MEDLINE_INDUSTRIES_LIMITE - Accounts
MEDLINE_INDUSTRIES_LIMITE - Accounts
The directors present their strategic report and financial statements for the year ended 31 December 2022.
The company’s principal activity during the year continued to be the sale of medical devices to both public and private sectors, the main product lines are:
Proxima;
Special Procedure Trays;
Surgeon Gloves;
Examination Gloves; and
Products provided for Operating Rooms.
The company’s key financial and other performance indicators during the year were as follows: -
2022 2021
£ £
Turnover 67,909,204 123,255,291
Gross profit 5,400,085 6,805,581
Operating profit 1,253,186 2,279,951
Profit after tax 1,023,163 1,865,683
Shareholders' funds 7,221,659 6,198,496
Turnover, Gross Profit and Operating profit have decreased due to a reduction in supply of Covid Products throughout 2022. The decrease in turnover has been partially offset by a decrease in cost of sales, as manufacturing costs across the Group has decreased in line with the supply of Covid products.
Shareholder’s Funds increased by 16.5% as a result of the profit for the year.
The directors expect that in 2023 margins will be maintained, whilst the demand seen throughout 2022 is likely to reduce.
Sales in 2023 are lower than in 2022, this was caused be a direct impact of having no COVID-19 related sales during 2023, 2022 had significant COVID-19 related sales in Q1. We did however have more than 10% organic growth within 2023, which will partly offset the loss of COVID-19 sales. In the coming years the focus of the company will be on acquisitions, as a result we do not expect increase in non-organic sales growth.
Due to the growth of the Medline Group, we expect a growth of employees for 2024 and the years after. Currently we do not expect the legal structure of the company will change.
In 2021 and 2022 cost for inbound ocean freight increased significantly. In the second half of 2022 and during 2023 these prices reduced back to normal except for inflation, which affects our results since we were not able to charge the increases we faced to our customers to offset this impact.
Principal risks and uncertainties
The company’s operations expose it to a variety of financial and other risks:
Commercial risk
The company faces intense competition on both pricing and market share:
• Due to the centralisation of purchasing organisation fewer supplier contracts are up for negotiation.
• Product competition in all company markets.
• Governments pushing for reduction on spend in healthcare costs.
Liquidity risk
The company's objective is to maintain an appropriate level of funding to support current operations. The cash flow is adequate to sustain operations in the short term. In addition, the company's ultimate parent is committed to providing funding that may be required by the company to continue operations and take advantage of future growth opportunities.
Organisational and regulatory risks
Medline Industries do not hold any inventory, however MIBV part of the Medline Group hold all the Inventory for the UK and they have improved the inventory process to ensure a good service level, with a reasonable level of inventory; this was even further optimised in 2021. Since we are expected to deliver our products within a very short period of time, product availability is essential. Quality and regulatory risks related to our products are always there for this reason the group are investing in more stock counts to check the quality of our products at the source.
Currency risk
The company has limited exposure to currency risk, sales are invoiced in Sterling and the majority of direct costs are incurred in GBP, therefore, whilst we do have some costs incurred in Euros, the company is not exposed to significant exchange variances between Sterling and Euros.
Management continues to monitor the exposure of the company. The risk mitigated by purchases are made from another subsidiary of the Medline group and therefore management have some flexibility of the timing of payments.
Credit risk
There is a risk of loss to the company arising from financial difficulties experienced by customers and potentially the failure of customers to meet their financial obligations. The company manages this risk through credit control procedures. A significant part of the company's customer base is Government bodies such as the NHS, and therefore the risk of default is reduced. As such, management considers this risk is reduced to an acceptable level.
Price risk
Medline Industries is not exposed to any significant purchase price risk as the company is covered by the terms and security of the transfer pricing agreement in place with the group.
1. Reporting period
The applicable reporting period is Medline’s 2022 financial year, which spanned the 12 months from 01 January to 31 December 2022.
2. Scope
The energy consumption and emissions data presented covers Medline Industries Ltd. One site falls under this legal entity:
Our rented office space in Warrington, where the surface area occupied by 47 full time equivalent employees (FTEs) is 3,500 square feet
3. Methodology
The greenhouse gas inventory was compiled in accordance with the WRI/WBCSD Greenhouse Gas (GHG) Protocol – A Corporate Accounting and Reporting Standard (1) (the Corporate Standard) (Revised Edition 2013) including the amendment to this protocol, GHG Protocol Scope 2 Guidance (2015), and Global Reporting Initiative (GRI) G4 Sustainability Reporting Guidelines.
