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REGISTERED NUMBER: 01604732 (England and Wales)









GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

AUDITED

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

MEDICAL EXPRESS (U.K.) LIMITED

MEDICAL EXPRESS (U.K.) LIMITED (REGISTERED NUMBER: 01604732)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Consolidated Statement of Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


MEDICAL EXPRESS (U.K.) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: A K Bradley
P Lane
M Hackwell





REGISTERED OFFICE: The Old Grain Store
4 Denne Road
Horsham
West Sussex
RH12 1JE





BUSINESS ADDRESS: Astral Court
Central Avenue
Baglan Energy Park
Port Talbot
SA12 7AX





REGISTERED NUMBER: 01604732 (England and Wales)





AUDITORS: Hartley Fowler LLP
Statutory Auditors
Chartered Accountants
Pavilion View
19 New Road
Brighton
East Sussex
BN1 1EY

MEDICAL EXPRESS (U.K.) LIMITED (REGISTERED NUMBER: 01604732)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their strategic report for the year ended 31 December 2023.

The business model

Our objectives are to be the leading distributor of face masks and related products both in the UK and overseas and to profitably grow the business, through development of new product ranges, our strong relationships with major retailers and expansion into new territories.

To meet the requirements of our customers the group needs to supply products of a high quality at a competitive price.

The group maintains a strong ethical stance. All products are vegetarian and cruelty free and the group does not sell its products in countries where animal testing is mandated.

REVIEW OF BUSINESS
The group develops and produces a range of predominantly sachet-based beauty care products for the volume consumer market. The products are developed in house and manufactured by a network of third parties (mostly in the UK), for onward distribution to the grocery, pharmaceutical and online channels worldwide.

The loss for the year, after taxation, amounted to £536,622 (2022: £1,554,568).

The group continued to experience a downturn in performance, especially within the US and UK as a result of increased competition, stores closures and the withdrawal of underperforming ranges to make way for new products that resonate with the current market. The group made every effort to reduce operating costs and this was reflected in the improved year on year performance, driving an increase in cash and percentage margins. New products and repositioning of the current range will continue to be a focus as the business moves into the new financial year. The potential of new product lines only launched in the final months will be realised in the following financial year.

Freight prices continued to ease vs the previous year, albeit still not to pre-pandemic levels, which continued to benefit the business. However, inflation driven by the war in Ukraine, had an adverse impact on raw material prices, coupled with the increased costs in labour through the supply chain. Stock levels were reduced during the period to allow the business to invest in new lines and have greater flexibility to take advantage of the changing market dynamics.

The group has recognised the evolving economic pressures in both the UK and global markets and has instigated strategic and operational changes aimed at increasing sales and reducing costs.

A change in management in 2023 allowed the business to reassess its partnerships withing the US and Canada, resulting in a change in personnel and the appointment of new brokers in both of those territories. This will improve the long-term prospects in these key overseas markets, but it will take time to take effect.

As part of the groups initiative to reduce its carbon footprint and greenhouse gas emissions, as well as driving speed to market, UK production of sheet masks went live in 2023. The machine significantly reduced lead times vs the previous year, as well as allowing more manageable minimum order quantities, especially for new lines. This increased flexibility within the business and reduced costs. The full benefit of the machine will only be realised in the year to come.

To aid the consumer pull through of new and existing products, the business aims to drive greater brand awareness through targeted through the line executions and strategic brand partnerships. The execution of these activities will be tailored to the relevant markets and will aim to increase weight of purchase from current consumers, whilst bringing new consumers into the brand.

Increased focus is on selling slow moving stock before it is superseded by new product launches, whilst implementing more effective process controls to effectively manage new launches, run out of delisted lines and avoid overstock situations.

Overheads are under review across all business areas to ensure committed spend is essential and will add value to the business. Particular scrutiny is being given to any contracts or licence agreements.

The directors are looking for further improvements in processes, product development and technology to support the business strategy.


