Ideal Medical Solutions Ltd
Ideal Medical Solutions Ltd
Registered number: 07777751
Unaudited Financial Statements
For the Period 1 January 2017 to 31 March 2017
Purvis Stevens LLP
Ideal Medical Solutions Ltd
Unaudited Financial Statements
For the Period 1 January 2017 to 31 March 2017
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Accountants' Report | 1 |
| Balance Sheet | 2—3 |
| Statement of Changes in Equity | 4 |
| Notes to the Financial Statements | 5—9 |
Ideal Medical Solutions Ltd
Accountants' Report
For the Period 1 January 2017 to 31 March 2017
Accountants' Report
Report to the director on the preparation of the unaudited statutory accounts of Ideal Medical Solutions Ltd For the Period 1 January 2017 to 31 March 2017
To assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Ideal Medical Solutions Ltd 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the director of Ideal Medical Solutions Ltd , as a body, in accordance with the terms of our engagement letter . Our work has been undertaken solely to prepare for your approval the accounts of Ideal Medical Solutions Ltd and state those matters that we have agreed to state to the director of Ideal Medical Solutions Ltd , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ideal Medical Solutions Ltd and its director as a body for our work or for this report.
It is your duty to ensure that Ideal Medical Solutions Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Ideal Medical Solutions Ltd . You consider that Ideal Medical Solutions Ltd is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the accounts of Ideal Medical Solutions Ltd . 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 financial statements.
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Hayles Bridge Offices
228 Mulgrave Road
Cheam
Surrey
SM2 6JT
Page 1
Ideal Medical Solutions Ltd
Balance Sheet
As at
31 March 2017
Balance Sheet
Registered number:
07777751
For the period ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| Period to 31 March 2017 | 31 December 2016 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 7 |
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| CURRENT ASSETS | |||||
| Stocks | 8 |
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| Debtors | 9 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 10 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 11 |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation | 13 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 14 |
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| Share premium account |
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| Profit and loss account |
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| SHAREHOLDERS' FUNDS | (269,964) | (215,910) | |||
Page 2
Ideal Medical Solutions Ltd
Balance Sheet (continued)
As at
31 March 2017
Director's responsibilities
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The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The Company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the Profit and Loss Account
On behalf of the board
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The notes on pages 5 to 9 form part of these financial statements.
Page 3
Ideal Medical Solutions Ltd
Statement of Changes in Equity
For the Period 1 January 2017 to 31 March 2017
Statement of Changes in Equity
| Share Capital | Share Premium | Profit & Loss Account | Total | |
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| £ | £ | £ | £ | |
| As at 1 January 2016 |
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(145,043) |
| Loss for the year and total comprehensive income | - | - |
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(101,967) |
| Arising on shares issued during the period |
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30,940 | - | 31,100 |
| As at 31 December 2016 and 1 January 2017 |
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(215,910) |
| Loss for the period and total comprehensive income | - | - |
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(54,054) |
| As at |
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( |
(269,964) |
Page 4
Ideal Medical Solutions Ltd
Notes to the Unaudited Accounts
For the Period 1 January 2017 to 31 March 2017
Notes to the Unaudited Accounts
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
1.3.
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 the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Plant & Machinery |
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| Motor Vehicles |
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1.4.
Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
1.5.
Stocks and Work in Progress
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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.6.
Deferred Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is 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 taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
1.7.
Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account. The notes which are not included have been hidden but original note numbering has remained the same for those that are present.
Page 5
Ideal Medical Solutions Ltd
Notes to the Unaudited Accounts (continued)
For the Period 1 January 2017 to 31 March 2017
4.
Average number of employees
Average number of employees, including directors, during the year was as follows:
| Period to 31 March 2017 | 31 December 2016 | ||
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| Sales, marketing and distribution |
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7.
Tangible Assets
| Plant & Machinery | Motor Vehicles | Total | |
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| £ | £ | £ | |
| Cost | |||
| As at |
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| Additions |
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| Depreciation | |||
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| Provided during the period |
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| Net Book Value | |||
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Stocks
| Period to 31 March 2017 | 31 December 2016 | ||
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| £ | £ | ||
| Stock - materials and work in progress | 76,765 | 91,674 | |
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Page 6
Ideal Medical Solutions Ltd
Notes to the Unaudited Accounts (continued)
For the Period 1 January 2017 to 31 March 2017
9.
Debtors
| Period to 31 March 2017 | 31 December 2016 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Other debtors |
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| Corporation tax recoverable assets |
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| Director's loan account | 81,672 | 134,037 | |
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10.
Creditors: Amounts Falling Due Within One Year
| Period to 31 March 2017 | 31 December 2016 | ||
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| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
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| Trade creditors |
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| Bank loans and overdrafts |
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| Corporation tax |
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| Other taxes and social security |
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| VAT |
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| Other creditors |
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| Accruals and deferred income |
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11.
Creditors: Amounts Falling Due After More Than One Year
| Period to 31 March 2017 | 31 December 2016 | ||
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| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
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| Bank loans |
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| Other creditors |
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Page 7
Ideal Medical Solutions Ltd
Notes to the Unaudited Accounts (continued)
For the Period 1 January 2017 to 31 March 2017
12.
Obligations Under Finance Leases and Hire Purchase
| Period to 31 March 2017 | 31 December 2016 | ||
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| £ | £ | ||
| The maturity of these amounts is as follows: | |||
| Amounts Payable: | |||
| Within one year |
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| Between one and five years |
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13.
Deferred Taxation
| Period to 31 March 2017 | 31 December 2016 | ||
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| £ | £ | ||
| As at |
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| Deferred taxation |
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| Deferred tax |
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The provision for deferred taxation is made up of accelerated capital allowances
15.
Transactions With and Loans to Directors
Included within Debtors are the following loans to directors:
| As at |
Amounts advanced | Amounts repaid | As at |
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| £ | £ | £ | £ | |
| Mr Andrew Wakeling |
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The above loan is unsecured and repayable on demand.
16.
Ultimate Controlling Party
The company's ultimate controlling party is Andrew Wakeling by virtue of his ownership of 51% of the issued share capital in the company.
Page 8
Ideal Medical Solutions Ltd
Notes to the Unaudited Accounts (continued)
For the Period 1 January 2017 to 31 March 2017
17.
General Information
Ideal Medical Solutions Ltd Registered number 07777751 is a limited by shares company incorporated in England & Wales. The Registered Office is Hayles Bridge Offices, 228 Mulgrave Road, Cheam, Surrey, SM2 6JT.
Page 9