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REGISTERED NUMBER: 07456543 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

MEDSTROM FINANCE LTD

MEDSTROM FINANCE LTD (REGISTERED NUMBER: 07456543)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


MEDSTROM FINANCE LTD

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTOR: Mr D B G Belli





REGISTERED OFFICE: 2 Cygnus Court
Beverley Road
Pegasus Business Park
Castle Donnington
Derbyshire
LE74 2SA





REGISTERED NUMBER: 07456543 (England and Wales)





ACCOUNTANTS: Magma Audit LLP
Unit 2 Charnwood Edge Business Park
Syston Road, Leicester
LE7 4UZ
Magma Audit LLP is part
Of the Dains Group

MEDSTROM FINANCE LTD (REGISTERED NUMBER: 07456543)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 11,250 15,000
Investment property 5 800,000 800,000
811,250 815,000

CURRENT ASSETS
Debtors 6 10,773 3,791
Cash at bank 9,198 25,412
19,971 29,203
CREDITORS
Amounts falling due within one year 7 (1,920 ) (1,997 )
NET CURRENT ASSETS 18,051 27,206
TOTAL ASSETS LESS CURRENT
LIABILITIES

829,301

842,206

PROVISIONS FOR LIABILITIES (24,750 ) (24,750 )
NET ASSETS 804,551 817,456

CAPITAL AND RESERVES
Called up share capital 20 20
Fair value reserve 8 135,320 135,320
Retained earnings 669,211 682,116
804,551 817,456

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 17 September 2024 and were signed by:



Mr D B G Belli - Director


MEDSTROM FINANCE LTD (REGISTERED NUMBER: 07456543)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023


1. STATUTORY INFORMATION

Medstrom Finance Ltd is a limited company, registered in England and Wales. Its registered office address is 2 Cygnus Court, Beverley Road, Pegasus Business Park, Castle Donnington, Derbyshire, LE74 2SA and the registered number is 07456543.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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 freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.


Turnover
Turnover represents amounts receivable in relation to the investment rental property, revenue in relation to consultancy fees and the sale of goods.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods) , the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from the investment property is recognised when the property is occupied.

Revenue from consultancy is recognised when the service is supplied.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Debenture loans are being amortised evenly over their estimated useful life of eight years.

Investment property
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 a t the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.

Financial instruments
The Company only 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 non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


MEDSTROM FINANCE LTD (REGISTERED NUMBER: 07456543)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


2. ACCOUNTING POLICIES - continued
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.

Deferred tax
Deferred taxation is recognised in respect of all material timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. INTANGIBLE FIXED ASSETS
Debenture
loan
£   
COST
At 1 January 2023
and 31 December 2023 30,000
AMORTISATION
At 1 January 2023 15,000
Amortisation for year 3,750
At 31 December 2023 18,750
NET BOOK VALUE
At 31 December 2023 11,250
At 31 December 2022 15,000

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 800,000
NET BOOK VALUE
At 31 December 2023 800,000
At 31 December 2022 800,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out by a Director.

MEDSTROM FINANCE LTD (REGISTERED NUMBER: 07456543)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


5. INVESTMENT PROPERTY - continued

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2021 135,320
Cost 664,680
800,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 2,063 3,786
Directors' current accounts 8,441 -
VAT 269 5
10,773 3,791

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Directors' current accounts - 77
Accruals and deferred income 1,920 1,920
1,920 1,997

8. RESERVES
Fair
value
reserve
£   
At 1 January 2023
and 31 December 2023 135,320

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
Mr D B G Belli
Balance outstanding at start of year (77 ) (46,217 )
Amounts advanced 37,874 58,299
Amounts repaid (29,356 ) (12,159 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 8,441 (77 )