Company registration number 02925977 (England and Wales)
MEDDYG CARE (BRYN AWELON) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MEDDYG CARE (BRYN AWELON) LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 10
MEDDYG CARE (BRYN AWELON) LTD
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MEDDYG CARE (BRYN AWELON) LTD FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Meddyg Care (Bryn Awelon) Ltd for the period ended 30 September 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Meddyg Care (Bryn Awelon) Ltd, as a body, in accordance with the terms of our engagement letter dated 16 June 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Meddyg Care (Bryn Awelon) Ltd and state those matters that we have agreed to state to the board of directors of Meddyg Care (Bryn Awelon) Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Meddyg Care (Bryn Awelon) Ltd and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Meddyg Care (Bryn Awelon) Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Meddyg Care (Bryn Awelon) Ltd. You consider that Meddyg Care (Bryn Awelon) Ltd is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Meddyg Care (Bryn Awelon) Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Sage & Company Business Advisors Ltd
16 September 2024
Chartered Accountants
102 Bowen Court
St Asaph Business Park
St Asaph
Denbighshire
LL17 0JE
MEDDYG CARE (BRYN AWELON) LTD
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 2 -
30 September 2023
31 January 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
1,902,463
1,905,620
Current assets
Stocks
1,322
710
Debtors
6
64,355
132,070
Cash at bank and in hand
89,967
2,859
155,644
135,639
Creditors: amounts falling due within one year
7
(269,163)
(153,966)
Net current liabilities
(113,519)
(18,327)
Total assets less current liabilities
1,788,944
1,887,293
Creditors: amounts falling due after more than one year
8
(214,470)
(207,970)
Provisions for liabilities
(12,014)
(3,000)
Net assets
1,562,460
1,676,323
Capital and reserves
Called up share capital
2,000
2,000
Revaluation reserve
9
940,111
958,877
Profit and loss reserves
620,349
715,446
Total equity
1,562,460
1,676,323
MEDDYG CARE (BRYN AWELON) LTD
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2023
30 September 2023
- 3 -

For the financial period ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

The directors acknowledge their 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 directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 16 September 2024 and are signed on its behalf by:
Mr K Edwards
Mr S Thomas
Director
Director
Company registration number 02925977 (England and Wales)
MEDDYG CARE (BRYN AWELON) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 4 -
1
Accounting policies
Company information

Meddyg Care (Bryn Awelon) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Bryn Awelon, Lonfel, Criccieth, Gwynedd, LL52 0LN.

1.1
Reporting period

The annual financial statements are presented for a period shorter than one year, due to the company year end being changed to 30 September 2023. The comparative amounts presented in the financial statements have been prepared for a shorter than one year period to 31 January 2023 and therefore are not entirely comparable.

1.2
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 financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

MEDDYG CARE (BRYN AWELON) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.5
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:

Freehold land and buildings
2% Straight Line
Plant and equipment
15% Straight Line
Fixtures and fittings
10% Straight Line
Computers
20% Straight Line
Motor vehicles
20% Reducing Balance

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.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

MEDDYG CARE (BRYN AWELON) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
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.

1.9
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.

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.

MEDDYG CARE (BRYN AWELON) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 7 -
1.10
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.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
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 material 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.

1.13
Retirement benefits

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

1.14
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.

MEDDYG CARE (BRYN AWELON) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 8 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are 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 period was:

