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MEDI - Medilink Global UK News Story

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Last Trade - 13/06/17

Sector
Healthcare
Size
Micro Cap
Market Cap £n/a
Enterprise Value £n/a
Revenue £1.78m
Position in Universe th / 1826

Medilink-Global UK - Final Results - Part 2

Thu 1st October, 2015 7:00am
- Part 2: For the preceding part double click  ID:nRSA8272Aa 

This calculation includes all fees and points paid or
received between parties to the contract that are an integral part of the
effective interest rate, transaction costs and all other premiums and
discounts. For investments carried at amortised cost, gains and losses are
recognised in the income statement when the investments are derecognised or
impaired, as well as through the amortisation process. 
 
(iii)  Loans and receivables 
 
Non-derivative financial assets with fixed or determinable payments that are
not quoted in an active market are classified as loans and receivables. Such
assets are carried at amortised cost using the effective interest method.
Gains and losses are recognised in the income statement when the loans and
receivables are derecognised or impaired, as well as through the amortisation
process. 
 
xix.  Financial assets (continued) 
 
(iv)  Available-for-sale financial assets 
 
Available-for-sale financial assets are those non-derivative financial assets
that are designated as available-for-sale or are not classified in any of the
three preceding categories. After initial recognition, available-for-sale
financial assets are measured at fair value with gains or losses being
recognised in the fair value adjustment reserve until the investment is
derecognised or until the investment is determined to be impaired at which
time the cumulate gain or loss previously reported in equity is included in
the statement of comprehensive income. 
 
The fair value of investments that are actively traded in organised financial
markets is determined by reference to the relevant stock exchange's quoted
market bid prices at the close of business on the statement of financial
position date. For investments where there is no active market, fair value is
determined using valuation techniques. Such techniques include using recent
arm's length market transactions; reference to the current market value of
another instrument, which is substantially the same; discounted cash flow
analysis and option pricing models. 
 
xx.   Derecognition of financial assets and liabilities 
 
i.      Financial assets 
 
A financial asset (or, where applicable a part of a financial asset or part of
a group of similar financial assets) is derecognised where: 
 
The contractual rights to receive cash flows from the asset have expired; 
 
The Group retains the contractual rights to receive cash flows from the
assets, but has assumed an obligation to pay them in full without material
delay to a third party under a 'pass-through' arrangement; or 
 
The Group has transferred its rights to receive cash flows from the asset and
either (a) has transferred substantially all the risks and rewards of the
asset, or (b) has neither transferred nor retained substantially all the risks
and rewards of the asset, but has transferred control of the asset. 
 
Where the Group has transferred its rights to receive cash flows from an asset
and has neither transferred nor retained substantially all the risks and
rewards of the asset nor transferred control of the asset, the asset is
recognised to the extent of the Group's continuing involvement in the asset.
Continuing involvement that takes the form of a guarantee over the transferred
asset is measured at the lower of the original carrying amount of the asset
and the maximum amount of consideration that the Group could be required to
repay. 
 
Where continuing involvement takes the form of a written and/or purchased
option on the transferred asset, the extent of the Group's continuing
involvement is the amount of the transferred asset that the Group may
repurchase, except that in the case of a written put option on an asset
measured at fair value, the extent of the Group's continuing involvement is
limited to the lower of the fair value of the transferred asset and the option
exercise price. 
 
On derecognition of a financial asset in its entirety, the difference between
the carrying amount and the sum of (a) the consideration received (including
any new asset obtained less any new liability assumed) and (b) any cumulative
gain or loss that has been recognised directly in equity is recognised in the
statement of comprehensive income. 
 
xx.   Derecognition of financial assets and liabilities (continued) 
 
ii.     Financial liabilities and equity instruments 
 
Financial liabilities and equity instruments are classified according to the
substance of the contractual arrangements entered into and the definitions of
a financial liability and an equity instrument under IFRS. An equity
instrument is any contract that evidences a residual interest in the assets of
the Group after deducting all of its liabilities. The accounting policies
adopted for specific financial liabilities and equity instruments are set out
below. 
 
A financial liability is derecognised when the obligation under the liability
is discharged or cancelled or expires. 
 
Where an existing financial liability is replaced by another from the same
lender on substantially different terms, or the terms of an existing liability
are substantially modified, such as exchange or modification, is treated as a
derecognition of the original liability and the recognition of a new
liability, and the difference in the respective carrying amounts is recognised
in the statement of comprehensive income. 
 
