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Registration number: 02914447

Medalin Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Medalin Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Medalin Limited

Company Information

Directors

Mr M Hoskins

Mrs A Hoskins

Registered office

Caldow House
Crescent Road
Lutterworth
Leicestershire
LE17 4PE

Accountants

Botterill & Co
Chartered Certified Accountants
First Floor Offices
40 Norwood
Beverley
East Yorkshire
HU17 9EY

 

Medalin Limited

(Registration number: 02914447)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

10,000

10,000

Tangible assets

5

281,872

288,756

 

291,872

298,756

Current assets

 

Stocks

465,276

401,430

Debtors

6

1,209,007

1,108,183

Cash at bank and in hand

 

62,746

74,753

 

1,737,029

1,584,366

Creditors: Amounts falling due within one year

7

(1,468,647)

(1,289,720)

Net current assets

 

268,382

294,646

Total assets less current liabilities

 

560,254

593,402

Creditors: Amounts falling due after more than one year

7

(39,022)

(62,355)

Provisions for liabilities

(37,602)

(25,278)

Net assets

 

483,630

505,769

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

483,530

505,669

Shareholders' funds

 

483,630

505,769

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

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.

 

Medalin Limited

(Registration number: 02914447)
Balance Sheet as at 31 December 2023

Approved and authorised by the Board on 15 August 2024 and signed on its behalf by:
 

.........................................
Mr M Hoskins
Director

 

Medalin Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Caldow House
Crescent Road
Lutterworth
Leicestershire
LE17 4PE
England

These financial statements were authorised for issue by the Board on 15 August 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

The financial statements have been prepared on a going concern basis.

The company continues to have the financial support of the group, its bankers and Mike Hoskins, the ultimate controlling party.

In the post balance sheet period the company has returned to profitability.

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.

 

Medalin Limited

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

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 deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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:

Asset class

Depreciation method and rate

Plant and Machinery

25% reducing balance

Motor Vehicles

25% straight line

Furniture, fittings and equipment

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

Medalin Limited

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

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Medalin Limited

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

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 25 (2022 - 22).

 

Medalin Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

10,000

10,000

At 31 December 2023

10,000

10,000

Amortisation

Carrying amount

At 31 December 2023

10,000

10,000

At 31 December 2022

10,000

10,000

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

48,946

12,500

667,874

729,320

Additions

76,408

-

10,665

87,073

At 31 December 2023

125,354

12,500

678,539

816,393

Depreciation

At 1 January 2023

27,250

9,254

404,060

440,564

Charge for the year

24,526

812

68,619

93,957

At 31 December 2023

51,776

10,066

472,679

534,521

Carrying amount

At 31 December 2023

73,578

2,434

205,860

281,872

At 31 December 2022

21,696

3,246

263,814

288,756

6

Debtors

 

Medalin Limited

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

Current

Note

2023
£

2022
£

Trade debtors

 

527,382

503,985

Amounts owed by related parties

549,362

554,738

Prepayments

 

116,220

40,624

Other debtors

 

16,043

8,836

   

1,209,007

1,108,183

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

371,239

283,906

Trade creditors

 

501,869

453,013

Amounts owed to group undertakings and undertakings in which the company has a participating interest

259,050

185,473

Taxation and social security

 

98,966

84,353

Accruals and deferred income

 

37,752

24,027

Other creditors

 

199,771

258,948

 

1,468,647

1,289,720

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

39,022

62,355

Securities

Composite Company Unlimited Multilateral Guarantee given by Pretty Legs Holdings Limited, Medalin Limited, Medalin Holdings Limited and CUI International Limited.

First Legal Charge over Freehold Property known as Land and buildings on the, North East side of Crescent Road, Lutterworth

Debenture including Fixed Charge over all present freehold and leasehold property; First Fixed Charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and First Floating Charge over all assets and undertaking both present and future.
 

 

Medalin Limited

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

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

29,689

29,689

Other borrowings

9,333

32,666

39,022

62,355

Current loans and borrowings

2023
£

2022
£

Bank borrowings

232

10,000

Other borrowings

371,007

273,906

371,239

283,906

10

Parent and ultimate parent undertaking

The company's immediate parent is Pretty Legs Holdings Limited, incorporated in England.

 The ultimate parent is Medalin Holdings Ltd, incorporated in England.

 The ultimate controlling party is Mr Mike Hoskins.