2023
2023
Number
Number
Total
29
29
4
Intangible fixed assets
Goodwill
£
Cost
At 1 February 2023 and 30 September 2023
109,000
Amortisation and impairment
At 1 February 2023 and 30 September 2023
109,000
Carrying amount
At 30 September 2023
-
0
At 31 January 2023
-
0
MEDDYG CARE (BRYN AWELON) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 9 -
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 February 2023
2,261,554
162,001
2,423,555
Additions
-
0
30,193
30,193
At 30 September 2023
2,261,554
192,194
2,453,748
Depreciation and impairment
At 1 February 2023
370,343
147,592
517,935
Depreciation charged in the period
30,154
3,196
33,350
At 30 September 2023
400,497
150,788
551,285
Carrying amount
At 30 September 2023
1,861,057
41,406
1,902,463
At 31 January 2023
1,891,211
14,409
1,905,620
6
Debtors
2023
2023
Amounts falling due within one year:
£
£
Trade debtors
2,479
117,960
Other debtors
61,876
14,110
64,355
132,070
7
Creditors: amounts falling due within one year
2023
2023
£
£
Trade creditors
159,769
20,959
Corporation tax
40
8,967
Other taxation and social security
-
0
10,956
Other creditors
109,354
113,084
269,163
153,966
8
Creditors: amounts falling due after more than one year
2023
2023
£
£
Other creditors
214,470
207,970
MEDDYG CARE (BRYN AWELON) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 10 -
9
Revaluation reserve
2023
2023
£
£
At the beginning of the period
958,877
977,643
Transfer to retained earnings
(18,766)
(18,766)
At the end of the period
940,111
958,877
10
Related party transactions
Transactions with related parties

The following related party transactions were undertaken in the period (on an arm’s length basis) between Meddyg Care (Bryn Awelon) Ltd and the Meddyg Care Group companies of which K Edwards and N Rutherford are also directors:

Meddyg Care Group Holdings Ltd

During the period, the transactions between Meddyg Care (Bryn Awelon) Ltd and Meddyg Care Group Holdings Ltd totalled £70,930 (PE Jan 2023: £nil). The balance owing to Meddyg Care Group Holdings Ltd at the end of the period was £44,647 (PE Jan 2023: £nil).

During the period the company received an interest free loan of £6,500 from Meddyg Care Group Holdings Ltd (PE Jan 2023: £207,970), and the balance at the end of the period was £214,470 (PE Jan 2023: £207,970).

Meddyg Care (Help At Home) Ltd

During the period, the transactions between Meddyg Care (Bryn Awelon) Ltd and Meddyg Care (Help At Home) Ltd totalled £1,153 (PE Jan 2023: £nil). The balance owing to Meddyg Care (Help At Home) Ltd at the end of the period was £249 (PE Jan 2023: £nil).

Meddyg Care (Porthmadog) Ltd

During the period, the transactions between Meddyg Care (Bryn Awelon) Ltd and Meddyg Care (Porthmadog) Ltd totalled £14,412 (PE Jan 2023: £nil). The balance owing to Meddyg Care (Porthmadog) Ltd at the end of the period was £11,383 (PE Jan 2023: £nil).

Meddyg Care (Criccieth) Ltd

During the period, the transactions between Meddyg Care (Bryn Awelon) Ltd and Meddyg Care (Criccieth) Ltd totalled £19,775 (PE Jan 2023: £nil). The balance owing to Meddyg Care (Criccieth) Ltd at the end of the period was £17,304 (PE Jan 2023: £nil).

Meddyg Care (Facilities Management) Ltd

During the period, the transactions between Meddyg Care (Bryn Awelon) Ltd and Meddyg Care (Facilities Management) Ltd totalled £17,116 (PE Jan 2023: £nil). The balance owing to Meddyg Care (Facilities Management) Ltd at the end of the period was £14,098 (PE Jan 2023: £nil).

Other related party transactions:

Other creditors include an amount owed to SPT Enterprises Ltd, a company of which Mr S Thomas and Mrs S Thomas are also directors. The period-end balance was £36,811 (PE Jan 2023: £69,423).

At the period end the balance on the director's loan account of Mr S Thomas was £35 owed by the company (PE Jan 2023: £2,388).

At the end of the period the company owed R Thomas and D Thomas, adult children of two of the directors, a total of £nil (PE Jan 2023: £20,000), being an interest free loan.

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