Company registration number 08165245 (England and Wales)
MEDEDGE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
MEDEDGE LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
MEDEDGE LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MEDEDGE LIMITED FOR THE YEAR ENDED 30 JUNE 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Mededge Limited for the year ended 30 June 2024 which comprise, the balance sheet and the 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 https://www.icaew.com/regulation.
This report is made solely to the board of directors of Mededge Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Mededge Limited and state those matters that we have agreed to state to the board of directors of Mededge 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 Mededge Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Mededge 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 profit of Mededge Limited. You consider that Mededge 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 Mededge 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.
Ormerod Rutter Limited
19 December 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
MEDEDGE LIMITED
BALANCE SHEET
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2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,746,975
2,748,727
Investments
4
195,100
195,100
2,942,075
2,943,827
Current assets
Debtors
5
227,117
207,009
Cash at bank and in hand
20,568
28,492
247,685
235,501
Creditors: amounts falling due within one year
6
(275,330)
(273,054)
Net current liabilities
(27,645)
(37,553)
Total assets less current liabilities
2,914,430
2,906,274
Creditors: amounts falling due after more than one year
7
(1,445,884)
(1,451,449)
Net assets
1,468,546
1,454,825
Capital and reserves
Called up share capital
9
400
400
Profit and loss reserves
1,468,146
1,454,425
Total equity
1,468,546
1,454,825
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
MEDEDGE LIMITED
BALANCE SHEET (CONTINUED)
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 19 December 2024
Dr J M Kumar
Director
Company registration number 08165245 (England and Wales)
MEDEDGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
1
Accounting policies
Company information
Mededge Limited is a private company limited by shares incorporated in England and Wales. The registered office is 12 Mead Rise, Birmingham, B15 3SD.
1.1
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 as applicable to companies subject to the small companies regime. 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 financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold property
Not provided
Fixtures and fittings
10% on reducing balance
No depreciation is provided on freehold property. This treatment may be a departure from the requirements of Companies Act 2006 concerning depreciation of fixed assets, however, the company follows a program of regular refurbishment and maintenance of its properties, which includes the reinstatement of the fabric of the buildings where necessary in order to maintain them to a high standard. Accordingly, in the opinion of the director, any element of depreciation would be immaterial and no provision has been made, as the residual value would be in excess of cost.
1.4
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
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.
MEDEDGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
MEDEDGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
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3
Tangible fixed assets
Freehold property
Fixtures and fittings
Total
£
£
£
Cost
At 1 July 2023
2,672,257
123,312
2,795,568
Additions
6,103
6,103
At 30 June 2024
2,672,257
129,414
2,801,671
Depreciation and impairment
At 1 July 2023
46,842
46,841
Depreciation charged in the year
7,855
7,855
At 30 June 2024
54,696
54,696
Carrying amount
At 30 June 2024
2,672,257
74,718
2,746,975
At 30 June 2023
2,672,257
76,470
2,748,727
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
195,100
195,100
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
151,528
151,528
Other debtors
36,907
17,795
188,435
169,323
Deferred tax asset
38,682
37,686
227,117
207,009
MEDEDGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
5,660
5,664
Amounts owed to group undertakings and undertakings in which the company has a participating interest
267,184
265,087
Other creditors
2,486
2,303
275,330
273,054
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,445,884
1,451,449
8
Secured debts
The following secured debts are included within creditors:
2024
2023
£
£
Bank loans
1,451,544
1,457,113
Bank loans are secured by way of a fixed and floating charge over all assets of the company.
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
100
100
100
100
Ordinary B of £1 each
100
100
100
100
Ordinary C of £1 each
100
100
100
100
Ordinary D of £1 each
100
100
100
100
400
400
400
400
10
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
11
Ultimate controlling party
There is no ultimate controlling party.