Emissions were calculated using emission factors provided within the UK Government GHG Conversion Factors for Company Reporting Version 2.0. Energy consumption figures were sourced from our monthly energy invoices. Employee distant mileage was sourced from our employee reimbursement platform.
4. Our energy consumption (kWh)
Warrington (Medline Industries Ltd) | ||
| 2021 | 2022 |
Natural gas | - | - |
Electric power | 56,705.80 | 59,055 |
Total (kWh) | 56,705.80 | 59,055 |
5. Employee business travel (mileage)
Warrington (Medline Industries Ltd) | ||
| 2021 | 2022 |
Car millage business travel (Miles) | 92,812 | 112,126 |
Total (Miles) | 92,812 | 112,126 |
6. Our emissions
Total emissions for Warrington (Medline Industries Ltd)
Total CO2 Emissions (tons CO2-e) | |||
Scope | Source | 2021 | 2022 |
Scope 1 | Natural Gas | 0 | 0 |
Scope 1 Total |
| 0 | 0 |
Scope 2 | Electric Power | 12.04 | 11.42 |
Scope 2 Total |
| 12.04 | 11.42 |
Scope 3 Business travel | Car travel | 25.61 | 30.80 |
Scope 3 Business travel |
| 25.61* | 30.80 |
Grand Total |
| 37.65 | 42.22 |
*Not reported in prior year’s SECR report
Emissions intensity metrics for Warrington (Medline Industries Ltd) 31 December 2022
Full Time Employee Intensity | |||
Year | FTE | Emissions (tons CO2e) | Intensity (tons CO2e/FTE) |
2021 | 43 | 37.65 | 0.88 |
2022 | 47 | 42.22 | 0.8983 |
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|
|
|
Square Footage Intensity | |||
Site | Square Feet | Emissions (tons CO2e) | Intensity (tons CO2e/Sq Ft) |
2021 | 3,500 | 37.65 | 0.011 |
2022 | 3,500 | 42.22 | 0.012 |
|
|
|
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Revenue Intensity | |||
Entity | Revenue | Emissions (tons CO2e) | Intensity (tons CO2e/£) |
2021 | £122,949,010 | 37.65 | 0.00000031 |
2022 | £67,909,204 | 42.22 | 0.00000062 |
7. Energy efficiency measures taken
At our Warrington site, Medline’s leased offices are part of a business park neither owned nor operated by us. Decisions concerning energy consumption (and associated emissions) are made by the landlord. However, existing energy efficiency measures in force at our offices include motion-controlled light sensors, the use of LED lighting, and quarterly servicing of the air conditioning unit to ensure it is operating efficiently. In addition, the air conditioning unit operates on a timer to ensure it is not in use after-hours and it is also monitored manually depending on the level of office occupancy. Awareness training to encourage energy efficient behaviour will also be undertaken in the coming years.
Section 172 (1) statements
The Directors are fully aware of and have considered the matters set out in section 172 (1) (a) to (f) of the
Companies Act 2016 when performing their duty to promote the success of the company for the benefit of its members and in doing so having regard (amongst other matters) to:
a. The likely consequences of any decision in the long term,
b. The interests of the company’s employees
c. The need to foster the company’s business relationships with suppliers, customers and others
d. The impact of the company’s operations on the community and the environment
e. The desirability of the company maintaining a reputation for high standards of business conduct, and
f. The need to act fairly as between members of the company
The board understands the views of all stakeholders and have taken into account the matter set out in section 172 (1) (a) to (f) of the Companies Act 2016 in board discussion and when making key decisions in order to act in the interests of all stakeholder and to make sure all stakeholders are treated fairly. The following examples explain how the directors fulfil their duties in respect of these matters.
Our workforce is our most valuable asset. The company invests in training, coaching and skills acquisition.
Personal development of our employees is a key pillar of the Company’s strategy. We aim to be a responsible employer in our approach to the pay and benefits of employees. The health, safety and wellbeing of our employees is one of the primary considerations in the way we do business.
Examples of the Boards engagement with employees during 2022 include:
Town Hall meetings – Company information presented to all employees where senior management are available to answer any questions.
Requesting that all employees to participate in our online Global Employee survey in order to help in assessment of employees concerns and aspirations.
Quarterly performance development reviews, and employee development and training.
