Mounts Bay Medical Limited 07842395 false 2023-10-01 2024-09-30 2024-09-30 The principal activity of the company is the provision of clinical research work Digita Accounts Production Advanced 6.30.9574.0 true 07842395 2023-10-01 2024-09-30 07842395 2024-09-30 07842395 core:CurrentFinancialInstruments 2024-09-30 07842395 core:CurrentFinancialInstruments core:WithinOneYear 2024-09-30 07842395 core:FurnitureFittingsToolsEquipment 2024-09-30 07842395 bus:SmallEntities 2023-10-01 2024-09-30 07842395 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 07842395 bus:FilletedAccounts 2023-10-01 2024-09-30 07842395 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 07842395 bus:RegisteredOffice 2023-10-01 2024-09-30 07842395 bus:Director1 2023-10-01 2024-09-30 07842395 bus:Director8 2023-10-01 2024-09-30 07842395 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 07842395 core:FurnitureFittingsToolsEquipment 2023-10-01 2024-09-30 07842395 core:OfficeEquipment 2023-10-01 2024-09-30 07842395 countries:AllCountries 2023-10-01 2024-09-30 07842395 2023-09-30 07842395 core:FurnitureFittingsToolsEquipment 2023-09-30 07842395 2022-10-01 2023-09-30 07842395 2023-09-30 07842395 core:CurrentFinancialInstruments 2023-09-30 07842395 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 07842395 core:FurnitureFittingsToolsEquipment 2023-09-30 iso4217:GBP xbrli:pure

Mounts Bay Medical Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 September 2024

Registration number: 07842395

 

Mounts Bay Medical Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 6

 

Mounts Bay Medical Limited

Balance Sheet

30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

11,550

12,788

Current assets

 

Stocks

5

104,595

197,721

Debtors

6

118,000

56,400

Cash at bank and in hand

 

123,684

176,551

 

346,279

430,672

Creditors: Amounts falling due within one year

7

(174,987)

(276,347)

Net current assets

 

171,292

154,325

Total assets less current liabilities

 

182,842

167,113

Provisions for liabilities

(2,121)

(2,430)

Net assets

 

180,721

164,683

Capital and reserves

 

Called up share capital

45,000

45,000

Share premium reserve

84,500

84,500

Capital redemption reserve

15,000

15,000

Profit and loss account

36,221

20,183

Shareholders' funds

 

180,721

164,683

 

Mounts Bay Medical Limited

Balance Sheet

30 September 2024

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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 15 May 2025 and signed on its behalf by:
 

.........................................
Dr Christopher Martin Whitworth
Director

.........................................
Dr Ewen Cowan
Director

 
     

Company Registration Number: 07842395

 

Mounts Bay Medical Limited

Notes to the Financial Statements

Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Connor Downs Surgery
Turnpike Road
Connor Downs
Hayle
Cornwall
TR27 5DT

These financial statements were authorised for issue by the Board on 15 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including Section 1a and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Mounts Bay Medical Limited

Notes to the Financial Statements

Year Ended 30 September 2024

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

20% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.


 

 

Mounts Bay Medical Limited

Notes to the Financial Statements

Year Ended 30 September 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2023

29,647

29,647

Additions

1,650

1,650

At 30 September 2024

31,297

31,297

Depreciation

At 1 October 2023

16,859

16,859

Charge for the year

2,888

2,888

At 30 September 2024

19,747

19,747

Carrying amount

At 30 September 2024

11,550

11,550

At 30 September 2023

12,788

12,788

5

Stocks

2024
£

2023
£

Work in progress

104,595

197,721

6

Debtors

2024
£

2023
£

Trade debtors

112,374

53,456

Prepayments

5,626

2,944

118,000

56,400

 

Mounts Bay Medical Limited

Notes to the Financial Statements

Year Ended 30 September 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

2,582

53,885

Taxation and social security

4,201

2,594

Accruals and deferred income

2,664

2,431

Other creditors

165,540

217,437

174,987

276,347