Borrowings 
 
Borrowings are recognised initially at fair value, net of transaction costs
incurred, and subsequently measured at amortised cost using the effective
interest method.  Borrowings are classified as current liabilities unless the
Group has an unconditional right to defer settlement of the liability for at
least 12 months after the statement of financial position date. 
 
Trade and other payables 
 
Trade and other payables are stated initially at their fair value and
subsequently measured at amortised cost using the effective interest method
unless the effect of discounting would be immaterial, in which case they are
stated at cost. 
 
Equity instruments 
 
Equity instruments issued by the Group are recorded at the proceeds received,
net of direct issue costs. 
 
xxi.  Impairment of assets 
 
(i)    Financial assets 
 
A financial asset is assessed at each reporting date to determine whether
there is any objective evidence that it is impaired. A financial asset is
considered to be impaired if objective evidence indicates that one or more
events have had a negative effect on the estimated future cash flows of that
asset. 
 
An impairment loss in respect of a financial asset measured at amortised cost
is calculated as the difference between its carrying amount, and present value
of the estimated future cash flows discounted at the original effective
interest rate. An impairment loss in respect of an available-for-sale
financial asset is calculated by reference to its fair value. 
 
Individually significant financial assets are tested for impairment on an
individual basis. The remaining financial assets are assessed collectively in
groups that share similar credit risk characteristics. 
 
xxi.  Impairment of assets (continued) 
 
An impairment loss is recognised in the statement of comprehensive income. Any
cumulative loss in respect of an available-for-sale financial asset recognised
previously in equity is transferred to the statement of comprehensive income. 
 
An impairment loss is reversed if the reversal can be related objectively to
an event occurring after the impairment loss was recognised. For financial
assets measured at amortised cost and available-for-sale financial assets that
are debt securities, the reversal is recognised in the statement of
comprehensive income. For available-for-sale financial assets that are equity
securities, the reversal is recognised directly in equity. 
 
(ii)   Non-financial assets 
 
The carrying amounts of the Group's non-financial assets, other than deferred
tax assets, are reviewed at each reporting date to determine whether there is
any indication of impairment. If any such indication exists, then the asset's
recoverable amount is estimated. For assets that have indefinite lives, the
recoverable amount is estimated at each reporting date. 
 
The recoverable amount of an asset or cash-generating unit is the greater of
its value in use and its fair value less costs to sell. In assessing value in
use, the estimated future cash flows are discounted to their present value
using a pre-tax discount rate that reflects current market assessments of the
time value of money and risk specific to the asset. For the purpose of
impairment testing, assets are grouped together into the smallest group of
assets that generates cash inflows from continuing use that are largely
independent of the cash inflows of other assets or groups of assets (the "cash
generating unit"). The goodwill acquired in a business combination, for the
purpose of impairment testing, is allocated to cash-generating units that are
expected to benefit from the synergies of the combination. 
 
An impairment loss is recognised if the carrying amount of an asset or its
cash generating unit exceeds its estimated recoverable amount. Impairment
losses are recognised in the statement of comprehensive income. Impairment
losses recognised in respect of cash generating units are allocated first to
reduce the carrying amount of any goodwill allocated to the units and then to
reduce the carrying amount of the other assets in the unit (or group of units)
on a pro rata basis. 
 
An impairment loss in respect of goodwill is not reversed. In respect of other
assets, impairment losses recognised in prior periods are assessed at each
reporting date for any indications that the loss has decreased or no longer
exists. An impairment loss is reversed if there has been a change in the
estimates used to determine the recoverable amount. An impairment loss is
reversed only to the extent that the asset's carrying amount does not exceed
the carrying amount that have been determined, net of depreciation or
amortisation, if no impairment loss had been recognised. 
 
xxii.        Cash and cash equivalents 
 
For the purpose of the statements of cash flows, cash and cash equivalents
include cash in hand, deposits, bank balances, demand deposits and other short
term, highly liquid investments that are readily convertible to known amounts
of cash and which are subjected to an insignificant risk of change in value. 
 
xxiii.       Share capital 
 
Ordinary shares are recorded at nominal value and proceeds received in excess
of nominal value of shares issued, if any, are accounted for as share premium.
 Both ordinary shares and share premium are classified as equity.  Costs
incurred directly to the issue of shares are accounted for as a deduction from
share premium, otherwise they are charged to the statement of comprehensive
income. 
 
xxiv.        Events after the balance sheet date 
 
Post period-end events that provide additional information about the Group's
position are reflected in the financial statements.  Post period-end events
that are not adjusting events are disclosed in the notes when material. 
 
xxv. Contingent liabilities and contingent assets 
 
A contingent liability is a possible obligation that arises from past events
and whose existence will only be confirmed by the occurrence or non-occurrence
of one or more uncertain future events not wholly within the control of the
Group.  It can also be a present obligation arising from past events that is
not recognised because it is not probable that outflow of economic resources
will be required or the amount of obligation cannot be measured reliably. 
 
