Registration number:
Boss Medical Science Limited
for the Year Ended 31 December 2022
Boss Medical Science Limited
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Financial Statements |
Boss Medical Science Limited
Company Information
Directors |
Mr R Bessell Mr T R Payne |
Registered office |
|
Registered number |
09787923 |
Accountants |
|
Boss Medical Science Limited
(Registration number: 09787923)
Balance Sheet as at 31 December 2022
Note |
2022 |
2021 |
|
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
100 |
100 |
|
Retained earnings |
42,227 |
40,323 |
|
Shareholders' funds |
42,327 |
40,423 |
For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
......................................... |
Boss Medical Science Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in Sterling (£) and figures are shown to the nearest whole pound.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for services provided and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Government grants
Government grants in relation to expenditure are credited to profit and loss account when the expenditure is charged to profit and loss.
Boss Medical Science Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Boss Medical Science Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Debtors |
Note |
2022 |
2021 |
|
Trade debtors |
|
|
|
Amounts owed by group undertaking |
|
|
|
Other debtors |
|
|
|
Amounts owed by related parties |
158,126 |
121,292 |
|
|
|
Boss Medical Science Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Creditors |
Creditors: amounts falling due within one year
Note |
2022 |
2021 |
|
Bank loans and overdrafts |
|
- |
|
Trade creditors |
|
- |
|
Amounts owed to related parties |
|
|
|
Taxation and social security |
|
|
|
Other creditors |
|
|
|
|
|
Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
Loans and borrowings |
2022 |
2021 |
|
Current loans and borrowings |
||
Bank overdrafts |
|
- |
Boss Medical Science Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Related party disclosures |
Transactions with Group undertaking
Boss Professional Services Limited
Parent company
At the balance sheet date, Boss Professional Services Limited owed £19,357, (2021 : £22,204), to the company.
Transactions with Related parties
Boss ERP Consulting Limited
Under common control
At the balance sheet date, the company owed £126,088, (2021 : £117,088), to Boss ERP Consulting Limited.
Boss Energy Consulting Limited
Under common control
At the balance sheet date, Boss Energy Consulting Limited owed £152,146, (2021: £101,592), to the company.
Smarttek Global Limited
Under common control
At the balance sheet date, Smarttek Global Limited owed £5,980, to the company whereas the company £244 to Smarttek Global Limited in 2021.
Boss Consulting Limited
Connected company
At the balance sheet date, the company owed £8,300, to Boss Consulting Limited whereas Boss Consulting Limited owed £19,700, to the company in 2021.
Ultimate parent company |
The company' s ultimate parent company and controlling party is Boss Professional Services Limited.