MEDSOLUTIONS (EUROPE) LIMITED |
Notes to the Accounts |
for the period from 1 January 2023 to 6 November 2023 |
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Changes in the accounting reference dates |
|
During the year, the company changed its accounting reference date from 31 December to 6 Novemeber. As a result, the current financial statements cover an 10-month period from 1 January 2023 to 6 November 2023. The comparative figures cover a 6-month period ended 31 December 2022. |
|
|
Going concern |
|
The company has support from the shareholders for any funding requirements. The directors have confirmed continued support and consider the company retains sufficient working capital to continue trading for the foreseeable future. They continue to believe that the going concern basis of accounting is appropriate in preparing the financial statements. |
|
|
Turnover |
|
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 from 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. |
|
|
Research and development |
|
Research and development expenditure is written off to the profit and loss account in the year in which it is incurred. |
|
|
Debtors |
|
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, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
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. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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. |
|
|
Foreign currency translation |
|
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
|
|
2 |
Audit information |
|
|
The audit report is unqualified. |
|
|
Senior statutory auditor: |
Devender Arora ACA |
|
Firm: |
The Corporate Practice Limited |
|
Date of audit report: |
4 November 2024 |
|
|
3 |
Employees |
2023 |
|
2022 |
Number |
Number |
|
|
Average number of persons employed by the company |
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
4 |
Debtors |
2023 |
|
2022 |
£ |
£ |
|
|
Trade debtors |
- |
|
216,490 |
|
Other debtors |
15,995 |
|
200 |
|
|
|
|
|
|
15,995 |
|
216,690 |
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
£ |
£ |
|
|
Trade creditors |
4,770 |
|
- |
|
Taxation and social security costs |
- |
|
11,057 |
|
Other creditors |
148,407 |
|
262,808 |
|
|
|
|
|
|
153,177 |
|
273,865 |
|
|
|
|
|
|
|
|
|
|
6 |
Events after the reporting date |
|
|
The company's entire share capital was acquired by Zydus Pharmaceuticals UK Limited after the close of business at 6 November 2023. |
|
|
7 |
Related party transactions |
2023 |
|
2022 |
£ |
£ |
|
L M Manufacturing Limited |
|
Common director |
|
During the year the company purchased services from L M Manufacturing Limited of: |
|
- |
|
250,000 |
|
Included within other creditors is an amount payable of: |
|
52,121 |
|
6,797 |
|
|
Liqmeds Lifecare Limited |
|
Common director |
|
During the year the company purchased services from Liqmeds Lifecare of: |
|
75,000 |
|
- |
|
Included within other creditors is an amount payable of: |
|
90,000 |
|
- |
|
|
Zydus Pharmaceuticals UK Limited |
|
Common director |
|
Included within other creditors is an amount payable of: |
|
2,036 |
|
- |
|
|
8 |
Controlling party |
|
|
The company is not under the control of any single individual. |
|
|
9 |
Other information |
|
|
MEDSOLUTIONS (EUROPE) LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
|
65 Delamere Road |
|
Hayes |
|
Middlesex |
|
UB4 0NN |