The board engages with a variety of stakeholders, including customers, regulators and suppliers, to inform and enable balanced decisions that incorporate multiple viewpoints, whilst maintaining the Company’s strategy. In making decisions the Board considers outcomes from engagements with stakeholders as well as the importance of maintaining the Company’s integrity, brand and reputation.
Examples of the Boards engagement with stakeholders during 2022 include:
Receiving regular customer service performance updates and feedback from Customer service surveys to assist in decision making regarding customer focused initiatives; and
Holding periodic meetings between senior management and local Directors of the company to assist investors to understand the strategic direction of the company.
As part of the Medline Group, the company has sustainability and environment care firmly embedded in the company’s culture and corporate strategy. The company strives to pursue Medline’s mission to be sustainable supplier to the medical market, for society & the environment. Sustainability runs through all aspects of our business, from energy saving, recycling and resource sharing policies in our offices, employee orientation and social commitment and ultimately flowing into the products and services we bring to customers.
Corporate Social Responsibility is important to the Company and it undertakes many initiatives in this area. The board recognises the relevance of leading the company is such a way that it contributes to wider society and actively supports employees through provision of paid leave to support local or national charities.
Below are some examples of our 2022 actions
Medline donated to 10 organisations reaching beneficiaries in Europe, especially the UK and vulnerable members of the international community. Access to food and shelter, mental health support and equitable access to Covid-19 Vaccines and materials are the main focus areas of these organisations.
Medline Medical service trips – purpose driven trip for employees to help a developing county to deliver healthcare services to poor and underserved communities.
Medline Gives back initiative – Employees volunteer (Charity Champion), and act as a liaison between Medline and organisations we have decided to support.
The company’s culture is characterised by clear responsibility, mutual respect and trust. Lawful conduct and fair competition are integral to its business activities and an important condition for maintaining a reputation for high standards of business conduct securing long term success.
The company is focused on people, with both customers and employees being at the heart of its business. The company embraces diversity, flexibility, sustainability and continuous improvement through the organisation. The company has a customer centric philosophy with transparent, fair and simple processes.
The board and senior management have taken active steps to drive cultural change and to ensure corporate strategy and customer orientation principles and values are embraced across the organisation.
There are no post balance sheet events.
This report was approved by the board on and signed on its behalf
The directors present their annual report and financial statements for the year ended 31 December 2022.
The results for the year are set out on page 11.
No ordinary dividends were paid in the year (2021: £2,500,000)
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
select suitable accounting policies and then apply them consistently; make judgements and accounting estimates that are reasonable and prudent; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
Sales in 2023 are lower than in 2022, this was due to a direct impact of having no COVID-19 related sales during 2023, 2022 had significant COVID-19 related sales in Q1. We did however have more than 10% organic growth within 2023, which will partly offset the loss of COVID-19 sales. In the coming years the focus of the company will be on acquisitions, as a result we do not expect increase in non-organic sales growth.
Due to the growth of the Medline Group, we expect a growth of employees for 2024 and the years after. Currently we do not expect the legal structure of the company will change.
In 2021 and 2022 cost for inbound ocean freight increased significantly. In the second half of 2022 and during 2023 these prices reduced back to normal except for inflation, which affects our results since we were not able to charge the increases we faced to our customers to offset this impact.
The company's business activities, together with the factors likely to affect its future development and principal risks and uncertainties are described in the Strategic report.
The company operates within both the public and private healthcare systems and despite significant pricing pressures, demand for these products remains high. The business model is such that the company is intrinsically linked to the wider Medline group of companies and therefore the company's ability to continue to be a going concern is linked to the wider Medline group.
Cash flow forecasts are prepared at a consolidated Medline group basis, using planning inputs from each of the individual entities within the group. The forecast is then subject to review, challenge and sign off at a group level.
Due to the company's cash flows being linked to the performance of the wider Medline group and the cash flows being prepared on a consolidated basis, the Directors have received a letter of support from the Company's ultimate parent company, Mozart Holdings, LP. The letter confirms ongoing financial support, should it be required, for a period of 12 months from the date of signing the financial statements. The Directors have satisfied themselves that Mozart Holdings, LP can provide this support to the Company should it be required following enquiries with the parent company directors and review of the Mozart Holdings, LP financial position. As a result the financial statements are prepared on a going concern basis.
The auditors, Ernst & Young LLP, was appointed post year end and proposed for reappointment in accordance with section 485 of the Company Act 2006.
give a true and fair view of the state of the company's affairs as at 31 December 2022 and of its profit for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from the date of signing the financial statements.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or the financial statements are not in agreement with the accounting records and returns; or certain disclosures of remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit.
