Registered number |
Registered number: | |||||||
Balance Sheet | |||||||
as at |
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Notes | 2023 | 2022 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Intangible assets | 3 | - | |||||
Tangible assets | 4 | ||||||
Investments | 5 | ||||||
Current assets | |||||||
Debtors | 6 | ||||||
Cash at bank and in hand | |||||||
Creditors: amounts falling due within one year | 7 | ( |
( |
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Net current liabilities | ( |
( |
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Net liabilities | ( |
( |
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Capital and reserves | |||||||
Called up share capital | |||||||
Profit and loss account | ( |
( |
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Shareholders' funds | ( |
( |
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Mr Abdullah Albeyatti | |||||||
Director | |||||||
Approved by the board on |
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Notes to the Accounts | ||||||||
for the year ended |
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1 | Accounting policies | |||||||
Basis of preparation | ||||||||
Turnover | ||||||||
Intangible fixed assets | ||||||||
During the year, the company lost its contract with the NHS, which was a significant source of revenue. Despite this development, the directors have carefully assessed the carrying value of the website and software under development. The directors are of the opinion that these intangible assets are now obsolete due to the loss of the contract and the lack of foreseeable use or revenue generation potential. As a result, the full carrying amounts of the website and software have been written off during the year. This write-off reflects the directors’ commitment to ensuring that the financial statements present a true and fair view of the company’s financial position in line with applicable accounting standards. |
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Tangible fixed assets | ||||||||
Office equipment | 33.33% at reducing balance method. | |||||||
Leasehold improvements | 33.33% at reducing balance method. | |||||||
Investments | ||||||||
The company invested £1,080,000 into a related party company with the purpose of having this amount directly invested into Blippar.com. Subsequently, Blippar.com entered liquidation, resulting in the complete loss of the invested amount. As the value of the investment became nil, the related party company cancelled the shares issued against this investment, reflecting the loss in full. This loss has been fully recognised in the financial statements for the year, ensuring the company’s financial position is presented fairly in accordance with applicable accounting standards. |
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Going Concern | ||||||||
During the year, the company lost its NHS contract, which was its primary source of revenue, with no prospects of securing alternative revenue streams in the foreseeable future. In addition, the company’s investment of £1,080,000 became worthless following the liquidation of Blippar.com, and the website and software under development have been written off due to obsolescence. Furthermore, the company is facing mounting debts payable to its parent company, which it appears unable to repay under current circumstances. Given these factors, the directors acknowledge that the company is insolvent, and there is material uncertainty regarding its ability to continue as a going concern. As a result, the financial statements have been prepared on a basis other than going concern, reflecting the company’s current financial position. |
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Debtors | ||||||||
Creditors | ||||||||
Taxation | ||||||||
Provisions | ||||||||
Foreign currency translation | ||||||||
Leased assets | ||||||||
Impairment of non-financial asset | ||||||||
At the end of each reporting period, the Company assesses whether there is any indication that an asset may be impaired. The assessment will include the consideration of external and internal sources of information. If such an indication exists, an impairment test is carried out on the asset by comparing the recoverable amount of the asset, being the higher of the asset's fair value less costs to sell and value in use to the asset's carrying value. Value in use is calculated by discounting the estimated future cash flows of the asset at a pre-tax discount rate reflected the specific risks in the asset. Any excess of the asset's carrying value over its recoverable amount is expensed to the Income statement. Impairment testing is performed annually for intangible assets and indefinite lives. Assets that have an allocated impairment loss are reviewed for reversal indicators at the end of each reporting period. After recognition of an impairment loss, the amortisation charge for the asset is adjusted in future periods to allocate the asset's revised carrying amount on a systematic basis over its remaining useful life. Impairment losses are recognised as an expense immediately. |
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Pensions | ||||||||
2 | Employees | 2023 | 2022 | |||||
Number | Number | |||||||
Average number of persons employed by the company | ||||||||
3 | Intangible fixed assets | £ | ||||||
WIP & Website: | ||||||||
Cost | ||||||||
At 1 January 2023 | ||||||||
At 31 December 2023 | ||||||||
Amortisation | ||||||||
Provided during the year | ||||||||
At 31 December 2023 | ||||||||
Net book value | ||||||||
At 31 December 2023 | - | |||||||
At 31 December 2022 | ||||||||
During the year, the company lost its contract with the NHS, which was a significant source of revenue. Despite this development, the directors have carefully assessed the carrying value of the website and software under development. The directors are of the opinion that these intangible assets are now obsolete due to the loss of the contract and the lack of foreseeable use or revenue generation potential. As a result, the full carrying amounts of the website and software have been written off during the year. This write-off reflects the directors’ commitment to ensuring that the financial statements present a true and fair view of the company’s financial position in line with applicable accounting standards. |
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4 | Tangible fixed assets | |||||||
Plant and machinery etc | ||||||||
£ | ||||||||
Cost | ||||||||
At 1 January 2023 | ||||||||
Additions | ||||||||
At 31 December 2023 | ||||||||
Depreciation | ||||||||
At 1 January 2023 | ||||||||
Charge for the year | ||||||||
At 31 December 2023 | ||||||||
Net book value | ||||||||
At 31 December 2023 | ||||||||
At 31 December 2022 | ||||||||
5 | Investments | |||||||
Other | ||||||||
investments | ||||||||
£ | ||||||||
Cost | ||||||||
At 1 January 2023 | ||||||||
Disposals | ( |
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At 31 December 2023 | ||||||||
Historical cost | ||||||||
At 1 January 2023 | 1,332,627 | |||||||
At 31 December 2023 | 252,627 | |||||||
6 | Debtors | 2023 | 2022 | |||||
£ | £ | |||||||
Trade debtors | - | |||||||
Other debtors | ||||||||
7 | Creditors: amounts falling due within one year | 2023 | 2022 | |||||
£ | £ | |||||||
Trade creditors | ||||||||
Due to related parties | ||||||||
Taxation and social security costs | ||||||||
8 | Annual Leave provision | 2023 | 2022 | |||||
£ | £ | |||||||
At 1 January 2023 | 28,161 | - | ||||||
Utilised during the year | (28,161) | - | ||||||
Additional provisions | - | - | ||||||
At 31 December 2023 | - | - | ||||||
8 | Related party transactions | |||||||
As at 31 December 2023, the company was owed £79,000 from another related party company (£78,500:2022). The amount is interest free and repayable om demand. As at 31 December 2023, the company owed £3,734,738 (£2,357,568: 2022) to the related parties which is repayable on demand and have attracted no interest during the period. As at 31 December 2023, the company owed £43,202 to the directors (£0:2023). The amount is interest free and repayable om demand. As at 31 December 2023, the company was owed £331,113 from another related party company (£358,849:2023). The amount is interest free and repayable om demand. The company invested £1,080,000 into a related party company with the purpose of having this amount directly invested into Blippar.com. Subsequently, Blippar.com entered liquidation, resulting in the complete loss of the invested amount. As the value of the investment became nil, the related party company cancelled the shares issued against this investment, reflecting the loss in full. This loss has been fully recognised in the financial statements for the year, ensuring the company’s financial position is presented fairly in accordance with applicable accounting standards. |
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9 | Controlling party | |||||||
10 | Other information | |||||||
Medicalchain.com Limited is a private company limited by shares and incorporated in England. Its registered office is: | ||||||||
49 Grosvenor Street | ||||||||
London | ||||||||
W1K 3HP |