Medical Storage Consultants Limited - Abbreviated accounts 16.1

Medical Storage Consultants Limited - Abbreviated accounts 16.1

MEDICAL STORAGE CONSULTANTS LIMITED - Company Information

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REGISTERED NUMBER: 01683328 (England and Wales)















Abbreviated Unaudited Accounts

for the Year Ended 31 December 2015

for

Medical Storage Consultants Limited

Medical Storage Consultants Limited (Registered number: 01683328)






Contents of the Abbreviated Accounts
for the Year Ended 31 December 2015




Page

Company Information 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3

Chartered Accountants' Report 5

Medical Storage Consultants Limited

Company Information
for the Year Ended 31 December 2015







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
Page 1
Medical Storage Consultants Limited (Registered number: 01683328)

Abbreviated Balance Sheet
31 December 2015

31.12.15 31.12.14
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 2 11,001 4,152

CURRENT ASSETS
Stocks 10,250 7,296
Debtors 180,388 157,029
Cash at bank and in hand 16,041 1,512
206,679 165,837
CREDITORS
Amounts falling due within one year 141,928 122,878
NET CURRENT ASSETS 64,751 42,959
TOTAL ASSETS LESS CURRENT
LIABILITIES
75,752
47,111

PROVISIONS FOR LIABILITIES 2,200 708
NET ASSETS 73,552 46,403

CAPITAL AND RESERVES
Called up share capital 3 100 100
Profit and loss account 73,452 46,303
SHAREHOLDERS' FUNDS 73,552 46,403

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2015 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 20 September 2016 and were signed by:




K Armstrong - Director


The notes form part of these abbreviated accounts

Page 2
Medical Storage Consultants Limited (Registered number: 01683328)

Notes to the Abbreviated Accounts
for the Year Ended 31 December 2015

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 January 2015).

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.

Page 3 continued...
Medical Storage Consultants Limited (Registered number: 01683328)

Notes to the Abbreviated Accounts - continued
for the Year Ended 31 December 2015

2. TANGIBLE FIXED ASSETS
Total
£   
COST
At 1 January 2015 19,781
Additions 10,015
Disposals (15,731 )
At 31 December 2015 14,065
DEPRECIATION
At 1 January 2015 15,629
Charge for year 1,940
Eliminated on disposal (14,505 )
At 31 December 2015 3,064
NET BOOK VALUE
At 31 December 2015 11,001
At 31 December 2014 4,152

3. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.15 31.12.14
value: £    £   
100 Ordinary £1 100 100

4. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

Creditors includes amounts due to the director, Mr K Armstrong, of £80,827 (2014: £79,015).These amounts are
unsecured, free of interest and have no fixed repayment terms.

During the period interim dividends were paid to the director, Mr K Armstrong totalling £20,000 (2014 :
£18,000).

5. 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 £48,848 (2014: £13,947) and paid for expenses totalling £8,417 (2014: £4,025)
on behalf of Hillside. Hillside paid expenses on behalf of the company of £16,098 (2014: £19,403). At the
balance sheet date the amounts due from Hillside were £140,516 (2014: £108,360). The amounts outstanding are
unsecured, free of interest and have no fixed repayment terms.

6. ULTIMATE CONTROLLING PARTY

The company is controlled by Mr K Armstrong due to his ownership of all of the company's issued share capital.

Page 4
Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
Medical Storage Consultants Limited

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 four)
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 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 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


20 September 2016

This page does not form part of the abbreviated accounts

Page 5