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COMPANY REGISTRATION NUMBER: 08639304
Medlab Research Limited
Filleted Unaudited Financial Statements
31 August 2023
Medlab Research Limited
Statement of Financial Position
31 August 2023
2023
2022
Note
£
£
£
Current assets
Debtors
5
242
287
Cash at bank and in hand
418
5,967
----
-------
660
6,254
Creditors: amounts falling due within one year
6
( 2,740)
( 142,476)
-------
---------
Net current liabilities
( 2,080)
( 136,222)
-------
---------
Total assets less current liabilities
( 2,080)
( 136,222)
-------
---------
Net liabilities
( 2,080)
( 136,222)
-------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 2,081)
( 136,223)
-------
---------
Shareholders deficit
( 2,080)
( 136,222)
-------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 6 September 2023 , and are signed on behalf of the board by:
S Hall
Director
Company registration number: 08639304
Medlab Research Limited
Notes to the Financial Statements
Year ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Orange Street, Haymarket, London, WC2H 7DQ, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts have been prepared on a going concern basis notwithstanding the deficit in shareholders' funds. The shareholders have expressed their willingness to support the company for the foreseeable future.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Debtors
2023
2022
£
£
Other debtors
242
287
----
----
6. Creditors: amounts falling due within one year
2023
2022
£
£
Social security and other taxes
1,557
Other creditors
2,740
140,919
-------
---------
2,740
142,476
-------
---------
7. Controlling party
The immediate holding company is Medlab PTY Ltd, a company incorporated in Australia. Medlab PTY Limited is a 100% subsidiary of Medlab Clinical Limited, a company registered on the Australian Stock Exchange.