Company registration number 11038741 (England and Wales)
MEDILINK MIDLANDS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
MEDILINK MIDLANDS LIMITED
COMPANY INFORMATION
Directors
Dr D Clark
Mr M Levermore
Mr K Widdowson
Prof Y Barnett
Prof M Bennett
Dr D Mead
Mr C De Rohan
Dr A Ghadar
Mr M Pettitt
Company number
11038741
Registered office
Dryden Enterprise Centre
Dryden Street
Nottingham
NG1 4FQ
Accountants
Rogers Spencer
Newstead House
Pelham Road
Nottingham
NG5 1AP
MEDILINK MIDLANDS LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Group balance sheet
4
Company balance sheet
5
Notes to the financial statements
6 - 11
MEDILINK MIDLANDS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -
The directors present their annual report and financial statements for the year ended 31 March 2023.
Principal activities
The principal activity of the group continued to be that of the provision of a support organisation for the healthcare sector with its core objective being to help the healthcare sector SME's in the East and West Midlands to establish, grow and develop.
The company is a not for profit organisation, limited by guarantee and any income surpluses made are used to further the company's core objective.
Results and dividends
During the year the company acquired Medilink East Midlands Limited and Medilink West Midlands Limited and the membership of those organisations transferred to Medilink Midlands Limited. The company had control from 1 April 2021, and thus consolidated accounts have been prepared from this date.
Medilink East Midlands Limited and Medilink West Midlands Limited are long established companies and have maintained their existing contracts for the year, with the memebrship and events now being run by Medilink Midlands Limited. The intention is that in the coming years, all contracts will be taken on by Medilink Lidlands Limited. Medilink East Midlands Limited and Medilink West Midlands Limited carry out the same business activities as Medilink Midlands, those being to deliver public funded business support programmes exclusively to the HealthTech/MedTech sector on a not-for-profit basis. Our activities across all companies represent a collective combined turnover of £1.6m in 2021/22. Our activities within these companies date back over 18 years. Given the collective reserves of the organisations we will be able to meet our foreseeable ongoing obligations.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Dr D Clark
Mr M Levermore
Mr K Widdowson
Prof Y Barnett
Prof M Bennett
Dr D Mead
Mr P Rose
(Resigned 29 April 2022)
Mr C De Rohan
Dr A Ghadar
Mr M Pettitt
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Dr D Clark
Director
18 July 2023
MEDILINK MIDLANDS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MEDILINK MIDLANDS LIMITED FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Medilink Midlands Limited for the year ended 31 March 2023 which comprise the group profit and loss account, the group balance sheet, the company balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
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 at https://www.icaew.com/regulation
This report is made solely to the Board of Directors of Medilink Midlands Limited, as a body, in accordance with the terms of our engagement letter dated 26 June 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Medilink Midlands Limited and state those matters that we have agreed to state to the Board of Directors of Medilink Midlands Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Medilink Midlands Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Medilink Midlands 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 loss of Medilink Midlands Limited. You consider that Medilink Midlands Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Medilink Midlands 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.
Rogers Spencer
31 July 2023
Chartered Accountants
Newstead House
Pelham Road
Nottingham
NG5 1AP
MEDILINK MIDLANDS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
2023
2022
Notes
£
£
Turnover
1,974,354
1,552,612
Administrative expenses
(1,821,286)
(1,462,707)
Other operating income
3,120
-
Operating profit
156,188
89,905
Interest receivable and similar income
4
23
6
Profit before taxation
156,211
89,911
Tax on profit
(5)
(1)
Profit for the financial year
156,206
89,910
Profit for the financial year is all attributable to the owners of the parent company.
MEDILINK MIDLANDS LIMITED
GROUP BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 4 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
5
1,232
3,943
Tangible assets
6
11,173
17,808
12,405
21,751
Current assets
Debtors
7
933,432
639,833
Cash at bank and in hand
710,012
900,987
1,643,444
1,540,820
Creditors: amounts falling due within one year
8
(664,164)
(727,092)
Net current assets
979,280
813,728
Net assets
991,685
835,479
Capital and reserves
Called up share capital
Other reserves
739,227
739,227
Profit and loss reserves
252,458
96,252
Total equity
991,685
835,479
For the financial year ended 31 March 2023 the group was entitled to exemption from audit under section 477 of the Companies Act 2006.
Directors' responsibilities under the Companies Act 2006:
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to groups and companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 18 July 2023 and are signed on its behalf by:
18 July 2023
Dr D Clark
Director
Company registration number 11038741 (England and Wales)
MEDILINK MIDLANDS LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 5 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
6
1,759
750
Current assets
Debtors
7
48,664
38,129
Cash at bank and in hand
47,878
116,283
96,542
154,412
Creditors: amounts falling due within one year
8
(198,816)
(80,330)
Net current (liabilities)/assets
(102,274)
74,082
Net (liabilities)/assets
(100,515)
74,832
Capital and reserves
Called up share capital
Profit and loss reserves
(100,515)
74,832
Total equity
(100,515)
74,832
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £175,347 (2022 - £68,490 profit).
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 18 July 2023 and are signed on its behalf by:
18 July 2023
Dr D Clark
Director
Company registration number 11038741 (England and Wales)
MEDILINK MIDLANDS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
1
Accounting policies
Company information
Medilink Midlands Limited is a private company limited by guarantee incorporated in England and Wales.
The registered office is Dryden Enterprise Centre, Dryden Street, Nottingham, England, NG1 4FQ.
On 1st April 2021 Medilink Midlands Limited became the relevant parent legal enity of Medilink East Midlands Limited and Medilink West Midlands Limited.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Medilink Midlands Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 March 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
MEDILINK MIDLANDS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 7 -
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
3 year straight line
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
3 year straight line
Computers
3 year straight line
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 recognised in the profit and loss account.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
MEDILINK MIDLANDS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 8 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
MEDILINK MIDLANDS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
3
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Total
19
23
3
4
4
Interest receivable and similar income
2023
2022
£
£
Other interest receivable and similar income
23
6
5
Intangible fixed assets
Group
Software
£
Cost
At 1 April 2022 and 31 March 2023
6,466
Amortisation and impairment
At 1 April 2022
2,523
Amortisation charged for the year
2,711
At 31 March 2023
5,234
Carrying amount
At 31 March 2023
1,232
At 31 March 2022
3,943
MEDILINK MIDLANDS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 10 -
6
Tangible fixed assets
Group
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 April 2022
14,925
8,032
22,957
Additions
1,740
1,740
At 31 March 2023
14,925
9,772
24,697
Depreciation and impairment
At 1 April 2022
2,815
2,334
5,149
Depreciation charged in the year
5,554
2,821
8,375
At 31 March 2023
8,369
5,155
13,524
Carrying amount
At 31 March 2023
6,556
4,617
11,173
At 31 March 2022
12,110
5,698
17,808
Company
Computers
£
Cost
At 1 April 2022
1,750
Additions
1,740
At 31 March 2023
3,490
Depreciation and impairment
At 1 April 2022
1,000
Depreciation charged in the year
731
At 31 March 2023
1,731
Carrying amount
At 31 March 2023
1,759
At 31 March 2022
750
MEDILINK MIDLANDS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 11 -
7
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
15,273
59,094
15,244
30,886
Other debtors
918,159
580,739
33,420
7,243
933,432
639,833
48,664
38,129
8
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
44,019
33,669
37,019
11,803
Corporation tax payable
(8)
Other taxation and social security
26,665
33,759
8,969
1,306
Other creditors
593,488
659,664
152,828
67,221
664,164
727,092
198,816
80,330
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