Company registration number 07567112 (England and Wales)
MEDLINE STELLAR UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
MEDLINE STELLAR UK LIMITED
COMPANY INFORMATION
Director
J J Groenedijk
Company number
07567112
Registered office
3rd Floor
Quayside Wilderspool Business Park
Greenalls Avenue
Warrington
Cheshire
WA4 6HL
Auditor
Ernst & Young LLP
Chartered Accountants & Statutory Auditors
Edward Pavillion
Royal Albert Dock
Liverpool
L3 4AF
Bankers
Deutsche Bank AG London
1 Great Winchester Street
London
EC2N 2DB
JP Morgan Chase Bank
25 Bank Street
Canary Wharf
London
E14 5JP
Solicitors
Dundas & Wilson LLP
Northwest Wing
Bush House
Aldwych
London
WC2B 4EZ
MEDLINE STELLAR UK LIMITED
CONTENTS
Page
Director's report
1 - 2
Independent auditor's report
3 - 5
Statement of comprehensive income
6
Balance sheet
7
Statement of changes in equity
8
Notes to the financial statements
9 - 14
MEDLINE STELLAR UK LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 1 -
The director presents his annual report and financial statements for the year ended 31 December 2022.
Principal activities
The principal activity of the company is that of a holding company.
Results and dividends
The loss for the year, after taxation, amounted to (£1,246) (2021: Profit £2,498,992)
No dividends were paid or received during 2022 (2021: Received £2,500,000)
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
J J Groenedijk
Statement of director's responsibilities
The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Qualifying third party indemnity provisions
The company granted an indemnity to one or more directors against liability in respect of proceedings brought by third parties, subject to the conditions set out in the Company Act 2006. Such qualifying third party indemnity provision remains in the face as the date of approving the directors report.
Future Developments
No Change to the activity of the company is anticipated in the immediate future.
MEDLINE STELLAR UK LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
Key Performance Indicators
As the company does not trade and its affairs are sufficiently simple, the Directors believe that analysis using KPIs is not necessary for an understanding of the development, performance, or position of the business.
Principal risks and uncertainties
The directors have recognised that the principal risks of the company are integrated within the primary activities of the Group and not managed separately.
Going concern
The company's business activities, together with the factors likely to affect its future development and principal risks and uncertainties are described in the report.
Cash flow forecasts are prepared at a consolidated Medline group basis, using planning inputs from each of the individual entities within the group. The forecast is then subject to review, challenge and sign off at a group level.
Due to the company's cash flows being linked to the performance of the wider Medline group and the cash flows being prepared on a consolidated basis, the Directors have received a letter of support from the Company's ultimate parent company Mozart Holdings ,LP. The letter confirms ongoing financial support, should it be required, for a period of 12 months from the date of signing the Financial Statements . The Directors have satisfied themselves that Mozart Holdings, LP. can provide this support to the Company should it be required following enquiries with the parent company directors and review of the Mozart Holdings, LP financial position. As a result the financial statements are prepared on a going concern basis.
Statement of disclosure to auditor
The directors confirm that:
so far as each director is aware, there is no relevant audit information of which the Company's auditor is unaware, and
the directors have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Auditor
The auditors, Ernst & Young LLP, was appointed post year and proposed for reappointment in accordance with section 485 of the Company Act 2006.
Small companies note
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
On behalf of the board
J J Groenedijk
Director
6 March 2024
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MEDLINE STELLAR UK LIMITED
- 3 -
Opinion
We have audited the financial statements of Medline Stellar UK Limited (the 'company') for the year ended 31 December 2022 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2022 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of twelve months from signing of the financial statements.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the director's report has been prepared in accordance with applicable legal requirements.
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MEDLINE STELLAR UK LIMITED
- 4 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the director's report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the director's report and from the requirement to prepare a strategic report.
Responsibilities of director
As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
The auditor’s assessment of the susceptibility of the entity’s financial statements to material misstatement, including how fraud might occur.
Which laws and regulations the auditor identified as being of significance in the context of the entity.
The auditor’s explanation of its audit response will depend on the risks identified but may include:
- Enquiry of management, those charged with governance and the entity’s solicitors (or in-house legal team) around actual and potential litigation and claims.
- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.
- Reviewing minutes of meetings of those charged with governance.
- Reviewing internal audit reports.
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MEDLINE STELLAR UK LIMITED
- 5 -
The auditor’s explanation of its audit response will depend on the risks identified but may include:
- Enquiry of management, those charged with governance and the entity’s solicitors (or in-house legal team) around actual and potential litigation and claims.
- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.
- Reviewing minutes of meetings of those charged with governance.
- Reviewing internal audit reports.
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Michael Harvey
Senior Statutory Auditor
For and on behalf of Ernst & Young LLP
6 March 2024
Chartered Accountants
Statutory Auditor
Edward Pavillion
Royal Albert Dock
Liverpool
L3 4AF
MEDLINE STELLAR UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
2022
2021
Notes
£
£
Interest receivable and similar income
5
2
-
Dividend received
-
2,500,000
Interest payable and similar expenses
(1,248)
(1,008)
(Loss)/profit before taxation
(1,246)
2,498,992
Tax on (loss)/profit
6
(Loss)/profit for the financial year
(1,246)
2,498,992
Total comprehensive income/(deficit) for the year
(1,246)
2,498,992
The profit and loss account has been prepared on the basis that all operations are continuing operations.
The notes on pages 9 to 14 form part of these financial statements.