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
The auditor’s assessment of the susceptibility of the entity’s financial statements to material misstatement, including how fraud might occur.
Which laws and regulations the auditor identified as being of significance in the context of the entity.
The auditor’s explanation of its audit response will depend on the risks identified but may include:
- Enquiry of management, those charged with governance and the entity’s solicitors (or in-house legal team) around actual and potential litigation and claims.
- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.
- Reviewing minutes of meetings of those charged with governance.
- Reviewing internal audit reports.
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
The auditor’s explanation of its audit response will depend on the risks identified but may include:
- Enquiry of management, those charged with governance and the entity’s solicitors (or in-house legal team) around actual and potential litigation and claims.
- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.
- Reviewing minutes of meetings of those charged with governance.
- Reviewing internal audit reports.
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
The profit and loss account has been prepared on the basis that all operations are continuing operations.
The notes on pages 14 to 24 form part of these financial statements.
The notes on pages 14 to 24 form part of these financial statements.
The notes on pages 14 to 24 form part of these financial statements.
Medline Industries Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, Quayside Wilderspool Business Park, Greenalls Avenue, Warrington, Cheshire, WA4 6HL.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
- the requirements of Section 7 Statement of Cash Flows;
- the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
- the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47,
11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
- the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a),
12.29(b) and 12.29A;
- the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Medline International Holdco as at 31 December 2022 and these financial statements are publicly available.
The company's business activities, together with the factors likely to affect its future development and principal risks and uncertainties are described in the Strategic report.
The company operates within both the public and private healthcare systems and despite significant pricing pressures, demand for these products remains high. The business model is such that the company is intrinsically linked to the wider Medline group of companies and therefore the company's ability to continue to be a going concern is linked to the wider Medline group.
Cash flow forecasts are prepared at a consolidated Medline group basis, using planning inputs from each of the individual entities within the group. The forecast is then subject to review, challenge and sign off at a group level.
Due to the company's cash flows being linked to the performance of the wider Medline group and the cash flows being prepared on a consolidated basis, the Directors have received a letter of support from the Company's ultimate parent company, Mozart Holdings, LP. The letter confirms ongoing financial support, should it be required, for a period of 12 months from the date of signing the financial statements. The Directors have satisfied themselves that Mozart Holdings, LP can provide this support to the Company should it be required following enquiries with the parent company directors and review of the Mozart Holdings, LP financial position. As a result the financial statements are prepared on a going concern basis.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at FVTPL using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are
recognised when paid. Final equity dividends are recognised when approved by the shareholders at
an annual general meeting.
Preparation of the financial statements in conformity with generally accepted accounting principles requires the directors to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results in the future could differ from those estimates. In this regard, the directors believe that the critical accounting policies where judgements or estimates are necessarily applied are summarised below:
Bad debt provisions - estimation is required in respect of expected future cash flows to assess the recoverable amount
Dilapidation provisions – estimation is required in respect of expected future outflows to assess the repair and restoration amount at expiry of the lease due in 2028
All turnover in both the current and prior period arose from the sale of goods within the United Kingdom. Included within revenue is £2.5m (2021: £2.1m) relating to income from customers in relation to storage.
The average monthly number of persons (including directors) employed by the company during the year was:
Directors are not remunerated for their services to the company and are remunerated by another group company. The services provided to the company are incidental to their activities.
Their aggregate remuneration comprised:
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
In the Spring Budget 2021, the Government announced that from 1 April 2023 the Corporation tax rate will increase to 25%. Since the proposal to increase the rate to 25% this has been enacted at the balance sheet date and its effects are included in these financial statements as deferred taxation has been calculated at this rate.
An impairment loss of £12,104 (2021: £44,678) was recognised against trade debtors.
Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
Amounts owed to group undertakings of £7,335,624 (2021: £33,956,265) relate to trading transections and are unsecured, repayable on demand and interest free.
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period.
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
There is a single class of ordinary shares. There are no restrictions on dividends and the repayment of capital.
Includes all current and prior period retained profits and losses.
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
The company has taken advantages of the exemption in paragraph 33.1A of FRS 102 and not disclosed transactions with wholly-owned group undertakings.
The immediate parent undertaking is Medline Stellar UK Limited, a company registered in England and Wales. The financial statements can be obtained from Companies House.
The ultimate parent undertaking and controlling party is Mozart Holdings,LP, a company registered in the United States of America. The financial statements of the ultimate parent are available on request by writing to Medline Industries Ltd at the registered address.