Caseware UK (AP4) 2024.0.164 2024.0.164 2023-12-312023-12-312025-05-15122023-01-01falseNo description of principal activity14truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12559664 2023-01-01 2023-12-31 12559664 2022-01-01 2022-12-31 12559664 2023-12-31 12559664 2022-12-31 12559664 c:Director1 2023-01-01 2023-12-31 12559664 c:RegisteredOffice 2023-01-01 2023-12-31 12559664 d:PlantMachinery 2023-01-01 2023-12-31 12559664 d:PlantMachinery 2023-12-31 12559664 d:PlantMachinery 2022-12-31 12559664 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 12559664 d:MotorVehicles 2023-01-01 2023-12-31 12559664 d:MotorVehicles 2023-12-31 12559664 d:MotorVehicles 2022-12-31 12559664 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 12559664 d:FurnitureFittings 2023-01-01 2023-12-31 12559664 d:OfficeEquipment 2023-01-01 2023-12-31 12559664 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 12559664 d:CurrentFinancialInstruments 2023-12-31 12559664 d:CurrentFinancialInstruments 2022-12-31 12559664 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 12559664 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 12559664 d:ShareCapital 2023-12-31 12559664 d:ShareCapital 2022-12-31 12559664 d:RetainedEarningsAccumulatedLosses 2023-12-31 12559664 d:RetainedEarningsAccumulatedLosses 2022-12-31 12559664 c:FRS102 2023-01-01 2023-12-31 12559664 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 12559664 c:FullAccounts 2023-01-01 2023-12-31 12559664 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 12559664 6 2023-01-01 2023-12-31 12559664 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Registered number: 12559664 (England & Wales)



 






MEDITRADE UK LTD.


DIRECTOR'S REPORT AND UNAUDITED FINANCIAL STATEMENTS


FOR THE YEAR ENDED 
31 DECEMBER 2023





Pages for Filing with Registrar


























 
MEDITRADE UK LTD.
 

CONTENTS



Page
Company Information
 
1
Balance Sheet
 
2 - 3
Notes to the Financial Statements
 
4 - 9



 
MEDITRADE UK LTD.
 
 
COMPANY INFORMATION


Director
Maximilian Roesner 




Registered number
12559664



Registered office
120 Pall Mall

London

SW1Y 5EA




1 -


 
Registered number: 12559664 (England & Wales)
MEDITRADE UK LTD.


BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible fixed assets
 5 
35,156
60,998

Investments
 6 
463,206
463,206

  
498,362
524,204

Current assets
  

Stocks
  
1,310,987
1,653,745

Debtors
 7 
926,189
405,218

Cash at bank and in hand
  
346,535
289,242

  
2,583,711
2,348,205

Creditors: amounts falling due within one year
 8 
(1,458,972)
(444,359)

Net current assets
  
 
 
1,124,739
 
 
1,903,846

Net assets
  
1,623,101
2,428,050


Capital and reserves
  

Called up share capital 
  9
2,000,000
2,000,000

Profit and loss account
  
(376,899)
428,050

  
1,623,101
2,428,050


2 -


 
Registered number: 12559664 (England & Wales)
MEDITRADE UK LTD.

    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and the members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the Directors' Report and Profit and Loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the director: 




................................................
Maximilian Roesner
Director

Date: 15 May 2025

The notes on pages 4 to 9 form part of these financial statements.

3 -


 
MEDITRADE UK LTD.
 
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Meditrade UK Ltd. is a private company, limited by share capital and incorporated in England and Wales, registered number 12559664. The address of the registered office is 120 Pall Mall, London SW1Y 5EA.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A - small entities of Financial Reporting Standard 102, the 'Financial Reporting Standard applicable in the UK and the Republic of Ireland' ('FRS 102') and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis. In assessing going concern, the director has considered the forecast for working capital requirements and future financing activities for a period of twelve months from the date of the approval of the financial statements. It is the view of the director that the company has sufficient capital to sustain the company's current loss-making position for a period of at least twelve months. Accordingly, the director believes the financial statements should be prepared on the going concern basis.

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Operating leases

Rentals paid under operating leases are charged to the Profit and Loss Account on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

4 -


 
MEDITRADE UK LTD.
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period-end, foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Profit and Loss Account.

Foreign exchange gains and losses are presented in the Profit and Loss Account within administrative expenses.

  
2.6

Taxation

Tax is recognised in the Profit and Loss Account.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income. 

 
2.7

Tangible fixed assets

Tangible fixed assets are held under the cost model and are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
per annum
Motor vehicles
-
25%
per annum
Fixtures and fittings
-
25%
per annum
Office equipment
-
33%
per annum

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Profit and Loss Account.

5 -


 
MEDITRADE UK LTD.
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Investments in subsidiaries

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Profit and Loss Account.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.11

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price.

 
2.13

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in the Profit and Loss Account when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.14

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors and loans to and from related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

6 -


 
MEDITRADE UK LTD.
 
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Employees

The average monthly number of employees, including the director, during the year was 14 (2022 - 12).


4.


Taxation



Factors affecting tax charge for the year

There is no liability to tax for the year due to the loss before tax for the year.


Factors that may affect future tax charges

The company has losses amounting to approximately £959,000 (2022 - £177,000) available to carry forward against future trading profits. The headline rate of corporation tax increased to 25% from 1 April 2023. Therefore, the deferred tax asset relating to the losses carried forward has been calculated at the rate of 25%. At 31 December 2023, the deferred tax asset amounted to approximately £240,000 (2022 - £44,000). The deferred tax asset has not been recognised in these financial statements due to uncertainty over the timing of recoverability of the asset.


5.


Tangible fixed assets





Plant and machinery etc.
Motor vehicles
Total

£
£
£



Cost


At 1 January 2023
73,817
34,938
108,755


Additions
2,130
-
2,130



At 31 December 2023

75,947
34,938
110,885



Depreciation


At 1 January 2023
36,852
10,905
47,757


Charge for the year
19,238
8,734
27,972



At 31 December 2023

56,090
19,639
75,729



Net book value



At 31 December 2023
19,857
15,299
35,156



At 31 December 2022
36,965
24,033
60,998

7 -


 
MEDITRADE UK LTD.
 
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 January 2023
463,206



At 31 December 2023
463,206





7.


Debtors

2023
2022
£
£

Trade debtors
725,526
242,760

Other debtors
200,663
162,458

926,189
405,218



8.


Creditors: amounts falling due within one year

2023
2022
£
£

Trade creditors
800,212
192,402

Corporation tax
3,058
-

Other taxation and social security
609,558
195,948

Other creditors
46,144
56,009

1,458,972
444,359



9.


Share capital

In August 2024, the company issued 250,000 ordinary shares of £1 each at par value.


10.


Commitments under operating leases

At 31 December 2023 the company had future minimum lease payments due under non-cancellable operating leases
amounting to £401,043 (2022 - £97,983).

8 -


 
MEDITRADE UK LTD.
 
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Related party transactions

During 2022, £17,002 was advanced to the director. The total balance advanced to the director was repaid during 2022. At 31 December 2023, the balance due from the director amounted to £nil (2022 - £nil).



9 -