Company Registration No. 05607465 (England and Wales)
MERIDEN HOSPITAL ADVANCED IMAGING CENTRE LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
Star House
Star Hill
Rochester
Kent
ME1 1UX
MERIDEN HOSPITAL ADVANCED IMAGING CENTRE LTD
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 7
MERIDEN HOSPITAL ADVANCED IMAGING CENTRE LTD
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
103,719
58,373
Current assets
Debtors
4
544,629
856,019
Cash at bank and in hand
916,641
196,170
1,461,270
1,052,189
Creditors: amounts falling due within one year
5
(276,066)
(150,317)
Net current assets
1,185,204
901,872
Total assets less current liabilities
1,288,923
960,245
Provisions for liabilities
(23,976)
(12,211)
Net assets
1,264,947
948,034
Capital and reserves
Called up share capital
400,000
400,000
Profit and loss reserves
864,947
548,034
Total equity
1,264,947
948,034
The notes on pages 2 to 7 form part of these financial statements.
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 31 July 2024 and are signed on its behalf by:
Mr S Khoury
Mr K J Haimes
Director
Director
Company registration number 05607465 (England and Wales)
MERIDEN HOSPITAL ADVANCED IMAGING CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Meriden Hospital Advanced Imaging Centre Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor, 30 Cannon Street, London, EC4M 6XH.
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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents the value of imaging services delivered and earned during the year, net of VAT. All turnover arose in the United Kingdom.
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
3 - 5 Years
Medical equipment
5 - 8 Years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
MERIDEN HOSPITAL ADVANCED IMAGING CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
MERIDEN HOSPITAL ADVANCED IMAGING CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.
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.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
1.8
Operating leases: the Company as lessee
Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
6
6
MERIDEN HOSPITAL ADVANCED IMAGING CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Tangible fixed assets
Fixtures and fittings
Medical equipment
Total
£
£
£
Cost
At 1 January 2023
30,975
1,578,388
1,609,363
Additions
1,397
79,560
80,957
At 31 December 2023
32,372
1,657,948
1,690,320
Depreciation and impairment
At 1 January 2023
30,333
1,520,657
1,550,990
Depreciation charged in the year
992
34,619
35,611
At 31 December 2023
31,325
1,555,276
1,586,601
Carrying amount
At 31 December 2023
1,047
102,672
103,719
At 31 December 2022
642
57,731
58,373
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
459,862
291,917
Other debtors
20,030
514,906
Prepayments and accrued income
64,737
49,196
544,629
856,019
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
35,317
37,802
Amounts owed to related parties
39,146
25,547
Corporation tax
89,926
60,000
Other creditors
317
827
Accruals
111,360
26,141
276,066
150,317
MERIDEN HOSPITAL ADVANCED IMAGING CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
6
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
23,976
12,211
2023
Movements in the year:
£
Liability at 1 January 2023
12,211
Charge to profit or loss
11,765
Liability at 31 December 2023
23,976
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Sally Meah FCCA
Statutory Auditor:
TC Group
Date of audit report:
7 August 2024
MERIDEN HOSPITAL ADVANCED IMAGING CENTRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
8
Related party transactions
Meriden Hospital Advanced Imaging Centre Limited does not hold any participating interest in the related parties, and therefore the disclosure exemption has been adopted that is offered by FRS 102 Section 1A.
9
Parent company
The Company is a 50:50 joint venture established by General Healthcare Holdings (3) Limited, registered number 4062897, and Med-Tel UK Limited, registered number 3446473.
Med-Tel UK Limited is a subsidiary undertaking of United Medical Enterprises Group LLP, a Limited Liability Partnership incorporated in England and Wales, whose ultimate parent undertaking is United Medical Enterprises Group Limited BC343764, a company incorporated in the British Virgin Islands.
General Healthcare Holdings (3) Limited is a subsidiary of General Healthcare Group Limited, a company incorporated in England and Wales, whose ultimate parent undertaking is Pure Health Holding PJSC, a company incorporated in United Arab Emirates.