MEDBRIEF SERVICES LIMITED

Company Registration Number:
10632197 (England and Wales)

Unaudited abridged accounts for the year ended 28 February 2023

Period of accounts

Start date: 01 March 2022

End date: 28 February 2023

MEDBRIEF SERVICES LIMITED

Contents of the Financial Statements

for the Period Ended 28 February 2023

Balance sheet
Notes

MEDBRIEF SERVICES LIMITED

Balance sheet

As at 28 February 2023


Notes

2023

2022


£

£
Fixed assets
Tangible assets: 3 17,747 22,646
Total fixed assets: 17,747 22,646
Current assets
Stocks: 281,741 269,386
Debtors: 4 754,225 506,185
Cash at bank and in hand: 19,047 11,846
Total current assets: 1,055,013 787,417
Creditors: amounts falling due within one year: 5 (660,186) (405,577)
Net current assets (liabilities): 394,827 381,840
Total assets less current liabilities: 412,574 404,486
Creditors: amounts falling due after more than one year: 6 (310,515) (403,084)
Total net assets (liabilities): 102,059 1,402
Capital and reserves
Called up share capital: 100 100
Profit and loss account: 101,959 1,302
Shareholders funds: 102,059 1,402

The notes form part of these financial statements

MEDBRIEF SERVICES LIMITED

Balance sheet statements

For the year ending 28 February 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 29 November 2023
and signed on behalf of the board by:

Name: Adam Stead
Status: Director

The notes form part of these financial statements

MEDBRIEF SERVICES LIMITED

Notes to the Financial Statements

for the Period Ended 28 February 2023

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Income represents the fair value of services provided during the year on client assignments. Fair value reflects the amounts expected to be recoverable from clients based on time spent, skills provided and expenses incurred, and excludes VAT. Fee income is recognised as contract activity progresses and the right to consideration is secured, except where the final outcome cannot be assessed with reasonable certainty.Fee income in respect of contingent fee assignments is recognised in the period in which the contingent event occurs and collectability of the fee is assured.Unbilled fee income on individual assignments is included as amounts recoverable on contracts within debtors.

Tangible fixed assets and depreciation policy

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:Leasehold improvements: 15% reducing balanceFurniture, fittings and equipment: 20% / 33% straight line

Other accounting policies

Basis of preparationThese financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.Going concernAfter reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.Critical accounting judgements and key sources of estimation uncertaintyIn the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.Amounts Recoverable on Contracts - the process of assessing amounts recoverable on contracts requires various estimates and judgements to be made. Post year end billing forms the basis of the calculation where departmental lead times estimate the value of the pre year end time. The carrying amount is £281,741 (2022 - £269,386).Government grantsGovernment grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.Trade debtorsTrade debtors are amounts due from customers for services performed in the ordinary course of business.Trade debtors are recognised initially at the transaction price. Trade debtors that are repayable within one year are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.Trade creditorsTrade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.BorrowingsInterest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.LeasesLeases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.Share capitalOrdinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.Defined contribution pension obligationA defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.Financial instrumentsClassificationFinancial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.Recognition and measurementAll financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.ImpairmentAssets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

MEDBRIEF SERVICES LIMITED

Notes to the Financial Statements

for the Period Ended 28 February 2023

2. Employees

2023 2022
Average number of employees during the period 62 62

MEDBRIEF SERVICES LIMITED

Notes to the Financial Statements

for the Period Ended 28 February 2023

3. Tangible Assets

Total
Cost £
At 01 March 2022 99,283
Additions 13,611
At 28 February 2023 112,894
Depreciation
At 01 March 2022 76,637
Charge for year 18,510
At 28 February 2023 95,147
Net book value
At 28 February 2023 17,747
At 28 February 2022 22,646

MEDBRIEF SERVICES LIMITED

Notes to the Financial Statements

for the Period Ended 28 February 2023

4. Debtors

2023 2022
££
Debtors due after more than one year: 0 72,681

£nil (2022 - £72,681) of Debtors are classified as non-current.

MEDBRIEF SERVICES LIMITED

Notes to the Financial Statements

for the Period Ended 28 February 2023

5. Creditors: amounts falling due within one year note

Bank borrowings of £338,608 (2022 - £180,080) fall due within one year and are secured by fixed and floating charges over the assets of the company.

MEDBRIEF SERVICES LIMITED

Notes to the Financial Statements

for the Period Ended 28 February 2023

6. Creditors: amounts falling due after more than one year note

Bank borrowings of £310,515 (2022 - £403,084) fall due after more than one year, and are secured by fixed and floating charges over the assets of the company.

MEDBRIEF SERVICES LIMITED

Notes to the Financial Statements

for the Period Ended 28 February 2023

7. Financial commitments

The total amount of financial commitments not included in the balance sheet is £16,500 (2022 - £34,500).

MEDBRIEF SERVICES LIMITED

Notes to the Financial Statements

for the Period Ended 28 February 2023

8. Related party transactions

£243,676 (2022 - £145,374) was owed by related parties at the balance sheet date.