Company registration number 06249681 (England and Wales)
INTERMED LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE 9 MONTH PERIOD ENDED 31 DECEMBER 2023
INTERMED LIMITED
COMPANY INFORMATION
Directors
X Gao
J Liu
L Moss
T Xiao
Y Zhong
Company number
06249681
Registered office
Abingdon Science Park
Barton Lane
Abingdon
Oxfordshire
OX14 3NB
Auditor
Critchleys Audit LLP
First Floor, Park Central
40-41 Park End Street
Oxford
OX1 1JD
INTERMED LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 16
INTERMED LIMITED
STRATEGIC REPORT
FOR THE 9 MONTH PERIOD ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the 9 month period ended 31 December 2023.

Review of the business

The results for the period ended 31 December 2023 are set out in the statement of comprehensive income. The directors consider the results for the year and the financial position of the company at the year end to be satisfactory in relation to the company's role within the group structure.

Principal risks and uncertainties

The key risk to the business continues to be the ongoing services of group debt and maintaining sufficient cashflow to meet its debt obligations.

Key performance indicators

The directors consider that the key financial performance indicators of the group are those that communicate the financial performance and strength of the group as a whole, these being the relative performance of its investments in subsidiary companies all of which are considered to be performing in line with directors' expectations.

On behalf of the board

X Gao
Director
18 November 2024
INTERMED LIMITED
DIRECTORS' REPORT
FOR THE 9 MONTH PERIOD ENDED 31 DECEMBER 2023
- 2 -

The directors present their annual report and financial statements for the 9 month period ended 31 December 2023.

Principal activities

The principal activity of the company continued to be that of a holding company.

Results and dividends

The results for the 9 month period are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the 9 month period and up to the date of signature of the financial statements were as follows:

X Gao
J Liu
L Moss
T Xiao
Y Zhong
P Worrallo
(Resigned 31 July 2023)
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
X Gao
Director
18 November 2024
INTERMED LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE 9 MONTH PERIOD ENDED 31 DECEMBER 2023
- 3 -

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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:

 

 

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 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.

INTERMED LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF INTERMED LIMITED
- 4 -
Opinion

We have audited the financial statements of Intermed Limited (the 'company') for the 9 month period ended 31 December 2023 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The 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:

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's 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 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 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our 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.

Opinions on other matters prescribed by the Companies Act 2006

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

INTERMED LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF INTERMED LIMITED (CONTINUED)
- 5 -
Matters on which we are required to report by exception

In respect solely of the limitation on our work relating to stock, described above:

 

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 strategic report or 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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.

Auditor's 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 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 financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

INTERMED LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF INTERMED LIMITED (CONTINUED)
- 6 -

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

To address the risk of fraud through management bias and override of controls, we:

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

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: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

INTERMED LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF INTERMED LIMITED (CONTINUED)
- 7 -

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.

Katherine Wilkes
Senior Statutory Auditor
For and on behalf of Critchleys Audit LLP
25 November 2024
Chartered Accountants
Statutory Auditor
First Floor, Park Central
40-41 Park End Street
Oxford
OX1 1JD
INTERMED LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE 9 MONTH PERIOD ENDED 31 DECEMBER 2023
- 8 -
9 months
Year
ended
ended
31 December
31 March
2023
2023
£
£
Turnover
-
-
Administrative expenses
(3,045)
(38)
Loss before taxation
(3,045)
(38)
Tax on loss
-
0
-
0
Loss for the financial 9 month period
(3,045)
(38)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

INTERMED LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE 9 MONTH PERIOD ENDED 31 DECEMBER 2023
- 9 -
9 months
Year
ended
ended
31 December
31 March
2023
2023
£
£
Loss for the 9 month period
(3,045)
(38)
Other comprehensive income
-
-
Total comprehensive income for the 9 month period
(3,045)
(38)
INTERMED LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 10 -
31 December 2023
31 March 2023
Notes
£
£
£
£
Fixed assets
Investments
4
11,256,582
11,256,582
Current assets
Debtors
6
1,070,370
1,073,370
Cash at bank and in hand
20
65
Net current assets
1,070,390
1,073,435
Net assets
12,326,972
12,330,017
Capital and reserves
Called up share capital
7
8,907,415
8,907,415
Share premium account
7,788,431
7,788,431
Other reserves
13,999,689
13,999,689
Profit and loss reserves
(18,368,563)
(18,365,518)
Total equity
12,326,972
12,330,017

