General Information
MEDISO MEDICAL IMAGING SYSTEMS UK LIMITED (formerly BARTEC TECHNOLOGIES LIMITED) is a private company, limited by shares, registered in England and Wales. The company's registered number is 03616847, and its registrered address is Unit 14 Farnborough Business Centre, Eelmoor Road, Farnborough, GU14 7XA.
The presentation currency is £ sterling.
1. |
Accounting policies
Significant accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical
cost convention.
Turnover
Sale of goods
Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of turnover can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of turnover can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.
Government grants
Grants are accounted under the accruals model as permitted by FRS 102.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the profit and loss account.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Current and deferred tax assets and liabilities are not discounted
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and machinery |
25% Straight Line
|
Motor Vehicles |
25% Straight Line
|
Fixtures and Fittings |
25% Straight Line
|
Computer Equipment |
25% Straight Line
|
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
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.
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
|
2. |
Average number of employees
Average number of employees during the period was 6 (2021 : 10).
|
3. |
Audit Information
The auditor's report on the financial statements for the year ended 31 December 2022 was unqualified.
The auditor's report was signed by Howard Freeman BSc FCA (Senior Statutory Auditor)
for and on behalf of Shorts Chartered Accountants Statutory Auditor Chartered Accountants and Registered Auditors on 02 August 2023.
|
4. |
Tangible fixed assets
Cost or valuation |
Plant and machinery |
|
Motor Vehicles |
|
Fixtures and Fittings |
|
Computer Equipment |
|
Total |
|
£ |
|
£ |
|
£ |
|
£ |
|
£ |
At 01 July 2021 |
10,340 |
|
18,000 |
|
22,823 |
|
25,311 |
|
76,474 |
Additions |
- |
|
52,505 |
|
- |
|
3,045 |
|
55,550 |
Disposals |
(6,040) |
|
(18,000) |
|
(8,576) |
|
(20,319) |
|
(52,935) |
At 31 December 2022 |
4,300 |
|
52,505 |
|
14,247 |
|
8,037 |
|
79,089 |
Depreciation |
At 01 July 2021 |
10,340 |
|
8,625 |
|
20,998 |
|
10,683 |
|
50,646 |
Charge for period |
- |
|
8,188 |
|
1,757 |
|
3,516 |
|
13,461 |
On disposals |
(6,040) |
|
(10,875) |
|
(8,575) |
|
(7,040) |
|
(32,530) |
At 31 December 2022 |
4,300 |
|
5,938 |
|
14,180 |
|
7,159 |
|
31,577 |
Net book values |
Closing balance as at 31 December 2022 |
- |
|
46,567 |
|
67 |
|
878 |
|
47,512 |
Opening balance as at 01 July 2021 |
- |
|
9,375 |
|
1,825 |
|
14,628 |
|
25,828 |
|
5. |
Stocks
|
31/12/2022 £ |
|
30/06/2021 £ |
Stocks |
19,496 |
|
78,428 |
|
19,496 |
|
78,428 |
|
6. |
Debtors: amounts falling due within one year
|
31/12/2022 £ |
|
30/06/2021 £ |
Trade Debtors |
685,440 |
|
301,508 |
Prepayments & Accrued Income |
140,699 |
|
118,234 |
Other Debtors |
3,750 |
|
6,576 |
|
829,889 |
|
426,318 |
|
7. |
Creditors: amount falling due within one year
|
31/12/2022 £ |
|
30/06/2021 £ |
Trade Creditors |
192,636 |
|
175,467 |
Amounts Owed to Group Undertakings |
116,390 |
|
59,547 |
Corporation Tax |
105,622 |
|
135,053 |
PAYE & Social Security |
10,617 |
|
36,069 |
Pension liability |
2,349 |
|
0 |
Accruals & Deferred Income |
1,002,261 |
|
238,309 |
Other Creditors |
0 |
|
1,763 |
Wages & Salaries Control Account |
0 |
|
19,986 |
VAT |
4,211 |
|
0 |
|
1,434,086 |
|
666,194 |
|
8. |
Creditors: amount falling due after more than one year
|
31/12/2022 £ |
|
30/06/2021 £ |
Accruals & Deferred Income |
30,027 |
|
24,750 |
|
30,027 |
|
24,750 |
|
9. |
Share Capital
Allotted, called up and fully paid
|
31/12/2022 £ |
|
30/06/2021 £ |
100,000
Class A shares of £0.01 each |
1,000 |
|
1,000 |
|
1,000 |
|
1,000 |
|
10. |
CONTROLLING PARTY
The immediate and ultimate parent undertaking is Mediso Medical Imaging Systems Kft, whose registered office address is H-1037, Laborc Utca 3, Budapest, Hungary. The group financial statements of Mediso Medical Imaging Systems Kft are publicly available.
The company has taken the available exemptions within FRS102 whereby it has not disclosed transactions with its parent company and any wholly owned subsidiaries within that group.
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11. |
OTHER FINANCIAL COMMITMENTS
The company has total commitments under non-cancellable operating leases as follows:
31.12.2022 30.06.2021
Due date within 1 year 17,610 986
Due date between 2 and 5 years 10,273 -
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3
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