Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31172023-01-01falsefalseNo description of principal activity16falsefalse 06444421 2023-01-01 2023-12-31 06444421 2022-01-01 2022-12-31 06444421 2023-12-31 06444421 2022-12-31 06444421 2022-01-01 06444421 c:Director1 2023-01-01 2023-12-31 06444421 c:Director2 2023-01-01 2023-12-31 06444421 c:Director3 2023-01-01 2023-12-31 06444421 c:RegisteredOffice 2023-01-01 2023-12-31 06444421 d:PlantMachinery 2023-01-01 2023-12-31 06444421 d:PlantMachinery 2023-12-31 06444421 d:PlantMachinery 2022-12-31 06444421 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06444421 d:FurnitureFittings 2023-01-01 2023-12-31 06444421 d:FurnitureFittings 2023-12-31 06444421 d:FurnitureFittings 2022-12-31 06444421 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06444421 d:OfficeEquipment 2023-01-01 2023-12-31 06444421 d:OfficeEquipment 2023-12-31 06444421 d:OfficeEquipment 2022-12-31 06444421 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06444421 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06444421 d:Goodwill 2023-01-01 2023-12-31 06444421 d:Goodwill 2023-12-31 06444421 d:Goodwill 2022-12-31 06444421 d:CurrentFinancialInstruments 2023-12-31 06444421 d:CurrentFinancialInstruments 2022-12-31 06444421 d:Non-currentFinancialInstruments 2023-12-31 06444421 d:Non-currentFinancialInstruments 2022-12-31 06444421 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 06444421 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 06444421 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 06444421 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 06444421 d:ReportableOperatingSegment1 2023-01-01 2023-12-31 06444421 d:ReportableOperatingSegment1 2022-01-01 2022-12-31 06444421 e:UnitedKingdom 2023-01-01 2023-12-31 06444421 e:UnitedKingdom 2022-01-01 2022-12-31 06444421 e:RestEuropeOutsideUK 2023-01-01 2023-12-31 06444421 e:RestEuropeOutsideUK 2022-01-01 2022-12-31 06444421 e:RestWorldOutsideUK 2023-01-01 2023-12-31 06444421 e:RestWorldOutsideUK 2022-01-01 2022-12-31 06444421 d:UKTax 2023-01-01 2023-12-31 06444421 d:UKTax 2022-01-01 2022-12-31 06444421 d:ShareCapital 2023-12-31 06444421 d:ShareCapital 2022-12-31 06444421 d:ShareCapital 2022-01-01 06444421 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 06444421 d:RetainedEarningsAccumulatedLosses 2023-12-31 06444421 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 06444421 d:RetainedEarningsAccumulatedLosses 2022-12-31 06444421 d:RetainedEarningsAccumulatedLosses 2022-01-01 06444421 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 06444421 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 06444421 c:OrdinaryShareClass1 2023-01-01 2023-12-31 06444421 c:OrdinaryShareClass1 2023-12-31 06444421 c:OrdinaryShareClass1 2022-12-31 06444421 c:OrdinaryShareClass2 2023-01-01 2023-12-31 06444421 c:OrdinaryShareClass2 2023-12-31 06444421 c:OrdinaryShareClass2 2022-12-31 06444421 c:FRS102 2023-01-01 2023-12-31 06444421 c:Audited 2023-01-01 2023-12-31 06444421 c:FullAccounts 2023-01-01 2023-12-31 06444421 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06444421 d:HirePurchaseContracts d:WithinOneYear 2023-12-31 06444421 d:HirePurchaseContracts d:WithinOneYear 2022-12-31 06444421 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-12-31 06444421 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-12-31 06444421 2 2023-01-01 2023-12-31 06444421 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-12-31 06444421 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-12-31 06444421 d:LeasedAssetsHeldAsLessee 2023-12-31 06444421 d:LeasedAssetsHeldAsLessee 2022-12-31 06444421 d:Goodwill d:OwnedIntangibleAssets 2023-01-01 2023-12-31 06444421 f:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number:  06444421














MEDI-CLEAR LIMITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


 
MEDI-CLEAR LIMITED
 
 
COMPANY INFORMATION


Directors
Ronald Arthur Harris 
Christine Anne Harris 
Ryan Alan Jenner 




Registered number
06444421



Registered office
Unit 4b, Banner Court
Priory Park East

Hull

East Yorkshire

HU4 7DX





 
MEDI-CLEAR LIMITED
 

CONTENTS



Page
Directors' report
 
1 - 2
Independent auditors' report
 
3 - 6
Statement of comprehensive income
 
7
Balance sheet
 
8
Statement of changes in equity
 
9
Notes to the financial statements
 
10 - 21


 
MEDI-CLEAR LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Directors

The directors who served during the year were:

Ronald Arthur Harris 
Christine Anne Harris 
Ryan Alan Jenner 

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditorsLangtons Professional Services Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

Page 1

 
MEDI-CLEAR LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

This report was approved by the board on 24 September 2024 and signed on its behalf.
 