A contingent liability is not recognised but is disclosed in the notes to the
accounts.  When a change in the probability of an outflow occurs so that the
outflow is probable, it will then be recognised as a provision. A contingent
asset is a possible asset that arises from past events and whose existence
will be confirmed only by the occurrence or non-occurrence of one or more
uncertain events not wholly within the control of the Group. Contingent assets
are not recognised but are disclosed in the notes to the accounts when an
inflow of economic benefits is probable.  When inflow is virtually certain, an
asset is recognised. 
 
xxvi.        Pensions 
 
The Group makes no other contributions to individual pension schemes except
for the contributions to defined contribution plans, including the Employees'
Provident Fund, the national defined contribution plan in Malaysia, the
Central Provident Fund in Singapore and basic pension insurance in China for
all the employees in the respective countries. 
 
xxvii.       Leased assets 
 
Operating lease 
 
Operating lease rentals are included in the determination of the operating
profit or loss for the period in accordance with the contracted lease payment
agreement. 
 
xxviii.     Discontinued operation 
 
A discontinued operation is a component of the Group's business that
represents a separate major line of business or geographical area of
operation, which has been disposed of or is held for sale, or is a subsidiary
acquired exclusively with a view to resale. Classification as a discontinued
operation occurs upon disposal or when the operation meets the criteria to be
classified as held for sale, if earlier. When an operation is classified as a
discontinued operation, the comparative statement of comprehensive income is
re-presented as if the operation had been discontinued from the start of the
comparative period. 
 
xxix.        Assets held for sale 
 
Non-current assets, or disposal groups comprising assets and liabilities, are
classified as held-for-sale if it is highly probable that they will be
recovered primarily through sale rather than through continuing use. 
 
Such assets, or disposal groups, are generally measured at the lower of their
carrying amount and fair value less costs to sell. Any impairment loss on
disposal group is allocated first to goodwill, and then to the remaining
assets and liabilities on a pro rata basis, except that no loss is allocated
to inventories, financial assets or deferred tax assets, which continue to be
measured in accordance with the Group's other accounting policies. Impairment
losses on initial classification held-for-sale and subsequent gains and losses
on re-measurement are recognized in profit or loss. 
 
Once classified as held for sale, intangible assets and property, plant and
machinery are no longer amortised or depreciated, and any equity accounted
investee is no longer equity accounted. 
 
xxx. Employee benefits 
 
(i)    Short term employee benefits 
 
Wages, salaries, annual leave and sick leave, social security contributions,
bonuses and non-monetary benefits are accrued in the period in which the
associated services are rendered by the employees. 
 
(ii)   Post-employment benefits 
 
Contributions to defined contribution plans, including the Employees'
Provident Fund, the national defined contribution plan in Malaysia, the
Central Provident Fund in Singapore and basic pension insurance in China are
charged to the statement of comprehensive income in the period to which they
are related. A defined contribution plan is a pension plan under which the
Group pays fixed contributions and will have no legal or constructive
obligations to pay further contributions if the fund does not hold sufficient
assets to pay all employee benefits relating to employee service in the
current or prior financial periods. Once the contributions have been paid, the
Group has no further payment obligations. 
 
xxxi.        Significant accounting estimates and judgements 
 
Estimates, assumptions and judgements concerning the future are made in the
preparation of the financial statements. They affect the application of the
Group's accounting policies, reported amounts of assets, liabilities, income
and expenses and disclosures made. They are assessed on an ongoing basis and
are based on experience and relevant factors, including expectations of future
events that are believed to be reasonable under the circumstances. 
 
Key sources of estimation uncertainty 
 
The key assumptions concerning the future and other key sources of estimation
uncertainty at the statement of financial position date, that have a
significant risk of causing a material adjustment to the carrying amounts of
assets and liabilities within the next financial period are as stated below: 
 
(i)         Carrying value of goodwill - Group 
 
The Group follows the guidance of IAS 36 in determining whether goodwill is
impaired. This determination requires the assumption made regarding the
duration and extent to which the fair value of the goodwill is less than its
costs and the financial health of and near-term business outlook for the
goodwill. 
 
