Compumedic Limited - Period Ending 2020-03-31
Compumedic Limited - Period Ending 2020-03-31
Company registration number:
Compumedic Limited
for the Year Ended 31 March 2020
Compumedic Limited
Contents
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Company Information |
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Accountants' Report |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
Compumedic Limited
Company Information
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Director |
Mr G Moyes |
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Registered office |
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Accountants |
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Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Compumedic Limited
for the Year Ended 31 March 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Compumedic Limited for the year ended 31 March 2020 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Compumedic Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Compumedic Limited and state those matters that we have agreed to state to the Board of Directors of Compumedic Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Compumedic Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Compumedic Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Compumedic Limited. You consider that Compumedic Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Compumedic Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Chartered Accountants
St. Helens
Merseyside
WA9 1UA
Compumedic Limited
(Registration number: 04194817)
Balance Sheet as at 31 March 2020
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Note |
2020 |
2019 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
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( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Capital redemption reserve |
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Revaluation reserve |
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Profit and loss account |
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Shareholders' funds |
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For the financial year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Compumedic Limited
(Registration number: 04194817)
Balance Sheet as at 31 March 2020
Approved and authorised by the
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Director
Compumedic Limited
Statement of Changes in Equity for the Year Ended 31 March 2020
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Share capital |
Capital redemption reserve |
Revaluation reserve |
Profit and loss account |
Total |
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At 1 April 2019 |
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Profit for the year |
- |
- |
- |
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Other comprehensive income |
- |
- |
( |
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- |
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Total comprehensive income |
- |
- |
( |
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Dividends |
- |
- |
- |
( |
( |
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At 31 March 2020 |
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Share capital |
Capital redemption reserve |
Revaluation reserve |
Profit and loss account |
Total |
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At 1 April 2018 |
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Profit for the year |
- |
- |
- |
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Other comprehensive income |
- |
- |
( |
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- |
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Total comprehensive income |
- |
- |
( |
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Dividends |
- |
- |
- |
( |
( |
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At 31 March 2019 |
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Compumedic Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Compumedic Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020
Tangible assets
Tangible assets are initially stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Land and buildings are included at valuation based on directors valuations that are prepared annually.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in the profit and loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit and loss.
An amount equal to the excess depreciaiton charge on revalued assets over the notional historical cost depreciation charge on those assets is transferred annually from the revaluation reserve to the profit and loss reserve.
Depreciation
Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Freehold land and buildings |
2% straight line |
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Fixtures and fittings |
15% reducing balance |
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Computer equipment |
33% straight line |
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Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Compumedic Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020
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Tangible assets |
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Land and buildings |
Fixtures and fittings |
Computer equipment |
Total |
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Cost or valuation |
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At 1 April 2019 |
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At 31 March 2020 |
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Depreciation |
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At 1 April 2019 |
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Charge for the year |
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At 31 March 2020 |
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Carrying amount |
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At 31 March 2020 |
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At 31 March 2019 |
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Freehold land and buildings were valued on 31 March 2020 by Mr G Moyes, the director.
Compumedic Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
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Freehold property |
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£ |
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At 31 March 2020 |
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Aggregate cost |
94,099 |
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Aggregate depreciation |
(31,481) |
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Carrying value |
62,618 |
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At 31 March 2019 |
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Aggregate cost |
94,099 |
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Aggregate depreciation |
29,599 |
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Carrying value |
64,500 |
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Debtors |
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2020 |
2019 |
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Trade debtors |
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Other debtors |
- |
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Creditors |
Creditors: amounts falling due within one year
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2020 |
2019 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors include bank loans and overdrafts which are secured of £2,200 (2019 - £30,442).
Compumedic Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020
Creditors: amounts falling due after more than one year
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Note |
2020 |
2019 |
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Due after one year |
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Loans and borrowings |
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Creditors include bank loans and overdrafts which are secured of £61,600 (2019 - £12,426).
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Related party transactions |
Included in creditors is a loan of £63,800 ( 2019 - £0 ) which has been personally secured by the director.