MEDICAL EXPRESS (U.K.) LIMITED (REGISTERED NUMBER: 01604732)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risk is a downturn in consumer demand. The group mitigates this by working closely with its customers (retailers and distributors) to align production to demand and maintain an appreciation of current trends. The group also operates in a highly competitive market containing several large multi-national brands. With shelf space restricted, retailers can choose which products to sell. By maintaining close relationships with retail buyers and distributors the group has managed to retain major retailer listings for many years, as an established brand within its niche.

Uncertainty surrounds the introduction of new products. To mitigate the risk of product failure, all new products go through an extensive development process involving formulation and testing in a sales environment. The directors believe that introducing new products is vital to maintaining the long-term health of the company.

As a group trading internationally, it is exposed to foreign currency risk. The group is able to manage this by maintaining currency balances that are used to fund currency costs.

FUTURE DEVELOPMENTS
The group will continue to invest in Ecommerce in the UK, European and US markets in 2024. Cost of goods are expected to be controlled through the onshoring of purchasing and manufacturing where possible. Improvements in process controls and the core business management system will deliver efficiencies throughout the supply chain.

FINANCIAL INSTRUMENTS
The group has a normal level of exposure to price, credit, liquidity, and cash flow risks arising from trading activities which are conducted principally in sterling, euros, and US dollars. Balances of all three currencies are held and are used to fund operating costs arising in those currencies. The group does not enter into any formally designated hedging arrangements.

RESEARCH AND DEVELOPMENT
The group has an extensive product development team which is constantly working on innovation as well as reformulation of products.

KEY PERFORMANCE INDICATORS
The group has in place a number of key performance indicators which aid in the management of the group's business and allow the Board to review performance. The key performance indicators are as follows:

2023 2022 2021 2020
Revenue £12.93m £15.71m £18.72m £21.17m
Revenue growth/(decline) (17.7% ) (16.1% ) (11.6% ) 23.2%
Profit/(loss) Before Tax (£0.52m ) (£1.55m ) (£1.50m ) 0.15m
Cash generated from operations £0.59m £0.65m (£0.13m ) £2.06m

ON BEHALF OF THE BOARD:





A K Bradley - Director


21 August 2024

MEDICAL EXPRESS (U.K.) LIMITED (REGISTERED NUMBER: 01604732)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of the distribution of face packs and related products in both the UK and overseas. The Holding company provides warehousing and distribution services to its trading subsidiaries and in addition, it holds assets which are rented to its subsidiaries and other companies.

DIVIDENDS
No dividends were paid in the year ended 31 December 2023 and the directors recommend that no final dividend be paid in respect of the financial year ended 31 December 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

A K Bradley
P Lane

Other changes in directors holding office are as follows:

M Hackwell - appointed 24 April 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





A K Bradley - Director


21 August 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MEDICAL EXPRESS (U.K.) LIMITED


Opinion
We have audited the financial statements of Medical Express (U.K.) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2023 and of the group's loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MEDICAL EXPRESS (U.K.) LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MEDICAL EXPRESS (U.K.) LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks.

Audit approach to identifying and assessing potential risks related to irregularities
Our procedures for identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, included the following:

- Enquiring of management, including obtaining and reviewing supporting documentation, concerning the group's policies and procedures relating to:


- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances
of non-compliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or
alleged fraud; and
- the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.

- Discussing among the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

- Obtaining an understanding of the legal and regulatory frameworks that the group operates in, focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the group.

The key laws and regulations we considered to have a direct effect on the financial statements included the Financial Reporting Standard FRS 102 "The Financial Reporting applicable in the UK and Republic of Ireland" and the Companies Act 2006, distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Audit approach in response to identified risks
Our procedures to respond to risks identified included the following:

- Enquiring of management and, where appropriate, those charged with governance, as to whether the group is in compliance with such laws and regulations.

