ACCOUNTS - Final Accounts preparation

ACCOUNTS - Final Accounts preparation

IMIGE LTD - Company Information

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06598061 ANSWERS IN MEDICINE LIMITED 2014-06-01 2015-05-31 false true 2015-05-31true 06598061 2014-06-01 2015-05-31 06598061 2015-05-31 06598061 2014-05-31 06598061 c:OrdinaryShareClass1 2015-05-31 06598061 c:OrdinaryShareClass1 2014-05-31 06598061 c:OrdinaryShareClass1 2014-06-01 2015-05-31 06598061 c:Director1 2014-06-01 2015-05-31 06598061 c:Director2 2014-06-01 2015-05-31 06598061 c:EntityAccountantsOrAuditors 2015-05-31 06598061 d:OtherTangibleFixedAssets 2014-06-01 2015-05-31 06598061 c:EntityAccountantsOrAuditors 2014-06-01 2015-05-31 xbrli:shares iso4217:GBP

Registered number: 06598061








ANSWERS IN MEDICINE LIMITED







UNAUDITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MAY 2015































BAGINSKY COHEN

CHARTERED ACCOUNTANTS
 
ANSWERS IN MEDICINE LIMITED
 
 
The following reproduces the text of the Chartered accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ANSWERS IN MEDICINE LIMITED
FOR THE YEAR ENDED 31 MAY 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Answers in Medicine Limited for the year ended 31 May 2015 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 to us.
 

As a 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/regulations.


This report is made solely to the Board of directors of Answers in Medicine Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Answers in Medicine Limited and state those matters that we have agreed to state to the Board of directors of Answers in Medicine Limited, as a body, 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 Answers in Medicine Limited and its Board of directors, as a body, for our work or for this report.
 
 
It is your duty to ensure that Answers in Medicine Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the company's assets, liabilities, financial position and loss. You consider that Answers in Medicine Limited is exempt from the statutory audit requirement for the year.
 
 
We have not been instructed to carry out an audit or review of the financial statements of Answers in Medicine 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.






BAGINSKY COHEN
CHARTERED ACCOUNTANTS
930 HIGH ROAD
LONDON
N12 9RT

20 November 2015
Page 1
 
ANSWERS IN MEDICINE LIMITED
REGISTERED NUMBER: 06598061

ABBREVIATED BALANCE SHEET
AS AT 31 MAY 2015

2015
2014
Note
£
£
£
£
 
CURRENT ASSETS





 
Stocks
2,632
2,632

 
Debtors
141
84

 
Cash at bank

3,467
5,354







 
6,240
8,070
 
CREDITORS: amounts falling due within one year
(23,664)
(23,666)
 
NET CURRENT LIABILITIES


(17,424)

(15,596)
 
TOTAL ASSETS LESS CURRENT LIABILITIES
 (17,424)

 (15,596)
  
CAPITAL AND RESERVES

 
Called up share capital
3
500
500
 
Profit and loss account (deficit)
(17,924)
(16,096)
 
 

 (17,424)

 (15,596)


The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question 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 financial statements.

The abbreviated accounts, which have been prepared in accordance with the provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf on 20 November 2015.





T. RAYNE
O. EPSTEIN
Director
Director

The notes on pages 3 to 4 form part of these financial statements.

Page 2

 
ANSWERS IN MEDICINE LIMITED
 
 
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2015

1.ACCOUNTING POLICIES

1.1
Basis of preparation of financial statements

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with applicable accounting standards.

1.2
Cash flow

The company has taken advantage of the exemption in Financial Reporting Standard No.1 from the requirement to produce a cash flow statement on the grounds that it is a small company.

1.3
Going concern

The financial statements have been prepared under the going concern basis despite the deficiency of shareholders funds at the year end. The company's ability to continue trading as a going concern is dependent on the continued support of the company's lenders.

1.4
Deferred taxation

Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.

A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.

Deferred tax assets and liabilities are discounted.

1.5
Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

1.6
Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation.  Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Website Development
-
25% straight line

1.7
Turnover

Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax.

Page 3

 
ANSWERS IN MEDICINE LIMITED
 
 
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2015

2.TANGIBLE FIXED ASSETS



£


Cost 



At 1 June 2014 and 31 May 2015

21,640



Depreciation


At 1 June 2014 and 31 May 2015

21,640




Net book value


At 31 May 2015
 -


At 31 May 2014

 -


3.SHARE CAPITAL
        2015
        2014
        £

        £

Allotted, called up and fully paid



500 Ordinary £1 shares of £1 each
 500
 500

Page 4