Company registration number 2727701 (England and Wales)
MEDI-SERVICES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
MEDI-SERVICES LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
MEDI-SERVICES LTD
BALANCE SHEET
AS AT
31 JANUARY 2023
31 January 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
22,598
26,586
Investment properties
4
1,890,000
1,890,000
Investments
5
11,285
9,133
1,923,883
1,925,719
Current assets
Debtors
6
1,144,777
1,100,856
Cash at bank and in hand
69,325
85,671
1,214,102
1,186,527
Creditors: amounts falling due within one year
7
(285,288)
(256,334)
Net current assets
928,814
930,193
Total assets less current liabilities
2,852,697
2,855,912
Creditors: amounts falling due after more than one year
8
-
0
(29,494)
Provisions for liabilities
(168,829)
(163,843)
Net assets
2,683,868
2,662,575
Capital and reserves
Called up share capital
9
100
100
Non-distributable profits reserve
10
1,333,342
1,331,189
Distributable profit and loss reserves
1,350,426
1,331,286
Total equity
2,683,868
2,662,575

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

MEDI-SERVICES LTD
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2023
31 January 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 25 October 2023
Terence Andrew
Director
Company Registration No. 2727701
MEDI-SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 3 -
1
Accounting policies
Company information

Medi-Services Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 17 Greenfield Avenue, Stourbridge, West Midlands, DY8 1SX.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
15% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

MEDI-SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 4 -

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

Other investments are measured at market value.

1.6
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The following assets and liabilities are classified as financial instruments – trade debtors, trade creditors and directors’ loans.

Directors’ loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of cash or other consideration expected to be paid or received.

1.8
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
MEDI-SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2022 and 31 January 2023
246,737
Depreciation and impairment
At 1 February 2022
220,151
Depreciation charged in the year
3,988
At 31 January 2023
224,139
Carrying amount
At 31 January 2023
22,598
At 31 January 2022
26,586
4
Investment property
2023
£
Fair value
At 1 February 2022 and 31 January 2023
1,890,000

The fair value of the investment property is the directors considered open market valuation.

5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
998
998
Other investments other than loans
10,287
8,135
11,285
9,133
Fixed asset investments revalued

Other investments are a porfolio of stocks in listed companies. These have been revalued in the accounts to reflect market value.

The company's investment at the Balance Sheet date in the share capital of its subsidiary undertaking was as follows:

 

Sarah Jane Fishing Limited

Nature of business: Commercial fishing operations

 

Class of shares:                    Holding

Ordinary                        99.80%

 

At the year end the aggregated capital and reserves for Sarah Jane Fishing were £(826,576) (2022 - £(736,895)).

MEDI-SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
5
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 February 2022
998
8,135
9,133
Valuation changes
-
2,152
2,152
At 31 January 2023
998
10,287
11,285
Carrying amount
At 31 January 2023
998
10,287
11,285
At 31 January 2022
998
8,135
9,133
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
1,144,777
1,100,856
7
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
166,662
134,865
Other creditors
118,626
121,469
285,288
256,334
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
-
0
29,494
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
ordinary shares of £1 each
100
100
100
100
MEDI-SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 7 -
10
Non-distributable profits reserve
2023
2022
£
£
At the beginning of the year
1,331,189
-
Non distributable profits in the year
2,153
1,331,189
At the end of the year
1,333,342
1,331,189
11
Related party transactions
Transactions with related parties

At 31 January 2023 there was a balance due to the company from Sarah Jane Fishing Limited, a subsidiary company, of £1,112,772 (2022 - £1,068,852).

 

Transactions with affiliated companies

 

During the year, there were no transactions with Blue Water Fishing Limited which is under the common control of the Director. At 31 January 2023 amounts owed by Blue Water Fishing Limited were £32,005 (2022 - £32,005).

 

During the year there were transactions with Daleswood Limited and Capevale Limited which are under the common control of the Director. At 31 January 2023 amounts owed to Daleswood Limited were £65,152 (2022- £65,152), and amounts owed to Capevale Limited were £101,510 (2022 - £69,714).

 

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