Registered number
08988958
Medi-Inn (UK) Ltd
Unaudited Filleted Accounts
31 December 2022
Medi-Inn (UK) Ltd
Registered number: 08988958
Balance Sheet
as at 31 December 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 10,939 15,282
Current assets
Stocks 158,042 234,974
Debtors 4 220,553 233,610
Cash at bank and in hand 3,034 4,119
381,629 472,703
Creditors: amounts falling due within one year 5 (662,857) (574,928)
Net current liabilities (281,228) (102,225)
Total assets less current liabilities (270,289) (86,943)
Creditors: amounts falling due after more than one year 6 (87,857) (132,746)
Net liabilities (358,146) (219,689)
Capital and reserves
Called up share capital 100 100
Profit and loss account (358,246) (219,789)
Shareholders' funds (358,146) (219,689)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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 and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Wayne Dobson
Director
Approved by the board on 27 September 2023
Medi-Inn (UK) Ltd
Notes to the Accounts
for the year ended 31 December 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

The director, having regard to the nature, size and complexity of the business, has assessed the financial risks affecting the company and it's operations for the 12 months from the approval of the financial statements. Whilst the company is insolvent at the balance sheet date the company has the ongoing financial support of its shareholders and creditors. On this basis the director considers it appropriate to prepare the financial statements on a going concern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% to 25% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions denominated in foreign currencies are initially translated into sterling at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated into sterling at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated into sterling at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
The company operates a defined contribution scheme for the benefit of its employee. Contributions payable are recognised in the profit and loss account in the period to which they relate.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2022 27,769
Additions 1,168
Disposals (75)
At 31 December 2022 28,862
Depreciation
At 1 January 2022 12,487
Charge for the year 5,453
On disposals (17)
At 31 December 2022 17,923
Net book value
At 31 December 2022 10,939
At 31 December 2021 15,282
4 Debtors 2022 2021
£ £
Trade debtors 136,714 147,682
Other debtors 83,839 85,928
220,553 233,610
5 Creditors: amounts falling due within one year 2022 2021
£ £
Bank loans and overdrafts 5,530 5,530
Trade creditors 489,868 424,808
Taxation and social security costs 22,894 36,247
Other creditors 144,565 108,343
662,857 574,928
6 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 36,162 41,692
Other creditors 51,695 91,054
87,857 132,746
7 Pension commitments
The company operates a defined contribution pension scheme. The contributions payable in the year were £2,249 (2020 - £1,054).
8 Loans to directors
Description and conditions B/fwd Advanced Repaid C/fwd
£ £ £ £
Mark Smith
Directors loan - 17,076 - 17,076
Wayne Dobson
Directors loan - 17,076 - 17,076
- 34,152 - 34,152
9 Related party transactions 2022 2021
£ £
Directors' transactions
Fees paid to companies under the control of the director 84,000 84,000
Transactions with related party entities
Sales made to related party entities 103,532 174,931
Management charges made to related party entities 286,720 218,464
Amounts due from related party entities 68,193 47,888
Purchases made from related party entities 14,343 114,509
Amounts owed to related party entities 532,911 548,518
Transactions with key management personnel
Fees paid to key management personnel 126,000 115,500
10 Controlling party
In the opinion of the director there is no controlling party.
11 Other information
Medi-Inn (UK) Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Kingfisher House
St Johns Road
Meadowfield Industrial Estate
Durham
DH7 8TZ
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