Caseware UK (AP4) 2022.0.179 2022.0.179 2023-05-312023-05-31trueNo description of principal activity2022-06-01false54falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11372524 2022-06-01 2023-05-31 11372524 2021-06-01 2022-05-31 11372524 2023-05-31 11372524 2022-05-31 11372524 c:Director1 2022-06-01 2023-05-31 11372524 c:Director2 2022-06-01 2023-05-31 11372524 c:RegisteredOffice 2022-06-01 2023-05-31 11372524 d:OfficeEquipment 2022-06-01 2023-05-31 11372524 d:OfficeEquipment 2023-05-31 11372524 d:OfficeEquipment 2022-05-31 11372524 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 11372524 d:ComputerEquipment 2022-06-01 2023-05-31 11372524 d:ComputerEquipment 2023-05-31 11372524 d:ComputerEquipment 2022-05-31 11372524 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 11372524 d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 11372524 d:Goodwill 2022-06-01 2023-05-31 11372524 d:Goodwill 2023-05-31 11372524 d:Goodwill 2022-05-31 11372524 d:CurrentFinancialInstruments 2023-05-31 11372524 d:CurrentFinancialInstruments 2022-05-31 11372524 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 11372524 d:CurrentFinancialInstruments d:WithinOneYear 2022-05-31 11372524 d:ShareCapital 2023-05-31 11372524 d:ShareCapital 2022-05-31 11372524 d:RetainedEarningsAccumulatedLosses 2023-05-31 11372524 d:RetainedEarningsAccumulatedLosses 2022-05-31 11372524 c:OrdinaryShareClass1 2022-06-01 2023-05-31 11372524 c:OrdinaryShareClass1 2023-05-31 11372524 c:OrdinaryShareClass1 2022-05-31 11372524 c:FRS102 2022-06-01 2023-05-31 11372524 c:AuditExempt-NoAccountantsReport 2022-06-01 2023-05-31 11372524 c:FullAccounts 2022-06-01 2023-05-31 11372524 c:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 11372524 2 2022-06-01 2023-05-31 11372524 d:Goodwill d:OwnedIntangibleAssets 2022-06-01 2023-05-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 11372524









MEDLIST INTERNATIONAL LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2023

 
MEDLIST INTERNATIONAL LIMITED
 
 
COMPANY INFORMATION


Directors
Joanna Rosenwold 
Paul Nash 




Registered number
11372524



Registered office
Prince Albert House
18a/20 King Street

Maidenhead

Berkshire

SL6 1EF




Accountants
Donald Reid Limited
Chartered Accountants

Prince Albert House

20 King Street

Maidenhead

Berkshire

SL6 1EF





 
MEDLIST INTERNATIONAL LIMITED
 

CONTENTS



Page
Balance Sheet
1 - 2
Notes to the Financial Statements
3 - 11


 
MEDLIST INTERNATIONAL LIMITED
REGISTERED NUMBER: 11372524

BALANCE SHEET
AS AT 31 MAY 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
650,000
780,000

Tangible assets
 5 
18,183
8,168

  
668,183
788,168

Current assets
  

Debtors: amounts falling due within one year
 6 
128,008
146,500

Cash at bank and in hand
 7 
307,375
350,570

  
435,383
497,070

Creditors: amounts falling due within one year
 8 
(179,910)
(392,714)

Net current assets
  
 
 
255,473
 
 
104,356

Total assets less current liabilities
  
923,656
892,524

  

Net assets
  
923,656
892,524


Capital and reserves
  

Called up share capital 
 9 
100
100

Profit and loss account
  
923,556
892,424

  
923,656
892,524


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 November 2023.


Page 1

 
MEDLIST INTERNATIONAL LIMITED
REGISTERED NUMBER: 11372524
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2023



Joanna Rosenwold
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
MEDLIST INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1.


General information

Medlist International Limited is a private company limited by shares. The company is incorporated in the United Kingdom and is registered in England and Wales. The registration number is 11372524. The company's registered office is Prince Albert House, 18a/20 King Street, Maidenhead, Berkshire, SL6 1EF. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
MEDLIST INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
MEDLIST INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.8

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Income and Retained Earnings over its useful economic life of ten years.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is provided on the following basis:

Office equipment
-
25%
Reducing balance
Computer equipment
-
25%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted
prospectively if appropriate, or if there is an indication of a significant change since the last reporting
date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount
and are recognised in the Statement of income and retained earnings.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 5

 
MEDLIST INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.12

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.

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is
Page 6

 
MEDLIST INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)


2.13
Financial instruments (continued)

immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2022 - 4).

Page 7

 
MEDLIST INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

4.


Intangible assets




Goodwill

£



Cost


At 1 June 2022
1,300,000



At 31 May 2023

1,300,000



Amortisation


At 1 June 2022
520,000


Charge for the year on owned assets
130,000



At 31 May 2023

650,000



Net book value



At 31 May 2023
650,000



At 31 May 2022
780,000



Page 8

 
MEDLIST INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

5.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 June 2022
2,855
39,728
42,583


Additions
1,812
13,028
14,840



At 31 May 2023

4,667
52,756
57,423



Depreciation


At 1 June 2022
1,144
33,271
34,415


Charge for the year on owned assets
503
4,322
4,825



At 31 May 2023

1,647
37,593
39,240



Net book value



At 31 May 2023
3,020
15,163
18,183



At 31 May 2022
1,711
6,457
8,168

Page 9

 
MEDLIST INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

6.


Debtors

2023
2022
£
£


Trade debtors
109,952
131,311

Prepayments and accrued income
18,056
15,189

128,008
146,500



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
307,375
350,570

Less: bank overdrafts
(3,084)
(1,556)

304,291
349,014



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
3,084
1,556

Trade creditors
2,620
8,446

Corporation tax
116,600
125,082

Other taxation and social security
29,170
39,785

Other creditors
38,231
217,845

Accruals and deferred income
(9,795)
-

179,910
392,714



9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100


Page 10

 
MEDLIST INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company and amounted to £41,698 (2022: £121,949). At the period end, included in other creditors, was £309 (2022: £394) payable to the fund. 


11.


Related party transactions

At the year end included in other creditors is £18,848 (2022: £205,445) owed by the company to the directors. 

 
Page 11