Management's assessment for impairment of goodwill is based on the estimation
of value in use of the cash-generating unit ("CGU") by forecasting the
expected future cash flows for a period of up to five years, using a suitable
discount rate in order to calculate the present value of those cash flows. 
 
Impairment testing inherently involved a number of judgmental areas: the
preparation of cash flow forecasts for periods that are beyond the normal
requirements of management reporting; the assessment of the discount rate
appropriate to the business; estimation of the fair value of cash-generating
units; and the valuation of the separable assets of each business whose
goodwill is being reviewed. 
 
The methods, assumptions, sensitivity and possible outcomes in relation to the
calculation of the estimates are detailed in note 10. 
 
(ii)   Carrying value of investment and long term loan in subsidiaries -
Company 
 
The Company follows the guidance of IAS 36 in determining whether investment
in and long term loans to subsidiaries are impaired. This determination
requires the assumption made regarding the duration and extent to which the
fair value of an investment or a financial asset is less than its costs and
the financial health of and near-term business outlook for the investment or
financial asset. The Company has a sole direct investment in Medilink-Global
(Asia) Pte Ltd, who then owns the other entities in the group. 
 
Management's assessment for impairment of investment and long term loans in
subsidiaries is based on the estimation of value in use of the cash-generating
unit ("CGU") by forecasting the expected future cash flows for a period of up
to five years, using a suitable discount rate in order to calculate the
present value of those cash flows. 
 
Impairment testing inherently involved a number of judgmental areas: the
preparation of cash flow forecasts for periods that are beyond the normal
requirements of management reporting; the assessment of the discount rate
appropriate to the business; estimation of the fair value of cash-generating
units; and the valuation of the separable assets of each business in the
sub-group. 
 
As Medilink-Global (Asia) Pte Ltd forms an individual sub-group, the Company
has assessed the recoverability of the investment and long term loans on the
underlying value of this sub-group. In this respect, the methods, assumptions,
sensitivity and possible outcomes in relation to the calculation of the
estimates are detailed in note 10 as they are the same as those used on the
impairment review of the carrying value of goodwill. 
 
Key sources of estimation uncertainty (continued) 
 
(iii)   Discontinued operations and assets held for sale 
 
On 1 August 2014, the Group entered into a  Sale and Purchase Agreement (the
"divestment") with Selfdoctor (Beijing) Technology Co., Limited ("Selfdoctor")
to divest 51% of interest in Medilink (Beijing) TPA Services Co Limited
("Medilink China"). The directors are of the opinion that the divestment was
fully completed on 10th July 2015 (the "completion date") when the transfer of
ownership took place. 
 
The Group follows the guidance of IFRS 5 to specify the accounting for assets
held for sales and the presentation and disclosure of discontinued operation.
In considering whether discontinued activity meet these criteria which require
significant judgement is applied by the directors apply those judgements. The
directors consider that the divestment did not become unconditional until the
completion date. The operations of Medilink China are therefore classified as
a disposal group held for sale. The directors also considered this divestment
to represent the entirety of the Group's operating segment in China.
Accordingly, the Group has presented these results within discontinued
operations in the statement of comprehensive income. 
 
For more details on the discontinued operation refer to note 21. 
 
3.         Business segments 
 
The Group applies IFRS 8 Operating Segments. Per IFRS 8 operating segments are
based on internal reports about components of the group, which are regularly
reviewed and used by the Board of Directors being the Chief Operating Decision
Maker ("CODM") for strategic decision making and resource allocation, in order
to allocate resources to the segment and to assess its performance. The
Group's reportable operating segments are as follows: 
 
i) Third party administrator 
 
ii) Software licensing 
 
The CODM monitors the operating results of each segment for the purpose of
performance assessments and making decisions on resource allocation. The
management has organised the entity based on differences in products and
services. Third party administrator segment is derived from aggregating
Malaysia and Singapore entity while Software licensing segment represent a
single entity from Malaysia.  Performance is based on external and internal
revenue generations and profit before tax, which the CODM believes are the
most relevant in evaluating the results relative to other entities in the
industry. Segment assets and liabilities are presented inclusive of
inter-segment balances, as inter-segment pricing. Information regarding each
of the operations of each reportable segment is included below. 
 
