REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 30 November 2023 |
for |
MED-EL UK Limited |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 30 November 2023 |
for |
MED-EL UK Limited |
MED-EL UK Limited (Registered number: 02800699) |
Contents of the Financial Statements |
for the Year Ended 30 November 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
MED-EL UK Limited |
Company Information |
for the Year Ended 30 November 2023 |
DIRECTORS: |
SECRETARY: | Miss S Munt |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
MED-EL UK Limited (Registered number: 02800699) |
Statement of Financial Position |
30 November 2023 |
30.11.23 | 30.11.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Prepayments and accrued income |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
ACCRUALS AND DEFERRED INCOME | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
MED-EL UK Limited (Registered number: 02800699) |
Notes to the Financial Statements |
for the Year Ended 30 November 2023 |
1. | STATUTORY INFORMATION |
MED-EL UK Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The directors are satisfied that the company has sufficient cash flows to continue meeting its liabilities as they fall due for at least one year from the date of the approval of the financial statements, thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements. |
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £. |
Turnover |
Turnover is the amount derived from ordinary activities, and stated after trade discounts, VAT and any other sales taxes. Income is recognised upon delivery of the goods. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Short leasehold - 20% straight line over lease term |
Plant and machinery - 33% on cost |
Fixtures and fittings - 12.5% on cost |
Motor Vehicles - 12.5% on cost |
Tangible fixed assets are stated at cost. Cost includes directly attributable to making the asset capable of operating as intended. |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, cost of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow moving stock where appropriate. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
MED-EL UK Limited (Registered number: 02800699) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Pension costs and other post-retirement benefits |
The company makes payments to a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate. |
Hire purchase and operating leasing commitments |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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. |
Debtors and creditors receivable/payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
MED-EL UK Limited (Registered number: 02800699) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 December 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 November 2023 |
DEPRECIATION |
At 1 December 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.23 | 30.11.22 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.23 | 30.11.22 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
7. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
30.11.23 | 30.11.22 |
£ | £ |
Within one year |
Between one and five years |
MED-EL UK Limited (Registered number: 02800699) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.11.23 | 30.11.22 |
value: | £ | £ |
Ordinary shares | £1 | 32,000 | 32,000 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | THE IMMEDIATE CONTROLLING PARTY |
The controlling party is MED-EL ELEKTROMEDIZININSCHE GERATE GMBH. |
The ultimate controlling party is |