Company registration number 05375654 (England and Wales)
MED GROUP INCORPORATED LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
MED GROUP INCORPORATED LIMITED
COMPANY INFORMATION
Directors
Mr S J Whitton
Mr L R Whitton
Company number
05375654
Registered office
Unit 3a
Tungsten Park
Bilton Way
Lutterworth
Leicestershire
LE17 4JA
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Barclays Bank Plc
Leicester
Leicestershire
LE87 2BB
MED GROUP INCORPORATED LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
MED GROUP INCORPORATED LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MED GROUP INCORPORATED LIMITED FOR THE YEAR ENDED 30 APRIL 2024
- 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 MED Group Incorporated Limited for the year ended 30 April 2024 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 https://www.icaew.com/regulation.
This report is made solely to the board of directors of MED Group Incorporated 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 MED Group Incorporated Limited and state those matters that we have agreed to state to the board of directors of MED Group Incorporated 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 MED Group Incorporated Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that MED Group Incorporated 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 profit of MED Group Incorporated Limited. You consider that MED Group Incorporated 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 MED Group Incorporated 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
7 August 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
MED GROUP INCORPORATED LIMITED
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
765,469
794,514
Investment property
5
495,000
275,283
Investments
4
2
2
1,260,471
1,069,799
Current assets
Debtors
6
18,250
Investments
7
22,500
Cash at bank and in hand
366,352
352,505
366,352
393,255
Creditors: amounts falling due within one year
8
(140,895)
(437,268)
Net current assets/(liabilities)
225,457
(44,013)
Total assets less current liabilities
1,485,928
1,025,786
Provisions for liabilities
9
(146,685)
(20,661)
Net assets
1,339,243
1,005,125
Capital and reserves
Called up share capital
10
4
4
Revaluation reserve
11
122,425
Non-distributable profits reserve
12
211,043
Distributable profit and loss reserves
1,005,771
1,005,121
Total equity
1,339,243
1,005,125
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 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.
MED GROUP INCORPORATED LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024
30 April 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 7 August 2024 and are signed on its behalf by:
Mr S J Whitton
Mr L R Whitton
Director
Director
Company registration number 05375654 (England and Wales)
MED GROUP INCORPORATED LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
1
Accounting policies
Company information
MED Group Incorporated Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 3a, Tungsten Park, Bilton Way, Lutterworth, Leicestershire, LE17 4JA.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
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:
Freehold property
not provided
Plant and machinery
20% on reducing balance
Fixtures and fittings
25% on reducing balance
Computer equipment
25% on cost
Motor vehicles
25% on reducing balance
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.
No depreciation is provided on freehold property. This treatment may be a departure from the requirements of the Companies Act 2006 concerning depreciation of fixed assets, however, the company follows a program of regular refurbishment and maintenance of its properties which includes the reinstatement of the fabric of the buildings where necessary in order to maintain them to a high standard. Accordingly in the opinion of the directors any element of depreciation would be immaterial and no provision has been made, as the residual value would be in excess of cost.
MED GROUP INCORPORATED LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.6
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.
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.
MED GROUP INCORPORATED LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 6 -
1.7
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised 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:
2024
2023
Number
Number
Total
2
2
MED GROUP INCORPORATED LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
3
Tangible fixed assets
Freehold property
Plant and machinery
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 May 2023
755,375
26,432
57,027
44,697
883,531
Additions
1,039
2,308
550
32,995
36,892
Revaluation
163,234
163,234
Transfer to investment property
(213,609)
(213,609)
At 30 April 2024
705,000
27,471
59,335
45,247
32,995
870,048
Depreciation and impairment
At 1 May 2023
21,140
40,252
27,625
89,017
Depreciation charged in the year
1,081
4,436
6,608
3,437
15,562
At 30 April 2024
22,221
44,688
34,233
3,437
104,579
Carrying amount
At 30 April 2024
705,000
5,250
14,647
11,014
29,558
765,469
At 30 April 2023
755,375
5,292
16,775
17,072
794,514
Freehold property with a carrying amount of £541,766 was revalued by registered chartered surveyors who are not connected with the company on the basis of market value.
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
2
2
5
Investment property
2024
£
Fair value
At 1 May 2023
275,283
Transfers
213,609
Disposals
(275,283)
Revaluations
281,391
At 30 April 2024
495,000
The fair value of the property has arrived by an independent valuation carried out by registered chartered surveyors.
MED GROUP INCORPORATED LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
18,250
7
Current asset investments
2024
2023
£
£
Other investments
22,500
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
10,035
Amounts owed to group undertakings and undertakings in which the company has a participating interest
71,539
396,369
Taxation and social security
12,756
15,104
Other creditors
56,600
15,760
140,895
437,268
9
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
146,685
20,661
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
2
2
2
2
Ordinary A of £1 each
1
1
1
1
Ordinary Deferred of £1 each
1
1
1
1
4
4
4
4
MED GROUP INCORPORATED LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
11
Revaluation reserve
2024
2023
£
£
At the beginning of the year
Revaluation surplus arising in the year
163,234
-
Deferred tax on revaluation of tangible assets
(40,809)
-
At the end of the year
122,425
-
12
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
-
-
Non distributable profits in the year
211,043
-
At the end of the year
211,043
-
13
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.
14
Control
Ultimate parent company
The ultimate parent company is LS2 Holdings Limited, a company registered in England and Wales.
Ultimate controlling party
The ultimate controlling party is Mr L R Whitton due to his controlling interest in the ultimate parent company.
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