Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-31trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.No description of principal activity2022-01-01false22false 11866436 2022-01-01 2022-12-31 11866436 2021-01-01 2021-12-31 11866436 2022-12-31 11866436 2021-12-31 11866436 c:Director1 2022-01-01 2022-12-31 11866436 d:CurrentFinancialInstruments 2022-12-31 11866436 d:CurrentFinancialInstruments 2021-12-31 11866436 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 11866436 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 11866436 d:ShareCapital 2022-12-31 11866436 d:ShareCapital 2021-12-31 11866436 d:RetainedEarningsAccumulatedLosses 2022-12-31 11866436 d:RetainedEarningsAccumulatedLosses 2021-12-31 11866436 c:OrdinaryShareClass1 2022-01-01 2022-12-31 11866436 c:OrdinaryShareClass1 2022-12-31 11866436 c:OrdinaryShareClass1 2021-12-31 11866436 c:FRS102 2022-01-01 2022-12-31 11866436 c:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 11866436 c:FullAccounts 2022-01-01 2022-12-31 11866436 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 11866436










MEMOKATH LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
MEMOKATH LIMITED
REGISTERED NUMBER: 11866436

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

  

Current assets
  

Stocks
 4 
-
47,421

Debtors: amounts falling due within one year
 5 
268,226
108,530

  
268,226
155,951

Creditors: amounts falling due within one year
 6 
(264,558)
(177,254)

Net current assets/(liabilities)
  
 
 
3,668
 
 
(21,303)

  

Net assets/(liabilities)
  
3,668
(21,303)


Capital and reserves
  

Called up share capital 
 7 
1
1

Profit and loss account
  
3,667
(21,304)

  
3,668
(21,303)


The director considers 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 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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the profit and loss account 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: 




C S Tvede
Director

Date: 19 February 2024

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 
MEMOKATH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Memokath Limited is a limited liability company incorporated in England and Wales. The Company registration number is 11866436. The registered office is given on the Company information page in these financial statements.
The financial statements are presented in pound sterling which is the functional currency of the Company and rounded to the nearest pound.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

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 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

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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 profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 2

 
MEMOKATH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.3

Revenue

Revenue 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:

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.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

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 balance sheet date in the countries where the Company operates and generates income.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and 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 balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.7

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.

Page 3

 
MEMOKATH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.8

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.

 
2.9

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, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

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 account.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 4

 
MEMOKATH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

3.


Employees

The average monthly number of employees, including the director, during the year was as follows:


        2022
        2021
            No.
            No.







Employees
2
2


4.


Stocks

2022
2021
£
£

Raw materials and consumables
-
47,421

-
47,421



5.


Debtors

2022
2021
£
£


Trade debtors
75,835
46,095

Amounts owed by group undertakings
191,480
62,304

Other debtors
911
131

268,226
108,530


Page 5

 
MEMOKATH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

6.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
7,194
2,131

Amounts owed to group undertakings
235,739
148,747

Corporation tax
929
-

Other taxation and social security
14,695
20,661

Accruals and deferred income
6,001
5,715

264,558
177,254


Page 6

 
MEMOKATH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

7.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



1 (2021 - 1) Ordinary share of £1
1
1



8.


Controlling party

The ultimate controlling party is PNN Medical A/S, registered in Denmark. Consolidated financial statements can be obtained from its registered office, Oldenvej 13, Munkegarde, Kvistgarde, Denmark.

 
Page 7