- Inspecting correspondence, if any, with the relevant licensing or regulatory authorities.

- Reviewing the financial statement disclosures and test to supporting documentation to assess compliance with reporting requirements.

- Reviewing meeting minutes where available for any indication of non-compliance.

- In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.

Through these procedures, we have not become aware of any actual or suspected non-compliance.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MEDICAL EXPRESS (U.K.) LIMITED

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements. This is particularly true for those laws and regulations far removed from transactions reflected in the financial statements. As with any audit, there remained a higher risk of non-detection of irregularities that result from fraud, due to an implied intent behind this, than from those that result from error. As stated in the audit standards, we are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Guy Rolliston (Senior Statutory Auditor)
for and on behalf of Hartley Fowler LLP
Statutory Auditors
Chartered Accountants
Pavilion View
19 New Road
Brighton
East Sussex
BN1 1EY

2 September 2024

MEDICAL EXPRESS (U.K.) LIMITED (REGISTERED NUMBER: 01604732)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £    £    £   

TURNOVER 3 12,927,499 15,712,163

Cost of sales 6,321,347 7,519,190
GROSS PROFIT 6,606,152 8,192,973

Distribution costs 1,567,168 2,663,202
Administrative expenses 6,047,507 7,494,021
7,614,675 10,157,223
(1,008,523 ) (1,964,250 )

Other operating income 242,292 275,871
OPERATING LOSS 5 (766,231 ) (1,688,379 )

Interest receivable and similar income 262,044 142,621
(504,187 ) (1,545,758 )

Interest payable and similar expenses 6 16,240 8,810
LOSS BEFORE TAXATION (520,427 ) (1,554,568 )

Tax on loss 7 16,195 -
LOSS FOR THE FINANCIAL YEAR (536,622 ) (1,554,568 )

OTHER COMPREHENSIVE INCOME
Foreign exchange movement (63,407 ) (23,794 )
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX

(63,407

)

(23,794

)
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

(600,029

)

(1,578,362

)

Loss attributable to:
Owners of the parent (536,622 ) (1,554,568 )

Total comprehensive income attributable to:
Owners of the parent (600,029 ) (1,578,362 )

MEDICAL EXPRESS (U.K.) LIMITED (REGISTERED NUMBER: 01604732)

CONSOLIDATED BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 2,303,797 2,449,781
Investments 10 - -
Investment property 11 1,100,000 880,000
3,403,797 3,329,781

CURRENT ASSETS
Stocks 12 3,507,065 5,031,264
Debtors: amounts falling due within one year 13 8,532,902 9,251,954
Debtors: amounts falling due after more than
one year

13

26,010

26,436
Cash at bank and in hand 2,043,727 1,401,506
14,109,704 15,711,160
CREDITORS
Amounts falling due within one year 14 12,200,436 13,087,254
NET CURRENT ASSETS 1,909,268 2,623,906
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,313,065

5,953,687

CREDITORS
Amounts falling due after more than one
year

15

182,695

223,288
NET ASSETS 5,130,370 5,730,399

CAPITAL AND RESERVES
Called up share capital 19 5,000 5,000
Retained earnings 5,125,370 5,725,399
SHAREHOLDERS' FUNDS 5,130,370 5,730,399

The financial statements were approved by the Board of Directors and authorised for issue on 21 August 2024 and were signed on its behalf by:





A K Bradley - Director


MEDICAL EXPRESS (U.K.) LIMITED (REGISTERED NUMBER: 01604732)

COMPANY BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 1,669,987 1,729,871
Investments 10 102,000 256,874
Investment property 11 1,100,000 880,000
2,871,987 2,866,745

CURRENT ASSETS
Debtors: amounts falling due within one year 13 11,519,229 11,119,248
Cash at bank 12,580 79,484
11,531,809 11,198,732
CREDITORS
Amounts falling due within one year 14 11,100,408 11,066,657
NET CURRENT ASSETS 431,401 132,075
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,303,388

