Company registration number 05910680 (England and Wales)
MEDI INNS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
MEDI INNS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
MEDI INNS LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MEDI INNS 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 Medi Inns 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 Medi Inns 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 Medi Inns Limited and state those matters that we have agreed to state to the board of directors of Medi Inns 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 Medi Inns Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Medi Inns 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 loss of Medi Inns Limited. You consider that Medi Inns 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 Medi Inns 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
MEDI INNS LIMITED
BALANCE SHEET
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2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
12,796
15,054
Current assets
Debtors
4
217,564
215,844
Cash at bank and in hand
9,993
13,208
227,557
229,052
Creditors: amounts falling due within one year
5
(183,980)
(164,937)
Net current assets
43,577
64,115
Total assets less current liabilities
56,373
79,169
Creditors: amounts falling due after more than one year
6
(60,928)
(74,925)
Provisions for liabilities
8
(2,060)
(2,421)
Net (liabilities)/assets
(6,615)
1,823
Capital and reserves
Called up share capital
9
101
101
Profit and loss reserves
(6,716)
1,722
Total equity
(6,615)
1,823
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.
MEDI INNS 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 05910680 (England and Wales)
MEDI INNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
1
Accounting policies
Company information
Medi Inns Limited is a private company limited by shares incorporated in England and Wales. The registered office is 12 Mead Rise, Edgbaston, Birmingham, West Midlands, 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.
1.2
Going concern
These financial statements have been drawn up on the going concern basis. If the going concern basis were not appropriate, adjustments would have been made to reduce assets to recoverable amounts, to provide for any further liabilities that might arise, and to re-classify fixed assets as current assets and long term liabilities as current liabilities.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.
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.
1.4
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:
Fixtures and fittings
15% on reducing balance
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.
MEDI INNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
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.
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
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 July 2023 and 30 June 2024
132,647
Depreciation and impairment
At 1 July 2023
117,593
Depreciation charged in the year
2,258
At 30 June 2024
119,851
Carrying amount
At 30 June 2024
12,796
At 30 June 2023
15,054
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
217,564
215,844
MEDI INNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
14,084
14,089
Trade creditors
31,048
25,621
Amounts owed to group undertakings
71,315
63,706
Taxation and social security
46,036
38,885
Other creditors
21,497
22,636
183,980
164,937
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
60,928
74,925
7
Secured debts
The following secured debts are included within creditors:
2024
2023
£
£
Bank loans
75,012
89,014
Bank loans are secured by way of a fixed and floating charge over all assets of the company and by way of a goverment-backed guarantee.
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
2,060
2,421
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
1
1
1
1
101
101
101
101
MEDI INNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
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
Control
Ultimate parent company
The ultimate parent company is Mededge Limited, a company registered in England and Wales.
Ultimate controlling party
The is no ultimate controlling party, by virtue of there being no controlling interest in the ultimate parent company.