Company registration number 09295557 (England and Wales)
MEDCO REGISTRATION SOLUTIONS
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MEDCO REGISTRATION SOLUTIONS
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
MEDCO REGISTRATION SOLUTIONS
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
15,267
34,182
Current assets
Debtors
5
231,213
218,607
Cash at bank and in hand
2,560,144
2,669,247
2,791,357
2,887,854
Creditors: amounts falling due within one year
6
(560,828)
(557,343)
Net current assets
2,230,529
2,330,511
Net assets
2,245,796
2,364,693
Reserves
Called up share capital
7
-
0
-
0
Income and expenditure account
2,245,796
2,364,693
Members' funds
2,245,796
2,364,693

The directors of the company have elected not to include a copy of the income and expenditure 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 19 September 2024 and are signed on its behalf by:
Martin Heskins
Director
Company Registration No. 09295557
MEDCO REGISTRATION SOLUTIONS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Medco Registration Solutions is a private company limited by guarantee incorporated in England and Wales. The registered office is Suite 44, Shenley Pavilions, Chalkdell Drive, Shenley Wood, Milton Keynes, Buckinghamshire, United Kingdom, MK5 6LB.

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. The principal accounting policies adopted are set out below.

1.2
Going concern

Cash flow projections have been reviewed and it has been concluded that the Company has adequatetrue resources to continue its activities for the foreseeable future, that is for at least 12 months from the date of approval of these financial statements. The directors consider that there is no material uncertainty over the Company’s status as a going concern. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

1.3
Turnover

Turnover includes contributions received from members which are recognised in the period to which they relate. Annual subscriptions are recognised in income over the period covered by the subscription. The value that has been invoiced but not yet recognised as income is held within deferred income.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Office equipment
33.3% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.

1.5
Financial instruments

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

MEDCO REGISTRATION SOLUTIONS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Taxation
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.

1.7
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

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.

MEDCO REGISTRATION SOLUTIONS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
3
Employees

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

2023
2022
Number
Number
Total
10
9
4
Tangible fixed assets
Office equipment
£
Cost
At 1 January 2023 and 31 December 2023
59,414
Depreciation and impairment
At 1 January 2023
25,232
Depreciation charged in the year
18,915
At 31 December 2023
44,147
Carrying amount
At 31 December 2023
15,267
At 31 December 2022
34,182
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
36,578
50,257
Other debtors
194,635
168,350
231,213
218,607
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
36,307
3,412
Corporation tax
9,078
1,297
Deferred income
457,148
519,600
Other creditors
3,615
3,000
Accruals
54,680
30,034
560,828
557,343
MEDCO REGISTRATION SOLUTIONS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
7
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £5.

8
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 on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 20/09/2024 by Julie Mutton (Senior Statutory Auditor) on behalf of CLA Evelyn Partners Limited.

 

9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
Within one year
30,500
30,500
Between two and five years
43,208
73,708
73,708
104,208
10
Related party transactions

During the year, charges were incurred from Horsforth Modern Art and Science Limited, a company which one of the directors is also a director of. These charges totalled £27,000(2022: £21,250)

 

Several members of the board of Medco Registration Solutions are also board members or practitioners of various medical practices and institutions that are registered on the Medco database. These practices and institutions pay subscriptions to Medco Registration Solutions and these transactions are carried out on an arm's length basis. The board member's involvement grants no benefit to the individual or their associated entities.

 

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