Murray Medical Limited Filleted accounts for Companies House (small and micro)

MURRAY MEDICAL LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07357989

Murray Medical Limited

Filleted Unaudited Financial Statements

31 March 2020

Murray Medical Limited

Statement of Financial Position

31 March 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	4		9,592	10,989

Current assets

Stocks		9,650	9,820
Debtors	5	6,000	8,761
Cash at bank and in hand		5,000	1,765
		--------	--------
		20,650	20,346

Creditors: amounts falling due within one year	6	30,134		24,509
		--------		--------
Net current liabilities			9,484	4,163
			-------	--------
Total assets less current liabilities			108	6,826
			----	-------
Net assets			108	6,826
			----	-------

Capital and reserves

Called up share capital	100	100
Profit and loss account	8	6,726
	----	-------
Shareholder funds	108	6,826
	----	-------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the 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:

- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 16 February 2021 , and are signed on behalf of the board by:

Mr D Murray
Director

Company registration number: 07357989

Murray Medical Limited

Notes to the Financial Statements

Year ended 31 March 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 753 Beechley Drive, Fairwater, Cardiff, CF5 3SJ.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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. 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 profit or 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 or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & equip	-	25% reducing balance
Fixtures & Fittings	-	25% reducing balance

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Total
	£	£	£	£
Cost
At 1 April 2019 and 31 March 2020	5,400	12,658	4,197	22,255
	-------	--------	-------	--------
Depreciation
At 1 April 2019	–	8,594	2,672	11,266
Charge for the year	–	1,016	381	1,397
	-------	--------	-------	--------
At 31 March 2020	–	9,610	3,053	12,663
	-------	--------	-------	--------
Carrying amount
At 31 March 2020	5,400	3,048	1,144	9,592
	-------	--------	-------	--------
At 31 March 2019	5,400	4,064	1,525	10,989
	-------	--------	-------	--------

5. Debtors

	2020	2019
	£	£
Trade debtors	–	8,761
Other debtors	6,000	–
	-------	-------
	6,000	8,761
	-------	-------

6. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	20,736	–
Trade creditors	–	4,622
Corporation tax	2,501	1,082
Social security and other taxes	4,466	3,766
Other creditors	2,431	15,039
	--------	--------
	30,134	24,509
	--------	--------

7. Related party transactions

The company was under the control of MrD Murray throughout the current year. Mr Murray is the managing director and majority shareholder.