Central Medical Services Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07643110 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 June 2018

for

Central Medical Services Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

S Wood

REGISTERED OFFICE:

4 Robey Close

Linby

Nottingham

NG15 8AA

REGISTERED NUMBER:

07643110 (England and Wales)

ACCOUNTANTS:

Mabe Allen LLP

Chartered Accountants

The Old Manse

29 St. Mary Street

Ilkeston

Derbyshire

DE7 8AB

FIXED ASSETS

Tangible assets

4

353,094

235,838

CURRENT ASSETS

Stocks

13,250

400

Debtors

5

824,298

395,514

Cash at bank

6,214

-

843,762

395,914

CREDITORS

Amounts falling due within one year

6

699,198

428,954

NET CURRENT ASSETS/(LIABILITIES)

144,564

(33,040

)

TOTAL ASSETS LESS CURRENT LIABILITIES

497,658

202,798

CREDITORS

Amounts falling due after more than one year

7

(358,105

)

(47,278

)

PROVISIONS FOR LIABILITIES

(10,749

)

(28,905

)

NET ASSETS

128,804

126,615

CAPITAL AND RESERVES

Called up share capital

10

4

4

Retained earnings

128,800

126,611

SHAREHOLDERS' FUNDS

128,804

126,615

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director on 25 March 2019 and were signed by:

S Wood - Director

1.	STATUTORY INFORMATION

Central Medical Services Ltd is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company

Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

The figures in the financial statements are rounded to the nearest £1.

The company is not a member of a group and these financial statements therefore cover only the

individual company.

The company's place of business is Unit 4 Robey Close Linby Nottinghamshire NG15 8AA.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

33% on cost

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation,

net of depreciation and any impairment losses.

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.

At each reporting period end date, the company reviews the carrying amounts of its tangible and

intangible assets to determine whether there is any indication that those assets have suffered an

impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in

order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the

recoverable amount of an individual asset, the company estimates the recoverable amount of the

cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in

use, the estimated future cash flows are discounted to their present value using a pre-tax discount

rate that reflects current market assessments of the time value of money and the risks specific to the

asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its

carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its

recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the

relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a

revaluation decrease.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that

are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is

probable that they will be recovered against the reversal of deferred tax liabilities or other future

taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those

held under finance leases are depreciated over their estimated useful lives or the lease term,

whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The

capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the

period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents

Cash and cash equivalents 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.

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.

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.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators

of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events

that occurred after the initial recognition of the financial asset, the estimated future cash flows have

been affected. If an asset is impaired, the impairment loss is the difference between the carrying

amount and the present value of the estimated cash flows discounted at the asset's original effective

interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was

recognised, the impairment is reversed. The reversal is such that the current carrying amount does

not exceed what the carrying amount would have been, had the impairment not previously been

recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset

expire or are settled, or when the company transfers the financial asset and substantially all the risks

and rewards of ownership to another entity, or if some significant risks and rewards of ownership are

retained but control of the asset has transferred to another party that is able to sell the asset in its

entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual

arrangements entered into. An equity instrument is any contract that evidences a residual interest in

the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and

preference shares that are classified as debt, are initially recognised at transaction price unless the

arrangement constitutes a financing transaction, where the debt instrument is measured at the

present value of the future receipts discounted at a market rate of interest. Financial liabilities

classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary

course of business from suppliers. Amounts payable are classified as current liabilities if payment is

due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are

recognised initially at transaction price and subsequently measured at amortised cost using the

effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are

discharged or cancelled.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2017 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 July 2017

46,916

5,798

252,040

304,754

Additions

27,166

828

283,280

311,274

Disposals

(10,451

)

-

(128,655

)

(139,106

)

At 30 June 2018

63,631

6,626

406,665

476,922

DEPRECIATION

At 1 July 2017

22,392

1,321

45,203

68,916

Charge for year

23,390

797

74,669

98,856

Eliminated on disposal

(10,451

)

-

(33,493

)

(43,944

)

At 30 June 2018

35,331

2,118

86,379

123,828

NET BOOK VALUE

At 30 June 2018

28,300

4,508

320,286

353,094

At 30 June 2017

24,524

4,477

206,837

235,838

The net book value of tangible fixed assets includes £ 284,902 (2017 - £ 83,708 ) in respect of assets

held under hire purchase contracts and finance leases.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

541,136

351,249

Accrued income

256,562

41,821

Prepayments

26,600

2,444

824,298

395,514

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

-

3,153

Hire purchase contracts and finance leases (see note 8)

86,856

32,093

Trade creditors

96,519

31,224

Taxation and social security

68,033

35,795

Other creditors

447,790

326,689

699,198

428,954

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts and finance leases (see note 8)

191,283

47,278

Other creditors

166,822

-

358,105

47,278

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

Finance leases

2018

2017

2018

2017

£

£

£

£

Net obligations repayable:

Within one year

6,800

6,171

80,056

25,922

Between one and five years

2,267

-

189,016

47,278

9,067

6,171

269,072

73,200

Non-cancellable

operating leases

2018

2017

£

£

Within one year

24,775

17,500

Between one and five years

47,877

57,941

72,652

75,441

9.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Advance from debt factor

301,336

174,055

Other loans

224,895

-

Hire purchase contracts and finance leases

278,139

79,371

804,370

253,426

Amounts owed under finance leases and hire purchase agreements are secured on the assets subject

to the lease or agreement.

Advances from debt factors are secured by debenture over the assets of the company and in part by

personal guarantee of the directors.

Other loans are secured by personal guarantee of the director.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

4

Ordinary (A to D)

£1.00

4

4

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following loans(repayable on demand with interest at official rate) to a director subsisted during

the years ended 30 June 2018 and 30 June 2017:

2018

2017

£

£

S Wood

Balance outstanding at start of year

-

-

Amounts advanced

53,190

-

Amounts repaid

(53,190

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

12.	RELATED PARTY DISCLOSURES

During the year the company repaid interest free loans of £62,965 to the director and £3,687 was

transferred to other creditors in respect of a director resigning in the year. The director then made

further net loans to the company of £8,821 which is the balance owed to the director at the year end.

(2017: £66,652)

Directors remuneration packages are concluded under normal market conditions.