Central Medical Services Ltd - Accounts to registrar (filleted) - small 18.1
Central Medical Services Ltd - Accounts to registrar (filleted) - small 18.1
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 30 June 2017 |
for |
Central Medical Services Ltd |
Central Medical Services Ltd (Registered number: 07643110) |
Contents of the Financial Statements |
for the Year Ended 30 June 2017 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Central Medical Services Ltd |
Company Information |
for the Year Ended 30 June 2017 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
The Old Manse |
29 St. Mary Street |
Ilkeston |
Derbyshire |
DE7 8AB |
Central Medical Services Ltd (Registered number: 07643110) |
Balance Sheet |
30 June 2017 |
2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
CURRENT ASSETS |
Inventories |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
Central Medical Services Ltd (Registered number: 07643110) |
Balance Sheet - continued |
30 June 2017 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the director on |
Central Medical Services Ltd (Registered number: 07643110) |
Notes to the Financial Statements |
for the Year Ended 30 June 2017 |
1. | STATUTORY INFORMATION |
Central Medical Services Ltd is a |
The company's registered number and registered office address can be found on the Company |
Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
The figures in the financial statements are rounded to the nearest £1. |
The company is not a member of a group and these financial statements therefore cover only the |
individual company. |
The company's place of business is Unit 4 Robey Close Linby Nottinghamshire NG15 8AA. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements for the year ended 30th June 2017 are the first financial statements of the |
company prepared in accordance with FRS 102. The date of transition to FRS 102 was 1st July 2015. |
The reported financial position and financial performance for the comparative period ended 30th June |
2016 are not affected by the transition to FRS 102. |
Turnover |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, |
rebates, value added tax and other sales taxes. |
Central Medical Services Ltd (Registered number: 07643110) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2017 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, |
net of depreciation and any impairment losses. |
The gain or loss arising on the disposal of an asset is determined as the difference between the sale |
proceeds and the carrying value of the asset, and is credited or charged to profit or loss. |
At each reporting period end date, the company reviews the carrying amounts of its tangible and |
intangible assets to determine whether there is any indication that those assets have suffered an |
impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in |
order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the |
recoverable amount of an individual asset, the company estimates the recoverable amount of the |
cash-generating unit to which the asset belongs. |
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in |
use, the estimated future cash flows are discounted to their present value using a pre-tax discount |
rate that reflects current market assessments of the time value of money and the risks specific to the |
asset for which the estimates of future cash flows have not been adjusted. |
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its |
carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its |
recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the |
relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a |
revaluation decrease. |
Stocks |
Inventories are valued at the lower of cost and net realisable value, after making due allowance for |
obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, |
except to the extent that it relates to items recognised in other comprehensive income or directly in |
equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been |
enacted or substantively enacted by the balance sheet date. |
Central Medical Services Ltd (Registered number: 07643110) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2017 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods |
different from those in which they are recognised in financial statements. Deferred tax is measured |
using tax rates and laws that have been enacted or substantively enacted by the year end and that |
are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is |
probable that they will be recovered against the reversal of deferred tax liabilities or other future |
taxable profits. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. |
Those held under hire purchase contracts are depreciated over their estimated useful lives. Those |
held under finance leases are depreciated over their estimated useful lives or the lease term, |
whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The |
capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the |
period of the lease. |
Cash and cash equivalents |
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term |
liquid investments with original maturities of three months or less, and bank overdrafts. |
Central Medical Services Ltd (Registered number: 07643110) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2017 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and |
Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's statement of financial position when the |
company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, |
when there is a legally enforceable right to set off the recognised amounts and there is an intention to |
settle on a net basis or to realise the asset and settle the liability simultaneously. |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at |
transaction price including transaction costs and are subsequently carried at amortised cost using the |
effective interest method unless the arrangement constitutes a financing transaction, where the |
transaction is measured at the present value of the future receipts discounted at a market rate of |
interest. Financial assets classified as receivable within one year are not amortised. |
Impairment of financial assets |
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators |
of impairment at each reporting end date. |
Financial assets are impaired where there is objective evidence that, as a result of one or more events |
that occurred after the initial recognition of the financial asset, the estimated future cash flows have |
been affected. If an asset is impaired, the impairment loss is the difference between the carrying |
amount and the present value of the estimated cash flows discounted at the asset's original effective |
interest rate. The impairment loss is recognised in profit or loss. |
If there is a decrease in the impairment loss arising from an event occurring after the impairment was |
recognised, the impairment is reversed. The reversal is such that the current carrying amount does |
not exceed what the carrying amount would have been, had the impairment not previously been |
recognised. The impairment reversal is recognised in profit or loss. |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset |
expire or are settled, or when the company transfers the financial asset and substantially all the risks |
and rewards of ownership to another entity, or if some significant risks and rewards of ownership are |
retained but control of the asset has transferred to another party that is able to sell the asset in its |
entirety to an unrelated third party. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual |
arrangements entered into. An equity instrument is any contract that evidences a residual interest in |
the assets of the company after deducting all of its liabilities. |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and |
preference shares that are classified as debt, are initially recognised at transaction price unless the |
arrangement constitutes a financing transaction, where the debt instrument is measured at the |
present value of the future receipts discounted at a market rate of interest. Financial liabilities |
classified as payable within one year are not amortised. |
Central Medical Services Ltd (Registered number: 07643110) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2017 |
2. | ACCOUNTING POLICIES - continued |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary |
course of business from suppliers. Amounts payable are classified as current liabilities if payment is |
due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are |
recognised initially at transaction price and subsequently measured at amortised cost using the |
effective interest method. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when the company's contractual obligations expire or are |
discharged or cancelled. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 July 2016 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 30 June 2017 |
DEPRECIATION |
At 1 July 2016 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 30 June 2017 |
NET BOOK VALUE |
At 30 June 2017 |
At 30 June 2016 |
The net book value of property, plant and equipment includes £ 83,708 (2016 - £ 20,913 ) in respect |
of assets held under hire purchase contracts and finance leases. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
Other debtors |
Central Medical Services Ltd (Registered number: 07643110) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2017 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts and finance leases (see note 8) |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2017 | 2016 |
£ | £ |
Hire purchase contracts and finance leases (see note 8) |
8. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts | Finance leases |
2017 | 2016 | 2017 | 2016 |
£ | £ | £ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable |
operating leases |
2017 | 2016 |
£ | £ |
Within one year |
Between one and five years |
Central Medical Services Ltd (Registered number: 07643110) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2017 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2017 | 2016 |
£ | £ |
Advance from debt factor |
Hire purchase contracts and finance leases | 79,371 | 13,504 |
Amounts owed under finance leases and hire purchase agreements are secured on the assets subject |
to the lease or agreement. |
Advances from debt factors are secured by fixed and floating charge over the assets of the company |
and in part by personal guarantee of the directors. |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
Ordinary (A to D) | £1.00 | 4 | 4 |
11. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £47,818 were paid to the directors . |
During the year the directors made net interest free loans of £66,652 (2016: £33,630) to the |
company. |
Directors remuneration packages are concluded under normal market conditions. |