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COMPANY REGISTRATION NUMBER: 13630914
MEDISEC LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 September 2024
MEDISEC LIMITED
STATEMENT OF FINANCIAL POSITION
30 September 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
4
9,604
10,996
CURRENT ASSETS
Debtors
5
1,385
656
Cash at bank and in hand
375
674
-------
-------
1,760
1,330
CREDITORS: amounts falling due within one year
6
44,273
32,115
--------
--------
NET CURRENT LIABILITIES
42,513
30,785
--------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 32,909)
( 19,789)
CREDITORS: amounts falling due after more than one year
7
5,525
7,793
--------
--------
NET LIABILITIES
( 38,434)
( 27,582)
--------
--------
CAPITAL AND RESERVES
Called up share capital fully paid
100
100
Profit and loss account
( 38,534)
( 27,682)
--------
--------
SHAREHOLDERS DEFICIT
( 38,434)
( 27,582)
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
MEDISEC LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 September 2024
These financial statements were approved by the board of directors and authorised for issue on 3 June 2025 , and are signed on behalf of the board by:
Mr B Hollis
Director
Company registration number: 13630914
MEDISEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Headlands House, 1 Kings Court, Kettering Parkway, Kettering, Northamptonshire, NN15 6WJ.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity
Going concern
The company currently meets its daily working capital requirements through operating revenues and financial support from the director. On this basis, the directors consider it appropriate to prepare the accounts on the going concern basis. The accounts do not include any adjustments that would result from the failure to raise any additional finance that may prove necessary.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.
4. TANGIBLE ASSETS
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2023 and 30 September 2024
110
1,159
11,495
12,764
----
-------
--------
--------
Depreciation
At 1 October 2023
48
283
1,437
1,768
Charge for the year
16
119
1,257
1,392
----
-------
--------
--------
At 30 September 2024
64
402
2,694
3,160
----
-------
--------
--------
Carrying amount
At 30 September 2024
46
757
8,801
9,604
----
-------
--------
--------
At 30 September 2023
62
876
10,058
10,996
----
-------
--------
--------
5. DEBTORS
2024
2023
£
£
Trade debtors
229
Other debtors
1,156
656
-------
----
1,385
656
-------
----
6. CREDITORS: amounts falling due within one year
2024
2023
£
£
Trade creditors
3,152
2,219
Accruals and deferred income
1,752
1,572
Obligations under finance leases and hire purchase contracts
2,338
2,338
Other creditors
37,031
25,986
--------
--------
44,273
32,115
--------
--------
HP Creditors are secured on the assets they relate to.
7. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Obligations under finance leases and hire purchase contracts
5,525
7,793
-------
-------
HP Creditors are secured on the assets they relate to.
8. RELATED PARTY TRANSACTIONS
The director has advanced monies to the company. At 30 September 2024 the amount due from the company was £32,405 (2023 - £21,668).
9. GOING CONCERN
The director has considered the period to 30 June 2026 when assessing the company's ability to continue as a going concern. It is believed that the company will be able to satisfy its liabilities as these become payable, or alternatively will be sold as a going concern.