Caseware UK (AP4) 2023.0.135 2023.0.135 The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-05-01falseNo description of principal activity22truetruefalse 09813280 2023-05-01 2024-04-30 09813280 2022-05-01 2023-04-30 09813280 2024-04-30 09813280 2023-04-30 09813280 c:Director1 2023-05-01 2024-04-30 09813280 c:RegisteredOffice 2023-05-01 2024-04-30 09813280 d:Buildings d:ShortLeaseholdAssets 2023-05-01 2024-04-30 09813280 d:Buildings d:ShortLeaseholdAssets 2024-04-30 09813280 d:Buildings d:ShortLeaseholdAssets 2023-04-30 09813280 d:FurnitureFittings 2023-05-01 2024-04-30 09813280 d:FurnitureFittings 2024-04-30 09813280 d:FurnitureFittings 2023-04-30 09813280 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 09813280 d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 09813280 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 09813280 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 09813280 d:ShareCapital 2024-04-30 09813280 d:ShareCapital 2023-04-30 09813280 d:RetainedEarningsAccumulatedLosses 2024-04-30 09813280 d:RetainedEarningsAccumulatedLosses 2023-04-30 09813280 c:OrdinaryShareClass1 2023-05-01 2024-04-30 09813280 c:OrdinaryShareClass1 2024-04-30 09813280 c:OrdinaryShareClass1 2023-04-30 09813280 c:FRS102 2023-05-01 2024-04-30 09813280 c:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 09813280 c:AbridgedAccounts 2023-05-01 2024-04-30 09813280 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 09813280 2 2023-05-01 2024-04-30 09813280 e:PoundSterling 2023-05-01 2024-04-30 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 09813280










MEDFOODCO LTD

Unaudited
Financial statements
Information for filing with the registrar
For the year ended 30 April 2024

 
MEDFOODCO LTD
 

Company Information


Director
Faruk Gunay 




Registered number
09813280



Registered office
494 Glossop Road
Broomhill

Sheffield

S10 2QA





 
MEDFOODCO LTD
Registered number: 09813280

Balance sheet
As at 30 April 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
3,146
4,326

  
3,146
4,326

Current assets
  

Stocks
  
500
500

Debtors
  
-
355

Cash at bank and in hand
  
11,647
23,293

  
12,147
24,148

Creditors: amounts falling due within one year
  
(16,546)
(19,208)

Net current (liabilities)/assets
  
 
 
(4,399)
 
 
4,940

Net (liabilities)/assets
  
(1,253)
9,266


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
(1,255)
9,264

  
(1,253)
9,266


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 January 2025.






Faruk Gunay
Director

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 
MEDFOODCO LTD
 

 
Notes to the financial statements
For the year ended 30 April 2024

1.


General information

MedFoodCo Limited is a private company limited by shares incorporated in England within the United Kingdom.  The address of the registered office is given in the company information page of these financial statements.
The financial statements are presented in sterling which is the functional currency of the company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 2

 
MEDFOODCO LTD
 

 
Notes to the financial statements
For the year ended 30 April 2024

2.Accounting policies (continued)

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
10%
Fixtures and fittings
-
15%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 3

 
MEDFOODCO LTD
 

 
Notes to the financial statements
For the year ended 30 April 2024

2.Accounting policies (continued)

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 -2).

Page 4

 
MEDFOODCO LTD
 

 
Notes to the financial statements
For the year ended 30 April 2024

4.


Tangible fixed assets





Short-term leasehold property
Fixtures, fittings and equipment
Total

£
£
£



Cost or valuation


At 1 May 2023
3,331
15,068
18,399



At 30 April 2024

3,331
15,068
18,399



Depreciation


At 1 May 2023
2,331
11,742
14,073


Charge for the year on owned assets
333
847
1,180



At 30 April 2024

2,664
12,589
15,253



Net book value



At 30 April 2024
667
2,479
3,146



At 30 April 2023
1,000
3,326
4,326


5.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2 (2023 -2) Ordinary shares of £1.00 each
2
2



6.


Related party transactions

Included in other creditors is a loan from a Director of in the sum of £320 (2023 £73). The loan is unsecured, interest free and repayable on demand.


Page 5