Company registration number 04504403 (England and Wales)
MEDICYS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
MEDICYS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
MEDICYS LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
21,560
26,633
Investments
4
899,194
799,194
920,754
825,827
Current assets
Debtors
6
1,001,772
1,186,588
Investments
7
4,228,505
3,674,591
Cash at bank and in hand
2,274,632
1,964,391
7,504,909
6,825,570
Creditors: amounts falling due within one year
8
(223,393)
(217,049)
Net current assets
7,281,516
6,608,521
Total assets less current liabilities
8,202,270
7,434,348
Provisions for liabilities
(270,355)
(150,491)
Net assets
7,931,915
7,283,857
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
7,931,815
7,283,757
Total equity
7,931,915
7,283,857
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 31 July 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.
MEDICYS LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 22 April 2025
Mr F J R Desbuquois
Director
Company registration number 04504403 (England and Wales)
MEDICYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
1
Accounting policies
Company information
Medicys Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor, Medway Bridge House, 1 - 8 Fairmeadow, Maidstone, Kent, ME14 1JP. The principal place of business is 152 Staplehurst Road, Sittingbourne, Kent, ME10 1QZ.
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.
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 represents revenue earned for services provided to clients. Revenue is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for its performance under those contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including recoverable expenses, but excluding Value Added Tax.
Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of the work performed. Revenue not billed to clients is included in other debtors.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.4
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
15% reducing balance and 33% straight line
1.5
Financial instruments
The company has elected to apply the recognition and measurement 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.
MEDICYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.
Other financial assets
Other financial assets are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss.
Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price.
1.6
Taxation
The tax expense represents the sum of the tax currently payable or receivable and deferred tax.
Current tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet 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.
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
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
34
34
MEDICYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2023
133,663
Additions
8,501
At 31 July 2024
142,164
Depreciation and impairment
At 1 August 2023
107,030
Depreciation charged in the year
13,574
At 31 July 2024
120,604
Carrying amount
At 31 July 2024
21,560
At 31 July 2023
26,633
4
Fixed asset investments
2024
2023
£
£
Other fixed asset investments
899,194
799,194
Other fixed asset investments represent holdings of 1,415,034 Ordinary shares and 532,037 A Ordinary shares in Measure Protocol Limited. Additions amounting to £100,000 represent the acquisition of convertible loan notes, which include the right to acquire shares at a future date, but by 6 April 2026.
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 August 2023
799,194
Additions
100,000
At 31 July 2024
899,194
Carrying amount
At 31 July 2024
899,194
At 31 July 2023
799,194
MEDICYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 6 -
5
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
4,228,505
3,674,591
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
806,248
858,230
Amounts owed by group undertakings
12,750
Other debtors
182,774
328,358
1,001,772
1,186,588
Other debtors includes an amount of £2,160 (2023 - £nil) due to the company from the director.
7
Current asset investments
2024
2023
£
£
Other investments
4,228,505
3,674,591
Other investments are held in an investment portfolio which is managed by the company's Financial Planners. The investments are included in the financial statements at fair value which was determined by reference to valuations produced by the investment managers.
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
36,944
107,760
Taxation and social security
123,920
68,243
Other creditors
62,529
41,046
223,393
217,049
9
Financial commitments, guarantees and contingent liabilities
The company has provided a guarantee in respect of payments due under a lease of the premises occupied by The Conservatory (Central) Limited, a subsidiary undertaking.
MEDICYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 7 -
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
57,500
87,500
The lease commitment relates to rent payable to July 2026 in respect of a property occupied by the company.
11
Related party transactions
The following amounts were recognised in the period in respect of bad and doubtful debts due from related parties:
2024
2023
£
£
Entities over which the entity has control, joint control or significant influence
87,400
272,840
12
Directors' transactions
During the year, the company made advances totalling £2,160 (2023 - £80) to the director.