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REGISTERED NUMBER: SC590606 (Scotland)










UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

1 APRIL 2022 TO 31 DECEMBER 2022

FOR

MEDCURRENT UK LTD

MEDCURRENT UK LTD (REGISTERED NUMBER: SC590606)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 APRIL 2022 TO 31 DECEMBER 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


MEDCURRENT UK LTD

COMPANY INFORMATION
FOR THE PERIOD 1 APRIL 2022 TO 31 DECEMBER 2022







Directors: Mr W Gula
Mr S J Herman
Mr J J S Manget





Secretary: Vistra Cosec Limited





Registered office: 4th Floor 115 George Street,
Edinburgh,
United Kingdom
EH2 4JN





Registered number: SC590606 (Scotland)






MEDCURRENT UK LTD (REGISTERED NUMBER: SC590606)

BALANCE SHEET
31 DECEMBER 2022

2022 2022
Notes £    £   
CURRENT ASSETS
Debtors 4 4,597,119 4,893,884
Cash at bank 178,205 1,034,419
4,775,324 5,928,303
CREDITORS
Amounts falling due within one year 5 (4,820,593 ) (5,976,866 )
NET CURRENT LIABILITIES (45,269 ) (48,563 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(45,269

)

(48,563

)

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (45,369 ) (48,663 )
(45,269 ) (48,563 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 November 2023 and were signed on its behalf by:




Mr S J Herman - Director



Mr J J S Manget - Director


MEDCURRENT UK LTD (REGISTERED NUMBER: SC590606)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 APRIL 2022 TO 31 DECEMBER 2022

1. STATUTORY INFORMATION

Medcurrent UK Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The Company's functional and presentational currency is pounds sterling (GBP) and the financial statements have been rounded to the nearest pound (£).

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 income earned from the parent company, Medcurrent Corporation, based on a cost plus arrangement, excluding VAT.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.

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.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.

Basic financial liabilities
Basic financial liabilities, including creditors, and loans from fellow group companies are initially recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are initially recognised at transaction price.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, 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 period 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.

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.

MEDCURRENT UK LTD (REGISTERED NUMBER: SC590606)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2022 TO 31 DECEMBER 2022

2. ACCOUNTING POLICIES - continued

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 period was 1 (2022 - NIL ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2022
£    £   
Trade debtors 172,974 2,488,991
Amounts owed by group undertakings 2,224,471 2,219,765
Other debtors 2,199,674 185,128
4,597,119 4,893,884

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2022
£    £   
Trade creditors 365 16,838
Taxation and social security 2,295 986,711
Other creditors 4,817,933 4,973,317
4,820,593 5,976,866

6. ULTIMATE CONTROLLING PARTY

The parent of Medcurrent UK Limited is Medcurrent Corporation, a company incorporated in Canada and having its headquarters at 350 Bay Street, Suite 1300, Toronto, On M5H 2S6.