MEDQUEST GROUP LIMITED


Directors	Barbara Maureen Laidlaw
	William Maxwell Laidlaw
	Andrew John Patterson Wilson


Company Secretary	LAIDLAW, William Maxwell


Registered Address	The Capital Building
	12/13 St. Andrew Square
	Edinburgh
	EH2 2AF


Registered Number	SC015569 (Scotland)

Notes to the Financial Statements
for the year ended 31 December 2024

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page. The principal activity of the Company is that of newspaper publishing and land management.

	Basis of preparation
	The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Employee benefits
	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 obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Employee benefits

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 obligation. 

Contributions to defined contribution plans are expensed in the period to which they relate.  Amounts not paid are shown in accruals in the Statement of Financial Position.  The assets of the plan are held separately from the company in independently administered funds.

	Current taxation
	Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. 

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Intangible assets
	Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. The company's principle intangible assets are publishing titles. The company does not capitalise internally generated publishing titles. Titles acquired are recorded at the valuation at the date of acquisition. These publishing titles have no finite life. The carrying value of the titles is is reviewed for impairment at least annually with testing undertaken to determine any diminution in the recoverable amount below carrying value. The recoverable amount is the higher of the fair value less costs to sell and the value in use, which is based on the net present value of estimated future cash flows. Any impairment loss is recognised as an expense immediately. Amortisation is provided on the following basis: Publishing rights - 10% on a straight line basis

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

The company's principle intangible assets are publishing titles. The company does not capitalise internally generated publishing titles. Titles acquired  are recorded at the valuation at the date of acquisition. These publishing titles have no finite life.

The carrying value of the titles is is reviewed for impairment at least annually with testing undertaken to determine any diminution in the recoverable amount below carrying value. The recoverable amount is the higher of the fair value less costs to sell and the value in use, which is based on the net present value of estimated future cash flows. Any impairment loss is recognised as an expense immediately.

Amortisation is provided on the following basis:

          Publishing rights   -    10% on a straight line basis

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. 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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income.

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. 

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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income.


	Reducing balance (%)	Straight line (years)
Land and buildings	-	2
Plant and machinery	15	-
Fixtures and fittings	10	-

	Investments
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.

Investments

Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.

	Investment property
	Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate. These values are adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Income Statement.

	Finance leases and hire purchase contracts
	Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.

Finance leases and hire purchase contracts

Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease

Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.

	Stocks and work in progress
	Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to completed the sale. The impairment loss is recognised immediately in the Income Statement.

	Financial instruments
	The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2.	Average number of employees


		2024		2023
	Average number of employees during the year	6		6

3.	Intangible assets
	The directors have considered the value of publishing rights, given the changing market place. Amortisation of £350 per annum is deemed appropriate.

	Other	Total
	£	£
Cost or valuation
At 01 January 24	3,500	3,500
At 31 December 24	3,500	3,500
Amortisation and impairment
At 01 January 24	350	350
Charge for year	350	350
At 31 December 24	700	700
Net book value
At 31 December 24	2,800	2,800
At 31 December 23	3,150	3,150

4.	Tangible fixed assets

	Land & buildings	Plant & machinery	Fixtures & fittings	Total
	£	£	£	£
Cost or valuation
At 01 January 24	787,454	102,551	38,022	928,027
Additions	-	1,721	336	2,057
Disposals	-	(3,500)	-	(3,500)
At 31 December 24	787,454	100,772	38,358	926,584
Depreciation and impairment
At 01 January 24	229,556	79,806	16,230	325,592
Charge for year	12,349	3,656	2,213	18,218
On disposals	-	(3,148)	-	(3,148)
At 31 December 24	241,905	80,314	18,443	340,662
Net book value
At 31 December 24	545,549	20,458	19,915	585,922
At 31 December 23	557,898	22,745	21,792	602,435

5.	Fixed asset investments
	The valuation of the investment property included as other investments was made by the Directors, on an open market value for existing use basis. If the investment property had been accounted for under the historic cost accounting rules, the property would have been measured at £70,552 (2023: £70,552).

	Investments in groups¹	Other investments²	Total
	£	£	£
Cost or valuation
At 01 January 24	25,596	200,000	225,596
At 31 December 24	25,596	200,000	225,596
Net book value
At 31 December 24	25,596	200,000	225,596
At 31 December 23	25,596	200,000	225,596

	Notes
	¹Investments in group undertakings and participating interests ²Other investments other than loans

6.	Stocks

	2024	2023
	£	£
Other stocks	20,000	20,000
Total	20,000	20,000

7.	Debtors: amounts due within one year

	2024	2023
	£	£
Trade debtors / trade receivables	-	2,278
Amounts owed by group undertakings	457,503	462,249
Other debtors	3,753	-
Prepayments and accrued income	19,685	18,875
Total	480,941	483,402


	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

8.	Creditors: amounts due within one year

	2024	2023
	£	£
Trade creditors / trade payables	20,543	24,579
Bank borrowings and overdrafts	10,000	10,000
Amounts owed to related parties	46,954	46,866
Taxation and social security	5,936	14,572
Accrued liabilities and deferred income	10,056	4,586
Total	93,489	100,603


	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

9.	Creditors: amounts due after one year

	2024	2023
	£	£
Bank borrowings and overdrafts	8,216	18,270
Total	8,216	18,270

10.	Pension commitments
	The company operates a defined contribution scheme for its employees. Outstanding contributions at the balance sheet date amounted to £117 (2023 - £117).

11.	Other commitments
	At 31 December 2024 the company had future minimum lease payments due under non-cancellable operating leases as follows: Not later than 1 year: £20,063 (2023: £9,765) Later than 1 year and not later than 5 years: £33,981 (2023: £Nil)

	Notes	2024		2023
		£	£	£	£
Fixed assets
Intangible assets	3		2,800		3,150
Tangible assets	4		585,922		602,435
Investments	5		225,596		225,596
			814,318		831,181
Current assets
Stocks	6	20,000		20,000
Debtors	7	480,941		483,402
Cash at bank and on hand		72,521		169,855
		573,462		673,257
Creditors amounts falling due within one year	8	(93,489)		(100,603)
Net current assets (liabilities)			479,973		572,654
Total assets less current liabilities			1,294,291		1,403,835
Creditors amounts falling due after one year	9		(8,216)		(18,270)
Net assets			1,286,075		1,385,565
Capital and reserves
Called up share capital			24,739		24,739
Profit and loss account			1,261,336		1,360,826
Shareholders' funds			1,286,075		1,385,565