MEDLINE STELLAR UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 7 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investments
7
5,948,952
5,948,952
Current assets
Debtors
9
12,228
12,228
Cash at bank and in hand
4,453
5,699
16,681
17,927
Creditors: amounts falling due within one year
10
(20,085)
(20,085)
Net current liabilities
(3,404)
(2,158)
Net assets
5,945,548
5,946,794
Capital and reserves
Called up share capital
11
3,411,354
3,411,354
Share premium account
329,044
329,044
Profit and loss reserves
12
2,205,150
2,206,396
Total equity
5,945,548
5,946,794
The notes on pages 9 to 14 form part of these financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 6 March 2024
J J Groenedijk
Director
Company registration number 07567112 (England and Wales)
MEDLINE STELLAR UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 8 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2021
3,411,354
329,044
(292,596)
3,447,802
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
-
2,498,992
2,498,992
Balance at 31 December 2021
3,411,354
329,044
2,206,396
5,946,794
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
-
(1,246)
(1,246)
Balance at 31 December 2022
3,411,354
329,044
2,205,150
5,945,548
The notes on pages 9 to 14 form part of these financial statements.
MEDLINE STELLAR UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 9 -
1
Accounting policies
Company information
Medline Stellar UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, Quayside Wilderspool Business Park, Greenalls Avenue, Warrington, Cheshire, WA4 6HL.
The principal activity of the company is that of a holding company.
1.1
Basis of preparing financial statements
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.
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 Company is itself a subsidiary Company and is exempt from the requirement to prepare group financial statements by virtue of section 400 of the Companies Act 2006 as the results of the Company are consolidated within Medline International Holdco LLP. These financial statements are available on request.
These financial statements therefore present information about the Company as an individual and not about its group.
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 company's business activities, together with the factors likely to affect its future development and principal risks and uncertainties are described in the report.true
Cash flow forecasts are prepared at a consolidated Medline group basis, using planning inputs from each of the individual entities within the group. The forecast is then subject to review, challenge and sign off at a group level.
Due to the company's cash flows being linked to the performance of the wider Medline group and the cash flows being prepared on a consolidated basis, the Directors have received a letter of support from the Company's ultimate parent company, Mozart Holdings, LP. The letter confirms ongoing financial support, should it be required, for a period of 12 months from the date of signing the financial statements. The Directors have satisfied themselves that Mozart Holdings, LP can provide this support to the Company should it be required following enquiries with the parent company directors and review of the Mozart Holdings, LP financial position. As a result the financial statements are prepared on a going concern basis.
1.3
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.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
MEDLINE STELLAR UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 10 -
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.4
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.
1.5
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.
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.
1.6
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.
MEDLINE STELLAR UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 11 -
1.7
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.
1.8
Foreign currency translation
Functional and presentation currency
The company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Nonmonetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
MEDLINE STELLAR UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 12 -
3
Auditor's remuneration
2022
2021
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company - bourne by the subsidiary
14,700
1,545
For other services
Other accounting services
500
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Director
1
1
5
Interest receivable and similar income
2022
2021
£
£
Interest income
Interest on bank deposits
2
Income from fixed asset investments
Income from shares in group undertakings
2,500,000
Total income
2
2,500,000
2022
2021
Investment income includes the following:
£
£
Interest on financial assets
2
MEDLINE STELLAR UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 13 -
6
Taxation
The actual charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:
2022
2021
£
£
(Loss)/profit before taxation
(1,246)
2,498,992
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
(237)
474,808
Unutilised tax losses carried forward
(192)
192
Group relief
429
Dividend income
(475,000)
Taxation charge for the year
-
-
7
Fixed asset investments
2022
2021
Notes
£
£
Investments in subsidiaries
8
5,948,952
5,948,952
8
Subsidiaries
Details of the company's subsidiaries at 31 December 2022 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Medline Industries Limited
3rd Floor, Quayside Wilderpsool Business Park, Greenalls Avenue, Warrington, WA4 6HL.
Ordinary
100.00
Medline Operations Limited
3rd Floor, Quayside Wilderpsool Business Park, Greenalls Avenue, Warrington, WA4 6HL.
Ordinary
100.00
Medline Services UK Limited
3rd Floor, Quayside Wilderpsool Business Park, Greenalls Avenue, Warrington, WA4 6HL.
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Medline Industries Limited
7,221,659
1,023,163
Medline Operations Limited
2,448,639
112,948
Medline Services UK Limited
68,957
35,389
MEDLINE STELLAR UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 14 -
9
Debtors
2022
2021
Amounts falling due within one year:
£
£
Corporation tax recoverable
12,124
12,124
Other debtors
104
104
12,228
12,228
10
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
16
16
Amounts owed to group undertakings
20,069
20,069
20,085
20,085
Amounts owed to and from group undertakings have no fixed repayment term and are unsecured.
11
Share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
3,411,354
3,411,354
3,411,354
3,411,354
There is a single class of ordinary shares. There are no restrictions on dividends and the repayment of capital.
12
Profit and loss reserves
Includes all current and prior period retained profits and losses.
13
Related party transactions
During the year, the company has no related party transections other than trading transections with other members of the Medline group.
The company has taken advantages of the exemption in paragraph 33.1A of FRS 102 and not disclosed transactions with group undertakings in the Medline International BV group.
14
Ultimate controlling party
The immediate parent undertaking is Medline International Capital BV, a company registered in Luxembourg.
In the opinion of the directors the ultimate parent undertaking is Mozart Holdings, LP a company registered in the United States of America. The financial statements of the ultimate parent are available on request by writing to Medline Stellar UK Ltd at the registered office address.
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