Quality Medical Group (Services) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07650967 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 JULY 2019 TO 30 NOVEMBER 2020

FOR

QUALITY MEDICAL GROUP (SERVICES) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Dr R D Davies

Mrs S M Davies

SECRETARY:

Mrs S M Davies

REGISTERED OFFICE:

Derwent House

Eco Park Road

Ludlow

Shropshire

SY8 1FF

REGISTERED NUMBER:

07650967 (England and Wales)

ACCOUNTANTS:

Baker & Co.

Chartered Certified Accountants.

Arran House

42 Gravel Hill

Ludlow

Shropshire

SY8 1QR

FIXED ASSETS

Tangible assets

4

2,717

-

CURRENT ASSETS

Stocks and work in progress

6,255

-

Debtors

5

331,147

1

Cash at bank

172,936

-

510,338

1

CREDITORS

Amounts falling due within one year

6

415,066

-

NET CURRENT ASSETS

95,272

1

TOTAL ASSETS LESS CURRENT LIABILITIES

97,989

1

PROVISIONS FOR LIABILITIES

516

-

NET ASSETS

97,473

1

CAPITAL AND RESERVES

Called up share capital

100

1

Retained earnings

97,373

-

97,473

1

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 November 2020.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 November 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 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 July 2021 and were signed on its behalf by:

Dr R D Davies - Director

1.	STATUTORY INFORMATION

Quality Medical Group (Services) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover

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

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

-

20% on reducing balance

Computer equipment

-

33.33% on reducing balance

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks and work in progress to their present location and condition.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, 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 period 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.

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 period was 7 (2019 - NIL ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

Additions

3,021

At 30 November 2020

3,021

DEPRECIATION

Charge for period

304

At 30 November 2020

304

NET BOOK VALUE

At 30 November 2020

2,717

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

313,709

1

Prepayments

17,438

-

331,147

1

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

50,000

-

Trade creditors

281,326

-

Tax

22,745

-

Social security and other taxes

3,005

-

VAT

17,735

-

Other creditors

666

-

Directors' current accounts

23,424

-

Accrued expenses

16,165

-

415,066

-

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2020

2019

£

£

Within one year

8,907

-

Between one and five years

30,285

-

39,192

-