Isles of Scilly Medical Services Limited - Period Ending 2023-03-31

Isles of Scilly Medical Services Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 7

Isles of Scilly Medical Services Limited

Company Information

Directors

Dr James Stephen Tait Dr Jonathan Paul Garman Dr Margriet Gringhuis Mrs Alison Butterill

Registered office

Lowin House Tregolls Road Truro Cornwall TR1 2NA

Accountants

Francis Clark LLP Lowin House Tregolls Road Truro Cornwall TR1 2NA

Isles of Scilly Medical Services Limited

Balance Sheet

31 March 2023

	Note	2023 £	2022 £
Fixed assets
Tangible assets	4	5,589	6,987
Current assets
Stocks		28,817	29,638
Debtors	5	252,468	181,389
Cash at bank and in hand		19,144	116,578
		300,429	327,605
Creditors: Amounts falling due within one year	6	(372,079)	(370,536)
Net current liabilities		(71,650)	(42,931)
Net liabilities		(66,061)	(35,944)
Capital and reserves
Called up share capital	7	100	100
Profit and loss account		(66,161)	(36,044)
Shareholders' deficit		(66,061)	(35,944)

Isles of Scilly Medical Services Limited

Balance Sheet

31 March 2023

For the financial year ending 31 March 2023 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 28 March 2024 and signed on its behalf by:
 

......................................... Dr Jonathan Paul Garman Director

Company Registration Number: 08486087

Isles of Scilly Medical Services Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Lowin House
Tregolls Road
Truro
Cornwall
TR1 2NA

The principal place of business is:
The Health Centre
St Marys
Isles of Scilly
TR21 0HE

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 including Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis. The largest creditor is Helston Medical Centre which is owed £318,915. The partners of Helston Medical Centre own all shares of the company and have confirmed that they will not seek repayment of the loan for the foreseeable future.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Isles of Scilly Medical Services Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Furniture, fixtures and fittings	20% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

 

3	Staff numbers

The average number of persons employed by the company (excluding directors) during the year, was 0 (2022 - 0).

Isles of Scilly Medical Services Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 April 2022	42,614	42,614
At 31 March 2023	42,614	42,614
Depreciation
At 1 April 2022	35,627	35,627
Charge for the year	1,398	1,398
At 31 March 2023	37,025	37,025
Carrying amount
At 31 March 2023	5,589	5,589
At 31 March 2022	6,987	6,987

5

Debtors

	2023 £	2022 £
Trade debtors	55,061	60,286
Other debtors	197,407	121,103
	252,468	181,389

6

Creditors

Creditors: amounts falling due within one year

	2023 £	2022 £
Due within one year
Trade creditors	30,085	36,479
Other creditors	336,090	329,206
Accruals and deferred income	5,904	4,851
	372,079	370,536

Isles of Scilly Medical Services Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

7	Share capital

Allotted, called up and fully paid shares

	2023		2022
	No.	£	No.	£
Allotted, called up and unpaid of £1 each	100	100	100	100