Medinova Limited - Accounts to registrar (filleted) - small 18.2
Medinova Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2018 |
| FOR |
| MEDINOVA LIMITED |
| MEDINOVA LIMITED (REGISTERED NUMBER: 04105540) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the year ended 31 March 2018 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| MEDINOVA LIMITED |
| COMPANY INFORMATION |
| for the year ended 31 March 2018 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| BUSINESS ADDRESS: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 1110 Elliott Court |
| Coventry Business Park |
| Herald Avenue |
| Coventry |
| West Midlands |
| CV5 6UB |
| MEDINOVA LIMITED (REGISTERED NUMBER: 04105540) |
| BALANCE SHEET |
| 31 March 2018 |
| 2018 | 2017 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| ACCRUALS AND DEFERRED INCOME | 11 | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Capital redemption reserve |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors on behalf by: |
| MEDINOVA LIMITED (REGISTERED NUMBER: 04105540) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the year ended 31 March 2018 |
| 1. | STATUTORY INFORMATION |
| Medinova Limited is a |
| 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 |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, |
| rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Improvements to property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| 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 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. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at |
| the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of |
| exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at |
| the operating result. |
| 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. |
| MEDINOVA LIMITED (REGISTERED NUMBER: 04105540) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 March 2018 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Improvements | Fixtures |
| to | Plant and | and |
| property | machinery | fittings | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 April 2017 |
| Additions |
| At 31 March 2018 |
| DEPRECIATION |
| At 1 April 2017 |
| Charge for year |
| At 31 March 2018 |
| NET BOOK VALUE |
| At 31 March 2018 |
| At 31 March 2017 |
| 5. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| Additions |
| At 31 March 2018 |
| NET BOOK VALUE |
| At 31 March 2018 |
| 6. | DEBTORS |
| 2018 | 2017 |
| £ | £ |
| Amounts falling due within one year: |
| Trade debtors |
| Amounts owed by group undertakings |
| Amounts recoverable on contract |
| Other debtors |
| Prepayments |
| Accrued income and retentions | 547,306 | 225,253 |
| MEDINOVA LIMITED (REGISTERED NUMBER: 04105540) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 March 2018 |
| 6. | DEBTORS - continued |
| 2018 | 2017 |
| £ | £ |
| Amounts falling due after more than one year: |
| Amounts owed by group undertakings |
| Amounts recoverable on contract |
| Accrued income and retentions | 201,367 | 68,211 |
| Aggregate amounts |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Tax |
| Social security and other taxes |
| VAT | 6,162 | 78,390 |
| Other creditors |
| Accrued expenses |
| Deferred income | - | 97,386 |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Other creditors |
| Directors' loan accounts | - | 49,584 |
| 9. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2018 | 2017 |
| £ | £ |
| Within one year |
| Between one and five years |
| MEDINOVA LIMITED (REGISTERED NUMBER: 04105540) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 March 2018 |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2018 | 2017 |
| £ | £ |
| Bank overdrafts |
| Other creditors: < 1yr | 48,091 | 293,301 |
| Other Creditors: > 1yr | 161,444 | 209,315 |
| Other creditors of £Nil (2017 - £249,536) are secured against trade debtors. |
| K P Muthalagappan, Director and shareholder, and K S Muthalagappan Shareholder, have given |
| personal guarantees against the bank borrowings of £29,114 (2017 - £90,019) short-term other |
| creditors of £48,091 (2017 - £43,765) and long-term other creditors of £161,444 (2017 - £209,315). |
| 11. | ACCRUALS AND DEFERRED INCOME |
| 2018 | 2017 |
| £ | £ |
| Accruals and deferred income | 3,382,435 | - |
| 2018 | 2017 |
| £ | £ |
| Deferred Income brought forward | - | - |
| Released during the year | - | - |
| Deferred during the year | 3,382,435 | - |
| Deferred Income carried forward | 3,382,435 | - |
| 12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| MEDINOVA LIMITED (REGISTERED NUMBER: 04105540) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 March 2018 |
| 13. | RELATED PARTY DISCLOSURES |
| Transactions with parent company: |
| 2018 | 2017 |
| £ | £ |
| Dividends paid to parent company | 230,000 | - |
| Wages expenses recharged to parent company | 71,448 | 111,629 |
| Travel expenses recharged to parent company | 7,884 | 3,753 |
| Expenses recharged by parent company | 88,731 | 3,958 |
| Transactions with subsidiary company: |
| 2018 |
| £ |
| Study income recharged by subsidiary company | 1,105,509 |
| Wages related expenses recharged to subsidiary company | 213,507 |
| Expenses recharged to subsidiary company | 52,626 |
| Fixed Asset purchases recharged to subsidiary company | 15,983 |
| 14. | PARENT COMPANY |
| The Company is a wholly owned subsidiary of VSK (Kenilworth) Limited. |