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Registration number: 12376018

Medifest Ltd

Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Medifest Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Medifest Ltd

Company Information

Director

Mr MB Taylor

Registered office

34 Boulevard
Weston-super-Mare
North Somerset
BS23 1NF

Accountants

Four Fifty Partnership
Chartered Accountants
34 Boulevard
Weston-super-Mare
North Somerset
BS23 1NF

 

Medifest Ltd

(Registration number: 12376018)
Balance Sheet as at 31 March 2024

Note

31 March
2024
£

31 March
2023
£

Fixed assets

 

Tangible assets

4

26,470

31,733

Current assets

 

Debtors

5

15,460

8,654

Cash at bank and in hand

 

9,246

33,616

 

24,706

42,270

Creditors: Amounts falling due within one year

6

(56,577)

(73,033)

Net current liabilities

 

(31,871)

(30,763)

Net (liabilities)/assets

 

(5,401)

970

Capital and reserves

 

Called up share capital

7

10

10

Retained earnings

(5,411)

960

Shareholders' (deficit)/funds

 

(5,401)

970

 

Medifest Ltd

(Registration number: 12376018)
Balance Sheet as at 31 March 2024

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 21 March 2025
 


Mr MB Taylor
Director

 

Medifest Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
34 Boulevard
Weston-super-Mare
North Somerset
BS23 1NF
United Kingdom

The principal place of business is:
6 West Street
Axbridge
Somerset
BS26 2AD

These financial statements were authorised for issue by the director on 21 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency of the financial statements is Pound Sterling (£).

 

Medifest Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Office equipment

33% straight line

Motor vehicles

15% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Medifest Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

2

Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Medifest Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

2

Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2023 - 9).

 

Medifest Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Office equipment
£

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

5,564

30,225

4,413

40,202

Additions

-

4,932

798

5,730

Disposals

-

(5,160)

-

(5,160)

At 31 March 2024

5,564

29,997

5,211

40,772

Depreciation

At 1 April 2023

2,067

4,534

1,868

8,469

Charge for the year

1,836

3,936

835

6,607

Eliminated on disposal

-

(774)

-

(774)

At 31 March 2024

3,903

7,696

2,703

14,302

Carrying amount

At 31 March 2024

1,661

22,301

2,508

26,470

At 31 March 2023

3,497

25,691

2,545

31,733

5

Debtors

Current

Note

31 March
2024
£

31 March
2023
£

Amounts owed by related parties

8

9,493

-

Prepayments

 

5,967

1,195

Other debtors

 

-

7,459

   

15,460

8,654

 

Medifest Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Creditors

Creditors: amounts falling due within one year

Note

31 March
2024
£

31 March
2023
£

Due within one year

 

Trade creditors

 

11,861

18,135

Amounts owed to group undertakings and undertakings in which the company has a participating interest

8

-

20,072

Taxation and social security

 

14,529

6,621

Accruals and deferred income

 

4,522

2,247

Other creditors

 

25,665

25,958

 

56,577

73,033

7

Share capital

Allotted, called up and fully paid shares

31 March
2024

31 March
2023

No.

£

No.

£

Ordinary shares of £1 each

10

10

10

10

       
 

Medifest Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Related party transactions

Loans to related parties

2024

Entities with joint control or significant influence
£

Total
£

Advanced

35,574

35,574

Repaid

(45,067)

(45,067)

At end of period

(9,493)

(9,493)

2023

Entities with joint control or significant influence
£

Total
£

At start of period

17,429

17,429

Advanced

282

282

Repaid

(17,928)

(17,928)

Interest transactions

217

217

At end of period

-

-

Terms of loans to related parties

This loan in interest free and fully repayable on demand.
 

 

Medifest Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Related party transactions (continued)

Loans from related parties

2024

Other related parties
£

Total
£

At start of period

20,072

20,072

Repaid

(20,574)

(20,574)

Interest transactions

502

502

At end of period

-

-

2023

Other related parties
£

Total
£

Advanced

20,072

20,072

At end of period

20,072

20,072

Terms of loans from related parties

Interest charged is calculated on the balance of the loan during the year at 2.5%.