Ian Smith Medical Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 07170936

IAN SMITH MEDICAL LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 March 2025

IAN SMITH MEDICAL LIMITED

FINANCIAL STATEMENTS

PERIOD ENDED 31 MARCH 2025

CONTENTS	PAGE

Statement of financial position	1

Notes to the financial statements	3

IAN SMITH MEDICAL LIMITED

STATEMENT OF FINANCIAL POSITION

31 March 2025

	2025		2024
Note	£	£	£

FIXED ASSETS

Tangible assets	5	47,522	61,709
Investments	6	182,638	1,015,480
		----------	-------------
		230,160	1,077,189

CURRENT ASSETS

Debtors	7	1,213	935
Cash at bank and in hand		1,248,162	277,169
		-------------	----------
		1,249,375	278,104

CREDITORS: amounts falling due within one year	8	102,764		65,714
		-------------		----------
NET CURRENT ASSETS			1,146,611	212,390
			-------------	-------------
TOTAL ASSETS LESS CURRENT LIABILITIES			1,376,771	1,289,579

PROVISIONS

Taxation including deferred tax	12,595	11,725
	-------------	-------------
NET ASSETS	1,364,176	1,277,854
	-------------	-------------

IAN SMITH MEDICAL LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 March 2025

	2025		2024
Note	£	£	£

CAPITAL AND RESERVES

Called up share capital	9	100	100
Profit and loss account		1,364,076	1,277,754
		-------------	-------------
SHAREHOLDERS FUNDS		1,364,176	1,277,854
		-------------	-------------

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 period ending 31 March 2025 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 financial statements for the period in question in accordance with section 476 ;

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

These financial statements were approved by the board of directors and authorised for issue on 19 December 2025 , and are signed on behalf of the board by:

Mr I Smith
Director

Company registration number: 07170936

IAN SMITH MEDICAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

PERIOD ENDED 31 MARCH 2025

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Equitable House, 55 Pellon Lane, Halifax, West Yorkshire, HX1 5SP.

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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are not considered to be any judgements or accounting estimates or assumptions that have a significant impact on the financial statements.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Current and deferred tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:

Motor vehicles	-	25% Reducing balance
Equipment	-	33.33% Reducing balance

Investments

Investments held as fixed assets are stated at cost less any provisions for impairment. Investments are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable. Impairments are calculated such that the carrying value of the fixed asset investment is the lower of its cost or recoverable amount. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the period amounted to 2 (2024: 2 ).

5. TANGIBLE ASSETS

	Motor vehicles	Equipment	Total
	£	£	£
Cost
At 1 April 2024	61,208	16,995	78,203
Additions	–	1,328	1,328
	---------	---------	---------
At 31 March 2025	61,208	18,323	79,531
	---------	---------	---------
Depreciation
At 1 April 2024	4,034	12,460	16,494
Charge for the period	14,294	1,221	15,515
	---------	---------	---------
At 31 March 2025	18,328	13,681	32,009
	---------	---------	---------
Carrying amount
At 31 March 2025	42,880	4,642	47,522
	---------	---------	---------
At 31 March 2024	57,174	4,535	61,709
	---------	---------	---------

6. INVESTMENTS

	West Yorkshire ENT Surgeons	Elevate Investment	Portfolio Investment	Total
	£	£	£	£
Cost
At 1 April 2024	182,638	610,939	221,903	1,015,480
Disposals	–	( 610,939)	( 221,903)	(832,842)
	----------	----------	----------	-------------
At 31 March 2025	182,638	–	–	182,638
	----------	----------	----------	-------------
Impairment
At 1 April 2024 and 31 March 2025	–	–	–	–
	----------	----------	----------	-------------

Carrying amount
At 31 March 2025	182,638	–	–	182,638
	----------	----------	----------	-------------
At 31 March 2024	182,638	610,939	221,903	1,015,480
	----------	----------	----------	-------------

On 6 April 2010, the company acquired from the sole director, Mr I Smith , an interest in the trading partnership of West Yorkshire ENT Surgeons for its agreed market value of £182,638.

The Portfolio and elevate Investments relate to monies invested in authorised financial institutions.

7. DEBTORS

	2025	2024
	£	£
Prepayments and accrued income	1,213	935
	-------	----

8. CREDITORS: amounts falling due within one year

	2025	2024
	£	£
Accruals and deferred income	4,456	50,113
Corporation tax	29,285	7,911
Director loan accounts	29,972	7,690
Other creditors	39,051	–
	----------	---------
	102,764	65,714
	----------	---------

9. CALLED UP SHARE CAPITAL

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The director's loan account was in credit throughout the year. The loan is repayable on demand and no interest is charged.