2,998,820

CAPITAL AND RESERVES
Called up share capital 19 5,000 5,000
Retained earnings 3,298,388 2,993,820
SHAREHOLDERS' FUNDS 3,303,388 2,998,820

Company's profit for the financial year 304,568 461,838

The financial statements were approved by the Board of Directors and authorised for issue on 21 August 2024 and were signed on its behalf by:





A K Bradley - Director


MEDICAL EXPRESS (U.K.) LIMITED (REGISTERED NUMBER: 01604732)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 5,000 7,303,761 7,308,761

Changes in equity
Total comprehensive income - (1,578,362 ) (1,578,362 )
Balance at 31 December 2022 5,000 5,725,399 5,730,399

Changes in equity
Total comprehensive income - (600,029 ) (600,029 )
Balance at 31 December 2023 5,000 5,125,370 5,130,370

MEDICAL EXPRESS (U.K.) LIMITED (REGISTERED NUMBER: 01604732)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 5,000 2,531,982 2,536,982

Changes in equity
Total comprehensive income - 461,838 461,838
Balance at 31 December 2022 5,000 2,993,820 2,998,820

Changes in equity
Total comprehensive income - 304,568 304,568
Balance at 31 December 2023 5,000 3,298,388 3,303,388

MEDICAL EXPRESS (U.K.) LIMITED (REGISTERED NUMBER: 01604732)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 592,224 652,079
Interest paid (6,902 ) -
Interest element of hire purchase or finance
lease rental payments paid

(9,338

)

(8,810

)
Tax paid (19,335 ) 182,320
Net cash from operating activities 556,649 825,589

Cash flows from investing activities
Purchase of tangible fixed assets (126,654 ) (594,882 )
Sale of tangible fixed assets 1,541 (8,008 )
Interest received 262,044 142,621
Net cash from investing activities 136,931 (460,269 )

Cash flows from financing activities
Loan repayments in year (51,359 ) (74,248 )
Net cash from financing activities (51,359 ) (74,248 )

Increase in cash and cash equivalents 642,221 291,072
Cash and cash equivalents at beginning
of year

2

1,401,506

1,110,434

Cash and cash equivalents at end of
year

2

2,043,727

1,401,506

MEDICAL EXPRESS (U.K.) LIMITED (REGISTERED NUMBER: 01604732)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023


1. RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Loss before taxation (520,427 ) (1,554,568 )
Depreciation charges 249,152 245,715
Loss on disposal of fixed assets - 190
Gain on revaluation of fixed assets (220,000 ) -
Foreign exchange movement (63,406 ) (23,794 )
Finance costs 16,240 8,810
Finance income (262,044 ) (142,621 )
(800,485 ) (1,466,268 )
Decrease in stocks 1,524,199 1,112,297
Decrease in trade and other debtors 719,478 1,511,478
Decrease in trade and other creditors (850,968 ) (505,428 )
Cash generated from operations 592,224 652,079

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31/12/23 1/1/23
£    £   
Cash and cash equivalents 2,043,727 1,401,506
Year ended 31 December 2022
31/12/22 1/1/22
£    £   
Cash and cash equivalents 1,401,506 1,110,434


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/23 Cash flow At 31/12/23
£    £    £   
Net cash
Cash at bank and in hand 1,401,506 642,221 2,043,727
1,401,506 642,221 2,043,727
Debt
Debts falling due within 1 year (74,609 ) 32,710 (41,899 )
Debts falling due after 1 year (223,288 ) 40,593 (182,695 )
(297,897 ) 73,303 (224,594 )
Total 1,103,609 715,524 1,819,133

MEDICAL EXPRESS (U.K.) LIMITED (REGISTERED NUMBER: 01604732)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Medical Express (U.K.) Limited is a private company, limited by shares, incorporated in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2. ACCOUNTING POLICIES

Statement of compliance and summary of significant accounting policies
These financial statements have been prepared in accordance with Financial Reporting Standard FRS 102 "The Financial Reporting applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, as modified by the recognition of certain financial assets and liabilities measured at fair value.

