IRIS Accounts Production v23.3.0.418 03680043 Board of Directors 1.4.22 31.3.23 31.3.23 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh036800432022-03-31036800432023-03-31036800432022-04-012023-03-31036800432021-03-31036800432021-04-012022-03-31036800432022-03-3103680043ns10:Originalns15:EnglandWales2022-04-012023-03-3103680043ns14:PoundSterlingns10:Original2022-04-012023-03-3103680043ns10:Originalns10:Director12022-04-012023-03-3103680043ns10:Original2022-04-012023-03-3103680043ns10:Original2023-03-3103680043ns10:Originalns10:PrivateLimitedCompanyLtd2022-04-012023-03-3103680043ns10:Originalns10:SmallEntities2022-04-012023-03-3103680043ns10:Originalns10:AuditExempt-NoAccountantsReport2022-04-012023-03-3103680043ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-04-012023-03-3103680043ns10:SmallCompaniesRegimeForAccountsns10:Original2022-04-012023-03-3103680043ns10:Originalns10:FullAccounts2022-04-012023-03-3103680043ns10:Original12022-04-012023-03-3103680043ns10:Originalns10:Director22022-04-012023-03-3103680043ns10:Originalns10:Director32022-04-012023-03-3103680043ns10:CompanySecretary1ns10:Original2022-04-012023-03-3103680043ns10:Originalns10:RegisteredOffice2022-04-012023-03-3103680043ns10:Original2022-03-3103680043ns10:Originalns5:CurrentFinancialInstruments2023-03-3103680043ns10:Originalns5:CurrentFinancialInstruments2022-03-3103680043ns10:Originalns5:Non-currentFinancialInstruments2023-03-3103680043ns10:Originalns5:Non-currentFinancialInstruments2022-03-3103680043ns5:ShareCapitalns10:Original2023-03-3103680043ns5:ShareCapitalns10:Original2022-03-3103680043ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-03-3103680043ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-03-3103680043ns10:Originalns5:NetGoodwill2022-04-012023-03-3103680043ns5:IntangibleAssetsOtherThanGoodwillns10:Original2022-04-012023-03-3103680043ns10:Originalns5:LeaseholdImprovements2022-04-012023-03-3103680043ns10:Originalns5:PlantMachinery2022-04-012023-03-3103680043ns10:Originalns5:FurnitureFittings2022-04-012023-03-3103680043ns10:Originalns5:MotorVehicles2022-04-012023-03-3103680043ns10:Originalns5:ComputerEquipment2022-04-012023-03-3103680043ns10:Original2021-04-012022-03-3103680043ns10:Originalns5:NetGoodwill2022-03-3103680043ns10:Originalns5:NetGoodwill2023-03-3103680043ns10:Originalns5:NetGoodwill2022-03-3103680043ns10:Originalns5:LeaseholdImprovements2022-03-3103680043ns10:Originalns5:PlantMachinery2022-03-3103680043ns10:Originalns5:FurnitureFittings2022-03-3103680043ns10:Originalns5:LeaseholdImprovements2023-03-3103680043ns10:Originalns5:PlantMachinery2023-03-3103680043ns10:Originalns5:FurnitureFittings2023-03-3103680043ns10:Originalns5:LeaseholdImprovements2022-03-3103680043ns10:Originalns5:PlantMachinery2022-03-3103680043ns10:Originalns5:FurnitureFittings2022-03-3103680043ns10:Originalns5:MotorVehicles2022-03-3103680043ns10:Originalns5:ComputerEquipment2022-03-3103680043ns10:Original2022-03-3103680043ns10:Originalns5:MotorVehicles2023-03-3103680043ns10:Originalns5:ComputerEquipment2023-03-3103680043ns10:Originalns5:MotorVehicles2022-03-3103680043ns10:Originalns5:ComputerEquipment2022-03-3103680043ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3103680043ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-03-3103680043ns5:Securedns10:Original2023-03-3103680043ns5:Securedns10:Original2022-03-31
REGISTERED NUMBER: 03680043 (England and Wales)








MEDICAL CONNECTIONS LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023






MEDICAL CONNECTIONS LTD (REGISTERED NUMBER: 03680043)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company information 1

Balance sheet 2

Notes to the financial statements 4


MEDICAL CONNECTIONS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







Directors: Q Wang
T R Bhutia
P R Webb





Secretary: P R Webb





Registered office: Axis 7 Axis Court
Mallard Way
Swansea Vale
Swansea
SA7 OAJ





Registered number: 03680043 (England and Wales)





Accountants: Carr, Jenkins & Hood
Oystermouth House Charter Court
Phoenix Way
Swansea Enterprise Park
Swansea
SA7 9FS

MEDICAL CONNECTIONS LTD (REGISTERED NUMBER: 03680043)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Intangible assets 5 - -
Tangible assets 6 192,462 81,937
192,462 81,937

