Medisort Limited 31/08/2022 iXBRL

57 31/08/2022 2022-08-31 false false false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2021-09-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 06856504 2021-09-01 2022-08-31 06856504 2022-08-31 06856504 2021-08-31 06856504 2020-09-01 2021-08-31 06856504 2021-08-31 06856504 core:NetGoodwill 2021-09-01 2022-08-31 06856504 core:LandBuildings core:ShortLeaseholdAssets 2021-09-01 2022-08-31 06856504 core:FurnitureFittingsToolsEquipment 2021-09-01 2022-08-31 06856504 core:MotorVehicles 2021-09-01 2022-08-31 06856504 bus:Director1 2021-09-01 2022-08-31 06856504 core:NetGoodwill 2022-08-31 06856504 core:LandBuildings core:ShortLeaseholdAssets 2021-08-31 06856504 core:PlantMachinery 2021-08-31 06856504 core:FurnitureFittingsToolsEquipment 2021-08-31 06856504 core:MotorVehicles 2021-08-31 06856504 core:LandBuildings core:ShortLeaseholdAssets 2022-08-31 06856504 core:PlantMachinery 2022-08-31 06856504 core:FurnitureFittingsToolsEquipment 2022-08-31 06856504 core:MotorVehicles 2022-08-31 06856504 core:WithinOneYear 2022-08-31 06856504 core:WithinOneYear 2021-08-31 06856504 core:AfterOneYear 2022-08-31 06856504 core:AfterOneYear 2021-08-31 06856504 core:PlantMachinery 2021-09-01 2022-08-31 06856504 core:ShareCapital 2022-08-31 06856504 core:ShareCapital 2021-08-31 06856504 core:RetainedEarningsAccumulatedLosses 2022-08-31 06856504 core:RetainedEarningsAccumulatedLosses 2021-08-31 06856504 core:NetGoodwill 2021-08-31 06856504 core:LandBuildings core:ShortLeaseholdAssets 2021-08-31 06856504 core:PlantMachinery 2021-08-31 06856504 core:FurnitureFittingsToolsEquipment 2021-08-31 06856504 core:MotorVehicles 2021-08-31 06856504 bus:SmallEntities 2021-09-01 2022-08-31 06856504 bus:AuditExempt-NoAccountantsReport 2021-09-01 2022-08-31 06856504 bus:FullAccounts 2021-09-01 2022-08-31 06856504 bus:SmallCompaniesRegimeForAccounts 2021-09-01 2022-08-31 06856504 bus:PrivateLimitedCompanyLtd 2021-09-01 2022-08-31 06856504 core:LeaseholdImprovements 2021-08-31 06856504 core:LeaseholdImprovements 2022-08-31 06856504 core:LeaseholdImprovements 2021-09-01 2022-08-31

Company registration number: 06856504

Medisort Limited

Unaudited filleted financial statements

31 August 2022

Medisort Limited

Contents

Statement of financial position

Notes to the financial statements

Medisort Limited

Statement of financial position

31 August 2022

		2022		2021
	Note	£	£	£	£

Fixed assets
Intangible assets	5	-		-
Tangible assets	6	1,146,492		1,051,201
		_______		_______
			1,146,492		1,051,201

Current assets
Stocks		28,397		18,770
Debtors	7	1,698,901		1,899,768
Cash at bank and in hand		992,730		991,903
		_______		_______
		2,720,028		2,910,441
Creditors: amounts falling due
within one year	8	( 986,857)		( 1,227,412)
		_______		_______
Net current assets			1,733,171		1,683,029
			_______		_______
Total assets less current liabilities			2,879,663		2,734,230

Creditors: amounts falling due
after more than one year	9		( 78,408)		( 120,578)

Provisions for liabilities			( 150,403)		( 147,234)

			_______		_______
Net assets			2,650,852		2,466,418
			_______		_______

Capital and reserves
Called up share capital			970,293		970,293
Profit and loss account			1,680,559		1,496,125
			_______		_______
Shareholders funds			2,650,852		2,466,418
			_______		_______

For the year ending 31 August 2022 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 financial statements for the year in question in accordance with section 476;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

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.

These financial statements were approved by the board of directors and authorised for issue on 08 December 2022 , and are signed on behalf of the board by:

Mr S I Brittle

Director

Company registration number: 06856504

Medisort Limited

Notes to the financial statements

Year ended 31 August 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit A, Fort Road, Littlehampton, West Sussex, BN17 7QU.

2. Statement of compliance

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

Turnover

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.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:


Goodwill	-	33.33 %	straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.

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:


Short leasehold property	-	5 %	reducing balance
Plant and machinery	-	5%,10%,20% and 33.3% straight line per annum
Fittings fixtures and equipment	-	33.33 %	reducing balance
Motor vehicles	-	20 %	reducing balance
Leasehold improvements	-	over 9.75 & 5 years straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

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 stocks to their present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accrual model.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 57 (2021: 57 ).

5. Intangible assets

	Goodwill	Total
	£	£
Cost
At 1 September 2021 and 31 August 2022	20,000	20,000
	_______	_______
Amortisation
At 1 September 2021 and 31 August 2022	20,000	20,000
	_______	_______
Carrying amount
At 31 August 2022	-	-
	_______	_______
At 31 August 2021	-	-
	_______	_______

6. Tangible assets

	Short leasehold property	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Leasehold improvements	Total
	£	£	£	£	£	£
Cost
At 1 September 2021	74,274	1,123,892	154,481	924,683	169,204	2,446,534
Additions	137,892	-	2,845	195,335	-	336,072
Disposals	-	-	-	( 23,650)	-	( 23,650)
	_______	_______	_______	_______	_______	_______
At 31 August 2022	212,166	1,123,892	157,326	1,096,368	169,204	2,758,956
	_______	_______	_______	_______	_______	_______
Depreciation
At 1 September 2021	19,394	833,509	138,202	338,610	65,618	1,395,333
Charge for the year	21,535	44,357	5,658	145,438	13,271	230,259
Disposals	-	-	-	( 13,128)	-	( 13,128)
	_______	_______	_______	_______	_______	_______
At 31 August 2022	40,929	877,866	143,860	470,920	78,889	1,612,464
	_______	_______	_______	_______	_______	_______
Carrying amount
At 31 August 2022	171,237	246,026	13,466	625,448	90,315	1,146,492
	_______	_______	_______	_______	_______	_______
At 31 August 2021	54,880	290,383	16,279	586,073	103,586	1,051,201
	_______	_______	_______	_______	_______	_______

7. Debtors

	2022	2021
	£	£
Trade debtors	1,181,502	1,413,469
Other debtors	517,399	486,299
	_______	_______
	1,698,901	1,899,768
	_______	_______

Included in other debtors above are amounts totalling £400,000 (2021 - £400,000) relating to loans that are repayable after more than one year.

8. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	30,000	30,000
Trade creditors	470,829	636,669
Corporation tax	76,741	133,821
Social security and other taxes	195,709	189,592
Other creditors	213,578	237,330
	_______	_______
	986,857	1,227,412
	_______	_______

Included in other creditors above are amounts totalling £67,736 (2021 - £77.887) relating to obligations payable under hire purchase agreements and finance leases and which are secured on the assets held under such arrangements.

9. Creditors: amounts falling due after more than one year

	2022	2021
	£	£
Other creditors	78,408	120,578
	_______	_______

Included in other creditors above are amounts totalling £78,408 (2021 - £120,578) relating to obligations payable under hire purchase agreements and finance leases and which are secured on the assets held under such arrangements.