 2014                            Third party administrator  Software licensing  Consolidation  Total    
                                 £'000                      £'000               £'000          £'000    
 External revenue                1,296                      109                 -              1,405    
 Internal revenue                133                        90                  (223)          -        
 Total revenue                   1,429                      199                 (223)          1,405    
                                                                                                        
 Interest expenses               38                         -                   -              38       
 Depreciation and  amortisation  80                         1                   -              81       
 Impairment loss                 (1,700)                    -                   -              (1,700)  
 Earnings before tax (EBT)       (2,097)                    (8)                 174            (1,931)  
                                                                                                        
 Assets                          4,654                      185                 (741)          4,098    
 Liabilities                     (6,810)                    (326)               3,092          (4,044)  
 
 
(i)   The assets of third party administrator are including the goodwill on
consolidation of £1,338,000 (2013: £3,038,000) 
 
Revenues from customers amounted to £263,249: AIA Bhd (Previously known as ING
Insurance Bhd) compared with year 2013: £243,685: AIA Bhd, arising from sales
by third party administrator segment. 
 
 2013                            Third party administrator  Software licensing  Consolidation  Total    
                                 £'000                      £'000               £'000          £'000    
 External revenue                1,294                      22                  -              1,316    
 Internal revenue                30                         109                 (139)          -        
 Total revenue (restated)        1,324                      131                 (139)          1,316    
                                                                                                        
 Interest expenses (restated)    23                         -                   -              23       
 Depreciation and  amortisation  177                        1                   -              178      
 Earnings before tax (EBT)       (573)                      2                   66             (505)    
                                                                                                        
 Assets                          5,764                      190                 (1,240)        4,714    
 Liabilities                     (5,534)                    (323)               3,220          (2,637)  
 
 
The geographical split of revenue and non-current assets arises as follows: 
 
 2014               Jersey  Singapore  Malaysia  Discontinued Operation (China)  Total  
                    £'000   £'000      £'000     £'000                           £'000  
 Revenue            -       643        762       -                               1,405  
 Intangible assets  -       -          167       -                               167    
 Goodwill           1,338   -          -         -                               1,338  
 PPE                -       -          75        -                               75     
                                                                                 
                                                                                              
 
 
 2013                Jersey  Singapore  Malaysia  Discontinued Operation (China)  Total    
                     £'000   £'000      £'000     £'000                           £'000    
 Revenue (restated)  -       508        808       -                               1,316    
 Intangible assets   -       -          102       -                               102      
 Goodwill            3,038   -          -         -                               3,038    
 PPE                 -       -          123       40                              163      
                                                                                           
                                                                                                     
 
 
The geographical split of revenue reflects the continuing operation same as
its comparative period. The non-current assets of the discontinued operation
are classified as held for sale but no restatement is required for its
comparative period. 
 
4.         Loss from operations 
 
Loss from operation has been arrived at after charging: 
 
                                                       2014   2013   
                                                       £'000  £'000  
 Unrealised loss/(gain) on exchange difference         65     2      
 Depreciation                                          61     126    
 Amortisation of intangible assets                     20     52     
 Auditor remuneration - audit of the company accounts  25     19     
 Impairment of goodwill                                1,700  -      
 Operating lease payment                               184    157    
 
 
5.         Directors emoluments 
 
                          2014   2013   
                          £'000  £'000  
 Directors' remuneration  30     34     
 Directors' fees          28     29     
                          58     63     
 
 
All the executive directors have a fixed base fee or salary and participate in
discretionary bonus arrangement, according to the performance as determined by
the Remuneration Committee. 
 
Details of the directors' emoluments are set out below. 
 
                 2014   2013   
                 £'000  £'000  
 Executive                     
 Shia Kok Fat    46     47     
                               
 Non-executive                 
 Norman Lott     12     12     
 Chen Shien Yee  -      4      
                               
 Total           58     63     
 
 
6.         Staff costs 
 
                             2014   2013   
                             £'000  £'000  
 Wages and salaries          686    699    
 Defined contribution plans  140    153    
                             826    852    
 
 
7.         Finance expenses 
 
                                                2014   2013   
                                                £'000  £'000  
 Finance cost bank borrowing and hire purchase  20     5      
 Other interest                                 18     18     
                                                38     23     
 
 
8.         Taxation 
 
                                               2014     2013     
                                               £'000    £'000    
 Current tax charge                            -        4        
 Deferred tax                                  -        -        
                                               -        4        
                                                               
 Factors affecting tax charge:                                   
 Loss before tax                               (2,031)  (505)    
                                                                 
 Tax at the corporate rate 23.5% (2013:23.5%)  (477)    (119)    
 Tax effects of:                                                 
 - Non deductible expenses                     423      -        
 - Tax loss not recognised                     54       119      
 - Difference in overseas tax rate             -        4        
                                               -        4        
                                                                 
                                                                         
 
 
The applicable tax of the Group is derived from the consolidation of all Group
companies applicable tax band on their domestic tax rates. 
 