Current assets
Debtors 7 1,590,183 1,562,688
Cash at bank and in hand 362,508 276,887
1,952,691 1,839,575
Creditors
Amounts falling due within one year 8 544,724 370,252
Net current assets 1,407,967 1,469,323
Total assets less current liabilities 1,600,429 1,551,260

Creditors
Amounts falling due after more than one
year

9

(167,824

)

(326,120

)

Provisions for liabilities (47,180 ) (15,568 )
Net assets 1,385,425 1,209,572

Capital and reserves
Called up share capital 50 50
Retained earnings 1,385,375 1,209,522
Shareholders' funds 1,385,425 1,209,572

MEDICAL CONNECTIONS LTD (REGISTERED NUMBER: 03680043)

BALANCE SHEET - continued
31 MARCH 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 September 2023 and were signed on its behalf by:





P R Webb - Director


MEDICAL CONNECTIONS LTD (REGISTERED NUMBER: 03680043)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. Statutory information

Medical Connections Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Statement of compliance

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.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover represents sales of software licences and amounts receivable for the supply of computer and software support and consultancy services net of VAT and trade discounts, to the extent that there is a right to consideration and is recorded at the value of the consideration due.

Software support and consultancy services are recognised once this income has been earned. Sales of software licences are recognised at the time of activation. Other services such as software development are recognised on completion.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - Over 20 years
Plant and machinery - 25% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 20% on cost
Computer equipment - 20% on cost

MEDICAL CONNECTIONS LTD (REGISTERED NUMBER: 03680043)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


3. Accounting policies - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks, other third parties and loans to related parties. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Taxation
Taxation for the year 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 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


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.

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.

4. Employees and directors

The average number of employees during the year was 7 (2022 - 7 ) .

MEDICAL CONNECTIONS LTD (REGISTERED NUMBER: 03680043)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


5. Intangible fixed assets
Goodwill
£   
Cost
At 1 April 2022
and 31 March 2023 650,000
Amortisation
At 1 April 2022
and 31 March 2023 650,000
Net book value
At 31 March 2023 -
At 31 March 2022 -

6. Tangible fixed assets
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
Cost
At 1 April 2022 - 44,954 19,373
Additions 3,830 6,010 -
Disposals - (2,923 ) -
At 31 March 2023 3,830 48,041 19,373
Depreciation
At 1 April 2022 - 40,228 7,749
Charge for year 89 4,354 3,875
Eliminated on disposal - (2,923 ) -
At 31 March 2023 89 41,659 11,624
Net book value
At 31 March 2023 3,741 6,382 7,749
At 31 March 2022 - 4,726 11,624

MEDICAL CONNECTIONS LTD (REGISTERED NUMBER: 03680043)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


6. Tangible fixed assets - continued

Motor Computer
vehicles equipment Totals
£    £    £   
Cost
At 1 April 2022 87,450 5,593 157,370
Additions 174,487 - 184,327
Disposals - - (2,923 )
At 31 March 2023 261,937 5,593 338,774
Depreciation
At 1 April 2022 21,863 5,593 75,433
Charge for year 65,484 - 73,802
Eliminated on disposal - - (2,923 )
At 31 March 2023 87,347 5,593 146,312
Net book value
At 31 March 2023 174,590 - 192,462
At 31 March 2022 65,587 - 81,937

7. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 130,745 94,781
Amounts owed by group undertakings 1,371,782 1,372,881
Other debtors 87,656 95,026
1,590,183 1,562,688

8. Creditors: amounts falling due within one year
2023 2022
£    £   
Bank loans and overdrafts 247,218 161,458
Hire purchase contracts 31,130 9,689
Trade creditors 30,251 7,865
Taxation and social security 60,870 64,609
Other creditors 175,255 126,631
544,724 370,252

MEDICAL CONNECTIONS LTD (REGISTERED NUMBER: 03680043)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


9. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Bank loans - 249,358
Hire purchase contracts 167,824 76,762
167,824 326,120

10. Secured debts

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 247,218 410,816
Hire purchase contracts 198,954 86,451
446,172 497,267

The bank loan is secured by a fixed and floating charge over the assets of the company and it's parent company MedIT Holdings Ltd, held by Barclays Bank plc. The charge is dated 22 July 2021.

Net obligations under hire purchase contracts are secured by fixed charges on the assets concerned.

11. Other financial commitments

The company had total commitments at the balance sheet date of £280,194 (2022; £296,194).

12. Ultimate parent company

At 31 March 2023, the company's ultimate parent undertaking was MedIT Holdings Limited, Company Number 11937692. The registered office is Axis 7 Axis Court, Mallard Way, Swansea Vale, Swansea, SA7 0AJ.

In the opinion of the directors there is no ultimate controlling party.