Medvest UK LLP Filleted Accounts Cover
Medvest UK LLP
Registered No. OC327947
Information for Filing with the Registrar
31 December 2021
Medvest UK LLP Balance Sheet Registrar
at
31 December 2021
Registered No.
OC327947
Notes
2021
2020
$
$
Fixed assets
Tangible assets
5
1,440
1,933
Investments
6
1,549,370
1,544,649
1,550,810
1,546,582
Current assets
Debtors
7
1,077,512
695,906
Cash at bank and in hand
10,719
224,053
1,088,231
919,959
Creditors: Amounts falling due within one year
8
(53,977)
(51,872)
Net current assets
1,034,254
868,087
Total assets less current liabilities
2,585,064
2,414,669
Net assets attributable to members
2,585,064
2,414,669
Represented by:
Loans and other debts due to members
2,612,701
2,243,313
Members' other interests
Members' capital
2,246,458
2,246,458
Other reserves
(2,274,095)
(2,075,102)
(27,637)
171,356
2,585,064
2,414,669
These accounts have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
For the year ended 31 December 2021 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 as applied by the Limited Liability Partnerships (Accounts and Audit)(Application of Companies Act 2006) Regulations 2008) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
As permitted by section 444 (5A)of the Companies Act 2006 the members have not delivered to the Registrar a copy of the company's profit and loss account.
Approved by the members on 01 August 2022
And signed on its behalf by designated member:
Medvest International Limited
Designated member
01 August 2022
Medvest UK LLP Notes to the Accounts Registrar
for the year ended 31 December 2021
1
General information
Its registered number is: OC327947
Its registered office is:
Ground Floor, Cromwell House
15 Andover Road
Winchester
SO23 7BT
The functional and presentational currency of the company is US Dollar. The accounts are rounded to the nearest dollar.
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006 and in accordance with the Statement of Recommended Practice 'Accounting for Limited Liability Partnerships' issued in December 2018.
2
Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.
Members' remuneration and division of profits
Remuneration is paid to certain members under a contract of employment and is included as an expense in the profit and loss account.

In addition, the LLP agreement provides that fixed amounts, determined for each member each year, be paid to members, irrespective of the profits of the LLP. These amounts are included within members' remuneration charged as an expense.

Profits are treated as being available for discretionary division only if the the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Once agreement has been reached to divide the profits, a members' share in the profit or loss for the year is accounted for as an allocation of profits. Unallocated profits and losses remain included within 'other reserves'.
Tangible fixed assets and depreciation
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:
Furniture, fittings and equipment
25% Straight line
Investments
Unlisted investments are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, any changes in fair value are recognised in profit and loss.
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Members' Interests
Members' interests are classified as either equity or debt.

Equity interests comprise any capital introduced classified as equity, any unallocated profits, any revaluation reserve and any other reserves.

Loans and other debts due to members comprise any capital introduced but classified as a liability, any loans from members, amounts due to members in respect of allocated profits less drawings and any other amounts that the LLP is contractually obliged to repay to members.
Foreign currencies
The functional and presentational currency of the company is US Dollar. The accounts are rounded to the nearest dollar.
Transactions in currencies, other than the functional currency of the Company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. all differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.
Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
3
Information in relation to members
2021
2020
Number
Number
The average number of members during the year :
8
7
4
Employees
2021
2020
Number
Number
The average number of persons employed during the year was:
0
0
5
Tangible fixed assets
Fixtures, fittings and equipment
Total
$
$
Cost
At 1 January 2021
1,9741,974
At 31 December 2021
1,9741,974
Depreciation
At 1 January 2021
4141
Charge for the year
493493
At 31 December 2021
534534
Net book values
At 31 December 2021
1,4401,440
At 31 December 2020
1,933
1,933
6
Investments
Other investments - Unlisted
Total
$
$
Cost or revaluation
At 1 January 2021
1,544,6491,544,649
Additions
4,7214,721
At 31 December 2021
1,549,3701,549,370
Provisions and impairment
Net book values
At 31 December 2021
1,549,3701,549,370
At 31 December 2020
1,544,6491,544,649
7
Debtors
2021
2020
$
$
Other debtors
1,077,274695,668
Prepayments and accrued income
238238
1,077,512695,906
8
Creditors:
amounts falling due within one year
2021
2020
$
$
Bank loans and overdrafts
--
Trade creditors
32,69030,568
Other creditors
19,33719,337
Accruals and deferred income
1,9501,967
53,97751,872
9
Loans and other debts due to members
2021
2020
$
$
Loans from members
2,612,701
2,243,313
2,612,701
2,243,313
Amounts falling due within one year
2,612,701
-
2,612,701
2,243,313
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