R A Jenner
Director

Page 2

 
MEDI-CLEAR LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MEDI-CLEAR LIMITED
 

Opinion


We have audited the financial statements of MEDI-Clear Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 3

 
MEDI-CLEAR LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MEDI-CLEAR LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 4

 
MEDI-CLEAR LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MEDI-CLEAR LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
The objectives of our audit, in respect to fraud, are: 
• to identify and assess the risks of material misstatement of the financial statements due to fraud; 
• to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due
 to fraud, through designing and implementing appropriate responses; and 
• to respond appropriately to fraud or suspected fraud identified during the audit. 
However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. 
Our approach was as follows: 
We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS 102 and the Companies Act 2006), the relevant tax compliance regulations in the UK and the EU General Data Protection Regulation (GDPR). 
We understood how the Company is complying with those frameworks by making enquiries of management.
 
Through consideration of the results of our audit procedures we were able to either corroborate or provide contrary evidence which was then followed up.
Based on our understanding we designed our audit procedures to identify non-compliance with laws and regulations. Our procedures involved: 
• Enquiries of management; and
• Journal entry testing, with a focus on journals indicating large or unusual transactions based on our 
          understanding of the business.
We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur by meeting with management to understand where it considered there was susceptibility to fraud. 
We also considered performance targets and their propensity to influence efforts made by management to manage revenue and earnings. 

 
Page 5

 
MEDI-CLEAR LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MEDI-CLEAR LIMITED (CONTINUED)


Where the risk was considered to be higher, including areas impacting key performance indicators or management remuneration, we performed audit procedures to address each identified fraud risk or other risk of material misstatement. These procedures included those on revenue recognition detailed above, the assessment of items identified by management as non-recurring and testing manual journals and were designed to provide reasonable assurance that the financial statements were free from material fraud or error.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Mr Eifion Roberts (Senior statutory auditor)
  
for and on behalf of
Langtons Professional Services Limited
 
Chartered Accountants
Statutory Auditors
  
The Plaza
100 Old Hall Street
Liverpool
L3 9QJ

24 September 2024
Page 6

 
MEDI-CLEAR LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
3,030,615
2,613,859

Cost of sales
  
(2,412,624)
(2,147,099)

Gross profit
  
617,991
466,760

Administrative expenses
  
(492,795)
(507,911)

Operating profit/(loss)
  
125,196
(41,151)

Income from fixed assets investments
  
-
28,500

Interest receivable and similar income
  
234
-

Interest payable and similar expenses
  
(936)
(2,099)

Profit/(loss) before tax
  
124,494
(14,750)

Tax on profit/(loss)
 7 
(47,649)
8,640

Profit/(loss) for the financial year
  
76,845
(6,110)

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 10 to 21 form part of these financial statements.

Page 7

 
MEDI-CLEAR LIMITED
REGISTERED NUMBER: 06444421

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 9 
50,000
100,000

Tangible assets
 10 
123,126
166,064

  
173,126
266,064

Current assets
  

Stocks
 11 
287,335
379,305

Debtors: amounts falling due within one year
 12 
508,661
520,993

Cash at bank and in hand
 13 
73,855
5,563

  
869,851
905,861

Creditors: amounts falling due within one year
 14 
(479,603)
(578,689)

Net current assets
  
 
 
390,248
 
 
327,172

Total assets less current liabilities
  
563,374
593,236

Creditors: amounts falling due after more than one year
 15 
-
(2,807)

Provisions for liabilities
  

Deferred tax
 17 
(21,300)
(25,200)

  
 
 
(21,300)
 
 
(25,200)

Net assets
  
542,074
565,229


Capital and reserves
  

Called up share capital 
 18 
210
210

Profit and loss account
  
541,864
565,019

  
542,074
565,229


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 September 2024.



R A Jenner
Director

The notes on pages 10 to 21 form part of these financial statements.

Page 8

 
MEDI-CLEAR LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
210
565,019
565,229



Profit for the year
-
76,845
76,845

Dividends: Equity capital
-
(100,000)
(100,000)


At 31 December 2023
210
541,864
542,074


The notes on pages 10 to 21 form part of these financial statements.


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022
210
621,129
621,339



Loss for the year
-
(6,110)
(6,110)

Dividends: Equity capital
-
(50,000)
(50,000)


At 31 December 2022
210
565,019
565,229


The notes on pages 10 to 21 form part of these financial statements.

Page 9

 
MEDI-CLEAR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

MEDI-Clear Limited (06444421) is a private company limited by shares incorporated in England and Wales.  The registered office is Unit 4b Banner Court, Henry Boot Way, Hull, HU4 7DX.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
Page 10

 
MEDI-CLEAR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.3
Revenue (continued)

the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Pensions

Defined contribution pension plan

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 payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the
Page 11

 
MEDI-CLEAR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.7
Current and deferred taxation (continued)

fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of comprehensive income over its useful economic life.

Other 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.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
5
years

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as below.

Depreciation is provided on the following basis:

Plant and machinery
-
12.5% on cost
Fixtures and fittings
-
20% on cost
Office equipment
-
33% on cost

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 disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 12

 
MEDI-CLEAR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The directors have made judgements regarding the depreciation of fixed assets, provisions for obsolete and damaged stock and the provision of bad and doubtful debts.

