2023-01-012023-12-312023-12-31falseSC015569MEDQUEST GROUP 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MEDQUEST GROUP LIMITED

Registered Number
SC015569
(Scotland)

Unaudited Financial Statements for the Year ended
31 December 2023

MEDQUEST GROUP LIMITED
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

Barbara Maureen Laidlaw
William Maxwell Laidlaw
Andrew John Patterson Wilson

Company Secretary

William Maxwell Laidlaw

Registered Address

The Capital Building
12/13 St. Andrew Square
Edinburgh
EH2 2AF

Registered Number

SC015569 (Scotland)
MEDQUEST GROUP LIMITED
Statement of Financial Position
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets33,150-
Tangible assets4602,435625,846
Investments5225,596170,596
831,181796,442
Current assets
Stocks620,00052,000
Debtors7483,402552,920
Cash at bank and on hand169,855105,118
673,257710,038
Creditors amounts falling due within one year8(100,603)(38,666)
Net current assets (liabilities)572,654671,372
Total assets less current liabilities1,403,8351,467,814
Creditors amounts falling due after one year9(18,270)(27,500)
Net assets1,385,5651,440,314
Capital and reserves
Called up share capital24,73924,739
Profit and loss account1,360,8261,415,575
Shareholders' funds1,385,5651,440,314
The financial statements were approved and authorised for issue by the Board of Directors on 16 May 2024, and are signed on its behalf by:
William Maxwell Laidlaw
Director
Registered Company No. SC015569
MEDQUEST GROUP LIMITED
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page. The principal activity of the Company is that of newspaper publishing and land management.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
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.
Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. The company's principle intangible assets are publishing titles. The company does not capitalise internally generated publishing titles. Titles acquired are recorded at the valuation at the date of acquisition. These publishing titles have no finite life. The carrying value of the titles is is reviewed for impairment at least annually with testing undertaken to determine any diminution in the recoverable amount below carrying value. The recoverable amount is the higher of the fair value less costs to sell and the value in use, which is based on the net present value of estimated future cash flows. Any impairment loss is recognised as an expense immediately. Amortisation is provided on the following basis: Publishing rights - 10% on a straight line basis
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets’ residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income.

Reducing balance (%)Straight line (years)
Land and buildings-2
Plant and machinery15-
Fixtures and fittings10-
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. 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 Income Statement.
Investment property
Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate. These values are adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Income Statement.
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to completed the sale. The impairment loss is recognised immediately in the Income Statement.
Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
2.Average number of employees

20232022
Average number of employees during the year66
3.Intangible assets
The directors have considered the value of publishing rights, given the changing market place. Amortisation of £350 per annum is deemed appropriate.

Other

Total

££
Cost or valuation
Additions3,5003,500
At 31 December 233,5003,500
Amortisation and impairment
Charge for year350350
At 31 December 23350350
Net book value
At 31 December 233,1503,150
At 31 December 22--
4.Tangible fixed assets

Land & buildings

Plant & machinery

Fixtures & fittings

Total

££££
Cost or valuation
At 01 January 23788,010271,95023,8541,083,814
Additions-29215,29315,585
Disposals(556)(169,691)(1,125)(171,372)
At 31 December 23787,454102,55138,022928,027
Depreciation and impairment
At 01 January 23217,344226,41414,210457,968
Charge for year12,3606,6422,49421,496
On disposals(148)(153,250)(474)(153,872)
At 31 December 23229,55679,80616,230325,592
Net book value
At 31 December 23557,89822,74521,792602,435
At 31 December 22570,66645,5369,644625,846
5.Fixed asset investments
The valuation of the investment property included as other investments was made by the Directors, on an open market value for existing use basis. If the investment property had been accounted for under the historic cost accounting rules, the property would have been measured at £70,552 (2022: £70,552).

Investments in groups1

Other investments2

Total

£££
Cost or valuation
At 01 January 2330,596140,000170,596
Revaluations-60,00060,000
Disposals(5,000)-(5,000)
At 31 December 2325,596200,000225,596
Net book value
At 31 December 2325,596200,000225,596
At 31 December 2230,596140,000170,596

Notes

1Investments in group undertakings and participating interests
2Other investments other than loans
6.Stocks

2023

2022

££
Other stocks20,00052,000
Total20,00052,000
7.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables2,278-
Amounts owed by group undertakings462,249533,578
Other debtors-2,721
Prepayments and accrued income18,87516,621
Total483,402552,920
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.
8.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables24,57916,214
Bank borrowings and overdrafts10,00010,000
Amounts owed to related parties46,866-
Taxation and social security14,5725,703
Accrued liabilities and deferred income4,5866,749
Total100,60338,666
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.
9.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts18,27027,500
Total18,27027,500
10.Pension commitments
The company operates a defined contribution scheme for its employees. Outstanding contributions at the balance sheet date amounted to £117 (2022 - £117).
11.Other commitments
At 31 December 2023 the company had future minimum lease payments due under non-cancellable operating leases as follows: Not later than 1 year: £9,765 (2022: £13,484) Later than 1 year and not later than 5 years: £Nil (2022: £9,765)