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Company registration number: 07818365
MDX Healthcare Limited
Unaudited filleted financial statements
31 October 2023
MDX Healthcare Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
MDX Healthcare Limited
Directors and other information
Directors Daniel C Y Cheung
Shuk Han Poon (Resigned 7 April 2023)
Secretary Jeffrey C K Cheung
Company number 07818365
Registered office 2nd Floor
107 Charterhouse Street
London
EC1M 6HW
Accountants Leftley Rowe and Company
2nd Floor
107 Charterhouse Street
London
EC1M 6HW
Bankers Lloyds Bank Plc
77-81 High Street
Chelmsford
Essex
CM1 1DU
MDX Healthcare Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of MDX Healthcare Limited
Year ended 31 October 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of MDX Healthcare Limited for the year ended 31 October 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of MDX Healthcare Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of MDX Healthcare Limited and state those matters that we have agreed to state to the board of directors of MDX Healthcare Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MDX Healthcare Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that MDX Healthcare 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 MDX Healthcare Limited. You consider that MDX Healthcare Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of MDX Healthcare Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Leftley Rowe and Company
Chartered Accountants and Statutory Auditors
2nd Floor
107 Charterhouse Street
London
EC1M 6HW
26 July 2024
MDX Healthcare Limited
Statement of financial position
31 October 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 1,418 6,113
Tangible assets 6 47,867 81,324
Investments 7 359,091 501,151
_______ _______
408,376 588,588
Current assets
Stocks 90,384 101,555
Debtors 8 631,845 853,163
Cash at bank and in hand 270,433 601,969
_______ _______
992,662 1,556,687
Creditors: amounts falling due
within one year 9 ( 375,151) ( 751,316)
_______ _______
Net current assets 617,511 805,371
_______ _______
Total assets less current liabilities 1,025,887 1,393,959
Creditors: amounts falling due
after more than one year 10 ( 74,475) ( 275,528)
_______ _______
Net assets 951,412 1,118,431
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 951,312 1,118,331
_______ _______
Shareholders funds 951,412 1,118,431
_______ _______
For the year 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 year 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 and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 26 July 2024 , and are signed on behalf of the board by:
Daniel C Y Cheung
Director
Company registration number: 07818365
MDX Healthcare Limited
Notes to the financial statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 2nd Floor, 107 Charterhouse Street, London, EC1M 6HW.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in 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 financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, 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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. 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. 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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts 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, except to the extent 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 in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments 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. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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. For all equity instruments regardless of significance, and other financial assets that are individually significant, these 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2022: 6 ).
5. Intangible assets
Goodwill Other intangible assets Total
£ £ £
Cost
At 1 November 2022 and 31 October 2023 872,500 19,191 891,691
_______ _______ _______
Amortisation
At 1 November 2022 872,500 13,078 885,578
Charge for the year - 4,695 4,695
_______ _______ _______
At 31 October 2023 872,500 17,773 890,273
_______ _______ _______
Carrying amount
At 31 October 2023 - 1,418 1,418
_______ _______ _______
At 31 October 2022 - 6,113 6,113
_______ _______ _______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 November 2022 and 31 October 2023 13,549 111,259 85,612 210,420
_______ _______ _______ _______
Depreciation
At 1 November 2022 11,299 79,702 38,095 129,096
Charge for the year 750 16,740 15,967 33,457
_______ _______ _______ _______
At 31 October 2023 12,049 96,442 54,062 162,553
_______ _______ _______ _______
Carrying amount
At 31 October 2023 1,500 14,817 31,550 47,867
_______ _______ _______ _______
At 31 October 2022 2,250 31,557 47,517 81,324
_______ _______ _______ _______
7. Investments
Shares in group undertakings and participating interests Other investments other than loans Total
£ £ £
Cost
At 1 November 2022 and 31 October 2023 432,060 69,091 501,151
_______ _______ _______
Impairment
Impairment loss 142,060 - 142,060
At 1 November 2022 and 31 October 2023 142,060 - 142,060
_______ _______ _______
Carrying amount
At 31 October 2023 290,000 69,091 359,091
_______ _______ _______
At 31 October 2022 432,060 69,091 501,151
_______ _______ _______
8. Debtors
2023 2022
£ £
Trade debtors 103,018 180,764
Amounts owed by group undertakings and undertakings in which the company has a participating interest - 173,223
Other debtors 528,827 499,176
_______ _______
631,845 853,163
_______ _______
9. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 228,093 388,351
Corporation tax 4,588 23,853
Social security and other taxes 17,278 20,999
Other creditors 125,192 318,113
_______ _______
375,151 751,316
_______ _______
10. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other creditors 74,475 275,528
_______ _______
On 12th January 2018, Poon, Shuk Han invested GBP 200,000 in the form of director's loan which is unsecured and subordinated in favour of third party creditors for a period of 5 years from 12th January 2018 to 12th January 2023 with a 2% interest rate per annum.
11. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Daniel C Y Cheung ( 275,528) 201,053 ( 74,475)
Shuk Han Poon ( 200,000) 200,000 -
_______ _______ _______
( 475,528) 401,053 ( 74,475)
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Daniel C Y Cheung ( 266,918) ( 8,610) ( 275,528)
Shuk Han Poon ( 200,000) - ( 200,000)
_______ _______ _______
( 466,918) ( 8,610) ( 475,528)
_______ _______ _______
12. Related party transactions
During the year the company paid rent of £16,000 (2022: £16,000) on the premises rented from D.C.Y.Cheung, a director of the company.
13. Controlling party
In the director's opinion the company is controlled ultimately by D. C. Y. Cheung.