Page 13

 
MEDI-CLEAR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Pharmaceutical packaging
3,030,615
2,613,859

3,030,615
2,613,859


2023
2022
£
£

United Kingdom
956,148
1,264,233

Rest of Europe
943,468
737,502

Rest of the world
1,130,999
612,124

3,030,615
2,613,859



5.


Auditors' remuneration

2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
10,000
8,815


6.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
17
16

Page 14

 
MEDI-CLEAR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
52,571
29,023

Adjustments in respect of previous periods
(1,022)
(23,163)

51,549
5,860


Deferred tax


Origination and reversal of timing differences
(3,900)
(14,500)


Taxation on profit/(loss) on ordinary activities
47,649
(8,640)

Factors affecting tax charge for the year

The tax assessed for the year is the same as (2022 - the same as) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%) as set out below:

2023
2022
£
£


Profit/(loss) on ordinary activities before tax
124,494
(14,750)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
29,281
(2,803)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,483
7,196

Adjustments to tax charge in respect of prior periods
(1,022)
(23,163)

Effect of a change in tax rate leading to an increase (decrease) in taxation
17,907
10,130

Total tax charge for the year
47,649
(8,640)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 15

 
MEDI-CLEAR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Dividends

2023
2022
£
£


Dividends
100,000
50,000

100,000
50,000


9.


Intangible assets




Goodwill

£



Cost


At 1 January 2023
250,000



At 31 December 2023

250,000



Amortisation


At 1 January 2023
150,000


Charge for the year on owned assets
50,000



At 31 December 2023

200,000



Net book value



At 31 December 2023
50,000



At 31 December 2022
100,000



Page 16

 
MEDI-CLEAR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
528,119
8,912
24,947
561,978


Additions
2,207
265
11,791
14,263



At 31 December 2023

530,326
9,177
36,738
576,241



Depreciation


At 1 January 2023
370,820
3,947
21,147
395,914


Charge for the year on owned assets
52,352
1,733
3,116
57,201



At 31 December 2023

423,172
5,680
24,263
453,115



Net book value



At 31 December 2023
107,154
3,497
12,475
123,126



At 31 December 2022
157,299
4,965
3,800
166,064

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
50,088
78,838

50,088
78,838


11.


Stocks

2023
2022
£
£

Raw materials and consumables
287,335
379,305

287,335
379,305


Page 17

 
MEDI-CLEAR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Debtors

2023
2022
£
£


Trade debtors
329,431
426,695

Amounts owed by group undertakings
95,624
25,258

Other debtors
61,063
50,739

Prepayments and accrued income
22,543
18,301

508,661
520,993



13.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
73,855
5,563

73,855
5,563



14.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
299,570
394,344

Corporation tax
52,571
5,743

Other taxation and social security
16,105
12,610

Obligations under finance lease and hire purchase contracts
2,807
32,871

Other creditors
93,160
112,585

Accruals and deferred income
15,390
20,536

479,603
578,689


The hire purchase liabilities and bank loans are secured on the assets to which they relate.
Other creditors include secured creditors amounting to £90,736 (2022: £107,622).

Page 18

 
MEDI-CLEAR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
-
2,807

-
2,807


The hire purchase liabilities and bank loans are secured on the assets to which they relate.


16.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
2,807
32,871

Between 1-5 years
-
2,807

2,807
35,678

Page 19

 
MEDI-CLEAR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Deferred taxation




2023


£






At beginning of year
(25,200)


Charged to profit or loss
3,900



At end of year
(21,300)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(21,300)
(25,200)

(21,300)
(25,200)


18.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



200 (2022 - 200) Ordinary shares of £1.00 each
200
200
10 (2022 - 10) Ordinary B shares of £1.00 each
10
10

210

210



19.


Pension commitments

The Company operates a defined contributions pension scheme.  The assets of the scheme are held separately from those of the Company in an independently administered fund.  The pension cost charge represents contributions payable by the Company to the fund and amounted to £13,012 (2022: £5,548)
Contributions totalling £2,568 (2022: £2,261) were payable to the fund at the balance sheet date and are included in creditors.

Page 20

 
MEDI-CLEAR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Related party transactions

Within the accounts are the following related party balances included within debtors/(creditors):


2023
2022
£
£

Jones Packaging Inc
71,080
10,346
Future Technology (UK) Limited
-
-
Venalink Limited
24,544
14,912
95,624
25,258

Future Technology (UK) Limited and Venalink Limited are fellow subsidiaries with MEDI-Clear Limited.  
All transactions were conducted at an arms length basis. During 2023, MEDI-Clear Limited paid the corporation tax liability of Future Technology (UK) Limited.  During 2022, an amount of £65,998 owed from Future Technology (UK) Limited was written off.


21.


Ultimate parent undertaking and controlling party

The ultimate parent company is Jones Healthcare Group - International Inc, a company registered in Canada.  The ultimate controlling parties are C & R Harris by virtue of their shareholdings in the parent company, Jones Healthcare Group - International Inc.

 
Page 21