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

Basis of consolidation
The group financial statements are the result of the consolidation of the financial statements of the company and its subsidiaries drawn up to 31 December 2023. Intra-group transactions are eliminated on consolidation and all figures relate to external transactions only.

Subsidiaries which present their accounts in a foreign currency are translated to sterling at the exchange rate prevailing at the balance sheet date. The functional currency of Montagne Jeunesse (Canada) Corporation is Canadian dollars, the functional currency of Montagne Jeunesse Spain Sociedad Limitada is the Euro and the functional currency of Montagne Jeunesse Incorporated and Montagne Jeunesse North America Inc. is American dollars.

Related party exemption
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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Significant judgements and estimates
In the application of the group's accounting policies, which are described below, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based in 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both the current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

(i) Bad debt provision
The directors estimate the required bad debt provisions by reviewing outstanding debtors at the balance sheet date and taking in to account both amounts received post year-end and the perceived likelihood of the debtor balances being recovered.

(ii) Stock provision
The directors review the level of stocks each year, in order to make estimates of the appropriate provision of stocks for ageing and obsolescence. These provisions are based on criteria specified by the business, together with the directors' own experience on individual stock lines.

MEDICAL EXPRESS (U.K.) LIMITED (REGISTERED NUMBER: 01604732)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of goods and services in the ordinary course of the group's activities. Turnover is shown net of value added tax, returns and rebates.

The group had two main sources of revenue during the year:

(i) Distribution of face packs and related products
Revenue from the distribution of face packs and related products is recognised when all the following conditions are satisfied:

- the group has transferred to the buyer the significant risks and rewards of ownership of the goods;
- the group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the economic benefits associated with the transaction will flow to the group; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

(ii) Rent, rates and service charges
The group invoices its tenants for rent, rates and service charges for occupation of the investment property owned by the group, in accordance with the signed lease. Turnover is recognised, net of value added tax, when the rent and service charges are due to the group.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 33% on cost
Computer equipment - 25% on cost

Depreciation is not provided on the cost of freehold land. Long leasehold property is depreciated over 40 years on a straight-line basis.

Tangible fixed assets are stated at cost less accumulated depreciation less accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

At each balance sheet date, the group reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that at items have suffered and impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Investment property
Investment property is shown at the most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

MEDICAL EXPRESS (U.K.) LIMITED (REGISTERED NUMBER: 01604732)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
(i) Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances and investments in commercial paper, are initially recognised at transaction price.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors and bank loans are initially recognised at transaction price.

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 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, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

MEDICAL EXPRESS (U.K.) LIMITED (REGISTERED NUMBER: 01604732)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. For management accounts purposes, transactions in foreign currencies are translated into sterling at a fixed rate of exchange determined by the director at the beginning of the accounting period, contrary to the requirements of Financial Reporting Standard 102. Exchange differences are taken into account in arriving at the operating result. In order that these financial statements comply with FRS 102 a final adjustment to transactions in foreign currencies is processed at the year end and included in the Statement of Comprehensive Income.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the statement of comprehensive income unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3. TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
United Kingdom 6,046,917 6,819,633
Europe 4,581,667 4,455,789
Rest of the World 2,298,915 4,436,741
12,927,499 15,712,163

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 2,072,986 2,414,247
Social security costs 211,568 230,079
Other pension costs 92,041 80,406
2,376,595 2,724,732

The average number of employees during the year was as follows:
2023 2022

Directors and administration 21 20
Sales and marketing 6 6
Operations 37 52
64 78

MEDICAL EXPRESS (U.K.) LIMITED (REGISTERED NUMBER: 01604732)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. EMPLOYEES AND DIRECTORS - continued

2023 2022
£    £   
Directors' remuneration 385,056 392,661
Directors' pension contributions to money purchase schemes 14,805 16,904

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 5 4

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 127,942 129,985
Pension contributions to money purchase schemes 6,290 6,290

There are no key management personnel other than the directors.

