Medical Storage Consultants Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 01683328 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 31 December 2014

for

Medical Storage Consultants Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

Chartered Accountants' Report

6

DIRECTOR:

K Armstrong

REGISTERED OFFICE:

10 Bolton Street

Ramsbottom

Bury

Lancs

BL0 9HX

REGISTERED NUMBER:

01683328 (England and Wales)

ACCOUNTANTS:

Cowgill, Holloway & Co

Chartered Accountants

10 Bolton Street

Ramsbottom

Bury

BL0 9HX

FIXED ASSETS

Tangible assets

2

4,152

4,893

CURRENT ASSETS

Stocks

7,296

4,103

Debtors

157,029

177,436

Cash at bank and in hand

1,512

6

165,837

181,545

CREDITORS

Amounts falling due within one year

122,878

133,454

NET CURRENT ASSETS

42,959

48,091

TOTAL ASSETS LESS CURRENT LIABILITIES

47,111

52,984

CREDITORS

Amounts falling due after more than one year

-

(1,037

)

PROVISIONS FOR LIABILITIES

(708

)

(927

)

NET ASSETS

46,403

51,020

CAPITAL AND RESERVES

Called up share capital

3

100

100

Profit and loss account

46,303

50,920

SHAREHOLDERS' FUNDS

46,403

51,020

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2014 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 29 September 2015 and were signed by:

K Armstrong - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences which have originated but not reversed at the

balance sheet date. Timing differences are differences between taxable profits and the results as stated in the

financial statements which arise from the inclusion of gains and losses in tax assessments in periods different

from those in which they are recognised in the financial statements.

Deferred tax is not recognised when fixed assets are revalued unless by the balance sheet date there is a binding

agreement to sell the revalued asset and the resulting gain or loss has been recognised in the financial statements.

Neither is deferred tax recognised when fixed assets are sold and it is more likely than not that the taxable gain

will be rolled over, being charged tax only if and when the replacement assets are sold.

Deferred tax is measured at the average tax rates which are expected to apply in the periods in which the timing

differences are expected to reverse, based on tax rates and laws which have been enacted or substantively

enacted by the balance sheet date. Deferred tax is measured on a non - discounted basis.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

Operating leases

Rentals paid under operating leases are charged to profit and loss as incurred.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2014

and 31 December 2014

19,781

DEPRECIATION

At 1 January 2014

14,888

Charge for year

741

At 31 December 2014

15,629

NET BOOK VALUE

At 31 December 2014

4,152

At 31 December 2013

4,893

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.14

31.12.13

value:

£

£

100

Ordinary

£1

100

100

4.	RELATED PARTY DISCLOSURES

The director Mr K Armstrong is also the sole proprietor of Hillside. During the period under review the company

transferred monies to Hillside of £13,947 (2013: £26,452) and paid for expenses totalling £4,025 £2013: 7,002)

on behalf of Hillside. Hillside provided services to the company of £Nil (2013: £24,962) and paid expenses on

behalf of the company of £19,403 (2013: £16,397). At the balance sheet date the amount due from Hillside to

the company was £108,360 (2013: £109,791). The amount outstanding is unsecured, free of interest and has no

fixed repayment terms

5.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is K Armstrong.

The following reproduces the text of the report prepared for the director in respect of the company's annual

unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages two to five)

have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Medical Storage Consultants Limited for the year ended 31 December 2014 which comprise the

Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from

information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the director of Medical Storage Consultants Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Medical Storage Consultants Limited and state those matters that we have agreed to state to the director of Medical Storage Consultants Limited in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Medical Storage Consultants Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Medical Storage Consultants Limited. You consider that Medical Storage Consultants Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Medical Storage Consultants

Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and

explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Cowgill, Holloway & Co

Chartered Accountants

10 Bolton Street

Ramsbottom

Bury

BL0 9HX

29 September 2015