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Company No: 04068070 (England and Wales)

LOCAMED LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH THE REGISTRAR

LOCAMED LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024

Contents

LOCAMED LIMITED

COMPANY INFORMATION

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
LOCAMED LIMITED

COMPANY INFORMATION (continued)

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
DIRECTORS C Brown
S K Ford
J A Ford
SECRETARY J A Ford
REGISTERED OFFICE Unit 4 Enterprise Centre
Coxbridge Business Park
Alton Road
Farnham
Surrey
GU10 5EH
United Kingdom
COMPANY NUMBER 04068070 (England and Wales)
ACCOUNTANT Shaw Gibbs Limited
Wey Court West
Union Road
Farnham
Surrey
GU9 7PT
LOCAMED LIMITED

BALANCE SHEET

AS AT 30 SEPTEMBER 2024
LOCAMED LIMITED

BALANCE SHEET (continued)

AS AT 30 SEPTEMBER 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 4 3,410 6,820
Tangible assets 5 68,847 79,146
72,257 85,966
Current assets
Stocks 6 603,053 632,097
Debtors 7 472,270 532,453
Cash at bank and in hand 8 1,138,699 1,304,554
2,214,022 2,469,104
Creditors: amounts falling due within one year 9 ( 741,417) ( 749,536)
Net current assets 1,472,605 1,719,568
Total assets less current liabilities 1,544,862 1,805,534
Provision for liabilities 10, 11 ( 10,225) ( 13,907)
Net assets 1,534,637 1,791,627
Capital and reserves
Called-up share capital 100 100
Profit and loss account 1,534,537 1,791,527
Total shareholders' funds 1,534,637 1,791,627

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:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of LocaMed Limited (registered number: 04068070) were approved and authorised for issue by the Board of Directors on 25 June 2025. They were signed on its behalf by:

J A Ford
Director
LOCAMED LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
LOCAMED 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

LocaMed 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 Unit 4 Enterprise Centre, Coxbridge Business Park, Alton Road, Farnham, Surrey, GU10 5EH, 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 £.

Foreign currency

Transactions in foreign currencies are recorded using HMRC monthly exchange rates relevant at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

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

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

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.

Taxation

Current tax
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement 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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Computer software 3 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 10 years straight line
Plant and machinery 3 years straight line
Fixtures and fittings 3 years straight line

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Trade and other debtors

Trade and other debtors are recognised at fair value 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 recognised at fair value.

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.

Financial instruments

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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are recognised at transaction price.

Provisions

Provisions are recognised when the entity has a present obligation (legal or constructive) as a result of a past event, it is probable that the will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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).

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 14 14

3. Dividends on equity shares

2024 2023
£ £
Amounts recognised as distributions to equity holders in the financial year:
Final dividend for the financial year ended 30 September 2024 of £1,800.00 (2023: £Nil) per ordinary share 180,000 0
Interim dividend for the financial year ended 30 September 2024 of £1,900.00 (2023: £2,650.01) per ordinary share 190,000 265,001
370,000 265,001

The final dividend was voted and approved prior to the year end but not paid. The liability is reflected within accruals.

4. Intangible assets

Computer software Total
£ £
Cost
At 01 October 2023 10,230 10,230
At 30 September 2024 10,230 10,230
Accumulated amortisation
At 01 October 2023 3,410 3,410
Charge for the financial year 3,410 3,410
At 30 September 2024 6,820 6,820
Net book value
At 30 September 2024 3,410 3,410
At 30 September 2023 6,820 6,820

5. Tangible assets

Leasehold improve-
ments
Plant and machinery Fixtures and fittings Total
£ £ £ £
Cost
At 01 October 2023 88,989 7,049 46,133 142,171
Additions 0 0 9,207 9,207
Disposals 0 0 ( 4,379) ( 4,379)
At 30 September 2024 88,989 7,049 50,961 146,999
Accumulated depreciation
At 01 October 2023 22,096 5,774 35,155 63,025
Charge for the financial year 8,899 1,275 8,350 18,524
Disposals 0 0 ( 3,397) ( 3,397)
At 30 September 2024 30,995 7,049 40,108 78,152
Net book value
At 30 September 2024 57,994 0 10,853 68,847
At 30 September 2023 66,893 1,275 10,978 79,146

6. Stocks

2024 2023
£ £
Stocks 603,053 632,097

7. Debtors

2024 2023
£ £
Trade debtors 399,494 400,122
Prepayments and accrued income 70,306 131,608
Other debtors 2,470 723
472,270 532,453

8. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 1,138,699 1,304,554

9. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 374,930 499,214
Accruals 183,580 46,844
Corporation tax 58,313 120,141
Other taxation and social security 117,373 59,234
Other creditors 7,221 24,103
741,417 749,536

10. Provision for liabilities

2024 2023
£ £
Deferred tax 10,225 13,907

11. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 13,907) ( 16,621)
Credited to the Statement of Income and Retained Earnings 3,682 2,714
At the end of financial year ( 10,225) ( 13,907)

The deferred taxation balance is made up as follows:

2024 2023
£ £
Accelerated capital allowances ( 10,300) ( 14,134)
Other timing differences 75 227
( 10,225) ( 13,907)

12. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 36,187 49,040
between one and five years 18,000 54,187
54,187 103,227