 59,224
Total assets less current liabilities 47,444 59,224
Net assets 47,444 59,224
Capital and reserves
Called-up share capital 6 100 100
Profit and loss account 47,344 59,124
Total shareholders' funds 47,444 59,224

For the financial year ending 30 September 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 McGuinness Medical Services Limited (registered number: 08583924) were approved and authorised for issue by the Board of Directors on 13 June 2025. They were signed on its behalf by:

Catherine Louise McGuinness
Director
MCGUINNESS MEDICAL SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
MCGUINNESS MEDICAL SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
1. Accounting policies

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.

General information and basis of accounting

McGuinness Medical Services 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 Tregonjohn Cottage, Creed, Truro, TR2 4SN, 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 £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery etc. 4 years straight line

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.

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 Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 October 2023 1,264 1,264
At 30 September 2024 1,264 1,264
Accumulated depreciation
At 01 October 2023 1,264 1,264
At 30 September 2024 1,264 1,264
Net book value
At 30 September 2024 0 0
At 30 September 2023 0 0

4. Debtors

2024 2023
£ £
Trade debtors 3,532 8,661
Other debtors 49,559 62,439
53,091 71,100

5. Creditors: amounts falling due within one year

2024 2023
£ £
Taxation and social security 13,202 17,789
Other creditors 2,640 2,423
15,842 20,212

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

7. Related party transactions

At the balance sheet date £49,559 was owed to the Company by the Directors (2023: £62,439 was owed to the Company by the Directors). Interest is charged on overdrawn balances and the amounts are repayable in full on demand.