Medsol Healthcare Services Ltd Small abbreviated accounts

COMPANY REGISTRATION NUMBER 04522585

MEDSOL HEALTHCARE SERVICES LTD

ABBREVIATED ACCOUNTS

31 January 2016

ACCOUNTS UNLOCKED LLP

Chartered Certified Accountants

Repton Manor

Repton Avenue

Ashford

Kent

TN23 3GP

MEDSOL HEALTHCARE SERVICES LTD

ABBREVIATED BALANCE SHEET

31 January 2016

	2016	2015
Note	£	£	£
FIXED ASSETS	2
Intangible assets		500,000	500,000
Tangible assets		1,133	1,517
Investments		178,000	178,000
		----------	----------
		679,133	679,517
		----------	----------

CURRENT ASSETS

Debtors	781,586		513,110
Cash at bank and in hand	7,998		2,976
	----------		----------
	789,584		516,086
CREDITORS: Amounts falling due within one year	3	901,217		665,665
		----------		----------
NET CURRENT LIABILITIES		( 111,633)	( 149,579)
		----------	----------
TOTAL ASSETS LESS CURRENT LIABILITIES		567,500	529,938
		----------	----------

CAPITAL AND RESERVES

Called up equity share capital	4		106,705	106,705
Share premium account		426,820	426,820
Profit and loss account		33,975	( 3,587)
		----------	----------
SHAREHOLDERS' FUNDS		567,500	529,938
		----------	----------

For the year ended 31 January 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These abbreviated accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime.

These abbreviated accounts were approved by the directors and authorised for issue on 24 May 2016 , and are signed on their behalf by: Mr I Oxley Director

Company Registration Number: 04522585

MEDSOL HEALTHCARE SERVICES LTD

NOTES TO THE ABBREVIATED ACCOUNTS

YEAR ENDED 31 JANUARY 2016

1. ACCOUNTING POLICIES

Basis of accounting

The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

Intangible assets

All intangible assets are initially recorded at cost.

Fixed assets

All fixed assets are initially recorded at cost.

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Fixtures & Fittings-15% reducing balance

Computer Equipment-33% reducing balance

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Factored debts

The company accounts for factored debts according to where the risks and benefits of ownership reside. A gross asset (equivalent in amount to the gross amount of the debts) is shown on the balance sheet within assets, and a corresponding liability in respect of the proceeds received from the factor is shown within liabilities.

2. FIXED ASSETS

Intangible Assets	Tangible Assets	Investments	Total
£	£	£	£

COST

At 1 February 2015 and 31 January 2016	500,000	27,385	178,000	705,385
	----------	---------	----------	----------

DEPRECIATION

At 1 February 2015	–	25,868	–	25,868
Charge for year	–	384	–	384
	----------	---------	----------	----------
At 31 January 2016	–	26,252	–	26,252
	----------	---------	----------	----------

NET BOOK VALUE

At 31 January 2016	500,000	1,133	178,000	679,133
	----------	-------	----------	----------

At 31 January 2015	500,000	1,517	178,000	679,517
	----------	-------	----------	----------

3. CREDITORS: Amounts falling due within one year

The following liabilities disclosed under creditors falling due within one year are secured by the company:

	2016	2015
	£	£
Bank loans and overdrafts	650,634	403,665
	----------	----------

4. SHARE CAPITAL

Allotted, called up and fully paid:

2016	2015
No	£	No	£
Ordinary A shares of £ 2.50 each	42,680	106,700	42,680	106,700
Ordinary B shares of £ 2.50 each	2	5	2	5
	---------	----------	---------	----------
	42,682	106,705	42,682	106,705
	---------	----------	---------	----------