Company Registration No. 11813151 (England and Wales)
Medisonal Ltd
Unaudited accounts
for the period from 1 March 2024 to 30 September 2024
Medisonal Ltd
Unaudited accounts
Contents
Medisonal Ltd
Company Information
for the period from 1 March 2024 to 30 September 2024
Directors
Lloyd Michaels
Andrea Bai Badino
Sharon Clift
Hana Salussolia
Carl Woolf
Donald William Featherstone
Company Number
11813151 (England and Wales)
Registered Office
55-56 Russell Square
London
WC1B 4HP
United Kingdom
Accountants
The Accountancy Cloud
1 Fore Street Avenue
London
EC2Y 9DT
Medisonal Ltd
Statement of financial position
as at 30 September 2024
Tangible assets
4,065
4,699
Cash at bank and in hand
203,894
662,034
Creditors: amounts falling due within one year
(43,525)
(34,676)
Net current assets
255,601
767,541
Total assets less current liabilities
272,010
782,261
Provisions for liabilities
Net assets
272,010
781,368
Called up share capital
145
145
Share premium
2,083,901
2,083,901
Profit and loss account
(1,812,036)
(1,302,678)
Shareholders' funds
272,010
781,368
For the period ending 30 September 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 17 December 2024 and were signed on its behalf by
Hana Salussolia
Director
Company Registration No. 11813151
Medisonal Ltd
Notes to the Accounts
for the period from 1 March 2024 to 30 September 2024
Medisonal Ltd is a private company, limited by shares, registered in England and Wales, registration number 11813151. The registered office is 55-56 Russell Square, London, WC1B 4HP, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous period, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Investments in shares are included at cost less impairment.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
50% Straight Line Method
Computer equipment
20% Straight Line Method
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.
Expenditure on research and development is written off in the year in which it is incurred.
Research and development tax credit
During the financial year, Medisonal Ltd received a tax credit for qualifying research and development expenditure under the Research and Development tax relief scheme. This is presented as a tax repayment in the Statement of Profit or Loss in line with disclosure requirements under FRS 102.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Medisonal Ltd
Notes to the Accounts
for the period from 1 March 2024 to 30 September 2024
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
During the year, it was noted that several balances were incorrect due to corporation tax being accounted for on the cash basis, instead of the accruals basis.
Therefore, the following adjustments were made to the prior year:
- Profit and loss increased by £10,607 to a loss of £535,620.
- Accrued income and prepayments increased by £110,998 to £128,940.
- Accruals increased by £9,925 to £9,925.
- Retained loss decreased by £101,074 to £1,302,678.
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Intangible fixed assets
Other
At 30 September 2024
2,403
At 30 September 2024
2,323
Medisonal Ltd
Notes to the Accounts
for the period from 1 March 2024 to 30 September 2024
5
Tangible fixed assets
Plant & machinery
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 March 2024
433
7,797
8,230
At 30 September 2024
433
8,197
8,630
At 1 March 2024
342
3,189
3,531
Charge for the period
91
943
1,034
At 30 September 2024
433
4,132
4,565
At 30 September 2024
-
4,065
4,065
At 29 February 2024
91
4,608
4,699
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Investments
Other investments
Valuation at 1 March 2024
10,021
Valuation at 30 September 2024
10,021
Investments includes the following:
- Investment of £53 (29 February 2024: £53) in Liberum Health, a subsidiary company.
- Investment of £9,968 (29 February 2024: £9,968) in Medisonal CE, a subsidiary company.
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Debtors
30/09/2024
29/02/2024
Amounts falling due within one year
Amounts due from group undertakings etc.
-
4,900
Accrued income and prepayments
65,890
128,940
8
Creditors: amounts falling due within one year
30/09/2024
29/02/2024
Trade creditors
20,722
13,290
Taxes and social security
-
1,247
Other creditors
2,800
(156)
Loans from directors
13,995
10,370
Medisonal Ltd
Notes to the Accounts
for the period from 1 March 2024 to 30 September 2024
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Directors' loans are interest-free and repayable on demand.
10
Transactions with related parties
During the year, Medisonal Ltd wrote off debt of £8,541 due from Liberum Health Ltd. As at the period end, the balance due is £nil (31 February 2024: £4,900).
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Average number of employees
During the period the average number of employees was 10 (29/02/2024: 7).