Company Registration No. 06587888 (England and Wales)
MediChest Limited
Filleted accounts
for the year ended 31 October 2017
MediChest Limited
Filleted accounts
Contents
MediChest Limited
Company Information
for the year ended 31 October 2017
Directors
Bharatkumar Maru
Ebrahim Farook Aziz
Company Number
06587888 (England and Wales)
Registered Office
2-3 Berrymoor Court
Wellingborough
Northamptonshire
NN8 2DL
Accountants
YP Finance
Hawthorne House
17A Hawthorne Drive
Leicester
Leicestershire
LE5 6DL
MediChest Limited
Statement of financial position
as at 31 October 2017
Intangible assets
35,799
71,599
Inventories
208,141
64,967
Cash at bank and in hand
100
(17,186)
Creditors: amounts falling due within one year
(119,698)
(126,730)
Net current assets
252,542
72,134
Total assets less current liabilities
289,787
144,649
Creditors: amounts falling due after more than one year
(308,968)
(206,913)
Net liabilities
(19,181)
(62,264)
Called up share capital
4
4
Profit and loss account
(19,185)
(62,268)
Shareholders' funds
(19,181)
(62,264)
For the year ending 31 October 2017 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 and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 31 July 2018.
Ebrahim Farook Aziz
Director
Company Registration No. 06587888
MediChest Limited
Notes to the Accounts
for the year ended 31 October 2017
MediChest Limited is a private company, limited by shares, registered in England and Wales, registration number 06587888. The registered office is 2-3 Berrymoor Court , Wellingborough, Northamptonshire, NN8 2DL.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the year ended 31 October 2017 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 November 2015.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. 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 included at cost less accumulated amortisation.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
MediChest Limited
Notes to the Accounts
for the year ended 31 October 2017
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 assets and liabilities are not discounted.
4
Intangible fixed assets
Goodwill
At 1 November 2016
357,999
At 31 October 2017
357,999
At 1 November 2016
286,400
Charge for the year
35,800
At 31 October 2017
322,200
5
Tangible fixed assets
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 November 2016
9,214
93,450
102,664
At 31 October 2017
9,214
96,478
105,692
At 1 November 2016
8,292
93,456
101,748
Charge for the year
921
1,577
2,498
At 31 October 2017
9,213
95,033
104,246
At 31 October 2017
1
1,445
1,446
At 31 October 2016
922
(6)
916
Finished goods
208,141
64,967
MediChest Limited
Notes to the Accounts
for the year ended 31 October 2017
Accrued income and prepayments
142,410
133,665
Other debtors
18,108
17,418
8
Creditors: amounts falling due within one year
2017
2016
Bank loans and overdrafts
60,646
29,472
Trade creditors
48,400
91,052
Taxes and social security
7,339
2,730
Other creditors
2,500
3,476
9
Creditors: amounts falling due after more than one year
2017
2016
Bank loans
191,668
102,013
Other creditors
117,300
104,900
Allotted, called up and fully paid:
2 A Ordinary shares of £1 each
2
2
2 B Ordinary Shares of £1 each
2
2
The ultimate controlling parties are Mr E Aziz and Mr B Maru by virtue of their equal controlling interest in the company.
12
Average number of employees
During the year the average number of employees was 10 (2016: 8).
