Myles Taylor Medical Services Limited - Period Ending 2020-06-30

Myles Taylor Medical Services Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 8

Myles Taylor Medical Services Limited

Company Information

Directors

Mr M J O Taylor Mrs A H Taylor

Registered office

Centenary House Peninsula Park Rydon Lane Exeter Devon EX2 7XE

Accountants

PKF Francis Clark Centenary House Peninsula Park Rydon Lane Exeter Devon EX2 7XE

Myles Taylor Medical Services Limited

Balance Sheet

30 June 2020

	Note	2020 £	(As restated) 2019 £
Fixed assets
Tangible assets	4	2,466	856
Current assets
Debtors	5	213,161	192,634
Cash at bank and in hand		176,849	185,305
		390,010	377,939
Creditors: Amounts falling due within one year	6	(38,922)	(153,086)
Net current assets		351,088	224,853
Total assets less current liabilities		353,554	225,709
Provisions for liabilities		(470)	(163)
Net assets		353,084	225,546
Capital and reserves
Called up share capital	7	100	100
Profit and loss account		352,984	225,446
Shareholders' funds		353,084	225,546

Myles Taylor Medical Services Limited

Balance Sheet

30 June 2020

For the financial year ending 30 June 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 3 June 2021 and signed on its behalf by:
 

......................................... Mr M J O Taylor Director

Company Registration Number: 09084894

Myles Taylor Medical Services Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2020

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Centenary House
Peninsula Park
Rydon Lane
Exeter
Devon
EX2 7XE

The principal place of business is:
Webberton House
2 Belvedere Park
Dunchideock
EX2 9TY

These financial statements were authorised for issue by the Board on 3 June 2021.

2	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. There are no material departures from FRS102.

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.

Going concern

The directors of Myles Taylor Medical Services Limited have considered the impact of COVID-19.

In the opinion of the directors, the company has sufficient working capital within existing facilities to continue to trade for the foreseeable future, and therefore the financial statements have been prepared on a going concern basis.

Myles Taylor Medical Services Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2020

Prior period adjustments

During the year ended 30 June 2020 it was identified that the company should have previously registered for VAT. An adjustment for the VAT relating to the accounts for the year ended 30 June 2019 was processed through those accounts as they had not yet been finalised at this point, however, the adjustment to VAT for periods prior to this was not reflected through the comparatives or the brought forward profit and loss reserves. A prior period adjustment has therefore been done this year to correct the profit and loss reserve brought forward as at 1 July 2018. This resulted in a reduction in the reserves of £88,210.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

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

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Computer equipment	25% straight line

Myles Taylor Medical Services Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2020

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2019 - 1).

Myles Taylor Medical Services Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2020

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 July 2019	1,142	1,142
Additions	2,460	2,460
At 30 June 2020	3,602	3,602
Depreciation
At 1 July 2019	286	286
Charge for the year	850	850
At 30 June 2020	1,136	1,136
Carrying amount
At 30 June 2020	2,466	2,466
At 30 June 2019	856	856

5

Debtors

	2020 £	2019 £
Trade debtors	195,619	166,818
Prepayments	876	1,312
Other debtors	16,666	24,504
	213,161	192,634

Myles Taylor Medical Services Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2020

6

Creditors

Creditors: amounts falling due within one year

	2020 £	(As restated) 2019 £
Due within one year
Trade creditors	414	2,053
Taxation and social security	6,596	122,960
Corporation tax	17,091	26,500
Accruals and deferred income	14,821	1,573
	38,922	153,086

7	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary A shares of £1 each	80	80	80	80
Ordinary B shares of £1 each	20	20	20	20
	100	100	100	100

8	Related party transactions

Advances to directors

2020	At 1 July 2019 £	Advances to director £	Repayments by director £	At 30 June 2020 £
Directors' loan account
Loan account charged at HMRC's official rate	24,504	30,517	(38,355)	16,666

2019	At 1 July 2018 £	Advances to director £	Repayments by director £	At 30 June 2019 £
Directors' loan account
Loan account charged at HMRC's official rate	18,552	40,565	(34,613)	24,504