Company Registration No. 11038741 (England and Wales)
MEDILINK MIDLANDS LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
PAGES FOR FILING WITH REGISTRAR
MEDILINK MIDLANDS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
MEDILINK MIDLANDS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2021
31 March 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
250
500
Current assets
Debtors
5
5,197
9,623
Cash at bank and in hand
12,748
9,978
17,945
19,601
Creditors: amounts falling due within one year
6
(11,852)
(4,181)
Net current assets
6,093
15,420
Net assets
6,343
15,920
Reserves
Income and expenditure account
6,343
15,920
Members' funds
6,343
15,920
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.
true
For the financial year ended 31 March 2021 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.
T
he 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 and delivered 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 25 November 2021 and are signed on its behalf by:
Dr D Clark
Director
Company Registration No. 11038741
MEDILINK MIDLANDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
- 2 -
1
Accounting policies
Company information
Medilink Midlands Limited is a
private
company
limited by guarantee
incorporated in
England and Wales
.
The registered office is
Biocity, Pennyfoot Street, Nottingham, NG1 1GF.
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 a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
Expenses include VAT where applicable as the company cannot reclaim it.
1.3
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:
Computers
25% on cost
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 surplus or deficit
.
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Taxation
The company is exempt from corporation tax as it is not carrying out a trade and thereby not generating trading income. Taxation is only payable on bank interest received.
1.6
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 lease
s
asset are consumed.
MEDILINK MIDLANDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 3 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
4
4
4
Tangible fixed assets
Computers
£
Cost
At 1 April 2020 and 31 March 2021
1,000
Depreciation and impairment
At 1 April 2020
500
Depreciation charged in the year
250
At 31 March 2021
750
Carrying amount
At 31 March 2021
250
At 31 March 2020
500
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Service charges due
3,086
9,198
Other debtors
2,111
425
5,197
9,623
MEDILINK MIDLANDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 4 -
6
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
5,791
1,767
Taxation and social security
1,414
Other creditors
6,061
1,000
11,852
4,181
7
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
8
Related party transactions
Medilink East Midlands Limited
Party exercising joint control
Services provided by related party £600 (2020 £2,099)
Services provided to related party £10,498 (2020 £6,123)
Medilink West Midlands Limited
Party exercising joint control
Services provided by related party £234 (2020 £3,482)
Amount due to related party at the balance sheet date:
£91 (2020: £287)
9
Post Balance Sheet Events
On 1 April 2021 Medilink East Midlands Limited, Medilink West Midlands Limited and Medilink Midlands Limited, restructured to become one group. Medilink East Midlands Limited and Medilink West Midlands Limited both became subsidiaries of Medilink Midlands Limited and all memberships were transferred to Medilink Midlands Limited.