Company Registration No. 05910680 (England and Wales)
MEDI INNS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
MEDI INNS LIMITED
COMPANY INFORMATION
Director
Dr J M Kumar
Secretary
Mrs S M Kumar
Company number
05910680
Registered office
12 Mead Rise
Edgbaston
Birmingham
West Midlands
B15 3SD
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Barclays Bank Plc
Leicester
Leicestershire
LE87 2BB
MEDI INNS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
MEDI INNS LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MEDI INNS LIMITED FOR THE YEAR ENDED 30 JUNE 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Medi Inns Limited for the year ended 30 June 2023 which comprise, the 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 at http://www.icaew.com/en/members/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Medi Inns Limited, 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 Medi Inns Limited and state those matters that we have agreed to state to the Board of Directors of Medi Inns Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Medi Inns Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Medi Inns Limited 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 Medi Inns Limited. You consider that Medi Inns Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Medi Inns Limited. 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.

Ormerod Rutter Limited
20 December 2023
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
MEDI INNS LIMITED
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
15,054
17,715
Current assets
Debtors
4
215,844
331,504
Cash at bank and in hand
13,208
118
229,052
331,622
Creditors: amounts falling due within one year
5
(164,937)
(236,803)
Net current assets
64,115
94,819
Total assets less current liabilities
79,169
112,534
Creditors: amounts falling due after more than one year
6
(74,925)
(88,214)
Provisions for liabilities
8
(2,421)
(2,845)
Net assets
1,823
21,475
Capital and reserves
Called up share capital
9
101
101
Profit and loss reserves
1,722
21,374
Total equity
1,823
21,475

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

For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

MEDI INNS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2023
30 June 2023
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 20 December 2023.
Dr J M Kumar
Director
Company Registration No. 05910680
MEDI INNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -
1
Accounting policies
Company information

Medi Inns Limited is a private company limited by shares incorporated in England and Wales. The registered office is 12 Mead Rise, Edgbaston, Birmingham, West Midlands, B15 3SD.

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

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.

Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.

1.3
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:

Fixtures and fittings
15% on reducing balance
1.4
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

MEDI INNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 1 (2022 - 1).

3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 July 2022 and 30 June 2023
132,647
Depreciation and impairment
At 1 July 2022
114,932
Depreciation charged in the year
2,661
At 30 June 2023
117,593
Carrying amount
At 30 June 2023
15,054
At 30 June 2022
17,715
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
215,844
331,504
MEDI INNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
14,089
33,527
Trade creditors
25,621
24,796
Amounts owed to group undertakings
63,706
95,529
Taxation and social security
38,885
67,086
Other creditors
22,636
15,865
164,937
236,803
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
74,925
88,214
7
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Bank overdrafts
-
0
18,727
Bank loans
89,014
103,014
89,014
121,741
Bank loans are secured by way of a fixed and floating charge over all assets of the company and by way of a goverment-backed guarantee.
8
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
2,421
2,845
9
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary A of £1 each
100
100
1 Ordinary B of £1 each
1
1
101
101
MEDI INNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
10
Related party transactions

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.

11
Control

Ultimate parent company

The ultimate parent company is Mededge Limited, a company registered in England and Wales.

Ultimate controlling party

The is no ultimate controlling party, by virtue of there being no controlling interest in the ultimate parent company.

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