Company Registration No. 11030467 (England and Wales)
AVANTGARDE MEDICAL SERVICES (AMS) LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2018
PAGES FOR FILING WITH REGISTRAR
LB GROUP
Suite E2, 2nd Floor
The Octagon
Middleborough
Colchester
Essex
CO1 1TG
AVANTGARDE MEDICAL SERVICES (AMS) LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
AVANTGARDE MEDICAL SERVICES (AMS) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 OCTOBER 2018
31 October 2018
- 1 -
2018
Notes
£
£
Current assets
Debtors
3
16,993
Cash at bank and in hand
32
17,025
Creditors: amounts falling due within one year
4
(75,547)
Net current liabilities
(58,522)
Capital and reserves
Called up share capital
1
Profit and loss reserves
(58,523)
Total equity
(58,522)
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial period ended 31 October 2018 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 period 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 by the board of directors and authorised for issue on 19 July 2019 and are signed on its behalf by:
H Ackerman
Director
Company Registration No. 11030467
AVANTGARDE MEDICAL SERVICES (AMS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2018
- 2 -
1
Accounting policies
Company information
Avantgarde Medical Services (AMS) Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Suite E2, 2nd Floor, The Octagon, Middleborough, Colchester, Essex, CO1 1TG.
1.1
Accounting convention
These financial statements have been prepared in accordance with 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 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 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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Reporting period
The Company was incorporated on 25 October 2017 and began trading from that date. As such, future periods will not be wholly comparable.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
AVANTGARDE MEDICAL SERVICES (AMS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2018
1
Accounting policies
(Continued)
- 3 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.
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
Employees
The average monthly number of persons (including directors) employed by the company during the period was 3.
3
Debtors
2018
Amounts falling due within one year:
£
Trade debtors
13,000
2018
Amounts falling due after more than one year:
£
Deferred tax asset
3,993
Total debtors
16,993
AVANTGARDE MEDICAL SERVICES (AMS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2018
- 4 -
4
Creditors: amounts falling due within one year
2018
£
Taxation and social security
31,402
Other creditors
44,145
75,547
5
Directors' transactions
No guarantees have been given or received.