Registration number:
Medic Creations Limited
for the Year Ended 28 February 2019
29 Wood Street
Stratford upon Avon
Warwickshire
CV37 6JG
Medic Creations Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Medic Creations Limited
Company Information
Directors |
Dr Sandeep Bansal Dr Ashok Bansal Anil Kumar Agarwal Anoop Maini Matthew Shakesheff Robin Stern |
Registered office |
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Accountants |
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Page 1 |
Medic Creations Limited
(Registration number: 09452339)
Balance Sheet as at 28 February 2019
Note |
2019 |
2018 |
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Fixed assets |
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Tangible assets |
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- |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
( |
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Total equity |
( |
( |
For the financial year ending 28 February 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Page 2 |
Medic Creations Limited
(Registration number: 09452339)
Balance Sheet as at 28 February 2019
Approved and authorised by the
.........................................
Dr Ashok Bansal
Director
Page 3 |
Medic Creations Limited
Notes to the Financial Statements for the Year Ended 28 February 2019
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
United Kingdom
The principal place of business is:
Oakdale
Royal Oak Hill
Newport
Gwent
NP18 1JF
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Page 4 |
Medic Creations Limited
Notes to the Financial Statements for the Year Ended 28 February 2019
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
3 years straight line basis |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Page 5 |
Medic Creations Limited
Notes to the Financial Statements for the Year Ended 28 February 2019
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Investments |
2019 |
2018 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 March 2018 |
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Provision |
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Carrying amount |
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At 28 February 2019 |
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At 28 February 2018 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Page 6 |
Medic Creations Limited
Notes to the Financial Statements for the Year Ended 28 February 2019
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2019 |
2018 |
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Subsidiary undertakings |
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29 Wood Street
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Ordinary £1 |
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England and Wales |
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29 Wood Street
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Ordinary £1 |
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England and Wales |
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29 Wood Street
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Ordinary £1 |
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England and Wales |
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29 Wood Street
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Ordinary £1 |
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England and Wales |
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29 Wood Street
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Ordinary £1 |
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England and Wales |
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Equity |
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India |
The principal activity of Medic Monkey Limited is |
The principal activity of Medic Bleep Limited is |
The principal activity of Medic Mail Limited is |
The principal activity of The On Call Room Limited is |
The principal activity of Your Health Room Limited is |
The principal activity of Medic Creations Private Limited is |
Page 7 |
Medic Creations Limited
Notes to the Financial Statements for the Year Ended 28 February 2019
Debtors |
2019 |
2018 |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2019 |
2018 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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- |
Accruals and deferred income |
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Other creditors |
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Page 8 |
Medic Creations Limited
Notes to the Financial Statements for the Year Ended 28 February 2019
Share capital |
Allotted, called up and fully paid shares
2019 |
2018 |
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No. |
£ |
No. |
£ |
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Ordinary Shares of £1 each |
1,630,000 |
1,630,000 |
50,000 |
50,000 |
Incentive A Shares of £1 each |
- |
- |
150 |
150 |
Incentive B Shares of £1 each |
- |
- |
40 |
40 |
Incentive D Shares of £1 each |
- |
- |
1 |
1 |
Incentive C Shares of £1 each |
- |
- |
10 |
10 |
1,630,000 |
1,630,000 |
50,201 |
50,201 |
During the year 50,000 Founder Shares of £1 each were reclassified as 50,000 Ordinary Shares.
During the year Incentive Shares were reclassified as Ordinary Shares.
During the year 1,579,799 Ordinary Shares of £1 each were issued.
Related party transactions |
Key management personnel
Dr. Ashok Bansal
(Director)
Dr. Sandeep Bansal
(Director)
Summary of transactions with key management
During the year Dr. Ashok Bansal made an interest free loan to the company. The amount outstanding at the year end was £57,048 (2018 - £1,134,988).
During the year Dr. Sandeep Bansal made an interest free loan to the company. The amount outstanding at the year end was £0 (2018 - £29,048).
Page 9 |