Company Registration No. 06587888 (England and Wales)
MediChest Limited
Filleted accounts
for the year ended 31 October 2019
MediChest Limited
Filleted accounts
Contents
MediChest Limited
Company Information
for the year ended 31 October 2019
Directors
Bharatkumar Maru
Ebrahim Farook Aziz
Company Number
06587888 (England and Wales)
Registered Office
2-3 Berrymoor Court
Wellingborough
Northamptonshire
NN8 2DL
Accountants
YP Finance
Hawthorne House
17A Hawthorne Drive
Leicester
Leicestershire
LE5 6DL
MediChest Limited
Statement of financial position
as at 31 October 2019
Inventories
189,455
212,197
Cash at bank and in hand
100
100
Creditors: amounts falling due within one year
(124,773)
(185,653)
Net current assets
272,038
189,432
Total assets less current liabilities
272,038
189,432
Creditors: amounts falling due after more than one year
(270,739)
(291,096)
Net assets/(liabilities)
1,299
(101,664)
Called up share capital
4
4
Profit and loss account
1,295
(101,668)
Shareholders' funds
1,299
(101,664)
For the year ending 31 October 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 29 October 2020 and were signed on its behalf by
Ebrahim Farook Aziz
Director
Company Registration No. 06587888
MediChest Limited
Notes to the Accounts
for the year ended 31 October 2019
MediChest Limited is a private company, limited by shares, registered in England and Wales, registration number 06587888. The registered office is 2-3 Berrymoor Court , Wellingborough, Northamptonshire, NN8 2DL.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
15% straight line
Fixtures & fittings
15% straight line
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
MediChest Limited
Notes to the Accounts
for the year ended 31 October 2019
4
Intangible fixed assets
Goodwill
At 1 November 2018
357,999
At 31 October 2019
357,999
At 1 November 2018
357,999
At 31 October 2019
357,999
5
Tangible fixed assets
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 November 2018
9,214
96,478
105,692
At 31 October 2019
9,214
96,478
105,692
At 1 November 2018
9,214
96,478
105,692
At 31 October 2019
9,214
96,478
105,692
Finished goods
189,455
212,197
Trade debtors
43,477
6,751
Accrued income and prepayments
148,746
139,066
MediChest Limited
Notes to the Accounts
for the year ended 31 October 2019
8
Creditors: amounts falling due within one year
2019
2018
Bank loans and overdrafts
65,930
75,267
Trade creditors
48,055
101,795
Taxes and social security
2,052
7,778
9
Creditors: amounts falling due after more than one year
2019
2018
Bank loans
161,484
170,197
Other creditors
109,255
120,899
Allotted, called up and fully paid:
2 A Ordinary shares of £1 each
2
2
2 B Ordinary Shares of £1 each
2
2
11
Average number of employees
During the year the average number of employees was 15 (2018: 10).
