Registered number
09904280
MEDSOLUTIONS (EUROPE) LIMITED
Filleted Accounts
31 March 2024
MEDSOLUTIONS (EUROPE) LIMITED
Registered number: 09904280
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Current assets
Debtors 4 246,396 15,995
Cash at bank and in hand 8,380 440
254,776 16,435
Creditors: amounts falling due within one year 5 (155,787) (153,177)
Net current assets/(liabilities) 98,989 (136,742)
Net assets/(liabilities) 98,989 (136,742)
Capital and reserves
Called up share capital 200 200
Profit and loss account 98,789 (136,942)
Shareholders' funds 98,989 (136,742)
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Dr Amrut Naik
Director
Approved by the board on 19 February 2025
MEDSOLUTIONS (EUROPE) LIMITED
Notes to the Accounts
for the period from 7 November 2023 to 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Changes in the accounting reference dates
During the year, the company changed its accounting reference date from 6 Novemeber to 31 March. As a result, the current financial statements cover a 5-month period from 7 November 2023 to 31 March 2024. The comparative figures cover a 10-month period from 1 January 2023 to 6 November 2023.
Going concern
The financial statements have been prepared on a going concern basis. The directors have assessed the company’s financial position and performance and have concluded that there are no material uncertainties that may cast significant doubt on the company’s ability to continue as a going concern for the foreseeable future. Accordingly, the directors believe that the going concern basis of accounting is appropriate.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Research and development
Research and development expenditure is written off to the profit and loss account in the year in which it is incurred.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Audit information
The audit report is unqualified.
Senior statutory auditor: Devender Arora ACA
Firm: The Corporate Practice Limited
Date of audit report: 19 February 2025
3 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
4 Debtors 2024 2023
£ £
Trade debtors 212,598 -
Amounts owed by group undertakings and undertakings in which the company has a participating interest 4,318 -
Deferred tax asset 29,280 -
Other debtors 200 15,995
246,396 15,995
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors - 4,770
Amounts owed to group undertakings and undertakings in which the company has a participating interest 148,987 -
Other creditors 6,800 148,407
155,787 153,177
6 Events after the reporting date
The directors confirm that there have been no significant events occurring after the balance sheet date that would require adjustment or disclosure in the financial statements.
7 Related party transactions
In accordance with Financial Reporting Standard 102 (FRS 102), the company has disclosed all related party transactions. Transactions with wholly-owned group members have been exempted from disclosure as permitted by paragraph 33.1A of FRS 102.
8 Controlling party
Zydus Pharmaceuticals UK Limited is the controlling party.
9 Other information
MEDSOLUTIONS (EUROPE) LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Sandretto Building
Cavalry Hill Industrial Park
Weedon
Northampton
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