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Medalmark Limited |
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Unaudited Financial Statements |
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for the Year Ended 31 December 2018 |
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REGISTERED NUMBER:
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Medalmark Limited |
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Unaudited Financial Statements |
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for the Year Ended 31 December 2018 |
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Medalmark Limited (Registered number: 01850101) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2018 |
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Page |
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Company Information | 1 |
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Chartered Accountants' Report | 2 |
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Balance Sheet | 3 |
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Notes to the Financial Statements | 4 |
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Medalmark Limited |
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Company Information |
for the Year Ended 31 December 2018 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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trading as The Hutchinson Partnership |
Chartered Accountants |
The Bull Pen |
Amberley Court |
Sutton St Nicholas |
Hereford |
Herefordshire |
HR1 3BX |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Medalmark Limited |
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The following reproduces the text of the report prepared for the directors in respect of the company's annual |
unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file |
a Balance Sheet. Readers are cautioned that the Profit and Loss Account and certain other primary statements |
and the Report of the Directors are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of Medalmark Limited for the year ended 31 December 2018 which comprise the Profit and Loss |
Account, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records |
and from information and explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the Board of Directors of Medalmark Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Medalmark Limited and state those matters that we have agreed to state to the Board of Directors of Medalmark Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Medalmark Limited and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Medalmark Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Medalmark Limited. You consider that Medalmark Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Medalmark Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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trading as The Hutchinson Partnership |
Chartered Accountants |
The Bull Pen |
Amberley Court |
Sutton St Nicholas |
Hereford |
Herefordshire |
HR1 3BX |
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Medalmark Limited (Registered number: 01850101) |
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Balance Sheet |
31 December 2018 |
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2018 | 2017 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 5 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Alloted and fully |
paid share capital |
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Retained earnings | 7 |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
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ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved for issue by the Board of Directors on
behalf by: |
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Medalmark Limited (Registered number: 01850101) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2018 |
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1. | STATUTORY INFORMATION |
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Medalmark Limited is a
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registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Following the transfer of all assets and liabilities, with the exception of an intercompany loan due from the |
holding company, the company has ceased all activities and will become dormant once the intercompany loan |
has been cleared. |
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Turnover |
Turnover represents movements in valuation and income from listed investments. |
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Financial instruments |
All of the company's financial instruments are simple and are valued at cost with the exception of: |
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a. listed fixed asset investments which are valued at market values based on their price on the AIM. |
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b. Unlisted fixed asset investments which are valued by the directors at the year end based on there expectations |
for the investment. |
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c. Investment in subsidiaries are valued based on the net assets of the subsidiary as the investments assets |
comprise of investments which are valued as above. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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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. |
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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. |
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Investment in subsidiary |
As all of the subsidiary's investments are shown at valuation, the company's investment in the subsidiary is |
accounted for on the equity method, valuing the investment at the company's share of the subsidiary's net assets. |
Medalmark Limited (Registered number: 01850101) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Fixed asset investments |
Listed fixed asset investments are valued based on their valuation on the AIM. |
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Unlisted fixed asset investments are valued by the director's based on their opinion of the likelihood of there |
being a return on the investment and the estimated worth of the investment, |
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3. | EMPLOYEES |
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The average number of employees during the year was NIL (2017 - NIL). |
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Owed by group undertakings |
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Deferred tax asset |
Chargeable losses carried |
forward | - | 71,321 |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Accruals and deferred income |
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6. | DEFERRED TAX |
£ |
Balance at 1 January 2018 | ( |
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Utilised during year |
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Losses transferred to parent | 70,476 |
Balance at 31 December 2018 |
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7. | RESERVES |
Retained |
earnings |
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At 1 January 2018 |
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Profit for the year |
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At 31 December 2018 |
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8. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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During the prior period the directors withdrew £1,000 from the company. Interest, at the authorised rate, of £5 |
was charged on this. On 5 September 2017 the loan was transferred to a new holding company following the |
restructuring of companies under common control. |
Medalmark Limited (Registered number: 01850101) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
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9. | RELATED PARTY DISCLOSURES |
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During the prior year all of the remaining listed investments managed by Hargreave Hale were transferred to a |
new holding company following a re-structuring of various companies under common control. The investments |
were transferred at market value of £355,821. No tax was payable on these transactions. |
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On 5 September 2017 other assets and liabilities were transferred to the holding company at cost. Following the |
disposal of the company's remaining assets the Chargeable Losses were transferred to the holding company a |
value matching the amount of tax that would be saved by the holding company. At 31 December 2018 the new |
company owed £849,706 (2017: £777,728) to Medalmark Limited. |