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Registration number: 11380035

Medloop Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

Medloop Limited

Contents

Company Information

1

Directors' Report

2 to 3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 8

Income statement

9

Statement of Financial Position

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12 to 21

 

Medloop Limited

Company Information

Directors

M Niddam

N Bosc

S Guinet

S Singhee

S S Geeranavar

Company secretary

Goodwille Limited

Registered office

1 Chapel Street
Warwick
United Kingdom
CV34 4HL

Independent auditor

Shaw Gibbs (Audit) Limited
Statutory Auditor
Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

 

Medloop Limited

Directors' Report for the Year Ended 31 December 2023

The directors present their report on the affairs of Medloop Limited, together with the financial statements and auditor's report for the year ended 31 December 2023.

Principal activity

The principal activity of the company is the provision of tech-enabled clinical services and software to the healthcare industry.

Director of the company

The directors who held office during the year and up to date of authorisation of this report were as follows:

M Niddam

N Bosc

S Guinet

S Singhee

S S Geeranavar (appointed 24 February 2023)

Going concern

During the year, the company obtained the extension of the settlement period for the previously secured convertible loan. The directors have since received a conversion notice from the shareholder (who is an existing shareholder) confirming their intention to convert the loan into preference shares by 31 October 2024.

The directors have also considered the cash at bank, the current burn rate, future revenue estimation, financial projections and the budget for the company over the foreseeable future.

Given the current business trends and forecasts, the management is confident to be able to sustain business operations going forward. Accordingly, the directors have a reasonable expectation that the company will have sufficient resources to continue its operations for the foreseeable future and therefore have prepared the financial statements on a going concern basis.

Events after the financial period

There have been no significant events between the year end and the date of approval of these financial statements which would require a change to, or disclosure in, the financial statements.

Statement of disclosure to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information (as defined by section 418 of the Companies Act 2006) and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of auditors

Following a merger of Harmer Slater Limited with Shaw Gibbs Limited in November 2023, Harmer Slater Limited resigned as the company's auditors and Shaw Gibbs Limited were appointed to act as the company's auditors. Shaw Gibbs Limited are deemed to be reappointed under section 487(2) of the Companies Act 2006.

 

Medloop Limited

Directors' Report for the Year Ended 31 December 2023 (continued)

Small companies provision statement

The directors have taken advantage of the small companies exemptions provided by sections 414B and 415A of the Companies Act 2006 from the requirement to prepare a strategic report and in preparing the directors’ report on the grounds that the company is entitled to prepare its accounts for the year in accordance with the small companies regime.

Approved and authorised by the Board on 22 October 2024 and signed on its behalf by:
 

.........................................
For and on behalf of
Goodwille Limited
Company secretary

 

Medloop Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the revised financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare revised financial statements for each financial year. Under that law the directors have elected to prepare the revised financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the revised 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 revised financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent; and

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 enable them to ensure that the revised financial statements comply with the Companies Act 2006. They 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.

 

Medloop Limited

Independent Auditor's Report to the Members of
Medloop Limited

Opinion

We have audited the revised financial statements of Medloop Limited (the 'company') for the year ended 31 December 2023, which comprise the Income statement, Statement of Financial Position, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the revised financial statements:

give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its loss 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 as they have effect under the Companies (Revision of Defective Accounts and Reports) Regulations 2008.

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 auditor responsibilities for the audit of the revised 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 revised financial statements in the UK, including the FRC’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 revised financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the revised financial statements is appropriate. Our evaluation of the directors’ assessment of the company’s ability to continue to adopt the going concern basis of accounting included a review of the company’s cash at bank and financial projections over the foreseeable future.

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 original financial statements were 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.

Other information

The other information comprises the information included in the annual report, other than the revised financial statements and our auditor’s report thereon. Our opinion on the revised 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.

 

Medloop Limited

Independent Auditor's Report to the Members of
Medloop Limited (continued)

In connection with our audit of the revised financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the revised financial statements or our knowledge obtained in 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 there is a material misstatement in the revised financial statements or a material misstatement of the other information. 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 matter 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 revised financial statements are prepared is consistent with the revised 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 our 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 where 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 revised 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 revised 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 Statement of Directors' Responsibilities [set out on page 4], the directors are responsible for the preparation of the revised 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 the revised financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the revised 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.

 

Medloop Limited

Independent Auditor's Report to the Members of
Medloop Limited (continued)

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the revised financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s 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 revised 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:

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

we obtained an understanding of the legal and regulatory frameworks that the company operates in, and identified the laws and regulations applicable to the company through discussions with,directors and other management, and from our cumulative audit and commercial knowledge and experience of the company;

we focused on specific laws and regulations which we considered may have a direct material effect on the determination of material amounts and disclosures in the financial statements or the operations of the company, including the Companies Act 2006, Care Quality Commission, ISO27001, The Equality Act 2010, taxation legislation, anti-bribery, anti-money laundering,employment law and health and safety legislation. We also considered and identified laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty, including the Data Protection Act 2018;

we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

 

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

 

We are also required to perform specific procedures to respond to the risk of management bias and override of controls. To address this, we performed analytical procedures to identify any unusual or unexpected relationships and tested journal entries to identify unusual transactions.

