Company registration number 08282625 (England and Wales)
MEDSERENA UPRIGHT MRI LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
MEDSERENA UPRIGHT MRI LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
MEDSERENA UPRIGHT MRI LTD
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
5
1,908,195
1,741,487
Cash at bank and in hand
776
48,955
1,908,971
1,790,442
Creditors: amounts falling due within one year
6
(194,302)
(178,082)
Net current assets
1,714,669
1,612,360
Creditors: amounts falling due after more than one year
7
(20,834)
(70,834)
Net assets
1,693,835
1,541,526
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
1,693,834
1,541,525
Total equity
1,693,835
1,541,526

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 26 February 2025 and are signed on its behalf by:
J Hyka
Director
Company registration number 08282625 (England and Wales)
MEDSERENA UPRIGHT MRI LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

Medserena Upright MRI Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 114a Cromwell Road, Kensington, London, SW7 4ES.

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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.

1.2
Turnover

Turnover represents amounts receivable for the provision of MRI scans and other related services from an upright scanner and is recognised as soon as those services are provided and invoiced.

1.3
Tangible fixed assets

Tangible fixed assets are measured at cost 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:

Computer equipment
3 Years - Straight Line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

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 debtors, cash and bank balances and amounts due from fellow group companies are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

MEDSERENA UPRIGHT MRI LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and amounts due to fellow group companies are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction price.

1.6
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
17
16
MEDSERENA UPRIGHT MRI LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2024
14,690
Disposals
(14,690)
At 31 December 2024
-
0
Depreciation and impairment
At 1 January 2024
14,690
Eliminated in respect of disposals
(14,690)
At 31 December 2024
-
0
Carrying amount
At 31 December 2024
-
0
At 31 December 2023
-
0
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
333,657
285,789
Amounts owed by group undertakings
1,560,722
1,449,908
Other debtors
13,816
5,790
1,908,195
1,741,487
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
50,000
50,000
Trade creditors
111,508
93,222
Taxation and social security
15,776
19,057
Other creditors
17,018
15,803
194,302
178,082
MEDSERENA UPRIGHT MRI LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loan
20,834
70,834

The company took out a CBILS loan in 2020 with repayments over five years starting only in May 2021, no interest being charged till that date.

8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary Share of £1
1
1
1
1
9
Parent company
Medserena Upright MRI Limited is a wholly owned subsidiary of Medserena Limited, a company incorporated in England & Wales. The ultimate parent company is Medserena AG, a company incorporated in Germany.
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