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Registered Number: 07631060
England and Wales
MEDICARE EUROPE LTD
Unaudited Financial Statements
Period of accounts Start date: 01 December 2023 End date: 30 November 2024

Medicare Europe Ltd Contents Page For the year ended 30 November 2024
Company information | 1
Statement of financial position | 2
Notes to the financial statements | 3

Medicare Europe Ltd Company Information For the year ended 30 November 2024
Directors | Mr G Menegas - Resigned on 04 November 2025 Mr S Menegas
Registered Number | 07631060
Registered Office | Windfall House C/O IAC Accountants Ltd, Units D1 The Courtyard, Alban Park Hatfield Road, St. Albans England AL4 0LA
Accountants | IAC Accountants Limited Regal Court Business Centre 42-44 High Street, Slough England SL1 1EL
Secretary | Andrew Thomas - Resigned on 04 November 2025
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Medicare Europe Ltd Statement of Financial Position As at 30 November 2024
| Notes | 2024 £ |  | 2023 £
--- | --- | --- | --- | ---
Fixed assets |  |  |
Tangible fixed assets | 3 | 85,851 |  | 110,599
|  | 85,851 |  | 110,599
Current assets |  |  |
Stocks | 4 | 7,713 |  | 278,904
Debtors | 5 | 186,208 |  | 191,038
Cash at bank and in hand |  | 97,568 |  | 21,362
|  | 291,489 |  | 491,304
Creditors: amount falling due within one year | 6 | (1,382,074) |  | (1,264,023)
Net current assets |  | (1,090,585) |  | (772,719)
Total assets less current liabilities |  | (1,004,734) |  | (662,120)
Creditors: amount falling due after more than one year | 7 | (37,697) |  | (36,733)
Net assets |  | (1,042,431) |  | (698,853)
Capital and reserves |  |  |
Called up share capital |  | 100 |  | 100
Profit and loss account |  | (1,042,531) |  | (698,953)
Shareholders' funds |  | (1,042,431) |  | (698,853)
For the year ended 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors' responsibilities: The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies. The financial statements were approved by the board of directors on 10 April 2026 and were signed on its behalf by:
------------------------------- Mr S Menegas Director
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Medicare Europe Ltd Notes to the Financial Statements For the year ended 30 November 2024
General Information Medicare Europe Ltd is a private company, limited by shares, registered in England and Wales, registration number 07631060, registration address Windfall House C/O IAC Accountants Ltd, , Units D1 The Courtyard, Alban Park, Hatfield Road, St. Albans, England, AL4 0LA. The presentation currency is £ sterling.
1. | Accounting policies Significant accounting policies The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard) Going concern basis The directors believe that the company is experiencing good levels of sales growth and profitability and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements. Turnover Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts. Foreign currencies Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement. Taxation Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current or deferred taxation assets and liabilities are not discounted. Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred taxation Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. 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. Current and deferred tax assets and liabilities are not discounted. Tangible fixed assets Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Short Leasehold | 6% Straight Line
Plant and Machinery | 25% Reducing Balance
Motor Vehicles | 20% Straight Line
Stocks Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2. | Average number of employees Average number of employees during the year was 4 (2023 : 5).
3. | Tangible fixed assets
Cost or valuation | Short Leasehold |  | Plant and Machinery |  | Motor Vehicles |  | Total
| £ |  | £ |  | £ |  | £
At 01 December 2023 | 41,987 |  | 198,440 |  | 17,854 |  | 258,281
Additions | - |  | - |  | - |  | -
Disposals | - |  | - |  | - |  | -
At 30 November 2024 | 41,987 |  | 198,440 |  | 17,854 |  | 258,281
Depreciation
At 01 December 2023 | 16,249 |  | 122,392 |  | 9,041 |  | 147,682
Charge for year | 2,799 |  | 19,012 |  | 2,937 |  | 24,748
On disposals | - |  | - |  | - |  | -
At 30 November 2024 | 19,048 |  | 141,404 |  | 11,978 |  | 172,430
Net book values
Closing balance as at 30 November 2024 | 22,939 |  | 57,036 |  | 5,876 |  | 85,851
Opening balance as at 01 December 2023 | 25,738 |  | 76,048 |  | 8,813 |  | 110,599
4. | Stocks
| 2024 £ |  | 2023 £
--- | --- | --- | ---
Stocks | 7,713 |  | 278,904
| 7,713 |  | 278,904
5. | Debtors: amounts falling due within one year
| 2024 £ |  | 2023 £
--- | --- | --- | ---
Trade Debtors | 33,115 |  | 1,029
Prepayments & Accrued Income | 2,539 |  | 2,320
Other Debtors | 53,435 |  | 53,435
Directors' Current Accounts | 97,119 |  | 134,254
| 186,208 |  | 191,038
6. | Creditors: amount falling due within one year
| 2024 £ |  | 2023 £
--- | --- | --- | ---
Trade Creditors | 199,742 |  | 865,374
Bank Loans & Overdrafts | 10,416 |  | 22,387
Taxation and Social Security | 242,128 |  | 136,130
Obligations under HP/Financial Leases | 4,559 |  | 4,640
Other Creditors | 925,229 |  | 235,492
| 1,382,074 |  | 1,264,023
Customer Disputed Balances Included within other creditors are balances relating to ongoing and settled disputes with certain customers arising from product returns and related matters: JLMK - £254,466 Reverse Life - £351,900 Day Lewis - £59,400 Avacare - £79,905 These matters relate to claims regarding product returns and undelivered goods, some of which have been ongoing since prior years. Certain disputes have been settled out of court, with obligations to be discharged through the supply of goods over an agreed period, while others remain under discussion. Management has recognised these balances based on the best estimate of the liabilities at the reporting date. The timing and method of settlement may vary depending on the outcome of ongoing discussions and operational factors.
7. | Creditors: amount falling due after more than one year
| 2024 £ |  | 2023 £
--- | --- | --- | ---
Bank Loans & Overdrafts | 37,697 |  | 35,654
Obligations under HP/Financial Leases | 0 |  | 1,079
| 37,697 |  | 36,733
8. | Related Party Note Debtors due within 1 year include an amount of £97,119 (2023 - 134,254) due from the director. This amount is repayable on demand.
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