Company registration number 07501653 (England and Wales)
SMARTCARE MEDICAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
One Bell Lane
Lewes
East Sussex
BN7 1JU
SMARTCARE MEDICAL LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
SMARTCARE MEDICAL LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr S Seagrave
Mr M Bryan
Dr C Thompson
Company number
07501653
Registered office
3 The Forum
Icknield Way Industrial Estate
Tring
Hertfordshire
HP23 4JY
Accountants
TC Group
One Bell Lane
Lewes
East Sussex
BN7 1JU
SMARTCARE MEDICAL LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,357
4,476
Current assets
Debtors
4
597
28,908
Cash at bank and in hand
1,539
521
2,136
29,429
Creditors: amounts falling due within one year
5
(2,050,120)
(2,061,175)
Net current liabilities
(2,047,984)
(2,031,746)
Total assets less current liabilities
(2,044,627)
(2,027,270)
Creditors: amounts falling due after more than one year
6
(20,000)
(20,000)
Net liabilities
(2,064,627)
(2,047,270)
Capital and reserves
Called up share capital
7
75
75
Profit and loss reserves
(2,064,702)
(2,047,345)
Total equity
(2,064,627)
(2,047,270)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

SMARTCARE MEDICAL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2024
30 June 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 12 June 2025 and are signed on its behalf by:
Mr S Seagrave
Mr  M  Bryan
Director
Director
Company Registration No. 07501653
SMARTCARE MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
1
Accounting policies
Company information

Smartcare Medical Limited is a private company limited by shares incorporated in England and Wales. The registered office and business address is 3 The Forum, Icknield Way Industrial Estate, Tring, Hertfordshire, HP23 4JY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The accounts have been prepared on a going concern basis based on the continued support of Tape Specialities Limited, a company under common control, and its directors.

 

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

The amount owed to group undertakings of £2,044,385 has been repaid in full subsequent to the year end.

1.3
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:

Property improvements
25% straight line
Plant and machinery
25% reducing balance

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.

SMARTCARE MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.5
Cash at bank and in hand

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 current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

SMARTCARE MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 6 -
Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
SMARTCARE MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2023 and 30 June 2024
5,798
106,884
112,682
Depreciation and impairment
At 1 July 2023
5,798
102,408
108,206
Depreciation charged in the year
-
0
1,119
1,119
At 30 June 2024
5,798
103,527
109,325
Carrying amount
At 30 June 2024
-
0
3,357
3,357
At 30 June 2023
-
0
4,476
4,476
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
560
24,849
Other debtors
37
4,059
597
28,908
5
Creditors: amounts falling due within one year
2024
2023
£
£
Other borrowings
4,000
2,059,348
Trade creditors
-
0
144
Amounts owed to group undertakings
2,044,385
-
0
Accruals and deferred income
1,735
1,683
2,050,120
2,061,175
SMARTCARE MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other borrowings
20,000
20,000
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
75
75
75
75
8
Events after the reporting date

Subsequent to the year end, the Company has issued 2,070,000 £1 ordinary shares to its parent company Smartcare Worldwide Limited.

9
Related party transactions

During the year, Smartcare Medical Limited received further financing from Tape Specialities Limited, a connected company by virtue of a common director S Seagrave, of £10,652 bringing the total balance to £2,070,000. During the year, this balance of £2,070,000 was novated in full to the company's parent company Smartcare Worldwide Limited. Subsequent to the novation of the loan, £4,000 was received from Tape Specialities Limited and is held within other borrowings at the balance sheet date.

 

Included within other creditors falling due after one year is M Bryan's director's loan account of £20,000 (2023 - £20,000).

 

Included within creditors is a balance of £2,044,385 (2023 - debtor of £22,909) owed to Smartcare Worldwide Limited, the parent company. This amount is interest free and repayable on demand.

10
Parent company

The company is controlled by Smartcare Worldwide Limited by virtue of the fact that the company owns 100% of the issued share capital. Smartcare Worldwide Limited is registered at the same address as noted in the company information above.

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