Mid Suffolk Medical Supplies Limited - Filleted accounts

Mid Suffolk Medical Supplies Limited - Filleted accounts

MID SUFFOLK MEDICAL SUPPLIES LIMITED - Company Information

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Registered number
03334892
Mid Suffolk Medical Supplies Limited
Filleted Accounts
30 November 2022
Mid Suffolk Medical Supplies Limited
Registered number: 03334892
Balance Sheet
as at 30 November 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 4 305,965 321,844
Investments 5 531,561 531,561
837,526 853,405
Current assets
Stock 251,431 265,111
Debtors 6 2,027,166 781,494
Cash at bank and in hand 1,557,638 1,862,335
3,836,235 2,908,940
Creditors: amounts falling due within one year 7 (577,334) (533,997)
Net current assets 3,258,901 2,374,943
Net assets 4,096,427 3,228,348
Capital and reserves
Called up share capital 700 700
Profit and loss account 4,095,727 3,227,648
Shareholders' funds 4,096,427 3,228,348
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Harshad H Patel
Director
Approved by the board on 13 June 2023
Mid Suffolk Medical Supplies Limited
Notes to the Accounts
for the year ended 30 November 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings Over 30 and 50 years
Leasehold improvement 15% SLM
Equipment 25% SLM
Fixtures, fittings, tools and equipment 15% SLM
Motor vehicle 25% SLM
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 19 17
3 Intangible fixed assets £
Goodwill:
Cost
At 1 December 2021 633,166
At 30 November 2022 633,166
Amortisation
At 1 December 2021 633,166
At 30 November 2022 633,166
Net book value
At 30 November 2022 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Land and buildings Furniture,fixture and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 December 2021 352,571 320,826 18,012 691,409
Additions - 2,780 12,990 15,770
Disposals - - (18,012) (18,012)
At 30 November 2022 352,571 323,606 12,990 689,167
Depreciation
At 1 December 2021 91,056 260,939 17,570 369,565
Charge for the year 7,728 20,231 3,690 31,649
On disposals - - (18,012) (18,012)
At 30 November 2022 98,784 281,170 3,248 383,202
Net book value
At 30 November 2022 253,787 42,436 9,742 305,965
At 30 November 2021 261,515 59,887 442 321,844
5 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 December 2021 531,561
At 30 November 2022 531,561
6 Debtors 2022 2021
£ £
Trade debtors 391,577 417,676
Amounts owed by group undertakings and undertakings in which the company has a participating interest 310,000 -
Other debtors 1,325,589 363,818
2,027,166 781,494
7 Creditors: amounts falling due within one year 2022 2021
£ £
Trade creditors 404,475 391,169
Amounts owed to group undertakings and undertakings in which the company has a participating interest - 362
Taxation and social security costs 140,588 120,622
Other creditors 32,271 21,844
577,334 533,997
8 Related party note
Mr Harshad Patel, Mr Mitul Patel and Mrs Divya Patel are directors of the company.

At the end of the year amount owed by the company to the directors is £23,460.04 (2021: £16,600).

During the year the company has declared dividends of £0.00. (2021: £0.00).
9 Summary of transactions with other related parties
Bristol Pharma limited
(Company associated with the directors)

Mr Mitul Patel is also a director and shareholder in Bristol Pharma Limited.

At the balance sheet date, the amount due from Bristol Pharma Limited was £0.00 (2021: £300,000).
East Anglia Pharma limited
(Company associated with the directors)

Mr Mitul Patel is also a director and shareholder in East Anglia Pharma Limited.

At the balance sheet date, the amount due from East Anglia Pharma Limited was £300,000 (2021: £0.00).
Norfolk Pharma Ltd
(Company associated with the directors)

Mr Mitul Patel is also a director and shareholder in Norfolk Pharma Ltd.

At the balance sheet date, the amount due from Norfolk Pharma Ltd was £105,000 (2021: £0.00).
Paxton Limited
(Company associated with the directors)

Mr Mitul Patel is also a director and shareholder in Paxton Limited.

At the balance sheet date the amount due from Paxton Limited was £850,000 (2021: £0.00)
Suffolk Pharma Ltd
(company associated with the directors)

Mr Mitul Patel is also a director and shareholder in Suffolk Pharma Ltd.

At the the balance sheet date the amount due from Suffolk Pharma Ltd was £3,786 (2021: £0.00)
10 Controlling party
Summary of Transactions with parent company
Pharmaco (Suffolk) Ltd
(Parent undertaking of Mid Suffolk Medical Supplies Limited)

At the balance sheet date, the amount due from Pharmaco (Suffolk) Ltd was £0.00. (2021: £0.00 ). The loan is interest-free and repayable on demand.
11 Other information
Mid Suffolk Medical Supplies Limited is a private company limited by shares and incorporated in England. Its registered office is:
205 Plumstead Road
Norwich
Norfolk
NR1 4AB
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