Medinnovate Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05318138 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2019

FOR

MEDINNOVATE LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

F Skirrow

M Coleman

N Edwards

A J M Black

Mrs S L Budsworth

SECRETARY:

F Skirrow

REGISTERED OFFICE:

Heather Court

Hammer Lane

Grayshott

Hindhead

Surrey

GU26 6JD

REGISTERED NUMBER:

05318138 (England and Wales)

ACCOUNTANTS:

Traviss & Co Ltd

Chartered Accountants

Newtown House

38 Newtown Road

Liphook

Hampshire

GU30 7DX

FIXED ASSETS

Tangible assets

4

2,766

2,894

CURRENT ASSETS

Debtors

5

17,061

23,319

Cash at bank

678,655

548,685

695,716

572,004

CREDITORS

Amounts falling due within one year

6

83,165

72,366

NET CURRENT ASSETS

612,551

499,638

TOTAL ASSETS LESS CURRENT LIABILITIES

615,317

502,532

PROVISIONS FOR LIABILITIES

526

537

NET ASSETS

614,791

501,995

CAPITAL AND RESERVES

Called up share capital

12

12

Retained earnings

614,779

501,983

SHAREHOLDERS' FUNDS

614,791

501,995

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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 10 March 2020 and were signed on its behalf by:

F Skirrow - Director

1.	STATUTORY INFORMATION

Medinnovate 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.

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.

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.

Plant and machinery etc

-

33% on cost, 25% on reducing balance and at varying rates on cost

Financial instruments

Cash & cash equivalents

Cash and cash equivalents in the balance sheet comprise cash at bank, cash in hand and short term deposits with

an original maturity date of three months or less.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year, are recorded at

transaction price. Any losses arising from impairment are recognised in the income statement in other operating

expenses.

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.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 September 2018

52,866

Additions

2,822

At 31 August 2019

55,688

DEPRECIATION

At 1 September 2018

49,972

Charge for year

2,950

At 31 August 2019

52,922

NET BOOK VALUE

At 31 August 2019

2,766

At 31 August 2018

2,894

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

15,892

22,189

Other debtors

1,169

1,130

17,061

23,319

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

34,854

25,058

Taxation and social security

40,178

39,270

Other creditors

8,133

8,038

83,165

72,366