Registration number:
Medix-Care UK Ltd
for the Year Ended 31 January 2024
Medix-Care UK Ltd
Contents
Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Medix-Care UK Ltd
(Registration number: 13168404)
Statement of Financial Position as at 31 January 2024
Note |
2024 |
(As restated) |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
200 |
200 |
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Profit and loss account |
100,305 |
58,412 |
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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:
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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
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Medix-Care UK Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
Principal activity
The principal activity of the company is that of information technology consultancy activities.
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
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
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Medix-Care UK Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)
Tangible assets |
Land and buildings |
Total |
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Cost or valuation |
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At 1 February 2023 |
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At 31 January 2024 |
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Depreciation |
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Charge for the year |
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At 31 January 2024 |
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Carrying amount |
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At 31 January 2024 |
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At 31 January 2023 |
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Included within the net book value of land and buildings above is £204,644 (2023 - £208,820) in respect of freehold land and buildings.
Debtors |
Note |
2024 |
(As restated) |
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Amounts owed by related parties |
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Other debtors |
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Prepayments |
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- |
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Medix-Care UK Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
(As restated) |
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Due within one year |
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Loans and borrowings |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2024 |
(As restated) |
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Due after one year |
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Loans and borrowings |
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Medix-Care UK Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)
Loans and borrowings |
Non-current loans and borrowings
2024 |
(As restated) |
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Other borrowings |
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Current loans and borrowings
2024 |
(As restated) |
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Other borrowings |
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Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
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100 |
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100 |
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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)
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 |
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( |
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( |
( |
2023 |
At 1 February 2022 |
Advances to director |
At 31 January 2023 |
Mr W A Kressinger-Dunn |
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( |
( |
( |
Loans to related parties
2024 |
Entities with joint control or significant influence |
Total |
At start of period |
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Advanced |
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At end of period |
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2023 |
Entities with joint control or significant influence |
Total |
Advanced |
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At end of period |
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