SecurMed UK 10276927 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is providing a medication verification system Digita Accounts Production Advanced 6.30.9574.0 true true 10276927 2023-01-01 2023-12-31 10276927 2023-12-31 10276927 core:CurrentFinancialInstruments 2023-12-31 10276927 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 10276927 core:FurnitureFittingsToolsEquipment 2023-12-31 10276927 bus:SmallEntities 2023-01-01 2023-12-31 10276927 bus:Audited 2023-01-01 2023-12-31 10276927 bus:FullAccounts 2023-01-01 2023-12-31 10276927 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 10276927 bus:RegisteredOffice 2023-01-01 2023-12-31 10276927 bus:Director3 2023-01-01 2023-12-31 10276927 bus:CompanyLimitedByGuarantee 2023-01-01 2023-12-31 10276927 core:FurnitureFittings 2023-01-01 2023-12-31 10276927 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 10276927 core:OfficeEquipment 2023-01-01 2023-12-31 10276927 countries:EnglandWales 2023-01-01 2023-12-31 10276927 2022-12-31 10276927 core:FurnitureFittingsToolsEquipment 2022-12-31 10276927 2022-01-01 2022-12-31 10276927 2022-12-31 10276927 core:CurrentFinancialInstruments 2022-12-31 10276927 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 10276927 core:FurnitureFittingsToolsEquipment 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 10276927

SecurMed UK

(A company limited by guarantee)

Filleted Financial Statements

for the Year Ended 31 December 2023

 

SecurMed UK

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 6

 

SecurMed UK

(Registration number: 10276927)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,338

14,145

Current assets

 

Debtors

5

46,865

50,395

Cash at bank and in hand

 

6,237,815

6,659,009

 

6,284,680

6,709,404

Creditors: Amounts falling due within one year

6

(148,183)

(133,627)

Net current assets

 

6,136,497

6,575,777

Net assets

 

6,138,835

6,589,922

Reserves

 

Retained earnings

6,138,835

6,589,922

Surplus

 

6,138,835

6,589,922

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 May 2024 and signed on its behalf by:
 

.........................................
T M Sawer
Director

 

SecurMed UK

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

The address of its registered office is:
Milton Park Innovation Centre
99 Park Drive
Milton Park
Abingdon
Oxfordshire
OX14 4RY

These financial statements were authorised for issue by the Board on 13 May 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

Due to a change in the company’s legislative environment, as a result of The Windsor Framework, the directors have formally resolved to cease all operations on 31 December 2024 and dissolve the company shortly thereafter. The financial statements have been prepared on the going concern basis because the directors are confident that there will be more than sufficient reserves to ensure that all future costs and liabilities, up to the date of cessation, will be satisfied.

 

SecurMed UK

Notes to the Financial Statements for the Year Ended 31 December 2023

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 13 May 2024 was Andrew Rodzynski FCA, who signed for and on behalf of Wenn Townsend.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

SecurMed UK

Notes to the Financial Statements for the Year Ended 31 December 2023

Asset class

Depreciation method and rate

Fixtures and fittings

4 year straight line

Office equipment

3 year straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2022 - 8).

 

SecurMed UK

Notes to the Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

44,996

44,996

At 31 December 2023

44,996

44,996

Depreciation

At 1 January 2023

30,851

30,851

Charge for the year

11,807

11,807

At 31 December 2023

42,658

42,658

Carrying amount

At 31 December 2023

2,338

2,338

At 31 December 2022

14,145

14,145

5

Debtors

2023
£

2022
£

Trade debtors

15,200

16,829

Prepayments

19,289

18,422

Other debtors

12,376

15,144

46,865

50,395

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

73,073

89,213

Taxation and social security

36,581

20,597

Accruals and deferred income

37,602

22,656

Other creditors

927

1,161

148,183

133,627

 

SecurMed UK

Notes to the Financial Statements for the Year Ended 31 December 2023

7

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £25,277 (2022 - £75,503). At 31 December 2022 the company had annual commitments under operating leases. The amounts due within one year total £25,277 (2022: £50,226) and amounts over one year and less than five years total £nil (2022: £25,277).