Company Registration No. 06796063 (England and Wales)
ANGLO MEDICAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
PAGES FOR FILING WITH REGISTRAR
ANGLO MEDICAL LIMITED
COMPANY INFORMATION
Director
Mrs E Kitromilides
Company number
06796063
Registered office
7d Dragoon House
Hussar Court
Waterlooville
Hampshire
United Kingdom
PO7 7SF
Accountants
Ad Valorem Accountancy Services Ltd
7d Dragoon House
Hussar Court
Waterlooville
Hampshire
United Kingdom
PO7 7SF
Business address
Room 203
31 Southampton Row
Holborn
London
WC1B SHJ
ANGLO MEDICAL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
ANGLO MEDICAL LIMITED
BALANCE SHEET
AS AT
30 JUNE 2019
30 June 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
12,242
13,414
Current assets
Debtors
4
206,765
365,861
Cash at bank and in hand
298,745
250,939
505,510
616,800
Creditors: amounts falling due within one year
5
(427,815)
(444,144)
Net current assets
77,695
172,656
Total assets less current liabilities
89,937
186,070
Capital and reserves
Called up share capital
6
100
1
Profit and loss reserves
89,837
186,069
Total equity
89,937
186,070
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 June 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on
19 March 2020
Mrs E Kitromilides
Director
Company Registration No. 06796063
ANGLO MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
- 2 -
1
Accounting policies
Company information
Anglo Medical Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
7d Dragoon House, Hussar Court, Waterlooville, Hampshire, United Kingdom, PO7 7SF.
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.3
Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. 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:
Fixtures and fittings
15 % RB
Computers
15 % RB
Motor vehicles
15 % RB
ANGLO MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
1
Accounting policies
(Continued)
- 3 -
1.4
Financial instruments
Debt instruments (other than those wholly repayable or receivable within one year, and loans from directors who are also shareholders), including loans and other accounts receivable and payable, are initially measured at the present value of the future cash flows and subsequently at amortised cost using the effective interest method.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, and loans from directors who are also shareholders, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
Financial assets are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to offset 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.
1.5
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 year 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 asset reflects 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 or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively
.
ANGLO MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
1
Accounting policies
(Continued)
- 4 -
1.6
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2
Employees
The average monthly number of persons (including directors) employed by the company during year was 4
(2018-4).
3
Tangible fixed assets
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2018
713
13,094
25,884
39,691
Additions
-
989
-
989
At 30 June 2019
713
14,083
25,884
40,680
Depreciation and impairment
At 1 July 2018
447
5,492
20,338
26,277
Depreciation charged in the year
40
1,289
832
2,161
At 30 June 2019
487
6,781
21,170
28,438
Carrying amount
At 30 June 2019
226
7,302
4,714
12,242
At 30 June 2018
266
7,602
5,546
13,414
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
195,850
350,030
Other debtors
10,915
15,831
206,765
365,861
ANGLO MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
- 5 -
5
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
390,743
428,099
Corporation tax
-
8,275
Other taxation and social security
18,941
1,627
Other creditors
18,131
6,143
427,815
444,144
6
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
1
7
Other commitments
At the end of the period the company had annual commitments under non-cancellable leases as follows:
Land and buildings
2019 2018
£ £
10,000 15,167