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REGISTERED NUMBER: 02695429 (England and Wales)


















MED-I-PANT (U.K.) LIMITED

STRATEGIC REPORT, DIRECTORS' REPORT AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






MED-I-PANT (U.K.) LIMITED (REGISTERED NUMBER: 02695429)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Strategic Report 2

Directors' Report 3

Report of the Independent Auditors 5

Statement of Income and Retained Earnings 9

Balance Sheet 10

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


MED-I-PANT (U.K.) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: P Crabtree
D Johnson



REGISTERED OFFICE: 2nd Floor, Clipper House
Leighton Industrial Park
Billington Road
Bedfordshire
LU7 4AJ



REGISTERED NUMBER: 02695429 (England and Wales)



SENIOR STATUTORY AUDITOR: Shaun Balch



INDEPENDENT AUDITORS: Thompson Balch Limited
Chartered Accountants and Statutory Auditors
Sovereign House
15 Towcester Road
Old Stratford
Milton Keynes
MK19 6AN

MED-I-PANT (U.K.) LIMITED (REGISTERED NUMBER: 02695429)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their strategic report for the year ended 31 December 2023.

The principle activities of the company continues to be the sales, marketing, and distribution of textiles, related products, services, and solutions to the international healthcare community.

REVIEW OF BUSINESS
The company's sales have increased to £21,651,732 (2022: £19,372,180) in 2023, a 12% increase from the previous year. This increase is in line with the previous years and is a result of repeat orders from a larger section of their customers and planned international expansion. Gross profit margin has increased to 27.9% from 20.5% in 2022. This is largely due to a reduction in freight costs and favourable exchange rates.

PRINCIPAL RISKS AND UNCERTAINTIES
The company is exposed to fluctuations in exchange rates as it purchases and sells goods in US Dollars, Euro, and Sterling. However, the foreign exchange rates have remained largely stable in the 2023 year end, and at the time of writing this report (March 2024) they have continued to remain stable. Nevertheless, the Canadian parent company MIP Inc has global hedging strategy in place for purchasing US Dollars and Euros on behalf of the group to reduce the exposure to fluctuations in exchange rates.

ON BEHALF OF THE BOARD:





P Crabtree - Director


18 April 2024

MED-I-PANT (U.K.) LIMITED (REGISTERED NUMBER: 02695429)

DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their report with the financial statements of the company for the year ended 31 December 2023.

DIVIDENDS
The total distribution of dividends for the year ended 31 December 2023 will be £ 3,500,000 .

DIRECTORS
P Crabtree has held office during the whole of the period from 1 January 2023 to the date of this report.

Other changes in directors holding office are as follows:

M Segal - resigned 12 December 2023
D Johnson - appointed 12 December 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are 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 directors are 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 directors are 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. They are 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

MED-I-PANT (U.K.) LIMITED (REGISTERED NUMBER: 02695429)

DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


AUDITORS
The auditors, Thompson Balch Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





P Crabtree - Director


18 April 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MED-I-PANT (U.K.) LIMITED


Opinion
We have audited the financial statements of Med-I-Pant (U.K.) Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of 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 2023 and of its profit 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.

Basis for opinion
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 Auditors' 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 directors' 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 at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Directors' Report, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MED-I-PANT (U.K.) LIMITED


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

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 Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters where 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 directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MED-I-PANT (U.K.) LIMITED


Auditors' 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 a Report of the Auditors 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.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
company's internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MED-I-PANT (U.K.) LIMITED


Use of our 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 a Report of the Auditors 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.




Shaun Balch (Senior Statutory Auditor)
for and on behalf of Thompson Balch Limited
Chartered Accountants and Statutory Auditors
Sovereign House
15 Towcester Road
Old Stratford
Milton Keynes
MK19 6AN

18 April 2024

MED-I-PANT (U.K.) LIMITED (REGISTERED NUMBER: 02695429)

STATEMENT OF INCOME AND
RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

TURNOVER 21,761,217 19,372,180

Cost of sales (15,606,842 ) (15,395,802 )
GROSS PROFIT 6,154,375 3,976,378

Administrative expenses (3,172,543 ) (2,857,992 )
2,981,832 1,118,386

Other operating income 8,330 -
OPERATING PROFIT 2,990,162 1,118,386

Interest receivable and similar income 29,968 2,182
PROFIT BEFORE TAXATION 6 3,020,130 1,120,568

Tax on profit 8 (904,332 ) (310,820 )
PROFIT FOR THE FINANCIAL YEAR 2,115,798 809,748

Retained earnings at beginning of year 2,650,068 3,840,320

Dividends 9 (3,500,000 ) (2,000,000 )

RETAINED EARNINGS AT END OF
YEAR

1,265,866

2,650,068

MED-I-PANT (U.K.) LIMITED (REGISTERED NUMBER: 02695429)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 2,618,679 3,146,231
Tangible assets 11 33,627 38,317
2,652,306 3,184,548