 

Medloop Limited

Independent Auditor's Report to the Members of
Medloop Limited (continued)

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statements to disclosures underlying supporting documentation;

enquiring of management as to actual and potential litigation and claims; and

reviewing correspondence with HMRC, analysing legal costs to ascertain if there have been instances of non-compliance with laws and regulations.

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s 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 2006. Our 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 auditor’s 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.

......................................
Ransford Agyei-Boamah (Senior Statutory Auditor)
For and on behalf of Shaw Gibbs (Audit) Limited, Statutory Auditor

Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

22 October 2024

 

Medloop Limited

Income statement
for the Year Ended 31 December 2023

2023
£

2022
£

Revenue

1,306,587

1,135,024

Cost of sales

(885,365)

(940,039)

Administrative expenses

(748,881)

(1,012,380)

Operating loss

(327,659)

(817,395)

Other interest receivable and similar income

38,869

46,673

Provision for impairment of investments

(909,541)

-

Loss before tax

(1,198,331)

(770,722)

Tax on loss

146,977

122,272

Loss for the financial year

(1,051,354)

(648,450)

Total recognised gains and losses
The company has no recognised gains or losses for the year other than the results above.Therefore no separate Statement of Comprehensive Income has been presented.

 

Medloop Limited

(Registration number: 11380035)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Non-current assets

 

Intangible assets

5

410,419

478,822

Property, plant and equipment

6

706

1,649

Investments

7

23,369

23,369

 

434,494

503,840

Current assets

 

Receivables

8

197,897

1,068,659

Cash at bank and in hand

9

490,611

755,922

 

688,508

1,824,581

Payables: Amounts falling due within one year

10

(454,506)

(608,571)

Net current assets

 

234,002

1,216,010

Net assets

 

668,496

1,719,850

Equity

 

Called up share capital

11

443,962

443,962

Share premium reserve

11

6,988,528

6,988,528

Capital redemption reserve

11

9,314

9,314

Retained earnings

11

(6,773,308)

(5,721,954)

Shareholders' funds

 

668,496

1,719,850

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements of Medloop Limited were approved and authorised for issue by the Board on 22 October 2024 and signed on its behalf by:
 

.........................................

S Singhee
Director

 

Medloop Limited

Statement of Changes in Equity
for the Year Ended 31 December 2023

Share capital
£

Share premium
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 January 2023

443,962

6,988,528

9,314

(5,721,954)

1,719,850

Loss for the year

-

-

-

(1,051,354)

(1,051,354)

Total comprehensive income

-

-

-

(1,051,354)

(1,051,354)

At 31 December 2023

443,962

6,988,528

9,314

(6,773,308)

668,496

Share capital
£

Share premium
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 January 2022

1,557

7,455,143

104

(5,073,504)

2,383,300

Loss for the year

-

-

-

(648,450)

(648,450)

Total comprehensive income

-

-

-

(648,450)

(648,450)

New share capital subscribed

466,615

(466,615)

-

-

-

Purchase of own share capital

(24,210)

-

9,210

-

(15,000)

At 31 December 2022

443,962

6,988,528

9,314

(5,721,954)

1,719,850

 

Medloop Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023

1

General information

Medloop Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.

2

Accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

During the year, the company obtained the extension of the settlement period for the previously secured convertible loan. The directors have since received a conversion notice from the shareholder (who is an existing shareholder) confirming their intention to convert the loan into preference shares by 31 October 2024.

The directors have also considered the cash at bank, the current burn rate, future revenue estimation, financial projections and the budget for the company over the foreseeable future.

Given the current business trends and forecasts, the management is confident to be able to sustain business operations going forward. Accordingly, the directors have a reasonable expectation that the company will have sufficient resources to continue its operations for the foreseeable future and therefore have prepared the financial statements on a going concern basis.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

Exemption from preparing group accounts

The company and its subsidiary undertaking comprise a small group. The company has taken advantage of the exemption provided by Section 399 of the Companies Act 2006 and has not prepared group accounts.

 

Medloop Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainties

The preparation of the financial statements requires management to make estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following estimates have had the most significant effect on amounts recognised in the financial statements.

Revenue recognition

Revenue comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Revenue is recognised as services are provided/delivered and direct expenses are incurred.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Property, plant and equipment

Property, plant and equipment are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

Straight line over 2 years

Computer equipment

Straight line over 3 years

Intangible assets

Separately acquired intellectual property rights are shown at historical cost.

Intellectual property intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

 

Medloop Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Intellectual Property Rights

10 years straight line

Impairment of assets

At each reporting date tangible and intangible assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in statement of income and retained earnings.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Investments

Investments in subsidiaries are stated at cost less provision for impairment.

The carrying value of the investments in subsidiary undertakings are reviewed as necessary for impairment. Impairment is calculated as the difference between the carrying value and the estimated value-in-use or disposal value if higher. Value-in-use represents the present value of future expected cash flows discounted on a pre-tax basis. The net book amount of the investment is written down where impairment is identified.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and at bank and are subject to an insignificant risk of change in value.

