Company registration number 05693533 (England and Wales)
MEDICEAN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MEDICEAN LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
MEDICEAN LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
3,074
3,874
Investments
5
300
300
3,374
4,174
Current assets
Debtors
7
30,500
20,000
Cash at bank and in hand
463
312
30,963
20,312
Creditors: amounts falling due within one year
8
(53,342)
(68,333)
Net current liabilities
(22,379)
(48,021)
Total assets less current liabilities
(19,005)
(43,847)
Creditors: amounts falling due after more than one year
9
(17,239)
(20,851)
Net liabilities
(36,244)
(64,698)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(36,344)
(64,798)
Total equity
(36,244)
(64,698)
MEDICEAN LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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.

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

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 14 August 2024
Richard Rose
Director
Company registration number 05693533 (England and Wales)
MEDICEAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Medicean Limited is a private company limited by shares incorporated in England and Wales. The registered office is Westgate Chambers, 8a Elm Park Road, Pinner, Middlesex, HA5 3LA.

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 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
Going concern

The company has net liabilities of £36,244 and is dependent upon the financial support of its other creditors and bankers.

 

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

 

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.4
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:

Land and buildings Leasehold
Over the life of the lease
Fixtures, fittings & equipment
33% straight line

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.

MEDICEAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Fixed asset investments

These financial statements for the year ended 31 December 2023 are the first financial statements of Medicean Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 January 2022. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.

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
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.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
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 balance sheet 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.

MEDICEAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
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.

1.9
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.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

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.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

MEDICEAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
7,995
7,429
15,424
Depreciation and impairment
At 1 January 2023
4,121
7,429
11,550
Depreciation charged in the year
800
-
0
800
At 31 December 2023
4,921
7,429
12,350
Carrying amount
At 31 December 2023
3,074
-
0
3,074
At 31 December 2022
3,874
-
0
3,874
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
300
300
MEDICEAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
6
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Perez Rose Limited
8a Elm Park Road, Pinner HA5 3LA
Ordinary
100.00
Pennekamp Limited
74 Hill To, London NW11 6EE
Ordinary
100.00
Alice Springs Limited
8a Elm Park Road, Pinner HA5 3LA
Ordinary
100.00
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
20,000
20,000
Prepayments and accrued income
10,500
-
0
30,500
20,000
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9,212
6,420
Other borrowings
10,425
10,425
Trade creditors
6,048
37,588
Amounts owed to group undertakings
106
-
0
Amounts owed to undertakings in which the company has a participating interest
(106)
-
0
Taxation and social security
4,258
1,208
Other creditors
23,399
12,299
Accruals and deferred income
-
0
393
53,342
68,333

Included within other creditors amounts owed to the director is £18,151 (2022 : £7,051)

9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
17,239
20,851
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
17,455
8,563
MEDICEAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
153,333
193,000
11
Related party transactions

The company has taken advantage of the exemption available in accordance with FRS 102 Section 33 'Related party disclosures not to disclose transactions entered into between two or more members of a group, as the company and the other subsidiaries are wholly owned subsidiary undertakings of the group to which they are party to the transactions.

2023-12-312023-01-01false14 August 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityRichard Rosefalsefalse056935332023-01-012023-12-31056935332023-12-31056935332022-12-3105693533core:LandBuildings2023-12-3105693533core:OtherPropertyPlantEquipment2023-12-3105693533core:LandBuildings2022-12-3105693533core:OtherPropertyPlantEquipment2022-12-3105693533core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3105693533core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3105693533core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3105693533core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3105693533core:CurrentFinancialInstruments2023-12-3105693533core:CurrentFinancialInstruments2022-12-3105693533core:ShareCapital2023-12-3105693533core:ShareCapital2022-12-3105693533core:RetainedEarningsAccumulatedLosses2023-12-3105693533core:RetainedEarningsAccumulatedLosses2022-12-3105693533bus:Director12023-01-012023-12-3105693533core:LandBuildingscore:LongLeaseholdAssets2023-01-012023-12-3105693533core:FurnitureFittings2023-01-012023-12-31056935332022-01-012022-12-3105693533core:LandBuildings2022-12-3105693533core:OtherPropertyPlantEquipment2022-12-31056935332022-12-3105693533core:LandBuildings2023-01-012023-12-3105693533core:OtherPropertyPlantEquipment2023-01-012023-12-3105693533core:Non-currentFinancialInstruments2023-12-3105693533core:Non-currentFinancialInstruments2022-12-3105693533bus:PrivateLimitedCompanyLtd2023-01-012023-12-3105693533bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3105693533bus:FRS1022023-01-012023-12-3105693533bus:AuditExemptWithAccountantsReport2023-01-012023-12-3105693533bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP