Merron Medical Limited
Unaudited Financial Statements
For the year ended 31 March 2022
For Filing with Registrar
Company Registration No. 10468522 (England and Wales)
Merron Medical Limited
Balance Sheet
As at 31 March 2022
31 March 2022
Page 1
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,895
3,640
Current assets
Debtors
5
12,034
17,377
Cash at bank and in hand
137,182
119,297
149,216
136,674
Creditors: amounts falling due within one year
6
(24,021)
(41,734)
Net current assets
125,195
94,940
Total assets less current liabilities
128,090
98,580
Creditors: amounts falling due after more than one year
7
(15,819)
(20,833)
Net assets
112,271
77,747
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
112,171
77,647
Total equity
112,271
77,747
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 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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 2022
31 March 2022
Page 2
The financial statements were approved by the board of directors and authorised for issue on 28 November 2022 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 2022
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 £.
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:
Computer equipment
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 transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Merron Medical Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2022
1
Accounting policies
(Continued)
Page 4
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Merron Medical Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2022
Page 5
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was 2
(2021: 2).
4
Tangible fixed assets
IT Equipment
£
Cost
At 1 April 2021
6,451
Additions
220
At 31 March 2022
6,671
Depreciation and impairment
At 1 April 2021
2,811
Depreciation charged in the year
965
At 31 March 2022
3,776
Carrying amount
At 31 March 2022
2,895
At 31 March 2021
3,640
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Corporation tax recoverable
2,819
4,183
Other debtors
9,215
13,194
12,034
17,377
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
5,000
4,167
Corporation tax
13,154
35,005
Other taxation and social security
3,006
Other creditors
2,861
2,562
24,021
41,734
Merron Medical Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2022
Page 6
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
15,819
20,833
Amounts included above which fall due after five years are as follows:
Payable by instalments
-
833
8
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100
100
9
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
37,222
17,270
10
Related party transactions
Included within Other Debtors at the year end was a balance of £
8,676
(2021: £12,872) due from the directors.
During the year, dividends totalling £26,300 (2021: £56,000) were paid to the directors.