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Company registration number: 13158487
BOURNE MEDICAL LIMITED
Unaudited
Financial statements
Information for filing with the registrar
For the Year Ended 31 March 2025
Coveney Nicholls Limited
Chartered Accountants
The Old Wheel House
31/37 Church Street
Reigate
Surrey
UK
RH2 0AD
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BOURNE MEDICAL LIMITED
Registered number:13158487
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Statement of Financial Position
As at 31 March 2025
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
___________________________
Dr William Asher
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___________________________
Dr Syed Atif Hasan
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BOURNE MEDICAL LIMITED
Registered number:13158487
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Statement of Financial Position (continued)
As at 31 March 2025
The notes on pages 3 to 7 form part of these financial statements.
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Notes to the Financial Statements
For the Year Ended 31 March 2025
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Purley War Memorial Hospital, 856 Brighton Road, Purley, Surrey, CR8 2YL, England.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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Notes to the Financial Statements
For the Year Ended 31 March 2025
2.Accounting policies (continued)
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income 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 income.
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.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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Revaluation of tangible fixed assets
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Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
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Notes to the Financial Statements
For the Year Ended 31 March 2025
2.Accounting policies (continued)
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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.
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The average monthly number of employees, including directors, during the year was 4 (2024 - 4).
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The investment property was acquired October 2021 and is recognised at cost. Given the time elapsed and the nature of the property, the directors do not consider the valuation at the period end to be materially different from the purchase price.
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Notes to the Financial Statements
For the Year Ended 31 March 2025
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to other participating interests
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Payments received on account
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Amounts owed to other participating interests
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Director's advances, credits and guarantees
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Advances/(credits) to the directors
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Notes to the Financial Statements
For the Year Ended 31 March 2025
8.Director's advances, credits and guarantees (continued)
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Advances/(credits) to the directors
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Related party transactions
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The company was advanced loans from shareholder companies, Avicenna Medical Limited and Vizitwa Limited, controlled by Dr A Hasan and Dr F Sami, respectively, both of whom are directors of the company. The value of the loans advanced were £262,500 each. The loans were advanced to assist with the purchase of the property and repayment terms are formally agreed with interest payable at a rate of 3.9% (2024 - 3.9%). The value of each loan outstanding as at 31 March 2025 was £228,858 (2024 - £238,897).
At 31 March 2025 this company owed a total of £24,000 to the shareholder companies of Avicenna Medical Limited (£6,000), Vizitwa Limited (£6,000), Iremco Limited (£6,000) and Engram Medical Limited (£6,000). Iremco Limited and Engram Medical Limited are controlled by directors of this company, Dr W Asher and Dr Q H Syed respectively.
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