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REGISTERED NUMBER: 08198092 (England and Wales)















AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2022

FOR

EUROPEAN MEDICAL GROUP LIMITED

EUROPEAN MEDICAL GROUP LIMITED (REGISTERED NUMBER: 08198092)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


EUROPEAN MEDICAL GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2022







DIRECTORS: Mr S J Gore
Mrs C A S Gore


REGISTERED OFFICE: 88 Wood Street
London
EC2V 7RS


REGISTERED NUMBER: 08198092 (England and Wales)


SENIOR STATUTORY
AUDITOR:
Nicholas Hume FCA


AUDITORS: Xeinadin Audit Ltd
Becket House
36 Old Jewry
London
EC2R 8DD


ACCOUNTANTS: Meades Group Limited
39 The Metro Centre
Tolpits Lane
WATFORD
Hertfordshire
WD18 9SB

EUROPEAN MEDICAL GROUP LIMITED (REGISTERED NUMBER: 08198092)

BALANCE SHEET
31ST DECEMBER 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 30,833 51,880

CURRENT ASSETS
Debtors 5 3,872,800 5,335,444
Cash at bank 1,415,309 757,879
5,288,109 6,093,323
CREDITORS
Amounts falling due within one
year

6

3,923,259

3,858,651
NET CURRENT ASSETS 1,364,850 2,234,672
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,395,683

2,286,552

CREDITORS
Amounts falling due after more
than one year

7

(490,833

)

(680,833

)

PROVISIONS FOR LIABILITIES (5,858 ) (9,567 )
NET ASSETS 898,992 1,596,152

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 898,892 1,596,052
SHAREHOLDERS' FUNDS 898,992 1,596,152

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17th October 2023 and were signed on its behalf by:





Mr S J Gore - Director


EUROPEAN MEDICAL GROUP LIMITED (REGISTERED NUMBER: 08198092)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2022

1. STATUTORY INFORMATION

European Medical Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of healthcare periodicals and journals, excluding value added tax and adjusted for accrued and deferred revenue for work not invoiced or published to arrive at the fair value of services performed up to the balance sheet date.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Computer equipment - 33.3% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

EUROPEAN MEDICAL GROUP LIMITED (REGISTERED NUMBER: 08198092)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2022

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 79 (2021 - 71 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1st January 2022 18,564 95,668 114,232
Additions 3,122 855 3,977
Disposals - (25,499 ) (25,499 )
At 31st December 2022 21,686 71,024 92,710
DEPRECIATION
At 1st January 2022 11,594 50,758 62,352
Charge for year 2,396 21,712 24,108
Eliminated on disposal - (24,583 ) (24,583 )
At 31st December 2022 13,990 47,887 61,877
NET BOOK VALUE
At 31st December 2022 7,696 23,137 30,833
At 31st December 2021 6,970 44,910 51,880

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 972,418 1,856,076
Rent deposits 16,660 16,660
Gorely Group Limited - 963,000
Net wages repayable 1,450 -
VAT 2,371 15,381
Prepayments and accrued income 2,879,901 2,484,327
3,872,800 5,335,444

EUROPEAN MEDICAL GROUP LIMITED (REGISTERED NUMBER: 08198092)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2022

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 190,000 190,000
Trade creditors 281,693 309,802
Corporation tax 480,578 557,953
Social security and other taxes 132,152 156,810
Other creditors - 31,986
Credit card balances 29,103 12,138
Pension contributions payable 12,389 11,678
Accruals and deferred income 2,797,344 2,588,284
3,923,259 3,858,651

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2022 2021
£    £   
Bank loans for more than one year 490,833 680,833

8. LEASING AGREEMENTS
The company had total commitments under operating leases not provided for in the financial statements totalling £688,899 (2021 - £499,482).

9. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£    £   
Bank loans 680,833 870,833

The bank loan is secured by way of fixed and floating charge over the assets of the company.

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Nicholas Hume FCA (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Ltd