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REGISTERED NUMBER: 08620208 (England and Wales)















OPEN MEDICAL LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 JULY 2022 TO 31 MARCH 2023






OPEN MEDICAL LTD (REGISTERED NUMBER: 08620208)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 JULY 2022 TO 31 MARCH 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Accountants' Report 6

OPEN MEDICAL LTD

COMPANY INFORMATION
FOR THE PERIOD 1 JULY 2022 TO 31 MARCH 2023







DIRECTORS: C Lykostratis Dr
P Mahapatra Dr
D Naumiuk
M E A Shenouda Dr





SECRETARY: D Naumiuk





REGISTERED OFFICE: C P House
97 -107 Uxbridge Road
Ealing
London
W5 5TL





REGISTERED NUMBER: 08620208 (England and Wales)





ACCOUNTANTS: Cox Costello & Horne
Chartered Accountants and Tax Advisors
Batchworth Lock House
99 Church Street, Rickmansworth
WD3 1JJ

OPEN MEDICAL LTD (REGISTERED NUMBER: 08620208)

BALANCE SHEET
31 MARCH 2023

31.3.23 30.6.22
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 112,123 123,865

CURRENT ASSETS
Debtors 5 940,836 992,317
Cash at bank 1,981,253 2,712,549
2,922,089 3,704,866
CREDITORS
Amounts falling due within one year 6 2,720,334 3,197,990
NET CURRENT ASSETS 201,755 506,876
TOTAL ASSETS LESS CURRENT LIABILITIES 313,878 630,741

CREDITORS
Amounts falling due after more than one year 7 250,000 250,000
NET ASSETS 63,878 380,741

CAPITAL AND RESERVES
Called up share capital 1,500 1,500
Retained earnings 62,378 379,241
63,878 380,741

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 January 2024 and were signed on its behalf by:





C Lykostratis Dr - Director


OPEN MEDICAL LTD (REGISTERED NUMBER: 08620208)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 JULY 2022 TO 31 MARCH 2023


1. STATUTORY INFORMATION

Open Medical Ltd 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.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern basis
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future; taken to be 12 months from signing the financial statements. No material uncertainties that cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Turnover
Turnover comprises revenue recognised by the company in respect of services supplied. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates and other sales taxes, such as value-added tax.

The following criteria must also be met before turnover is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost and 20% on cost

Tangible fixed assets 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.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Statement.

Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.


OPEN MEDICAL LTD (REGISTERED NUMBER: 08620208)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JULY 2022 TO 31 MARCH 2023


2. ACCOUNTING POLICIES - continued
Taxation
The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
-the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
-any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs
Qualifying company's employees have joined an independently administered pension scheme. Employees contract directly with the pension scheme, and assets of those schemes are held separately from those of the company. The company acts as agent in collecting and paying over employee pension contributions. Once the contributions have been paid, the company as employer has no further obligations. As a defined contribution scheme, the cost to the company of participating in the pension scheme is taken as equal to the contributions to the scheme for the reporting period.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 41 (2022 - 32 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£
COST
At 1 July 2022 146,239
Additions 16,892
At 31 March 2023 163,131
DEPRECIATION
At 1 July 2022 22,374
Charge for period 28,634
At 31 March 2023 51,008
NET BOOK VALUE
At 31 March 2023 112,123
At 30 June 2022 123,865

OPEN MEDICAL LTD (REGISTERED NUMBER: 08620208)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JULY 2022 TO 31 MARCH 2023


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 30.6.22
£ £
Trade debtors 836,167 917,043
Amounts owed by group undertaking 84,429 -
Other debtors 20,240 75,274
940,836 992,317

Amounts owed by group undertaking is unsecured, attracts no interest, has no fixed term of repayment and is considered payable on demand.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 30.6.22
£ £
Trade creditors 29,349 16,881
Taxation and social security 372,939 541,847
Other creditors 2,318,046 2,639,262
2,720,334 3,197,990

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.23 30.6.22
£ £
Amounts owed to group undertaking 250,000 250,000

Amounts owed to group undertaking is unsecured, attracts no interest, has no fixed term of repayment and is considered payable on demand.

8. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

9. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is parent Open Medical Holdings Limited.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
OPEN MEDICAL LTD


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Open Medical Ltd for the period ended 31 March 2023 which comprise the Profit and Loss account, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

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

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

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

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






Cox Costello & Horne
Chartered Accountants and Tax Advisors
Batchworth Lock House
99 Church Street, Rickmansworth
WD3 1JJ


30 January 2024