Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31true2022-01-01falsetrueNo description of principal activity21The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12376470 2022-01-01 2023-03-31 12376470 2021-01-01 2021-12-31 12376470 2023-03-31 12376470 2021-12-31 12376470 c:Director1 2022-01-01 2023-03-31 12376470 c:RegisteredOffice 2022-01-01 2023-03-31 12376470 d:OfficeEquipment 2022-01-01 2023-03-31 12376470 d:OfficeEquipment 2023-03-31 12376470 d:OfficeEquipment 2021-12-31 12376470 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-01-01 2023-03-31 12376470 d:ComputerSoftware 2023-03-31 12376470 d:ComputerSoftware 2021-12-31 12376470 d:OtherResidualIntangibleAssets 2022-01-01 2023-03-31 12376470 d:CurrentFinancialInstruments 2023-03-31 12376470 d:CurrentFinancialInstruments 2021-12-31 12376470 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 12376470 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 12376470 d:ShareCapital 2023-03-31 12376470 d:ShareCapital 2021-12-31 12376470 d:RetainedEarningsAccumulatedLosses 2023-03-31 12376470 d:RetainedEarningsAccumulatedLosses 2021-12-31 12376470 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 12376470 d:AcceleratedTaxDepreciationDeferredTax 2021-12-31 12376470 c:OrdinaryShareClass1 2022-01-01 2023-03-31 12376470 c:OrdinaryShareClass1 2023-03-31 12376470 c:OrdinaryShareClass1 2021-12-31 12376470 c:FRS102 2022-01-01 2023-03-31 12376470 c:AuditExempt-NoAccountantsReport 2022-01-01 2023-03-31 12376470 c:FullAccounts 2022-01-01 2023-03-31 12376470 c:PrivateLimitedCompanyLtd 2022-01-01 2023-03-31 12376470 d:ComputerSoftware d:InternallyGeneratedIntangibleAssets 2022-01-01 2023-03-31 12376470 d:ComputerSoftware d:OwnedIntangibleAssets 2022-01-01 2023-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 12376470









MEDINDEX LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 MARCH 2023

 
MEDINDEX LTD
 
 
COMPANY INFORMATION


Director
Dr P Freeman 




Registered number
12376470



Registered office
18a/20 King Street

Maidenhead

Berkshire

SL6 1EF




Accountants
Donald Reid Limited
Chartered Accountants

18a/20 King Street

Maidenhead

Berkshire

SL6 1DT





 
MEDINDEX LTD
 

CONTENTS



Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 11


 
MEDINDEX LTD
REGISTERED NUMBER: 12376470

BALANCE SHEET
AS AT 31 MARCH 2023

31 March
As restated
31 December
2023
2021
Note
£
£

Fixed assets
  

Intangible assets
 4 
27,313
8,597

Tangible assets
 5 
295
-

  
27,608
8,597

Current assets
  

Debtors: amounts falling due within one year
 6 
3,370
1,440

Cash at bank and in hand
 7 
38,302
14,434

  
41,672
15,874

Creditors: amounts falling due within one year
 8 
(32,875)
(6,404)

Net current assets
  
 
 
8,797
 
 
9,470

Total assets less current liabilities
  
36,405
18,067

Provisions for liabilities
  

Deferred tax
 9 
(56)
-

  
 
 
(56)
 
 
-

Net assets
  
36,349
18,067


Capital and reserves
  

Called up share capital 
 10 
1
1

Profit and loss account
  
36,348
18,066

  
36,349
18,067


Page 1

 
MEDINDEX LTD
REGISTERED NUMBER: 12376470
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The director considers 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 period in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his 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 24 November 2023.




Dr P Freeman
Director

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

Page 2

 
MEDINDEX LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

1.


General information

Medindex Ltd  is a private company limited by shares. The company was incorporarted in the United Kingdom and registered in England and Wales. The registration number is 12376470. The registered office is 18a/20 King Street, Maidenhead, Berkshire, United Kingdom, SL6 1EF.
These financial statements present the company's results for the 15 month period to 31 March 2023.

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

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.

Page 3

 
MEDINDEX LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.3

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.4

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Computer softwear
-
10
years

 
2.5

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.

Page 4

 
MEDINDEX LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.5
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
25%

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 profit or loss.

 
2.6

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.

 
2.7

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.

 
2.8

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.

 
2.9

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.10

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
Page 5

 
MEDINDEX LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.10
Financial instruments (continued)

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.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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 immaterial.

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

Page 6

 
MEDINDEX LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.10
Financial instruments (continued)

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.

 
2.11

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 period was 2 (2021 - 1).

Page 7

 
MEDINDEX LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

4.


Intangible assets






Computer software

£



Cost


At 1 January 2022 - as restated
9,307


Additions - internal
22,020



At 31 March 2023

31,327



Amortisation


At 1 January 2022 - as restated
710


Charge for the period on owned assets
3,304



At 31 March 2023

4,014



Net book value



At 31 March 2023
27,313



At 31 December 2021
8,597



Page 8

 
MEDINDEX LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

5.


Tangible fixed assets







Office equipment

£



Cost or valuation


Additions
337



At 31 March 2023

337



Depreciation


Charge for the period on owned assets
42



At 31 March 2023

42



Net book value



At 31 March 2023
295



At 31 December 2021
-


6.


Debtors

31 March
31 December
2023
2021
£
£


Trade debtors
-
1,440

Prepayments and accrued income
3,370
-

3,370
1,440


Page 9

 
MEDINDEX LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

7.


Cash and cash equivalents

31 March
31 December
2023
2021
£
£

Cash at bank and in hand
38,302
14,434

38,302
14,434



8.


Creditors: Amounts falling due within one year

31 March
31 December
2023
2021
£
£

Corporation tax
17,976
1,665

Other taxation and social security
1,149
872

Other creditors
13,000
3,867

Accruals and deferred income
750
-

32,875
6,404



9.


Deferred taxation






2023


£






Charged to profit or loss
(56)



At end of year
(56)

The deferred taxation balance is made up as follows:

31 March
31 December
2023
2021
£
£


Accelerated capital allowances
(56)
-

(56)
-

Page 10

 
MEDINDEX LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

10.


Share capital

31 March
31 December
2023
2021
£
£
Allotted, called up and fully paid



10 (2021 - 10) Ordinary shares of £0.10 each
1
1



11.


First time adoption of FRS 102

The company has elected to capitalise web development costs as permitted under FRS102. This has resulted in the comparatives being restated. This restatment has lead to a decrease in cost of sales of £9,307, an increase in intangible assets of £8,597 and an amortisation charge of £710. This has also resulted in an increase in retained earnings at 1 January 2022 of £8,596.

 
Page 11