Merron Medical Limited
Unaudited Financial Statements
For Filing with Registrar
For the year ended 31 March 2020
Company Registration No. 10468522 (England and Wales)
Merron Medical Limited
Balance Sheet
As at 31 March 2020
Page 1
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
5
1,807
959
Current assets
Debtors
6
1,179
7,314
Cash at bank and in hand
32,899
6,877
34,078
14,191
Creditors: amounts falling due within one year
7
(35,370)
(14,650)
Net current liabilities
(1,292)
(459)
Total assets less current liabilities
515
500
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
415
400
Total equity
515
500
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act 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.
Merron Medical Limited
Balance Sheet (Continued)
As at 31 March 2020
Page 2
The financial statements were approved by the board of directors and authorised for issue on 2 November 2020 and are signed on its behalf by:
Dr S Merron
Director
Company Registration No. 10468522
Merron Medical Limited
Notes to the Financial Statements
For the year ended 31 March 2020
Page 3
1
Accounting policies
Company information
Merron Medical Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Betchworth House, 57-65 Station Road, Redhill, Surrey, RH1 1DL.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors have assessed the impact of the worldwide COVID-19 pandemic on the company and consider any impact or delays to be short term only. As a result the directors believe that the company will be able to continue in business and meet its liabilities as they fall due for a period of at least twelve months from the date of approval of the financial statements.
true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business
.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Financial instruments
The company only has financial instruments classified as basic and measured at amortised cost. The company has no financial instruments that are classified as 'other' or financial instruments measured at fair value.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Merron Medical Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2020
1
Accounting policies
(Continued)
Page 4
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 2
(2019 - 2).
3
Taxation
2020
2019
£
£
Current tax
UK corporation tax on profits for the current period
16,928
11,875
Adjustments in respect of prior periods
-
15
Total current tax
16,928
11,890
4
Dividends
2020
2019
£
£
Final paid
73,000
50,000
Merron Medical Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2020
Page 5
5
Tangible fixed assets
IT Equipment
£
Cost
At 1 April 2019
1,705
Additions
1,699
At 31 March 2020
3,404
Depreciation and impairment
At 1 April 2019
746
Depreciation charged in the year
851
At 31 March 2020
1,597
Carrying amount
At 31 March 2020
1,807
At 31 March 2019
959
6
Debtors
2020
2019
Amounts falling due within one year:
£
£
Corporation tax recoverable
1,179
1,794
Other debtors
-
5,520
1,179
7,314
7
Creditors: amounts falling due within one year
2020
2019
£
£
Corporation tax
16,928
12,490
Other creditors
16,210
-
Accruals and deferred income
2,232
2,160
35,370
14,650
Merron Medical Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2020
Page 6
8
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100
100
9
Related party transactions
Included within other creditors is £16,210 owed to (2019: £5,520 owed from) the directors.
During the period dividends totalling £73,000 (2019: £50,000) were paid to the directors.