Registered number
02195835
Medical Specialists Company Limited
Abbreviated Accounts
30 November 2012
Medical Specialists Company Limited
Registered number: 02195835
Abbreviated Balance Sheet
as at 30 November 2012
Notes 2012 2011
£ £
Fixed assets
Tangible assets 2 19,672 14,287
Current assets
Stocks 28,169 29,340
Debtors 31,725 85,681
Cash at bank and in hand 299,274 55,236
359,168 170,257
Creditors: amounts falling due within one year (181,623) (121,191)
Net current assets 177,545 49,066
Total assets less current liabilities 197,217 63,353
Provisions for liabilities (3,935) (2,857)
Net assets 193,282 60,496
Capital and reserves
Called up share capital 3 100 100
Profit and loss account 193,182 60,396
Shareholders' funds 193,282 60,496
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
Mr D Bailey
Director
Approved by the board on 19 June 2013
Medical Specialists Company Limited
Notes to the Abbreviated Accounts
for the year ended 30 November 2012
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
Turnover
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Plant and machinery 25% Reducing balance
Stocks
Stock is valued at the lower of cost and net realisable value.
Deferred taxation
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse.
Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2 Tangible fixed assets £
Cost
At 1 December 2011 24,574
Additions 11,943
At 30 November 2012 36,517
Depreciation
At 1 December 2011 10,287
Charge for the year 6,558
At 30 November 2012 16,845
Net book value
At 30 November 2012 19,672
At 30 November 2011 14,287
3 Share capital Nominal 2012 2012 2011
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each 100 100 100
4 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr D Bailey
Short term loan repayable on demand (Interest rate 4% pa) - 65,000 (65,000) -
- 65,000 (65,000) -
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