CURRENT ASSETS
Stocks 12 2,748,329 3,149,724
Debtors 13 3,509,966 3,654,757
Cash at bank 976,534 465,016
7,234,829 7,269,497
CREDITORS
Amounts falling due within one year 14 4,165,827 3,416,395
NET CURRENT ASSETS 3,069,002 3,853,102
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,721,308

7,037,650

PROVISIONS FOR LIABILITIES 17 454,642 386,782
NET ASSETS 5,266,666 6,650,868

CAPITAL AND RESERVES
Called up share capital 18 4,000,800 4,000,800
Retained earnings 19 1,265,866 2,650,068
SHAREHOLDERS' FUNDS 5,266,666 6,650,868

MED-I-PANT (U.K.) LIMITED (REGISTERED NUMBER: 02695429)

BALANCE SHEET - continued
31 DECEMBER 2023


The financial statements were approved by the Board of Directors and authorised for issue on 18 April 2024 and were signed on its behalf by:





P Crabtree - Director


MED-I-PANT (U.K.) LIMITED (REGISTERED NUMBER: 02695429)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 4,518,235 1,244,210
Tax paid (526,360 ) (224,219 )
Net cash from operating activities 3,991,875 1,019,991

Cash flows from investing activities
Purchase of tangible fixed assets (10,325 ) (7,075 )
Interest received 29,968 2,182
Net cash from investing activities 19,643 (4,893 )

Cash flows from financing activities
Equity dividends paid (3,500,000 ) (2,000,000 )
Net cash from financing activities (3,500,000 ) (2,000,000 )

Increase/(decrease) in cash and cash equivalents 511,518 (984,902 )
Cash and cash equivalents at
beginning of year

2

465,016

1,449,918

Cash and cash equivalents at end of
year

2

976,534

465,016

MED-I-PANT (U.K.) LIMITED (REGISTERED NUMBER: 02695429)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 3,020,130 1,120,568
Depreciation charges 542,567 543,151
Change in intercompany balance 156,218 (661,523 )
Finance income (29,968 ) (2,182 )
3,688,947 1,000,014
Decrease/(increase) in stocks 401,395 (1,100,382 )
(Increase)/decrease in trade and other debtors (11,427 ) 512,447
Increase in trade and other creditors 439,320 832,131
Cash generated from operations 4,518,235 1,244,210

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31/12/23 1/1/23
£    £   
Cash and cash equivalents 976,534 465,016
Year ended 31 December 2022
31/12/22 1/1/22
£    £   
Cash and cash equivalents 465,016 1,449,918


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/23 Cash flow At 31/12/23
£    £    £   
Net cash
Cash at bank 465,016 511,518 976,534
465,016 511,518 976,534
Total 465,016 511,518 976,534

MED-I-PANT (U.K.) LIMITED (REGISTERED NUMBER: 02695429)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Med-I-Pant (U.K.) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Med-I-Pant (U.K.) Limited ("the Company") undertakes the distribution and marketing of textiles, related products, services and solutions to the international healthcare community.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company is a wholly owned subsidiary of MIP Incorporated. Accordingly, the Company has taken advantage of the exemption under FRS 102 Section 33 from disclosing transactions with other members of the group.

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirers interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of Income and Retained Earnings over its useful economic life.

MED-I-PANT (U.K.) LIMITED (REGISTERED NUMBER: 02695429)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Brand Names

Brand names acquired are initially recognised at cost. They are amortised on a straight line basis over 15 years.

Customer relationships

Customer relationships acquired as part of a business combination are valued at cost. They are amortised on a straight line basis over 13 years or 5 years. This is dependent on the nature of the customer relationship and whether they are deemed to be a 'main client' (amortised over 13 years) or an 'other client' (amortised over 5 years).

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit/loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold property - 10 years
Office Equipment - 5 years

Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If the stock is impaired, the carrying amount is reduced to its selling price less costs to sell. The impairment loss is recognised in the profit/loss account.


MED-I-PANT (U.K.) LIMITED (REGISTERED NUMBER: 02695429)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the statement of income and retained earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision outstanding in the balance sheet.

Foreign currencies
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. Non-monetary 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 the statement of income and retained earnings.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

MED-I-PANT (U.K.) LIMITED (REGISTERED NUMBER: 02695429)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

Impairment of intangible assets and goodwill

The company considers whether intangible assets and/or goodwill are impaired. Where an indication of impairment is identified the estimation of recoverable value requires estimation of the recoverable value of the cash generating units (CGUs). This requires estimation of the future cash flows from the CGUs and also selection of appropriate discount rates in order to calculate the net present value of those cash flows.

The Company does not believe Brexit or the COVID-19 pandemic has affected any key estimation uncertainties. The key uncertainties relate to the fair value of the Cromptons, which the company believes is not impaired.

