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

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

MEDCHEMICA LIMITED - Company Information

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REGISTERED NUMBER: 08162245 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31 July 2020

for

MedChemica Limited
MedChemica Limited (Registered number: 08162245)






Contents of the Financial Statements
for the Year Ended 31 July 2020




Page

Balance Sheet 1

Notes to the Financial Statements 3


MedChemica Limited (Registered number: 08162245)

Balance Sheet
31 July 2020

2020 2019
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,276 1,416
Investments 5 1 1
1,277 1,417

CURRENT ASSETS
Debtors 6 67,243 60,532
Cash at bank 278,660 137,361
345,903 197,893
CREDITORS
Amounts falling due within one year 7 101,694 70,637
NET CURRENT ASSETS 244,209 127,256
TOTAL ASSETS LESS CURRENT LIABILITIES 245,486 128,673

PROVISIONS FOR LIABILITIES 137 269
NET ASSETS 245,349 128,404

CAPITAL AND RESERVES
Called up share capital 3 3
Retained earnings 245,346 128,401
SHAREHOLDERS' FUNDS 245,349 128,404

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2020 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 notes form part of these financial statements

Page 1 continued...
MedChemica Limited (Registered number: 08162245)

Balance Sheet - continued
31 July 2020


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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 March 2021 and were signed on its behalf by:





Dr A G Dossetter - Director


The notes form part of these financial statements

Page 2
MedChemica Limited (Registered number: 08162245)

Notes to the Financial Statements
for the Year Ended 31 July 2020

1. STATUTORY INFORMATION

MedChemica Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 08162245

Registered office: Ebenezer House
Ryecroft
Newcastle
Staffordshire
ST5 2BE

The presentation currency of the financial statements is the Pound Sterling (£).


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.

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, being the 12 month period from the date of these accounts being approved, given the impact of the Coronavirus upon the economy and therefore the financial statements have been prepared on a going concern basis.

Preparation of consolidated financial statements
The financial statements contain information about MedChemica Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised as the company becomes entitled to consideration for the services supplied. Therefore, turnover also includes the element of work completed but not yet invoiced.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 33% on cost
Computer equipment - 33% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.


Page 3 continued...
MedChemica Limited (Registered number: 08162245)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2020

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2019 - 5 ) .

Page 4 continued...
MedChemica Limited (Registered number: 08162245)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2020

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 August 2019 2,030 16,025 18,055
Additions 833 - 833
At 31 July 2020 2,863 16,025 18,888
DEPRECIATION
At 1 August 2019 2,030 14,609 16,639
Charge for year 275 698 973
At 31 July 2020 2,305 15,307 17,612
NET BOOK VALUE
At 31 July 2020 558 718 1,276
At 31 July 2019 - 1,416 1,416

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 August 2019
and 31 July 2020 1
NET BOOK VALUE
At 31 July 2020 1
At 31 July 2019 1

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Trade debtors 37,784 25,348
Other debtors 29,459 35,184
67,243 60,532

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Trade creditors 30,093 -
Taxation and social security 11,796 9,875
Other creditors 59,805 60,762
101,694 70,637

Page 5