5. OPERATING LOSS

The operating loss is stated after charging/(crediting):

2023 2022
£    £   
Hire of plant and machinery 24,925 21,232
Other operating leases 40,139 59,951
Depreciation - owned assets 249,152 245,715
Loss on disposal of fixed assets - 190
Auditors' remuneration 31,560 40,800
Other non- audit services 1,406 8,790
Foreign exchange differences 151,677 (403,228 )

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Interest on overdue taxation 6,902 -
Hire purchase 9,338 8,810
16,240 8,810

7. TAXATION

Analysis of the tax charge
The tax charge on the loss for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 16,195 -
Tax on loss 16,195 -

MEDICAL EXPRESS (U.K.) LIMITED (REGISTERED NUMBER: 01604732)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Loss before tax (520,427 ) (1,554,568 )
Loss multiplied by the standard rate of corporation tax in the UK of 23.500
% (2022 - 19 %)

(122,300

)

(295,368

)

Effects of:
Expenses not deductible for tax purposes (11,650 ) 4,098
Capital allowances in excess of depreciation - (107,258 )
Depreciation in excess of capital allowances 56,605 -
Utilisation of tax losses (9,122 ) (74,296 )
consolidation


Movement in general provisions 1,759 (2,600 )
Losses carried forward 100,903 475,424


Total tax charge 16,195 -

Tax effects relating to effects of other comprehensive income

2023
Gross Tax Net
£    £    £   
Foreign exchange movement (63,407 ) - (63,407 )

2022
Gross Tax Net
£    £    £   
Foreign exchange movement (23,794 ) - (23,794 )

At the year end the group had taxable losses carried forward of £4,580,418 (2022:£4,174,439)

8. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


MEDICAL EXPRESS (U.K.) LIMITED (REGISTERED NUMBER: 01604732)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


9. TANGIBLE FIXED ASSETS

Group
Fixtures
Long Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 January 2023 2,587,842 3,188,615 334,351
Additions - 104,434 275
Disposals - (29,947 ) (2,792 )
At 31 December 2023 2,587,842 3,263,102 331,834
DEPRECIATION
At 1 January 2023 865,309 2,483,013 330,422
Charge for year 52,546 184,780 2,805
Eliminated on disposal - (29,258 ) (2,792 )
Transfer to ownership - - -
At 31 December 2023 917,855 2,638,535 330,435
NET BOOK VALUE
At 31 December 2023 1,669,987 624,567 1,399
At 31 December 2022 1,722,533 705,602 3,929

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 8,752 200,944 6,320,504
Additions 21,945 - 126,654
Disposals - (41,680 ) (74,419 )
At 31 December 2023 30,697 159,264 6,372,739
DEPRECIATION
At 1 January 2023 8,752 183,227 3,870,723
Charge for year - 9,021 249,152
Eliminated on disposal - (40,828 ) (72,878 )
Transfer to ownership 21,945 - 21,945
At 31 December 2023 30,697 151,420 4,068,942
NET BOOK VALUE
At 31 December 2023 - 7,844 2,303,797
At 31 December 2022 - 17,717 2,449,781

Included in cost of land and buildings is freehold land of £455,000 (2022 - £455,000) which is not depreciated.

MEDICAL EXPRESS (U.K.) LIMITED (REGISTERED NUMBER: 01604732)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


9. TANGIBLE FIXED ASSETS - continued

Company
Fixtures
Long Plant and and
leasehold machinery fittings Totals
£    £    £    £   
COST
At 1 January 2023
and 31 December 2023 2,587,842 1,241,312 308,978 4,138,132
DEPRECIATION
At 1 January 2023 865,309 1,233,974 308,978 2,408,261
Charge for year 52,546 7,338 - 59,884
At 31 December 2023 917,855 1,241,312 308,978 2,468,145
NET BOOK VALUE
At 31 December 2023 1,669,987 - - 1,669,987
At 31 December 2022 1,722,533 7,338 - 1,729,871

Included in cost of land and buildings is freehold land of £ 455,000 (2022 - £ 455,000 ) which is not depreciated.

10. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 746,587
PROVISIONS
At 1 January 2023 489,713
Provision for year 154,874
At 31 December 2023 644,587
NET BOOK VALUE
At 31 December 2023 102,000
At 31 December 2022 256,874

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Montagne Jeunesse International Limited
Registered office: Astral Court Central Avenue, Baglan Energy Park, Port Talbot, SA12 7AX
Nature of business: Supply of cosmetic products
%
Class of shares: holding
Ordinary shares 100.00

MEDICAL EXPRESS (U.K.) LIMITED (REGISTERED NUMBER: 01604732)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


10. FIXED ASSET INVESTMENTS - continued

Cut from the Wild Limited
Registered office: Astral Court Central Avenue, Baglan Energy Park, Port Talbot, SA12 7AX
Nature of business: Dormant
%
Class of shares: holding
Ordinary shares 67.00

7th Heaven Limited
Registered office: Astral Court Central Avenue, Baglan Energy Park, Port Talbot, SA12 7AX
Nature of business: Dormant
%
Class of shares: holding
Ordinary shares 100.00

Montagne Jeunesse Incorporated
Registered office: 1790 Hughes Landing Blvd Suite 550, The Woodlands, Texas, 77380, United States
Nature of business: Supply of cosmetic products
%
Class of shares: holding
Ordinary shares 100.00

This shareholding is held indirectly through 7th Heaven Limited.

The information is taken from unaudited financial statements prepared by Montagne Jeunesse Incorporated at the period end.

Montagne Jeunesse (Canada) Corporation
Registered office: 52 Squire Bakers Lane, Markham, Ontario, L3P3G9, Canada
Nature of business: Supply of cosmetic products
%
Class of shares: holding
Ordinary shares 100.00

The information is taken from unaudited financial statements prepared by Montagne Jeunesse (Canada) Corporation at the period end.

Montagne Jeunesse SAS
Registered office: 6-8 Avenue de Creil, 60300 Senlis, France
Nature of business: Dormant
%
Class of shares: holding
Ordinary shares 100.00

Montagne Jeunesse Spain Sociedad Limitada
Registered office: Urb Loma del Rey 40,La Alcaidesa, La Linea de la Concepcion - San Roque, Cadiz 11360
Nature of business: Supply of cosmetic products
%
Class of shares: holding
Ordinary shares 100.00

Montagne Jeunesse North America Inc.
Registered office: 850 New Burton Road, Suite 201, Dover, Delaware 19904, United States
Nature of business: Supply of cosmetic products
%
Class of shares: holding
Ordinary shares 100.00


Each of the subsidiaries detailed above are included in the Group Financial Statements on consolidation.

MEDICAL EXPRESS (U.K.) LIMITED (REGISTERED NUMBER: 01604732)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


11. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 January 2023 880,000
Revaluations 220,000
At 31 December 2023 1,100,000
NET BOOK VALUE
At 31 December 2023 1,100,000
At 31 December 2022 880,000

The investment property was professionally valued at £880,000 in January 2019 by Rees Richards & Partners Chartered Surveyors, an independent valuer. The property has subsequently been revalued upwards by the directors by assessing the capital market value per square foot of similar properties in a similar location taking into account the size, location and condition of the property.

