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Registration number: 09054312

Medaco Limited

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 December 2024

 

Medaco Limited

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 6

 

Medaco Limited

(Registration number: 09054312)
Abridged Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

224,157

266,157

Tangible assets

5

401,561

512,203

 

625,718

778,360

Current assets

 

Stocks

592,776

573,971

Debtors

862,310

922,381

Cash at bank and in hand

 

584,791

666,859

 

2,039,877

2,163,211

Creditors: Amounts falling due within one year

(879,726)

(1,383,145)

Net current assets

 

1,160,151

780,066

Total assets less current liabilities

 

1,785,869

1,558,426

Creditors: Amounts falling due after more than one year

(26,835)

(104,708)

Provisions for liabilities

(282,196)

(106,442)

Net assets

 

1,476,838

1,347,276

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

1,476,738

1,347,176

Total equity

 

1,476,838

1,347,276

 

Medaco Limited

(Registration number: 09054312)
Abridged Balance Sheet as at 31 December 2024

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

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 directors acknowledge their 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

All of the Company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 12 May 2025 and signed on its behalf by:
 

J P Smallridge

Director

 

Medaco Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales (Registered number: 09054312).

The address of its registered office is:
Unit 109 Longmead Road
Emerald Park East
Emersons Green
Bristol
BS16 7FG

These financial statements were authorised for issue by the Board on 12 May 2025.

2

Accounting policies

Statement of compliance

These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged 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.

Changes in accounting estimate

Goodwill amortisation

During the current financial year, the company reviewed the estimated useful life of its goodwill. As a result of this review, the amortisation rate applied to goodwill has been revised from 4% to 10% per annum. This change reflects updated expectations regarding the period over which the economic benefits of the goodwill are expected to be realised.

The effect of this change in estimate has been recognised prospectively from the date of revision. Consequently, the amortisation charge for the current year has increased by £25,200, compared to what it would have been under the previous rate. This adjustment has been accounted for in accordance with the company's accounting policies and relevant accounting standards.

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 the future economic benefits will flow into the entity, and specific criteria have been met for each of the company activities.

Tax

The tax expense for the period comprises current and deferred 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 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.

 

Medaco Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2024

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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

Fixtures and fittings

25% reducing balance

Motor vehicles

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

Other intangibles

33% straight line

Leasehold improvements

33% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Medaco Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2024

Provisions

Provisions are recognised when the Company has an obligation at the reporting date as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 54 (2023 - 60).

4

Intangible assets

Total
£

Cost or valuation

At 1 January 2024

578,692

At 31 December 2024

578,692

Amortisation

At 1 January 2024

312,535

Amortisation charge

42,000

At 31 December 2024

354,535

Carrying amount

At 31 December 2024

224,157

At 31 December 2023

266,157

 

Medaco Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2024

5

Tangible assets

Total
£

Cost or valuation

At 1 January 2024

740,944

Additions

25,000

Disposals

(14,021)

At 31 December 2024

751,923

Depreciation

At 1 January 2024

228,742

Charge for the year

127,404

Eliminated on disposal

(5,784)

At 31 December 2024

350,362

Carrying amount

At 31 December 2024

401,561

At 31 December 2023

512,203

6

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £78,880 (2023 - £48,960).

7

Related party transactions

Advances to directors

Summary of transactions with other related parties


During the period, shareholders of the parent company went overdrawn on their respective loan accounts. The maximum overdrawn balance during the year was £196,187 (2023 - £84,312). At the year end the amount outstanding from the shareholders was £187,663 (2023 - £57,884). Interest has been charged at commercial rates and the balances are repayable on demand.

 

8

Parent and ultimate parent undertaking

The company's immediate parent is Medaco Holdings Limited, incorporated in England & Wales.