Medicentres Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01377934 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2019

FOR

MEDICENTRES LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Dr B W O'Brien

Mrs C O'Brien

SECRETARY:

Mrs C O'Brien

REGISTERED OFFICE:

Beech Croft

51 Ruff Lane

Ormskirk

Lancashire

L39 4UL

REGISTERED NUMBER:

01377934 (England and Wales)

ACCOUNTANTS:

Fairhurst

Chartered Accountants

Douglas Bank House

Wigan Lane

Wigan

Lancashire

WN1 2TB

FIXED ASSETS

Tangible assets

4

569

759

Investment property

5

352,500

280,000

353,069

280,759

CURRENT ASSETS

Cash at bank

12,583

85,727

CREDITORS

Amounts falling due within one year

6

7,014

6,868

NET CURRENT ASSETS

5,569

78,859

TOTAL ASSETS LESS CURRENT LIABILITIES

358,638

359,618

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Other reserves

7

57,211

57,211

Retained earnings

7

300,427

301,407

SHAREHOLDERS' FUNDS

358,638

359,618

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 applicable to companies subject to the small companies regime.

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

The financial statements were approved by the Board of Directors on 4 November 2019 and were signed on its behalf by:

Dr B W O'Brien - Director

1.	STATUTORY INFORMATION

Medicentres Limited 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Tangible fixed assets are recorded at cost or valuation, less depreciation and impairment.

Impairment of assets

At each reporting date assets are reviewed to determine whether there is any indication that those assets have

suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any

affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower,

the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised

immediately in the profit and loss.

Where an impairment loss subsequently reverses, the carrying amount of each asset is increased to the revised

estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying

amount that would have been determined (net of depreciation) had no impairment loss been recognised for the

asset in prior years. A reversal of an impairment loss is recognised as income immediately.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

Deferred tax is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

Short term trade creditors are measured at transaction price. Financial liabilities that have no stated interest rate

and are payable within one year shall be measured at the undiscounted amount due.

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 statement of financial position date.

Deferred tax

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

statement of financial position 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2018 - 2 ).

4.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

£

£

£

COST

At 1 August 2018

and 31 July 2019

9,687

3,332

13,019

DEPRECIATION

At 1 August 2018

9,423

2,837

12,260

Charge for year

66

124

190

At 31 July 2019

9,489

2,961

12,450

NET BOOK VALUE

At 31 July 2019

198

371

569

At 31 July 2018

264

495

759

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 August 2018

280,000

Additions

72,500

At 31 July 2019

352,500

NET BOOK VALUE

At 31 July 2019

352,500

At 31 July 2018

280,000

The investment properties were valued on 31 July by the directors who consider it not materially different to the

brought forward value as stated in these financial statements.

Fair value at 31 July 2019 is represented by:

£

Valuation in 2004

17,898

Valuation in 2006

34,313

Valuation in 2013

5,000

Valuation in 2018

72,500

Cost

222,789

352,500

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Other creditors

7,014

6,868

7.

RESERVES

Retained

Other

earnings

reserves

Totals

£

£

£

At 1 August 2018

301,407

57,211

358,618

Profit for the year

2,866

2,866

Dividends

(3,846

)

(3,846

)

At 31 July 2019

300,427

57,211

357,638