Company
Total
£   
FAIR VALUE
At 1 January 2023 880,000
Revaluations 220,000
At 31 December 2023 1,100,000
NET BOOK VALUE
At 31 December 2023 1,100,000
At 31 December 2022 880,000

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2009 (210,658 )
Valuation in 2018 (206,000 )
Valuation in 2023 220,000
Cost 1,296,658
1,100,000

The investment property was professionally valued at £880,000 in January 2019 by Rees Richards & Partners Chartered Surveyors, an independent valuer. The property has subsequently been revalued upwards by the directors by assessing the capital market value per square foot of similar properties in a similar location taking into account the size, location and condition of the property.

MEDICAL EXPRESS (U.K.) LIMITED (REGISTERED NUMBER: 01604732)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


12. STOCKS

Group
2023 2022
£    £   
Stocks 3,507,065 5,031,264

The group recognised a net increase to the stock provision of £162,781 during the year, compared with a net decrease of £206,030 in 2022.

13. DEBTORS

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year:
Trade debtors 2,604,602 3,643,876 35,737 -
Amounts owed by group undertakings - - 11,453,043 11,081,458
Other debtors 5,611,562 5,308,609 - -
VAT - - - 5,810
Prepayments and accrued income 316,738 299,469 30,449 31,980
8,532,902 9,251,954 11,519,229 11,119,248

Amounts falling due after more than one year:
Other debtors 26,010 26,436 - -

Aggregate amounts 8,558,912 9,278,390 11,519,229 11,119,248

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 16) 41,899 74,609 - -
Trade creditors 1,452,186 2,019,290 20,530 11,635
Amounts owed to group undertakings - - 891,038 879,504
Tax (5,569 ) (2,429 ) - -
Social security and other taxes 92,375 63,137 - -
VAT 153,939 240,445 15,609 -
Other creditors 10,159,831 10,162,808 10,159,831 10,162,808
Accrued expenses 305,775 529,394 13,400 12,710
12,200,436 13,087,254 11,100,408 11,066,657

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
2023 2022
£    £   
Bank loans (see note 16) 182,695 223,288

MEDICAL EXPRESS (U.K.) LIMITED (REGISTERED NUMBER: 01604732)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


16. LOANS

An analysis of the maturity of loans is given below:

Group
2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 41,899 74,609
Amounts falling due between one and two years:
Bank loans 25,029 46,062
Amounts falling due between two and five years:
Bank loans 77,767 76,683
Amounts falling due in more than five years:
Repayable by instalments
Bank loans 79,899 100,543

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 9,292 3,027
Between one and five years 9,854 1,902
19,146 4,929

Within motor expenses there are operating lease payments totalling £15,379 (2022: £16,828).

18. SECURED DEBTS

The following secured debts are included within creditors:

Group
2023 2022
£    £   
Bank loans 224,594 297,897

The bank loans in the United Kingdom amounting to £224,594 (2022: £297,897) are secured by first legal charge dated 2 May 2006 in favour of Barclays Bank Plc over a long leasehold property and an investment property owned by the group.

There exists a cross guarantee and debenture between Barclays Bank Plc and Medical Express (U.K.) Limited, Montagne Jeunesse International Limited and Cut from the Wild Limited, dated 12 May 2003.

MEDICAL EXPRESS (U.K.) LIMITED (REGISTERED NUMBER: 01604732)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
5,000 Ordinary £1 5,000 5,000

Each share is entitled to one vote in any circumstances, pari passu to dividend payments or any other distribution, pari passu to participate in a distribution arising from a winding up of the company and no rights of redemption.

20. RELATED PARTY DISCLOSURES

Entities under common control
2023 2022
£    £   
Income 474,296 1,668,945
Expenditure 1,558,063 1,881,376
Amount due from related parties 5,396,850 5,244,190

The outstanding balances with entities under common control are all interest-free and repayable on demand.

Ultimate controlling party
2023 2022
£    £   
Amount due to related party 10,136,005 10,133,028

The loan due to the ultimate controlling party is interest-free and repayable on demand.

21. ULTIMATE CONTROLLING PARTY

The controlling party is G M S Butcher.