Company Registration No. 06587888 (England and Wales)
MediChest Limited
Abbreviated accounts
for the year ended 31 October 2016
MediChest Limited
Abbreviated Balance Sheet
as at 31 October 2016
Intangible assets
71,599
107,399
Cash at bank and in hand
(17,186)
21,881
Creditors: amounts falling due within one year
(126,730)
(125,713)
Net current assets
72,134
56,944
Total assets less current liabilities
144,649
167,763
Creditors: amounts falling due after more than one year
(206,913)
(236,219)
Net liabilities
(62,264)
(68,456)
Called up share capital
4
4
Profit and loss account
(62,268)
(68,460)
Total shareholders' funds
(62,264)
(68,456)
For the year ending 31 October 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Approved by the board on 30 July 2017
Ebrahim Farook Aziz
Director
Company Registration No. 06587888
MediChest Limited
Notes to the Abbreviated Accounts
for the year ended 31 October 2016
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Turnover represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
15% straight line
Fixtures & fittings
15% straight line
Intangible fixed assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight basis over their estimated useful economic lives. Impairment of intangible fixed assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Stocks and work-in-progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.
Deferred tax assets and liabilities are not discounted.
At 1 November 2015
357,999
At 31 October 2016
357,999
At 1 November 2015
250,600
Charge for the year
35,800
At 31 October 2016
286,400
At 31 October 2015
107,399
MediChest Limited
Notes to the Abbreviated Accounts
for the year ended 31 October 2016
At 1 November 2015
102,664
At 31 October 2016
102,664
At 31 October 2016
101,748
Allotted, called up and fully paid:
2 A Ordinary shares of £1 each
2
2
2 B Ordinary Shares of £1 each
2
2
