9 January 2023 v2024.44.1 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activity0falsetruexbrli:purexbrli:sharesiso4217:GBP145783332023-01-092023-10-31145783332023-10-3114578333core:WithinOneYear2023-10-3114578333core:AfterOneYear2023-10-3114578333core:ShareCapital2023-10-3114578333core:RetainedEarningsAccumulatedLosses2023-10-3114578333bus:Director12023-01-092023-10-3114578333bus:RegisteredOffice2023-01-092023-10-3114578333core:NetGoodwill2023-01-092023-10-3114578333core:Goodwill2023-01-092023-10-3114578333core:FurnitureFittings2023-01-092023-10-3114578333core:NetGoodwill2023-10-3114578333core:PlantMachinery2023-01-092023-10-3114578333core:PlantMachinery2023-10-311457833312023-01-092023-10-3114578333countries:EnglandWales2023-01-092023-10-3114578333bus:AuditExemptWithAccountantsReport2023-01-092023-10-3114578333bus:PrivateLimitedCompanyLtd2023-01-092023-10-3114578333bus:SmallEntities2023-01-092023-10-3114578333bus:FullAccounts2023-01-092023-10-31
Company registration number:
14578333
MedDrop Limited
Unaudited Filleted Financial Statements for the period ended
31 October 2023
MedDrop Limited
Report to the board of directors on the preparation of the unaudited statutory financial statements of MedDrop Limited
Period ended
31 October 2023
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the
financial statements
of
MedDrop Limited
for the period ended
31 October 2023
which comprise the income statement, statement of financial position, statement of changes in equity and related notes from the company’s accounting records and from information and explanations you have given me.
As a practising member of the Association of Chartered Certified Accountants, I am subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/​content/​dam/​ACCA_Global/​Members/​Doc/​rule/​2018-rulebook.pdf.
This report is made solely to the Board of Directors of
MedDrop Limited
, as a body. My work has been undertaken solely to prepare for your approval the
financial statements
of
MedDrop Limited
and state those matters that I have agreed to state to the Board of Directors of
MedDrop Limited
, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/​content/​dam/​ACCA_Global/​Technical/​fact/​tf-163-jan-24.pdf. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than
MedDrop Limited
and its Board of Directors, as a body, for my work or for this report.
It is your duty to ensure that
MedDrop Limited
has kept adequate accounting records and to prepare statutory
financial statements
that give a true and fair view of the assets, liabilities, financial position and loss of
MedDrop Limited
. You consider that
MedDrop Limited
is exempt from the statutory audit requirement for the period.
I have not been instructed to carry out an audit or a review of the financial statements of MedDrop Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
T M Akram & Associates Ltd
193 Dunstable Road
Luton
Bedfordshire
LU1 1BT
United Kingdom
Date:
2 October 2024
MedDrop Limited
Statement of Financial Position
31 October 2023
31 Oct 2023
Note£
Fixed assets  
Intangible assets 5
503,694
 
Tangible assets 6
45,124
 
548,818
 
Current assets  
Stocks
46,157
 
Debtors 7
95,959
 
Cash at bank and in hand
41,150
 
183,266
 
Creditors: amounts falling due within one year 8
(326,454
)
Net current liabilities
(143,188
)
Total assets less current liabilities 405,630  
Creditors: amounts falling due after more than one year 9
(410,829
)
Net liabilities
(5,199
)
Capital and reserves  
Called up share capital
100
 
Profit and loss account
(5,299
)
Shareholders deficit
(5,199
)
For the period ending
31 October 2023
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
  • The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
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 income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
2 October 2024
, and are signed on behalf of the board by:
Mr. S Khan
Director
Company registration number:
14578333
MedDrop Limited
Notes to the Financial Statements
Period ended
31 October 2023

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
9 Eccleshall Road
,
Loggerheads
,
Market Drayton
,
TF9 4NX
, England.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Goodwill

Purchased goodwill arises on business acquisitions and represents the difference between the cost of acquisition and the fair values of the identifiable assets and liabilities acquired.
Goodwill is initially recorded at cost, and is subsequently stated at cost less any accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over the useful economic life of the asset. Where a reliable estimate of the useful life of goodwill cannot be made, the life is presumed not to exceed five years.

Intangible assets

Intangible assets are initially measured at cost and are subsequently measured at cost less any accumulated amortisation and accumulated impairment losses or at a revalued amount. However, Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Any intangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Goodwill
15 years

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
20% Reducing balance

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.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4 Average number of employees

The average number of persons employed by the company during the period was Nil.

5 Intangible assets

Goodwill
£
Cost  
At
9 January 2023
-  
Additions
512,231
 
At
31 October 2023
512,231
 
Amortisation  
At
9 January 2023
-  
Charge
8,537
 
At
31 October 2023
8,537
 
Carrying amount  
At
31 October 2023
503,694
 

6 Tangible assets

Plant and machinery etc.
£
Cost  
At
9 January 2023
-  
Additions
47,499
 
At
31 October 2023
47,499
 
Depreciation  
At
9 January 2023
-  
Charge
2,375
 
At
31 October 2023
2,375
 
Carrying amount  
At
31 October 2023
45,124
 

7 Debtors

31 Oct 2023
£
Trade debtors
67,612
 
Other debtors
28,347
 
95,959
 

8 Creditors: amounts falling due within one year

31 Oct 2023
£
Trade creditors
94,107
 
Amounts owed to group undertakings and undertakings in which the company has a participating interest
98,347
 
Other creditors
134,000
 
326,454
 
As at the balance sheet date, included in amounts owed to group undertakings £98,347 was owed to AMC Medicare UK Limited, funds of £94,500 were provided as equity contribution to purchase the Loggerheads pharmacy.
As at the balance sheet date, included in other creditors £19,990 was owed to TK & UK Consultancy Ltd, funds of £15,750 were provided as equity contribution to purchase the Loggerheads pharmacy.
As at the balance sheet date, included in other creditors £59,970 was owed to Mr A Mustafa, funds of £47,250 were provided as equity contribution to purchase the Loggerheads pharmacy.
As at the balance sheet, included in other creditors due within one year £37,750 due to Malkot Investments Ltd. The amount is interest free and repayable on demand.

9 Creditors: amounts falling due after more than one year

31 Oct 2023
£
Bank loans and overdrafts
409,036
 
Other creditors
1,793
 
410,829
 

10 Controlling party

The company's ultimate controlling party is AMC Medicare UK Ltd by virtue of ownership of 60% of the issued share capital in the company.