MedDx Solutions Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08688185 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2019

for

MedDx Solutions Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Directors:

R J Senior

R I Davidson

E A Madden

Registered office:

Unit 3, Skylon Place

Hursey Road

Rotherwas

Hereford

HR2 6NX

Registered number:

08688185 (England and Wales)

Accountants:

Acre Accountancy Limited

Unit 2 Foley Works

Foley Industrial Estate

Hereford

Herefordshire

HR1 2SF

FIXED ASSETS

Intangible assets

4

69,578

78,278

Tangible assets

5

159,780

153,981

229,358

232,259

CURRENT ASSETS

Stocks

156,148

146,064

Debtors

6

118,007

205,217

Cash at bank and in hand

515,184

164,717

789,339

515,998

CREDITORS

Amounts falling due within one year

7

418,911

257,953

NET CURRENT ASSETS

370,428

258,045

TOTAL ASSETS LESS CURRENT LIABILITIES

599,786

490,304

CREDITORS

Amounts falling due after more than one year

8

(358,125

)

(375,625

)

PROVISIONS FOR LIABILITIES

(24,657

)

(23,866

)

NET ASSETS

217,004

90,813

CAPITAL AND RESERVES

Called up share capital

300

300

Retained earnings

216,704

90,513

SHAREHOLDERS' FUNDS

217,004

90,813

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 September 2020 and were signed on its behalf by:

R J Senior - Director

1.	STATUTORY INFORMATION

MedDx Solutions Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for sales of good and services in the ordinary course of the business. Turnover is shown net of Value Added Tax, for goods and services provided to customers.

Intangible assets - patents

Costs incurred in acquiring or developing patent rights are capitalised where the directors consider that the company will benefit from the use of the patent rights. At each accounting period the directors consider whether there has been any impairment in the value of such patent rights. Where the directors consider that the value of patent rights reduces over time, the directors amortise the value on a straight line basis over the useful economic life of the asset. In 2016 the company commenced the amortisation of patent costs over the useful economic life of 12 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

Over the period of the lease

Plant and machinery

-

at varying rates on cost

Fixtures and fittings

-

20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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 tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets obtained under hire purchase and finance leases are capitalised as tangible assets and depreciated over their useful lives in accordance with depreciation policy. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the lease payments is charged to the profit and loss account over the period of the contract.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments

Financial instruments are classified and accounted for according to the substance of the contractual arrangement. They are classified as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Government grants

Government grants, where revenue in nature, are recognised as income in the profit and loss account in the same period in which the related expenditure is recognised.

Grants related to assets are initially credited to a deferral account in creditors and are released to the profit and loss account as the related asset is depreciated.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2018 - 14 ) .

4.	INTANGIBLE FIXED ASSETS

Other intangible assets relates to the value of patent rights held by the company.

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

Totals

£

£

£

£

Cost

At 1 January 2019

-

326,287

17,514

343,801

Additions

1,800

16,035

46,131

63,966

At 31 December 2019

1,800

342,322

63,645

407,767

Depreciation

At 1 January 2019

-

180,746

9,074

189,820

Charge for year

-

53,600

4,567

58,167

At 31 December 2019

-

234,346

13,641

247,987

Net book value

At 31 December 2019

1,800

107,976

50,004

159,780

At 31 December 2018

-

145,541

8,440

153,981

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

106,465

192,510

Other debtors

11,542

12,707

118,007

205,217

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Hire purchase contracts (see note 9)

17,500

17,500

Trade creditors

228,214

102,565

Taxation and social security

80,102

61,013

Other creditors

93,095

76,875

418,911

257,953

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Hire purchase contracts (see note 9)

13,125

30,625

Other creditors

345,000

345,000

358,125

375,625

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2019

2018

£

£

Net obligations repayable:

Within one year

17,500

17,500

Between one and five years

13,125

30,625

30,625

48,125

Non-cancellable operating

leases

2019

2018

£

£

Within one year

42,540

42,540

Between one and five years

170,160

170,160

In more than five years

56,720

99,260

269,420

311,960

10.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Hire purchase contracts

30,625

48,125

Hire purchase debts are secured on certain fixed assets of the company.

11.	RELATED PARTY DISCLOSURES

The company was under the control of its directors, by virtue of their shareholdings (held directly or by other related parties).