Company Registration No. 07135763 (England and Wales)
CARE MEDICAL LIMITED
Unaudited accounts
for the year ended 31 March 2023
CARE MEDICAL LIMITED
Unaudited accounts
Contents
CARE MEDICAL LIMITED
Company Information
for the year ended 31 March 2023
Company Number
07135763 (England and Wales)
Registered Office
THE IVY CLINIC
190 KINGSTON ROAD
TEDDINGTON
MIDDLESEX
TW11 9JD
CARE MEDICAL LIMITED
Statement of financial position
as at 31 March 2023
Tangible assets
159,662
140,668
Cash at bank and in hand
271,770
90,083
Creditors: amounts falling due within one year
(62,819)
(164,078)
Net current assets
216,837
120,215
Total assets less current liabilities
376,499
260,883
Creditors: amounts falling due after more than one year
(53,875)
(76,125)
Provisions for liabilities
Deferred tax
(3,199)
(3,199)
Net assets
319,425
181,559
Called up share capital
1,000
1,000
Profit and loss account
318,425
180,559
Shareholders' funds
319,425
181,559
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 28 July 2023 and were signed on its behalf by
Dr Dillon Chan
Director
Company Registration No. 07135763
CARE MEDICAL LIMITED
Notes to the Accounts
for the year ended 31 March 2023
CARE MEDICAL LIMITED is a private company, limited by shares, registered in England and Wales, registration number 07135763. The registered office is THE IVY CLINIC, 190 KINGSTON ROAD, TEDDINGTON, MIDDLESEX, TW11 9JD.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the statement of comprehensive income in the same period as the related expenditure.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
The accounts have been prepared on the going concern basis due to the continued support of the director, and principle creditor, Mr D Chan.
CARE MEDICAL LIMITED
Notes to the Accounts
for the year ended 31 March 2023
The tax expense for the year comprises current and deferred tax. 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.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the statement of financial position date, except that:
1) The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
2) Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
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.
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:
Land & buildings
25% reducing balance
Plant & machinery
25% reducing balance
Computer equipment
25% reducing balance
Inventories are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, inventories are assessed for impairment. If inventory is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss
CARE MEDICAL LIMITED
Notes to the Accounts
for the year ended 31 March 2023
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Judgments in applying accounting policies 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.
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Tangible fixed assets
Land & buildings
Plant & machinery
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 April 2022
87,776
256,649
2,602
347,027
Additions
-
49,509
9,462
58,971
Disposals
-
-
(1,171)
(1,171)
At 31 March 2023
87,776
306,158
10,893
404,827
At 1 April 2022
50,998
154,694
667
206,359
Charge for the year
9,195
28,732
1,172
39,099
On disposals
-
-
(293)
(293)
At 31 March 2023
60,193
183,426
1,546
245,165
At 31 March 2023
27,583
122,732
9,347
159,662
At 31 March 2022
36,778
101,955
1,935
140,668
Finished goods
5,000
5,000
Amounts falling due within one year
Accrued income and prepayments
1,345
1,345
CARE MEDICAL LIMITED
Notes to the Accounts
for the year ended 31 March 2023
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Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
22,723
23,803
Obligations under finance leases and hire purchase contracts
12,455
16,165
Trade creditors
20,047
20,047
Taxes and social security
1,052
95,361
Other creditors
6,542
6,542
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Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
29,456
42,080
Allotted, called up and fully paid:
- Ordinary shares of £1 each
-
1,000
510 Ordinary A shares of £1 each
510
-
490 Ordinary B shares of £1 each
490
-
Shares issued during the period:
510 Ordinary A shares of £1 each
510
490 Ordinary B shares of £1 each
490
Directors loans repaid within 9 months of year end
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Average number of employees
During the year the average number of employees was 7 (2022: 7).