Company registration number 05838815 (England and Wales)
KEW MEDICAL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
KEW MEDICAL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
KEW MEDICAL LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
4
2,330,000
2,330,000
Current assets
Debtors
5
52,153
52,932
Cash at bank and in hand
53,259
67,024
105,412
119,956
Creditors: amounts falling due within one year
6
(804,313)
(761,699)
Net current liabilities
(698,901)
(641,743)
Total assets less current liabilities
1,631,099
1,688,257
Creditors: amounts falling due after more than one year
7
(821,785)
(906,071)
Provisions for liabilities
(21,928)
-
0
Net assets
787,386
782,186
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
787,385
782,185
Total equity
787,386
782,186

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

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

The financial statements were approved by the board of directors and authorised for issue on 13 September 2024 and are signed on its behalf by:
K Anderson
Director
Company registration number 05838815 (England and Wales)
KEW MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Kew Medical Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bishops House, 42 High Pavement, The Lace Market, Nottingham, NG1 1HN.

1.1
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 investment properties. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents rent receivable during the year.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
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.

KEW MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
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.

 

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.

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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Investment property valuation

The directors consider that the investment property is held at its fair value and no impairment is required. Whilst there is a level of judgement involved with the valuation, the current value of the property is based on an independent valuation. This valuation is considered to be a true reflection of the value of the property as an asset held for the purposes of receiving rental income.

3
Employees

The average monthly number of persons (including directors and company secretary) employed by the company during the year was:

 

2023
2022
Number
Number
Total
4
4
KEW MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
4
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
2,330,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 4 March 2020 by Colliers International Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties; it is still believed to be an appropriate valuation by the Directors.

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
52,153
49,093
Corporation tax recoverable
-
0
3,839
52,153
52,932
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
84,286
84,286
Amounts owed to group undertakings
639,756
626,370
Corporation tax
5,478
-
0
Other taxation and social security
14,866
15,271
Other creditors
59,927
35,772
804,313
761,699

Bank loans are secured against the investment property, together with a fixed and floating charge over current and future assets.

7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
821,785
906,071
KEW MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
7
Creditors: amounts falling due after more than one year
(Continued)
- 5 -

Bank loans are secured against the investment property, together with a fixed and floating charge over current and future assets.

Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
484,641
568,927
8
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
(1,249)
-
Revaluations
23,177
-
21,928
-
2023
Movements in the year:
£
Liability at 1 January 2023
-
Charge to profit or loss
21,928
Liability at 31 December 2023
21,928
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Chris McKain
Statutory Auditor:
UHY Hacker Young
KEW MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
10
Operating lease commitments
Lessor

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

2023
2022
£
£
1,820,609
1,969,632
11
Related party transactions

The company has taken advantage of the exemption available under section 1AC.35 of FRS 102, from disclosing transactions entered into between two or more wholly-owned members of the group.

12
Parent company

The immediate parent company is Castlegate 608 Limited.

 

The parent undertaking of the largest group for which consolidated accounts are prepared is Clegg Holdings Limited. Consolidated accounts are available from Companies House, Crown Way, Cardiff, CF14 3UZ.

 

In the opinion of the directors this is the company's ultimate controlling company. Clegg Holdings Limited is controlled by its directors, who own the equity of the company between them. The company's ultimate parent company is Clegg Employee Ownership Trust.

 

 

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