Registered number
02195835
Medical Specialists Company Limited
Abbreviated Accounts
30 November 2015
Medical Specialists Company Limited
Registered number: 02195835
Abbreviated Balance Sheet
as at 30 November 2015
Notes 2015 2014
£ £
Fixed assets
Tangible assets 2 11,059 13,588
Current assets
Stocks 28,192 17,774
Debtors 174,033 112,831
Cash at bank and in hand 467,733 516,585
669,958 647,190
Creditors: amounts falling due within one year (167,802) (156,007)
Net current assets 502,156 491,183
Total assets less current liabilities 513,215 504,771
Provisions for liabilities (2,211) (2,717)
Net assets 511,004 502,054
Capital and reserves
Called up share capital 3 100 100
Profit and loss account 510,904 501,954
Shareholders' funds 511,004 502,054
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 August 2016
Medical Specialists Company Limited
Notes to the Abbreviated Accounts
for the year ended 30 November 2015
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 2014 40041
Additions 1157
At 30 November 2015 41198
Depreciation
At 1 December 2014 26453
Charge for the year 3686
At 30 November 2015 30139
Net book value
At 30 November 2015 11059
At 30 November 2014 13588
3 Share capital Nominal 2015 2015 2014
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
Monies due to/(from) the company 50000 279756 200000 129756
50000 279756 200000 129756
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