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 18 November 2024 and are signed on its behalf by:
X Gao
Director
Company registration number 06249681 (England and Wales)
INTERMED LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE 9 MONTH PERIOD ENDED 31 DECEMBER 2023
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 April 2022
8,907,415
7,788,431
13,999,689
(18,365,480)
12,330,055
Year ended 31 March 2023:
Loss and total comprehensive income
-
-
-
(38)
(38)
Balance at 31 March 2023
8,907,415
7,788,431
13,999,689
(18,365,518)
12,330,017
Period ended 31 December 2023:
Loss and total comprehensive income
-
-
-
(3,045)
(3,045)
Balance at 31 December 2023
8,907,415
7,788,431
13,999,689
(18,368,563)
12,326,972
INTERMED LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 9 MONTH PERIOD ENDED 31 DECEMBER 2023
- 12 -
1
Accounting policies
Company information

Intermed Limited is a private company limited by shares incorporated in England and Wales. The registered office is Abingdon Science Park, Barton Lane, Abingdon, Oxfordshire, OX14 3NB.

1.1
Reporting period

The reporting period is a short 9 month period from 1 April 2023 to 31 December 2023. Therefore comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Financial Reporting Standard 102 - reduced disclosure exemptions

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

 

Exemption form preparing consolidated financial statements

The company is a parent company that is also a subsidiary and have taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Intermed Limited is a wholly owned subsidiary of Medcaptain UK Limited and the results of Intermed Limited are included in the consolidated financial statements of Medcaptain UK Limited which are available from 1-5 Barton Lane, Abingdon Science Park, Abingdon, Oxfordshire, OX14 3NB.

1.3
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

INTERMED LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 9 MONTH PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
1.4
Fixed asset investments

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

 

Investments in subsidiaries are measured at cost less accumulated impairment.

 

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date, Gains and losses on remeasurement are recognised in the Statement comprehensive income for the period. Where the market value cannot be reliably determined, such investments are stated at historic cost less impairment.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

INTERMED LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 9 MONTH PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

INTERMED LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 9 MONTH PERIOD ENDED 31 DECEMBER 2023
- 15 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the 9 month period was:

2023
2023
Number
Number
Total
-
0
-
0
4
Fixed asset investments
2023
2023
Notes
£
£
Investments in subsidiaries
5
11,256,582
11,256,582
5
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Penlon Limited
1-5 Barton Lane, Abingdon Science Park, Abingdon, Oxfordshire, OX14 3NB
Ordinary
100.00
6
Debtors
2023
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,070,370
1,073,370
7
Share capital
2023
2023
2023
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of 1p each
890,741,500
890,741,500
8,907,415
8,907,415
INTERMED LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 9 MONTH PERIOD ENDED 31 DECEMBER 2023
7
Share capital
(Continued)
- 16 -

The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company.

 

The capital contribution held in reserves of £13,999,689 (31 March 2023: £13,999,689) will not be repayable, will not bear interest, and will be the absolute and unfettered property of the Company.

8
Related party transactions

No transactions with related parties were undertaken during the year such as are required to be disclosed under section 33 of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland.

9
Ultimate controlling party

The immediate parent company is Medcaptain UK Limited, a company incorporated in England and Wales. The ultimate controlling party is Medcaptain Medical Technology Limited, a privately owned business domiciled in China.

The following are the parents of the largest and smallest groups in which this company's results are consolidated:

Largest group
Medcaptain Medical Technology Limited
Smallest group
Medcaptain UK Limited
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