Receivables

Trade and other receivables that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment. Those that are receivable after more than one year or that constitute a financing transaction are recorded initially at fair value less transaction costs and subsequently at amortised cost, net of impairment.

 

Medloop Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Payables

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade and other payables are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade and other payables that are payable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be paid. Those that are payable after more than one year or that constitute a financing transaction are recorded initially at transaction price and subsequently at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

 

Medloop Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023 (continued)

3

Staff numbers

The average number of persons employed by the company during the year was 5 (2022 - 4).

4

Taxation

Tax charged/(credited) in the income statement

2023
£

2022
£

Current taxation

UK corporation tax

(58,956)

(122,272)

UK corporation tax adjustment to prior periods

(88,021)

-

(146,977)

(122,272)

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2022 - lower than the standard rate of corporation tax in the UK) of 23.5% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Loss before tax

(1,198,331)

(770,722)

Corporation tax at standard rate

(281,608)

(146,437)

Effect of expense not deductible in determining taxable profit (tax loss)

213,742

-

Effect of tax losses

-

24,165

Decrease in UK and foreign current tax from adjustment for prior periods

(88,021)

-

Tax increase from effect of capital allowances and depreciation

221

-

Tax increase from effect of adjustment in research and development tax credit

8,689

-

Total tax credit

(146,977)

(122,272)

 

Medloop Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023 (continued)

5

Intangible assets

Intellectual property rights
£

Cost

At 1 January 2023

684,031

At 31 December 2023

684,031

Amortisation

At 1 January 2023

205,209

Amortisation charge

68,403

At 31 December 2023

273,612

Carrying amount

At 31 December 2023

410,419

At 31 December 2022

478,822

6

Property, plant and equipment

Office equipment
£

Computer equipment
£

Total
£

Cost

At 1 January 2023

1,177

5,169

6,346

At 31 December 2023

1,177

5,169

6,346

Depreciation

At 1 January 2023

1,177

3,520

4,697

Charge for the year

-

943

943

At 31 December 2023

1,177

4,463

5,640

Carrying amount

At 31 December 2023

-

706

706

At 31 December 2022

-

1,649

1,649

 

Medloop Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023 (continued)

7

Investments in subsidiary undertaking

2023
£

2022
£

Investments in subsidiary

23,369

23,369

Subsidiaries

£

Cost

At 1 January 2023 and at 31 December 2023

23,369

Carrying amount

At 31 December 2023

23,369

At 31 December 2022

23,369

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Country of incorporation

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Medloop Technologies GmbH

Germany

Ordinary shares

100%

100%

Subsidiary undertakings

Medloop Technologies GmbH

The principal activity of Medloop Technologies GmbH is that of software development.

 

Medloop Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023 (continued)

8

Receivables

2023
£

2022
£

Trade receivables

83,435

124,404

Amounts owed by subsidiary

-

693,223

Other receivables

10,524

3,506

Corporation tax asset

58,956

122,272

Prepayments and accrued income

44,982

125,254

197,897

1,068,659

The amounts owed by subsidiary includes a loan of £nil (2022: £693,223), which bears interest at the rate of 5% (2022: 5%), it is unsecured and payable on demand.
 

9

Cash and cash equivalents

2023
£

2022
£

Cash at bank

490,611

755,922

10

Payables

2023
£

2022
£

Due within one year

Loans and borrowings

343,589

343,589

Trade payables

27,255

51,065

Social security and other taxes

14,701

5,555

Other payables

1

1

Accruals

68,960

208,361

454,506

608,571

The loans and borrowings disclosed as falling within one year is convertible into preferred shares, unsecured, payable no later than 31 October 2024 and bears interest equal to the Euribor 3 months rate plus 4% per annum.

 

Medloop Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023 (continued)

11

Share capital and reserves

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £0.01 each

43,876,200

438,762

43,876,200

438,762

Series 1B Ordinary shares of £0.01 each

420,000

4,200

420,000

4,200

44,296,200

442,962

44,296,200

442,962

Rights, preferences and restrictions:
Ordinary shares have attached to them full voting, dividend and capital distribution (including on winding up) rights, they do not confer any rights of redemption.

Series 1B Ordinary shares carry no rights to attend, speak or vote at general meetings of the company or receive or vote on written resolution of the company, they do not guarantee dividend or capital distributions rights.

Reserves

Retained earnings
The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.

Capital redemption reserve
This is a non-distributable reserve into which amounts are transferred following the redemption or purchase of the company's own shares.

Share premium reserve
The share premium reserve represents premium paid for new shares above their nominal value net of issue costs and bonus share issues. This reserve forms part of the company's non-distributable reserves.

12

Related party transactions

The company is a parent company of a wholly owned subsidiary undertaking and has therefore taken advantage of the provisions of paragraph 1AC.35 of FRS 102 - Small Entities not to disclose transactions with entities that are wholly owned members of its group.

 

Medloop Limited

Notes to the Financial Statements
for the Year Ended 31 December 2023 (continued)

13

Events after the financial period

There have been no significant events between the year end and the date of approval of these financial statements which would require a change to, or disclosure in, the financial statements.