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REGISTERED NUMBER: 03484946 (England and Wales)









AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

MEDEX SCIENTIFIC (U.K.) LIMITED

MEDEX SCIENTIFIC (U.K.) LIMITED (REGISTERED NUMBER: 03484946)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


MEDEX SCIENTIFIC (U.K.) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mrs A K Bradley
R S Lucas



SECRETARY: Mrs A K Bradley



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



REGISTERED NUMBER: 03484946 (England and Wales)



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



BANKERS: Barclays Bank PLC
7th Floor
United Kingdom House
180 Oxford Street
London
W1D 1EA

MEDEX SCIENTIFIC (U.K.) LIMITED (REGISTERED NUMBER: 03484946)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 19,166 28,728

CURRENT ASSETS
Stocks 312,101 276,614
Debtors 5 59,588 310,733
Cash at bank and in hand 93,972 326,537
465,661 913,884
CREDITORS
Amounts falling due within one year 6 2,353,324 2,443,659
NET CURRENT LIABILITIES (1,887,663 ) (1,529,775 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(1,868,497

)

(1,501,047

)

CAPITAL AND RESERVES
Called up share capital 7 10,000 10,000
Retained earnings (1,878,497 ) (1,511,047 )
SHAREHOLDERS' FUNDS (1,868,497 ) (1,501,047 )

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2024 and were signed on its behalf by:





Mrs A K Bradley - Director


MEDEX SCIENTIFIC (U.K.) LIMITED (REGISTERED NUMBER: 03484946)

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


1. STATUTORY INFORMATION

Medex Scientific (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

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis on the assessment of the directors. The ultimate controlling party has indicated his intention to continue to support the trading activities of the company for the foreseeable future.

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.

Turnover
Revenue is measured at fair value of the consideration received or receivable for the sale of medical goods and related products. Revenue is recognised when goods are delivered and legal title has passed. Revenue is reduced for estimated customer returns, rebates and other similar allowances.

The company invoices other group companies and companies under common control for management services carried out during the year. Management fees are recognised, net of value added tax, during the period that the services were carried out.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property10% on cost
Office Equipment20% on cost
Computer Equipment 33% on cost
Laboratory Equipment20% on cost
Fixtures and fittings33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


MEDEX SCIENTIFIC (U.K.) LIMITED (REGISTERED NUMBER: 03484946)

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


2. ACCOUNTING POLICIES - continued
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivables or payables within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

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 profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 10 ) .

MEDEX SCIENTIFIC (U.K.) LIMITED (REGISTERED NUMBER: 03484946)

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


4. TANGIBLE FIXED ASSETS
Improvements Equipment,
to fixtures
property & fittings Totals
£    £    £   
COST
At 1 January 2023 199,351 461,195 660,546
Additions - 8,102 8,102
Disposals - (445 ) (445 )
At 31 December 2023 199,351 468,852 668,203
DEPRECIATION
At 1 January 2023 176,548 455,270 631,818
Charge for year 12,357 4,986 17,343
Eliminated on disposal - (124 ) (124 )
At 31 December 2023 188,905 460,132 649,037
NET BOOK VALUE
At 31 December 2023 10,446 8,720 19,166
At 31 December 2022 22,803 5,925 28,728

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 59,234 134,672
Amounts owed by group undertakings - 165,793
Other debtors 354 10,268
59,588 310,733

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 21,470 41,943
Amounts owed to group undertakings 9,271 -
Taxation and social security 6,732 3,479
Other creditors 2,315,851 2,398,237
2,353,324 2,443,659

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
10,000 Ordinary £1 10,000 10,000

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Guy Rolliston (Senior Statutory Auditor)
for and on behalf of Hartley Fowler LLP

MEDEX SCIENTIFIC (U.K.) LIMITED (REGISTERED NUMBER: 03484946)

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


9. PARENT COMPANY

The immediate parent undertaking is Comet Scientific Limited. The smallest group in which in which consolidated financial statements are drawn up is headed by Comet Scientific Limited. The consolidated financial statements may be obtained from the company's registered office, being The Old Grain Store, 4 Denne Road, Horsham, West Sussex, RH12 1JE.