Company registration number 11292305 (England and Wales)
MEDADVISOR WELAM UK LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
MEDADVISOR WELAM UK LTD
COMPANY INFORMATION
Directors
J Butt
W Marinoff
R W Ratliff
(Appointed 22 November 2022)
Secretary
A Desai
Company number
11292305
Registered office
6th Floor
Manfield House
1 Southampton Street
London
WC2R 0LR
Auditor
Alliotts LLP
Manfield House
1 Southampton Street
London
WC2R 0LR
Business address
Level 2
971 Burke Road
Camberwell
Australia
VIC 3124
MEDADVISOR WELAM UK LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
MEDADVISOR WELAM UK LTD
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,721
3,599
Current assets
Debtors
5
17,968
7,097
Cash at bank and in hand
5,474
14,933
23,442
22,030
Creditors: amounts falling due within one year
6
(80,788)
(3,040,884)
Net current liabilities
(57,346)
(3,018,854)
Net liabilities
(55,625)
(3,015,255)
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
(55,725)
(3,015,355)
Total equity
(55,625)
(3,015,255)

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

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

The financial statements were approved by the board of directors and authorised for issue on 6 March 2024 and are signed on its behalf by:
R W Ratliff
Director
Company registration number 11292305 (England and Wales)
MEDADVISOR WELAM UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
1
Accounting policies
Company information

Medadvisor Welam UK Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, Manfield House, 1 Southampton Street, London, WC2R 0LR.

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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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

1.2
Going concern

The parent company has made the decision to wind up operations in the UK as a change of strategy, as such the company has had little activity post year end and operations are to be wound up within 12 months of the reporting date. Therefore, the directors consider it appropriate to prepare the financial statements on a basis other than going concern.true

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
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:

Computers
33% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

MEDADVISOR WELAM UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

MEDADVISOR WELAM UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

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 recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

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

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes Option Pricing Model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

 

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

MEDADVISOR WELAM UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
3
5
3
Share options
The employees of the entity hold options in the Medadvisor Long Term incentive plan, a share based scheme run by the parent entity.
The vesting requirements are based on performance, with the maximum term of options grants running to September 2022.
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2022 and 30 June 2023
5,634
Depreciation and impairment
At 1 July 2022
2,035
Depreciation charged in the year
1,878
At 30 June 2023
3,913
Carrying amount
At 30 June 2023
1,721
At 30 June 2022
3,599
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,331
-
0
Other debtors
16,637
7,097
17,968
7,097
MEDADVISOR WELAM UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
21,546
14,548
Taxation and social security
22,273
11,220
Other creditors
36,969
3,015,116
80,788
3,040,884
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100

The company has one class of ordinary shares which carry no right to fixed income. Each share carries one voting right.

8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Emphasis of matter – financial statements prepared on a basis other than going concern

We draw attention to note 1.2 in the financial statements, which explains that the directors plan to wind up the company within the next twelve months. Therefore, the directors do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern as described in note 1.2. Our opinion is not modified in respect of this matter.

Senior Statutory Auditor:
Sudheer Gupta BA FCA
Statutory Auditor:
Alliotts LLP
Date of audit report:
5 March 2024
9
Related party transactions

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
-
0
2,976,711

The company has taken advantage of the exemption available in Paragraph 33.1A of FRS102 whereby it has not disclosed transactions with other companies that are wholly owned within the Group.

MEDADVISOR WELAM UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
10
Parent company

The immediate and ultimate parent company is Medadvisor Limited, a company registered in Australia with registered office Level 2, 971 Burke Road, Camberwell, VIC 3124, Australia.

2023-06-302022-07-01false05 March 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityThis audit opinion is unqualifiedJ ButtR ReadW MarinoffR W RatliffA Desaifalse2024-03-06112923052022-07-012023-06-3011292305bus:Director12022-07-012023-06-3011292305bus:Director32022-07-012023-06-3011292305bus:Director42022-07-012023-06-3011292305bus:CompanySecretary12022-07-012023-06-3011292305bus:Director22022-07-012023-06-3011292305bus:RegisteredOffice2022-07-012023-06-30112923052023-06-30112923052022-06-3011292305core:OtherPropertyPlantEquipment2023-06-3011292305core:OtherPropertyPlantEquipment2022-06-3011292305core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-3011292305core:CurrentFinancialInstrumentscore:WithinOneYear2022-06-3011292305core:CurrentFinancialInstruments2023-06-3011292305core:CurrentFinancialInstruments2022-06-3011292305core:ShareCapital2023-06-3011292305core:ShareCapital2022-06-3011292305core:RetainedEarningsAccumulatedLosses2023-06-3011292305core:RetainedEarningsAccumulatedLosses2022-06-3011292305core:ComputerEquipment2022-07-012023-06-30112923052021-07-012022-06-3011292305core:OtherPropertyPlantEquipment2022-06-3011292305core:OtherPropertyPlantEquipment2022-07-012023-06-3011292305core:WithinOneYear2023-06-3011292305core:WithinOneYear2022-06-3011292305core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity2023-06-3011292305bus:PrivateLimitedCompanyLtd2022-07-012023-06-3011292305bus:SmallCompaniesRegimeForAccounts2022-07-012023-06-3011292305bus:FRS1022022-07-012023-06-3011292305bus:Audited2022-07-012023-06-3011292305bus:FullAccounts2022-07-012023-06-30xbrli:purexbrli:sharesiso4217:GBP