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 996,612 864,134
Social security costs 109,248 98,144
Other pension costs 68,048 64,673
1,173,908 1,026,951

MED-I-PANT (U.K.) LIMITED (REGISTERED NUMBER: 02695429)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2023 2022

Selling 6 4
Customer services 5 4
Administration 2 4
Procurement 2 2
Marketing 1 2
16 16

5. DIRECTORS' EMOLUMENTS
2023 2022
£    £   
Directors' remuneration 142,832 127,151

6. PROFIT BEFORE TAXATION

The profit is stated after charging/(crediting):

2023 2022
£    £   
Other operating leases 62,350 44,370
Depreciation - owned assets 15,015 15,599
Goodwill amortisation 234,615 241,782
Brand name amortisation 45,800 45,800
Customer relationship - main amortisation 241,782 234,615
Customer relationship - other amortisation 5,355 5,355
Foreign exchange differences (12,451 ) 75,943

7. AUDITORS' REMUNERATION

The fees payable to the Company's auditor for the audit of the financial statements was £28,750 (2022: £25,000).

The fees payable to the Company's auditor for other services relating to taxation and financial statements was £4,000 (2022: £4,000).

MED-I-PANT (U.K.) LIMITED (REGISTERED NUMBER: 02695429)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 836,472 314,321
CTover/under provision - 52,377
Total current tax 836,472 366,698

Deferred tax 67,860 (55,878 )
Tax on profit 904,332 310,820

9. DIVIDENDS
2023 2022
£    £   
Final dividend 3,500,000 2,000,000

10. INTANGIBLE FIXED ASSETS
Customer Customer
Brand relationship relationship
Goodwill name - main - other Totals
£    £    £    £    £   
COST
At 1 January 2023
and 31 December 2023 2,417,822 687,000 3,050,000 510,332 6,665,154
AMORTISATION
At 1 January 2023 1,350,211 279,819 1,433,402 455,491 3,518,923
Amortisation for year 234,615 45,800 241,782 5,355 527,552
At 31 December 2023 1,584,826 325,619 1,675,184 460,846 4,046,475
NET BOOK VALUE
At 31 December 2023 832,996 361,381 1,374,816 49,486 2,618,679
At 31 December 2022 1,067,611 407,181 1,616,598 54,841 3,146,231

MED-I-PANT (U.K.) LIMITED (REGISTERED NUMBER: 02695429)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


11. TANGIBLE FIXED ASSETS
Long Computer
leasehold equipment Totals
£    £    £   
COST
At 1 January 2023 47,769 76,917 124,686
Additions - 10,325 10,325
At 31 December 2023 47,769 87,242 135,011
DEPRECIATION
At 1 January 2023 27,396 58,973 86,369
Charge for year 5,944 9,071 15,015
At 31 December 2023 33,340 68,044 101,384
NET BOOK VALUE
At 31 December 2023 14,429 19,198 33,627
At 31 December 2022 20,373 17,944 38,317

12. STOCKS
2023 2022
£    £   
Stocks 2,748,329 3,149,724

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 3,050,445 3,170,020
Amounts owed by group undertakings 220,110 376,328
Other debtors 239,411 108,409
3,509,966 3,654,757

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 1,055,818 1,962,420
Corporation tax 624,479 314,367
VAT 992,802 892,016
Other creditors 1,492,728 247,592
4,165,827 3,416,395

MED-I-PANT (U.K.) LIMITED (REGISTERED NUMBER: 02695429)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


15. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 75,552 53,899
Between one and five years 52,831 82,410
128,383 136,309

16. SECURED DEBTS

Barclays Bank PLC holds a Deed of charge over credit balances dated 23rd May 2012.

Bank of Montreal holds a debenture dated 30th August 2013 which contains fixed and floating charges
covering all property or undertaking of the company.

Barclays Bank PLC holds a debenture dated 10th June 2015 which contains a fixed charge.

Bank of Montreal holds a debenture dated 22nd November 2016 which contains a fixed charge and contains negative pledge.

17. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 454,642 386,782

Deferred
tax
£   
Balance at 1 January 2023 386,782
Provided during year 67,860
Balance at 31 December 2023 454,642

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
4,000,800 Ordinary Shares 1 4,000,800 4,000,800

MED-I-PANT (U.K.) LIMITED (REGISTERED NUMBER: 02695429)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


19. RESERVES
Retained
earnings
£   

At 1 January 2023 2,650,068
Profit for the year 2,115,798
Dividends (3,500,000 )
At 31 December 2023 1,265,866

20. PENSION COMMITMENTS

The company provides defined contribution schemes for its employees. The amount recognised as an
expense for the year was £109,248 (2022: £104,663). There were no amounts prepaid or outstanding as at 31st December 2023 (2022: nil).

21. CONTINGENT LIABILITIES

The company has a guarantee facility in place for deferred duty payments to HMRC amounting to £75,000 (2022: £75,000)

22. ULTIMATE CONTROLLING PARTY

The immediate parent undertaking is MIP Incorporated, incorporated in Canada.

The ultimate parent undertaking is Banyan Capital Partner Fund.

The directors consider there is no controlling party.

Banyan Capital Partner Fund is the parent undertaking of the largest group of undertakings to consolidate these financial statements at 31 December 2023.

MIP Incorporated is the parent undertaking of the smallest group of undertakings to consolidate these
financial statements. The consolidated financial statements of MIP Incorporated are available from 9100 Ray Lawson Boulevard, Anjou, Quebec, H1J 1K8.