Acorah Software Products - Accounts Production 15.0.500 false true 30 November 2022 1 December 2021 false 1 December 2022 30 November 2023 30 November 2023 05562251 Mr Harshad Patel Mr Mitul Patel true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 05562251 2022-11-30 05562251 2023-11-30 05562251 2022-12-01 2023-11-30 05562251 frs-core:CurrentFinancialInstruments 2023-11-30 05562251 frs-core:FurnitureFittings 2023-11-30 05562251 frs-core:FurnitureFittings 2022-12-01 2023-11-30 05562251 frs-core:FurnitureFittings 2022-11-30 05562251 frs-core:NetGoodwill 2023-11-30 05562251 frs-core:NetGoodwill 2022-12-01 2023-11-30 05562251 frs-core:NetGoodwill 2022-11-30 05562251 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2022-12-01 2023-11-30 05562251 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-11-30 05562251 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 05562251 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2022-11-30 05562251 frs-core:MotorVehicles 2023-11-30 05562251 frs-core:MotorVehicles 2022-12-01 2023-11-30 05562251 frs-core:MotorVehicles 2022-11-30 05562251 frs-core:PlantMachinery 2023-11-30 05562251 frs-core:PlantMachinery 2022-12-01 2023-11-30 05562251 frs-core:PlantMachinery 2022-11-30 05562251 frs-core:ShareCapital 2023-11-30 05562251 frs-core:RetainedEarningsAccumulatedLosses 2023-11-30 05562251 frs-bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 05562251 frs-bus:FilletedAccounts 2022-12-01 2023-11-30 05562251 frs-bus:SmallEntities 2022-12-01 2023-11-30 05562251 frs-bus:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 05562251 frs-bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 05562251 1 2022-12-01 2023-11-30 05562251 frs-bus:Director1 2022-12-01 2023-11-30 05562251 frs-bus:Director2 2022-12-01 2023-11-30 05562251 frs-countries:EnglandWales 2022-12-01 2023-11-30 05562251 2021-11-30 05562251 2022-11-30 05562251 2021-12-01 2022-11-30 05562251 frs-core:CurrentFinancialInstruments 2022-11-30 05562251 frs-core:ShareCapital 2022-11-30 05562251 frs-core:RetainedEarningsAccumulatedLosses 2022-11-30
Registered number: 05562251
Medsio Limited
Unaudited Financial Statements
For The Year Ended 30 November 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 05562251
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 375,301 -
Tangible Assets 5 65,835 69,852
441,136 69,852
CURRENT ASSETS
Stocks 167,272 95,135
Debtors 6 391,829 271,329
Cash at bank and in hand 98,325 389,341
657,426 755,805
Creditors: Amounts Falling Due Within One Year 7 (956,100 ) (327,737 )
NET CURRENT ASSETS (LIABILITIES) (298,674 ) 428,068
TOTAL ASSETS LESS CURRENT LIABILITIES 142,462 497,920
NET ASSETS 142,462 497,920
CAPITAL AND RESERVES
Called up share capital 48 48
Profit and Loss Account 142,414 497,872
SHAREHOLDERS' FUNDS 142,462 497,920
Page 1
Page 2
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Harshad Patel
Director
6 August 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Medsio Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05562251 . The registered office is C/O Hunts Pharmacy, 205 Plumstead Road, Norwich, NR1 4AB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Long leasehold property 6% straight line
Leasehold Not applicable
Plant & Machinery 20% reducing balance
Motor Vehicles 25% reducing balance
Fixtures, fittings and equipments 10% reducing balance
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
Page 3
Page 4
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.9. Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
2.10. Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2.11. Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 17 (2022: 12)
17 12
4. Intangible Assets
Goodwill
£
Cost
As at 1 December 2022 -
Additions 1,035,550
Disposals (637,000)
As at 30 November 2023 398,550
...CONTINUED
Page 4
Page 5
Amortisation
As at 1 December 2022 -
Provided during the period 86,949
Disposals (63,700)
As at 30 November 2023 23,249
Net Book Value
As at 30 November 2023 375,301
As at 1 December 2022 -
5. Tangible Assets
Land & Property
Long leasehold property Plant & Machinery Motor Vehicles Fixtures, fittings and equipments Total
£ £ £ £ £
Cost
As at 1 December 2022 198,350 11,698 10,470 97,444 317,962
Additions 5,472 - - 5,763 11,235
As at 30 November 2023 203,822 11,698 10,470 103,207 329,197
Depreciation
As at 1 December 2022 154,142 10,901 7,832 75,235 248,110
Provided during the period 11,991 160 659 2,442 15,252
As at 30 November 2023 166,133 11,061 8,491 77,677 263,362
Net Book Value
As at 30 November 2023 37,689 637 1,979 25,530 65,835
As at 1 December 2022 44,208 797 2,638 22,209 69,852
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 324,020 201,519
Other debtors 67,809 69,810
391,829 271,329
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 340,853 262,564
Other creditors 517,073 7,996
Taxation and social security 98,174 57,177
956,100 327,737
Page 5
Page 6
8. Related Party Transactions
Mr Harshad Patel, Mr Mitul Patel and Mr Anthony  Prendergast are directors of the company.
At the end of the year amount owned by the company to the directors is £120,000.00 (2022: £1,125.00)
During the year the company has declared dividends of £0.00 (2022: £15,741.20)
9. Ultimate Controlling Party
Summary of transactions with parent company
Medsio Holdings Limited
(Parent undertaking of Medsio Limited)
At the balance sheet date the amount due from Medsio Holdings Limited was £0.00 (2022: £0.00). The loan is interest free and repayable on demand.
10. Summary of transaction with realted parties
Sima Consultancy Limited
(Company associated with the directors)
Mr Mitul Harshad Patel is also director of Sima Consultancy Limited.
During the year, Sima Consultancy Limited has charged management fees by £48,000.00 to Medsio Limited.
At the balance sheet date the amount due to Sima Consultancy Limited was £0.00.
T & C Hunt (Pharmacy) Limited
(Company associated with the directors)
Mr H H Patel and Mr M H Patel are also directors of T & C Hunt (Pharmacy) Limited.
During the year the company has sold goods to T & C Hunt (Pharmacy) Limited by £91,520.85
Page 6