Registered number
09290911
Dimedic Limited
Filleted Accounts
31 December 2023
Dimedic Limited
Registered number: 09290911
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 6 446,874 353,143
Tangible assets 7 9,693 8,273
Investments 8 373,032 375,191
829,599 736,607
Current assets
Debtors 9 40,295 281,769
Cash at bank and in hand 9,319 181,626
49,614 463,395
Creditors: amounts falling due within one year 10 (1,110,298) (223,986)
Net current (liabilities)/assets (1,060,684) 239,409
Net (liabilities)/assets (231,085) 976,015
Capital and reserves
Called up share capital 1,542 1,479
Share premium 5,075,795 4,717,325
Profit and loss account (5,308,422) (3,742,789)
Shareholders' funds (231,085) 976,015
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J Barczyhowska-Tchorzewska
Director
Approved by the board on 16 September 2024
Dimedic Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Going concern
The entity continues to receive parent company support during its developmental phase. This has been further evidenced both during and after the year end by the issue of further ordinary share capital for a consideration of £358,533 in respect of shares issued on 28th April 2023 and £4,501,581 in respect of shares issued on 30th April 2024.The directors have a detailed plan to 2027 which indicates that following the continued investment during the development phase, the company will be profitable. The company is currently in the development phase and has just recorded losses of £1,565k (2022: £1,266k).On the basis of the continual support and the anticipated future profitability, the directors believe that the financial statements should continue to be prepared on the going concern basis.
Turnover
The principal activity of the company entails the provision of online telemedicine. Income is recognised on the completion of the online consultation.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Reduced disclosure
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from disclosing Related Party Transactions as the financial statements of the company are consolidated in the financial statements of the parent company as disclosed in note 13.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Research and development
Expenditure on research is written off against profits in the year in which it is incurred. Development expenditure is capitalised and amortised over its useful life.
3 Audit information
The audit report is unqualified.
Senior statutory auditor: Michael Anderson BA, FCA
Firm: Bell Anderson Limited
Date of audit report: 16 September 2024
4 Exceptional items 2023 2022
£ £
Exceptional Administrative expenses 218,596 -
218,596 -
The exceptional item relates to the impairment of the investment in UAB Dimedic Baltic and the write off of associated balances.
5 Employees 2023 2022
Number Number
Average number of persons employed by the company 11 14
6 Intangible fixed assets £
Software:
Cost
At 1 January 2023 493,335
Additions 164,360
At 31 December 2023 657,695
Amortisation
At 1 January 2023 140,193
Provided during the year 70,628
At 31 December 2023 210,821
Net book value
At 31 December 2023 446,874
At 31 December 2022 353,142
The company's development of internet platforms is capitalised and is being written off over its estimated economic life of 5 years.
7 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 18,952
Additions 3,505
At 31 December 2023 22,457
Depreciation
At 1 January 2023 10,679
Charge for the year 2,085
At 31 December 2023 12,764
Net book value
At 31 December 2023 9,693
At 31 December 2022 8,273
8 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 January 2023 375,191
Impairment (2,159)
At 31 December 2023 373,032
9 Debtors 2023 2022
£ £
Trade debtors 40,295 21,381
Amounts owed by group undertakings and undertakings in which the company has a participating interest - 260,388
40,295 281,769
10 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 93,652 124,477
Amounts owed to group undertakings and undertakings in which the company has a participating interest 916,289 59,055
Taxation and social security costs 30,944 19,012
Other creditors 69,413 21,442
1,110,298 223,986
11 Events after the reporting date
On 30th April 2024, a further 791 ordinary shares of £1 each were issued for a consideration of £4,501,581 to Tt Pharma Sp. Z.O.O.
12 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 9,333 16,000
13 Controlling party
The immediate controlling party of the company is Tt Pharma Sp.Z.O.O. by virtue of its holding of 100% of the issued equity share capital in the company. The ultimate parent company is Pelion S.A., a company based in Poland and listed on the Warsaw Stock Exchange.
14 Other information
Dimedic Limited is a private company limited by shares and incorporated in England. Its registered office is:
104 Close
Quayside
Newcastle upon Tyne
Tyne & Wear
NE1 3RF
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