Medical Solutions (GB) Ltd

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

Medical Solutions (GB) Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09840920 . The registered office is 36 Lichfield Street, Walsall, West Midlands, WS1 1TJ.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Going Concern Disclosure

Due to the impact of COVID-19, the directors have identified material uncertainties that may cast significant doubt about the company's ability to continue as a going concern, however, the going concern basis remains appropriate as the directors have agreed to support the business for the following 12 months.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	15% Reducing Balance
Motor Vehicles	10% Straight Line
Fixtures & Fittings	33% Straight Line
Computer Equipment	33% Straight Line

2.5. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.6. 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.

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

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Medical Solutions (GB) Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2024

2.6. Financial Instruments - continued

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.

2.7. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.8. Government Grant

Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.

Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.

All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 3 (2023: 3)

4. Tangible Assets

	Plant & Machinery	Motor Vehicles	Computer Equipment	Total
	£	£	£	£
Cost
As at 1 November 2023	113,339	252,204	-	365,543
Additions	114,438	64,842	2,590	181,870

As at 31 October 2024	227,777	317,046	2,590	547,413

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Medical Solutions (GB) Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2024

Depreciation
As at 1 November 2023	17,002	26,421	-	43,423
Provided during the period	19,384	28,912	855	49,151

As at 31 October 2024	36,386	55,333	855	92,574

Net Book Value
As at 31 October 2024	191,391	261,713	1,735	454,839

As at 1 November 2023	96,337	225,783	-	322,120

5. Debtors

	2024	2023
	£	£
Due within one year
Prepayments and accrued income	74,359	90,686
Deferred tax current asset	113,628	104,029

	187,987	194,715

6. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Net obligations under finance lease and hire purchase contracts	21,486	-
Trade creditors	14,795	18,394
Bank loans and overdrafts	27,173	29,171
Other taxes and social security	6,162	4,908
VAT	1,799	331
Net wages	3,194	3,054
Accruals and deferred income	1,854	2,500
Directors' loan accounts	356,850	442,646

	433,313	501,004

7. Creditors: Amounts Falling Due After More Than One Year

	2024	2023
	£	£
Net obligations under finance lease and hire purchase contracts	96,490	-
Bank loans	16,985	18,128

	113,475	18,128

8. Obligations Under Finance Leases and Hire Purchase

	2024	2023
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	21,486	-
Later than one year and not later than five years	96,490	-

	117,976	-

	117,976	-

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Medical Solutions (GB) Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2024

9. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	100	100

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		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		454,839		322,120

			454,839		322,120
CURRENT ASSETS
Debtors	5	187,987		194,715
Cash at bank and in hand		34,780		5,000

		222,767		199,715
Creditors: Amounts Falling Due Within One Year	6	(433,313 )		(501,004 )

NET CURRENT ASSETS (LIABILITIES)			(210,546 )		(301,289 )

TOTAL ASSETS LESS CURRENT LIABILITIES			244,293		20,831

Creditors: Amounts Falling Due After More Than One Year	7		(113,475 )		(18,128 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(100,817 )		(80,530 )

NET ASSETS/(LIABILITIES)			30,001		(77,827 )

CAPITAL AND RESERVES
Called up share capital	9		100		100
Profit and Loss Account			29,901		(77,927 )

SHAREHOLDERS' FUNDS			30,001		(77,827)