Company Registration No. 08165245 (England and Wales)
MEDEDGE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
MEDEDGE LIMITED
COMPANY INFORMATION
Director
Dr J M Kumar
Secretary
Mrs S M Kumar
Company number
08165245
Registered office
12 Mead Rise
Birmingham
B15 3SD
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Barclays Bank Plc
38 Hagley Road
Birmingham
B16 8PE
MEDEDGE LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
MEDEDGE LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MEDEDGE LIMITED FOR THE YEAR ENDED 30 JUNE 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Mededge Limited for the year ended 30 June 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Mededge Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Mededge Limited and state those matters that we have agreed to state to the Board of Directors of Mededge Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mededge Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Mededge Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Mededge Limited. You consider that Mededge Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Mededge Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Ormerod Rutter Limited
20 December 2023
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
MEDEDGE LIMITED
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,748,727
2,720,589
Investments
4
195,100
195,100
2,943,827
2,915,689
Current assets
Debtors
5
207,009
151,545
Cash at bank and in hand
28,492
1,419
235,501
152,964
Creditors: amounts falling due within one year
6
(273,054)
(351,437)
Net current liabilities
(37,553)
(198,473)
Total assets less current liabilities
2,906,274
2,717,216
Creditors: amounts falling due after more than one year
7
(1,451,449)
(1,452,682)
Provisions for liabilities
9
-
0
(34,458)
Net assets
1,454,825
1,230,076
Capital and reserves
Called up share capital
10
400
400
Profit and loss reserves
1,454,425
1,229,676
Total equity
1,454,825
1,230,076

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

MEDEDGE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2023
30 June 2023
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 20 December 2023.
Dr J M Kumar
Director
Company Registration No. 08165245
MEDEDGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -
1
Accounting policies
Company information

Mededge Limited is a private company limited by shares incorporated in England and Wales. The registered office is 12 Mead Rise, Birmingham, B15 3SD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business.

Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold property
Not provided
Fixtures and fittings
10% on reducing balance

No depreciation is provided on freehold property. This treatment may be a departure from the requirements of Companies Act 2006 concerning depreciation of fixed assets, however, the company follows a program of regular refurbishment and maintenance of its properties, which includes the reinstatement of the fabric of the buildings where necessary in order to maintain them to a high standard. Accordingly, in the opinion of the director, any element of depreciation would be immaterial and no provision has been made, as the residual value would be in excess of cost.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

MEDEDGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 1 (2022 - 1).

MEDEDGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
3
Tangible fixed assets
Freehold property
Fixtures and fittings
Total
£
£
£
Cost
At 1 July 2022
2,645,400
113,533
2,758,933
Additions
26,857
9,779
36,636
At 30 June 2023
2,672,257
123,312
2,795,569
Depreciation and impairment
At 1 July 2022
-
0
38,344
38,344
Depreciation charged in the year
-
0
8,498
8,498
At 30 June 2023
-
0
46,842
46,842
Carrying amount
At 30 June 2023
2,672,257
76,470
2,748,727
At 30 June 2022
2,645,400
75,189
2,720,589
4
Fixed asset investments
2023
2022
£
£
Investments
195,100
195,100
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 July 2022 & 30 June 2023
195,100
Carrying amount
At 30 June 2023
195,100
At 30 June 2022
195,100
MEDEDGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
151,528
151,528
Other debtors
17,795
17
169,323
151,545
Deferred tax asset
37,686
-
0
207,009
151,545
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
5,664
10,000
Amounts owed to group undertakings and undertakings in which the company has a participating interest
265,087
315,324
Other creditors
2,303
26,113
273,054
351,437
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,451,449
1,452,682
8
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Bank loans
1,457,113
1,462,682
Bank loans are secured by way of a fixed and floating charge over all assets of the company.
9
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
-
0
34,458
MEDEDGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
10
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary A of £1 each
100
100
100 Ordinary B of £1 each
100
100
100 Ordinary C of £1 each
100
100
100 Ordinary D of £1 each
100
100
400
400
11
Related party transactions

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.

12
Ultimate controlling party

There is no ultimate controlling party.

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