Highland Local Medical Committee Limited Filleted accounts for Companies House (small and micro)

HIGHLAND LOCAL MEDICAL COMMITTEE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC364745

Highland Local Medical Committee Limited

Company Limited by Guarantee

Filleted Unaudited Financial Statements

31 March 2022

Highland Local Medical Committee Limited

Company Limited by Guarantee

Statement of Financial Position

31 March 2022

	2022		2021
Note	£	£	£

Fixed assets

Tangible assets	6		335	446

Current assets

Debtors	7	8,221	11,627
Cash at bank and in hand		89,537	73,942
		--------	--------
		97,758	85,569

Creditors: amounts falling due within one year	8	( 14,570)		( 16,305)
		--------		--------
Net current assets			83,188	69,264
			--------	--------
Total assets less current liabilities			83,523	69,710
			--------	--------
Net assets			83,523	69,710
			--------	--------

Capital and reserves

Other reserves	38,500	38,500
Profit and loss account	45,023	31,210
	--------	--------
Members funds	83,523	69,710
	--------	--------

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 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 .

Highland Local Medical Committee Limited

Company Limited by Guarantee

Statement of Financial Position (continued)

31 March 2022

These financial statements were approved by the board of directors and authorised for issue on 21 December 2022 , and are signed on behalf of the board by:

Paul McMullan
Director

Company registration number: SC364745

Highland Local Medical Committee Limited

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 31 March 2022

1. General information

The company is a private company limited by guarantee, registered in Scotland. The address of the registered office is Forbes House, 36 Huntly Street, Inverness, IV3 5PR, Scotland.

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 and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

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:

	Computer equipment	-	25% reducing balance

Impairment of fixed assets

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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Company limited by guarantee

Highland Local Medical Co. is a company limited by guarantee and accordingly does not have any share capital.

5. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2021: 3 ).

6. Tangible assets

	Computer equipment	Total
	£	£
Cost
At 1 April 2021 and 31 March 2022	595	595
	----	----
Depreciation
At 1 April 2021	149	149
Charge for the year	111	111
	----	----
At 31 March 2022	260	260
	----	----
Carrying amount
At 31 March 2022	335	335
	----	----
At 31 March 2021	446	446
	----	----

7. Debtors

	2022	2021
	£	£
Other debtors	8,221	11,627
	-------	--------

8. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	7,532	13,917
Social security and other taxes	4,082	390
Other creditors	2,956	1,998
	--------	--------
	14,570	16,305
	--------	--------