Company Registration No. 02959103 (England and Wales)
Industrial, Medical and Safety Services Limited
Unaudited financial statements
for the year ended 30 September 2024
Pages for filing with the registrar
Industrial, Medical and Safety Services Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
Industrial, Medical and Safety Services Limited
Statement of financial position
As at 30 September 2024
30 September 2024
1
2024
2023
Notes
£
£
£
£
Current assets
Debtors
3
423,811
423,811
Net current assets
423,811
423,811
Capital and reserves
Called up share capital
4
206
206
Capital redemption reserve
34
34
Profit and loss reserves
423,571
423,571
Total equity
423,811
423,811
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.
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.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 25 June 2025 and are signed on its behalf by:
Alexander Goldsmith
Director
Company Registration No. 02959103
Industrial, Medical and Safety Services Limited
Notes to the financial statements
For the year ended 30 September 2024
2
1
Accounting policies
Company information
Industrial, Medical and Safety Services Limited is a private company limited by shares incorporated in England and Wales. The registered office and principal place of business is Medigold House, Queensbridge, Northampton, NN4 7BF. The principal activity of the company is that of a dormant company.
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, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Reporting period
The comparative amounts presented in these financial statements are in respect of the 18 month period to 30 September 2023. The comparative amounts presented (including in the related notes) are not entirely comparable a a result.
1.4
Profit and loss account
The company has not traded during the year or the preceding financial period. During this time, the company received no income and incurred no expenditure and therefore no Profit and loss account is presented in these financial statements.
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 statement of financial position 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, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Industrial, Medical and Safety Services Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies (continued)
3
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the statement of comprehensive income.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in the statement of comprehensive income.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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 from the reporting end date. Otherwise, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities classified as payable within one year are not amortised.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Industrial, Medical and Safety Services Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies (continued)
4
1.7
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
The directors did not receive any remuneration (2023: £nil).
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
423,811
423,811
Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
4
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 12p each
643
643
77
77
Ordinary B shares of 12p each
642
642
77
77
Ordinary C shares of 12p each
215
215
26
26
Ordinary D shares of 12p each
214
214
26
26
1,714
1,714
206
206
The 'A', 'B', 'C' and 'D' ordinary shares allow differing rates of dividends to be declared on each class of share but rank pari passu in all other respects.
Industrial, Medical and Safety Services Limited
Notes to the financial statements (continued)
For the year ended 30 September 2024
5
5
Contingent Liabilities
On 5 July 2022, the company's parent undertaking, Medigold Health Consultancy Limited, completed a refinancing arrangement with HSBC Bank Plc, obtaining a facility of £9,600,000. On the same date, the existing CBILS facility of £4,000,000 was repaid, extinguishing the existing cross-company guarantee.
On 6 March 2023, the terms of the facility with HSBC Bank Plc were revised and the facility extended by £3,000,000. On the same day:
Medigold Health Consultancy Limited issued unsecured loan notes to the value of £9,000.000 to BGF and £1,000,000 to a collective of existing shareholders and associated Goldsmith family members.
The terms of the existing £4,000,000 of loan notes, originally issued to BGF in 2017, were amended and restated to become secured loan notes.
The company is party to the group guarantee and debenture of fixed and floating charges over the assets of the group, provided as security for these facilities.
At the balance sheet date, the balance due in connection with these facilities was £27,624,000.
Subsequent to the year end, Medigold Health Consultancy Limited completed a further refinancing arrangement with HSBC Bank Plc, BGF and a collective of existing shareholders and Goldsmith family members and friends, extending and revising the terms of the existing facilities. The company remains party to the group guarantee and debenture of fixed and floating charges over the assets of the group, provided as security for these facilities.
6
Related party transactions
The company has taken advantage of the exemption available under FRS 102 whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.
7
Controlling party
The parent company of Industrial, Medical and Safety Services Limited is Medigold Health Consultancy Limited.
Medigold Health Consultancy Limited is the parent of the smallest and largest group for which consolidated financial statements are drawn up, of which the company is a member, The registered office of Medigold Health Consultancy Limited is Medigold House, Queensbridge, Northampton, NN4 7BF.
At the reporting date there was no ultimate controlling party.