Caseware UK (AP4) 2022.0.179 2022.0.179 2023-09-302023-09-30true2022-10-01falseNo description of principal activity22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07610844 2022-10-01 2023-09-30 07610844 2021-10-01 2022-09-30 07610844 2023-09-30 07610844 2022-09-30 07610844 2021-10-01 07610844 c:Director2 2022-10-01 2023-09-30 07610844 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-09-30 07610844 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-09-30 07610844 d:CurrentFinancialInstruments 2023-09-30 07610844 d:CurrentFinancialInstruments 2022-09-30 07610844 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 07610844 d:CurrentFinancialInstruments d:WithinOneYear 2022-09-30 07610844 d:ShareCapital 2023-09-30 07610844 d:ShareCapital 2022-09-30 07610844 d:CapitalRedemptionReserve 2022-10-01 2023-09-30 07610844 d:CapitalRedemptionReserve 2023-09-30 07610844 d:CapitalRedemptionReserve 2022-09-30 07610844 d:RetainedEarningsAccumulatedLosses 2022-10-01 2023-09-30 07610844 d:RetainedEarningsAccumulatedLosses 2023-09-30 07610844 d:RetainedEarningsAccumulatedLosses 2022-09-30 07610844 c:FRS102 2022-10-01 2023-09-30 07610844 c:AuditExempt-NoAccountantsReport 2022-10-01 2023-09-30 07610844 c:FullAccounts 2022-10-01 2023-09-30 07610844 c:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 07610844 2 2022-10-01 2023-09-30 07610844 6 2022-10-01 2023-09-30 07610844 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2022-10-01 2023-09-30 iso4217:GBP xbrli:pure

Registered number: 07610844









MERCO MEDICAL HOLDINGS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
MERCO MEDICAL HOLDINGS LIMITED
REGISTERED NUMBER:07610844

STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
-
7,500

Investments
 5 
693,870
693,870

  
693,870
701,370

Current assets
  

Debtors: amounts falling due within one year
 6 
-
95,040

Cash at bank and in hand
  
165,308
155,613

  
165,308
250,653

Creditors: amounts falling due within one year
 7 
(2,235)
(1,969)

Net current assets
  
 
 
163,073
 
 
248,684

  

Net assets
  
856,943
950,054


Capital and reserves
  

Called up share capital 
  
504,000
504,000

Capital redemption reserve
 8 
182,876
182,876

Profit and loss account
 8 
170,067
263,178

Shareholders' funds
  
856,943
950,054


Page 1

 
MERCO MEDICAL HOLDINGS LIMITED
REGISTERED NUMBER:07610844
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 SEPTEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






A R Champion
Director

Date: 9 February 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
MERCO MEDICAL HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

Merco Medical Holdings Limited is a private company, limited by shares, domiciled and incorporated in England and Wales (registered number: 07610844). The address of the registered office is Bank House, 81 St Judes Road, Englefield Green, Surrey, TW20 0DF.
The Company's functional and presentational currency is GBP.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis.
The directors have made an assessment in preparing these financial statements as to whether the Company is a going concern and has concluded that there are no material uncertainties that may cast doubt on the Company's ability to continue as a going concern.

  
2.3

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.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 3

 
MERCO MEDICAL HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.6

Financial instruments

Financial assets and financial liabilities are recognised in the Statement of Financial Position when the Company becomes a party to the contractual provisions of the instrument.
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the Group will not be able to collect all amounts due.
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank, short-term bank deposits with an original maturity of three months or less and bank overdrafts which are an integral part of the Group’s cash management.
Financial liabilities and equity instruments issued by the Group are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs.
Interest bearing bank loans, overdrafts and other loans which meet the criteria to be classified as basic financial instruments are initially recorded at the present value of cash payable to the bank, which is ordinarily equal to the proceeds received net of direct issue costs. These liabilities are subsequently measured at amortised cost, using the effective interest rate method.

 
2.7

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

Page 4

 
MERCO MEDICAL HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

The tax charge in the year may be reflective of the availability of group relief from other entities within the group.

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 5

 
MERCO MEDICAL HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

4.


Intangible assets




Development expenditure

£



Cost


At 1 October 2022
100,000



At 30 September 2023

100,000



Amortisation


At 1 October 2022
92,500


Charge for the year
7,500



At 30 September 2023

100,000



Net book value



At 30 September 2023
-



At 30 September 2022
7,500




5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 October 2022
693,870



At 30 September 2023
693,870




Page 6

 
MERCO MEDICAL HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

6.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
-
95,040



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Corporation tax
2,202
1,936

Other creditors
33
33

2,235
1,969



8.


Reserves

Capital redemption reserve

This reserve records the nominal value of shares repurchased by the Company.

Profit & loss account

This reserve relates to the cumulative retained earnings less amounts distributed to shareholders.

Page 7

 
MERCO MEDICAL HOLDINGS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

9.


Share-based payments

Merco Medical Holdings Limited operates an equity-settled share-based remuneration scheme for employees under HMRC's EMI programme. Certain employees at the date of issue were invited to participate in the long-term incentive scheme. As part of a restructure in November 2021 all options were exercised.

Weighted average exercise price (pence)
2023
Number
2023
Weighted average exercise price
(pence)
2022
Number
2022

Outstanding at the beginning of the year


-

100
 
24,000
 
Exercised during the year


-

100
 
24,000
 
Outstanding at the end of the year

-

 
-
 





10.


Related party transactions

The Company has taken advantage of the exemption in FRS 102 Section 33.1A to not disclose transactions with wholly owned group entities.


11.


Controlling party

At the balance sheet date, the immediate and ultimate parent undertaking was Merco Healthcare Holdings Limited, a company registered in England and Wales.
The directors do not consider there to be an ultimate controlling party as of 30 September 2023.
Following a corporate restructure that has taken place on 30 November 2023, the ultimate parent undertaking is the new group holding company QCR Holdings Limited, a company registered in England and Wales.

 
Page 8