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Registration number: 13168404

Medix-Care UK Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Medix-Care UK Ltd

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Medix-Care UK Ltd

(Registration number: 13168404)
Statement of Financial Position as at 31 January 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Tangible assets

4

204,644

208,820

Current assets

 

Debtors

5

170,070

96,358

Cash at bank and in hand

 

151,057

23,691

 

321,127

120,049

Creditors: Amounts falling due within one year

6

(329,272)

(148,510)

Net current liabilities

 

(8,145)

(28,461)

Total assets less current liabilities

 

196,499

180,359

Creditors: Amounts falling due after more than one year

6

(95,994)

(121,747)

Net assets

 

100,505

58,612

Capital and reserves

 

Called up share capital

8

200

200

Profit and loss account

100,305

58,412

Shareholders' funds

 

100,505

58,612

 

Medix-Care UK Ltd

(Registration number: 13168404)
Statement of Financial Position as at 31 January 2024 (continued)

For the financial year ending 31 January 2024 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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

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 Statement of Comprehensive Income.

Approved and authorised by the Board on 19 September 2024 and signed on its behalf by:
 


Mr W A Kressinger-Dunn
Director

 

Medix-Care UK Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

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

The address of its registered office is:
173 Leeward House
Discovery Road
Plymouth
Devon
PL1 4PR
United Kingdom

Principal activity

The principal activity of the company is that of information technology consultancy activities.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

 

Medix-Care UK Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

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 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.

Tax

The tax expense for the period comprises current 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Property

2% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

 

Medix-Care UK Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

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 statement of comprehensive income 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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Prior period restatement

The accounts have been restated to incorporate the purchase of property costing £208,820 in the prior year. The change has resulted in profits available for distribution at 31 January 2023 decreasing by £360.

Summary of the prior year adjustment:

Increase in tangible assets £208,820

Decrease in debtors -£43,680

Increase in creditors -£165,500

Net decrease in profits £360
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 2).

 

Medix-Care UK Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 February 2023

208,820

208,820

At 31 January 2024

208,820

208,820

Depreciation

Charge for the year

4,176

4,176

At 31 January 2024

4,176

4,176

Carrying amount

At 31 January 2024

204,644

204,644

At 31 January 2023

208,820

208,820

Included within the net book value of land and buildings above is £204,644 (2023 - £208,820) in respect of freehold land and buildings.
 

5

Debtors

Note

2024
£

(As restated)

2023
£

Amounts owed by related parties

10

154,220

95,000

Other debtors

 

655

1,358

Prepayments

 

15,195

-

 

170,070

96,358

 

Medix-Care UK Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

(As restated)

2023
£

Due within one year

 

Loans and borrowings

7

29,101

28,253

Taxation and social security

 

13,943

14,766

Accruals and deferred income

 

176,455

2,775

Other creditors

 

109,773

102,716

 

329,272

148,510

Creditors: amounts falling due after more than one year

Note

2024
£

(As restated)

2023
£

Due after one year

 

Loans and borrowings

7

95,994

121,747

 

Medix-Care UK Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

7

Loans and borrowings

Non-current loans and borrowings

2024
£

(As restated)

2023
£

Other borrowings

95,994

121,747

Current loans and borrowings

2024
£

(As restated)

2023
£

Other borrowings

29,101

28,253

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A Shares of £1 each

100

100

100

100

Ordinary Shares of £1 each

100

100

100

100

200

200

200

200

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Medix-Care UK Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

10

Related party transactions

Transactions with directors

2024

At 1 February 2023
£

Advances to director
£

Repayments by director
£

At 31 January 2024
£

Mr W A Kressinger-Dunn

(102,716)

34,000

(41,057)

(109,773)

         
       

 

2023

At 1 February 2022
£

Advances to director
£

At 31 January 2023
£

Mr W A Kressinger-Dunn

(61,272)

(41,444)

(102,716)

Loans to related parties

2024

Entities with joint control or significant influence
£

Total
£

At start of period

95,000

95,000

Advanced

59,220

59,220

At end of period

154,220

154,220

2023

Entities with joint control or significant influence
£

Total
£

Advanced

95,000

95,000

At end of period

95,000

95,000