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Registered number: 09510570
FIN-EX MEDICAL (UK) LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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FIN-EX MEDICAL (UK) LTD
COMPANY INFORMATION
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Chartered Accountants & Statutory Auditors
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1st Floor, Sackville House
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FIN-EX MEDICAL (UK) LTD
CONTENTS
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Notes to the Financial Statements
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FIN-EX MEDICAL (UK) LTD
REGISTERED NUMBER: 09510570
BALANCE SHEET
AS AT 31 DECEMBER 2022
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Creditors: amounts falling due within one year
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Allotted, called up and fully paid share capital
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EQUITY SHAREHOLDER'S DEFICIT
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The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the Director's Report and the Statement of Income and Retained Earnings in accordance with provisions applicable to companies subject to the small companies regime, under section 444 of the Companies Act 2006.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
16 October 2023
The notes on pages 2 to 7 form part of these financial statements.
Page 1
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FIN-EX MEDICAL (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Fin-Ex Medical (UK) Ltd (Company number: 09510570), having its registered office and principal place of business at 1 Harrington Gardens, London, SW7 4JJ, is a private limited company incorporated in England and Wales.
2.ACCOUNTING POLICIES
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention 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.
The following principal accounting policies have been applied:
The Company has taken advantage of the exemption in Financial Reporting Standard 102, Section 1A.7 from the requirement to produce a Statement of Cash Flows on the grounds that it is a small company.
At the year end, the Company has net liabilities of £1,473,337 (2021: £1,288,848) and incurred a loss of £184,489 (2021: £288,617) during the year ended 31 December 2022. The Company has not started trading at the year end, the main expenditure in the Company continues to be rental expenses of £218,000 due to a fellow subsidiary.
The Company is reliant on the support of related parties. The director of the Company is of the opinion that this support will continue.
The Company, should, therefore, be able to continue in operational existence for the foreseeable future by meeting its liabilities as they fall due for payment. As with any company placing reliance on other entities for financial support, the director acknowledges that there can be no certainty that this support will continue, although at the date of approval of these financial statements, he has no reason to believe that it will not do so.
On this basis, the director believes that it is appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from the going concern basis of preparation being inappropriate.
Page 2
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FIN-EX MEDICAL (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.ACCOUNTING POLICIES (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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 disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.
Short-term debtors are measured at transaction price, less any impairment.
The Company only 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 and loans to related parties.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
Short-term creditors are measured at the transaction price.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to the Statement of Income and Retained Earnings on a straight-line basis over the lease term.
Page 3
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FIN-EX MEDICAL (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.ACCOUNTING POLICIES (continued)
Tax is recognised in the Statement of Income and Retained Earnings.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date in the United Kingdom where the company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not
reversed by the Balance Sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
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The average monthly number of employees, including directors, during the year was 1 (2021 - 1).
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Page 4
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FIN-EX MEDICAL (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Page 5
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FIN-EX MEDICAL (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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Amounts owed by group undertakings
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CREDITORS: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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COMMITMENTS UNDER OPERATING LEASES
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At 31 December 2022 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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RELATED PARTY TRANSACTIONS
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Included within other creditors are amounts due to the director of the Company of £3,324 (2021: £3,324).
The Company has taken advantage of Section 33.1A of FRS 102 in not disclosing transactions between wholly-owned members of a group.
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Page 6
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FIN-EX MEDICAL (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
The Company was subject to an audit for the year ended 31 December 2022. The audit report issued by Caryl King BSc ACA, as Senior Statutory Auditor of Wilder Coe Ltd, was issued with an unqualified opinion.16/10/2023
Within the audit report was a discloure of a material uncertainty in respect to going concern which was as follows:
"We draw attention to note 2.3 in the financial statements, which explains the reliance by the Company on the continuing financial support provided by related companies. The note indicates that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern.
Our opinion is not modified in respect of this matter."
The audit report was signed on 16 October 2023 by Caryl King BSc ACA (Senior Statutory Auditor) on behalf of Wilder Coe Ltd.
Page 7
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