9.         Property, plant and equipment 
 
GROUP 2014 
 
                           Computer, office equipment  EDC  terminals  Furniture, fitting & renovation  Motor vehicles  Total  
                           £'000                       £'000           £'000                            £'000           £'000  
 Cost                                                                                                                          
 As at 1 January 2014      434                         440             93                               33              1,000  
 Exchange differences      -                           -               -                                -               -      
 Additions                 12                          1               -                                -               13     
 Assets held for sale      (144)                       (89)            (17)                             (16)            (266)  
 Disposal                  -                           -               -                                -               -      
 As at 31 December 2014    302                         352             76                               17              747    
                                                                                                                               
 Accumulated depreciation                                                                                                      
 As at 1 January 2014      320                         404             91                               22              837    
 Exchange differences      -                           -               -                                -               -      
 Depreciation              49                          4               4                                4               61     
 Assets held for sale      (124)                       (67)            (19)                             (16)            (226)  
 Disposal                  -                           -               -                                -               -      
 As at 31 December 2014    245                         341             76                               10              672    
                                                                                                                               
 Net book value            57                          11              -                                7               75     
 
 
A motor vehicle with the carrying amount of £7,000 (2013: £11,000) was
acquired by hire purchase and is pledged as security for liabilities. 
 
GROUP 2013 
 
                           Computer, office equipment  EDC terminals  Furniture, fitting & renovation  Motor vehicles  Total  
                           £'000                       £'000          £'000                            £'000           £'000  
 Cost                                                                                                                         
 As at 1 January 2013      323                         458            87                               20              888    
 Exchange differences      (17)                        (41)           (7)                              (2)             (67)   
 Additions                 129                         23             13                               15              180    
 Disposal                  (1)                         -              -                                -               (1)    
 As at 31 December 2013    434                         440            93                               33              1,000  
                                                                                                                              
 Accumulated depreciation                                                                                                     
 As at 1 January 2013      262                         418            83                               9               772    
 Exchange differences      (22)                        (45)           1                                5               (61)   
 Depreciation              80                          31             7                                8               126    
 Disposal                  -                           -              -                                -               -      
 As at 31 December 2013    320                         404            91                               22              837    
                                                                                                                              
 Net book value            114                         36             2                                11              163    
 
 
10.        Intangible assets 
 
 2014                      Intellectual Property  
                           Goodwill               Trademark  System software  Contracted customers  Total  
                           £'000                  £'000      £'000            £'000                 £'000  
 Cost                                                                                                      
 As at 1 January 2014      4,138                  2          348              213                   4,701  
 Additions                                                   85                                     85     
 As at 31 December 2014    4,138                  2          433              213                   4,786  
                                                                                                           
 Amortisation                                                                                              
 As at 1 January 2014      1,100                  2          246              213                   1,561  
 Amortisation              -                      -          20               -                     20     
 Provision for impairment  1,700                  -          -                -                     1,700  
 As at 31 December 2014    2,800                  2          266              213                   3,281  
                                                                                                           
 Net book value                                                                                            
 As at 31 December 2014    1,338                  -          167              -                     1,505  
 
 
 2013                    Intellectual Property  
                         Goodwill               Trademark  System software  Contracted customers  Total  
                         £'000                  £'000      £'000            £'000                 £'000  
 Cost                                                                                                    
 As at 1 January 2013    4,138                  2          356              213                   4,709  
 Exchange differences    -                      -          (8)              -                     (8)    
 As at 31 December 2013  4,138                  2          348              213                   4,701  
                                                                                                         
 Amortisation                                                                                            
 As at 1 January 2013    1,100                  2          201              206                   1,509  
 Amortisation            -                      -          45               7                     52     
 As at 31 December 2013  1,100                  2          246              213                   1,561  
                                                                                                         
 Net book value                                                                                          
 As at 31 December 2013  3,038                  -          102              -                     3,140  
 
 
The amortisation recognised in respect of intellectual property has been
included in the line item, administrative expenses in the consolidated
statement of income. 
 
Description of intangible assets 
 
Goodwill arising on the acquisition of the subsidiaries represents the excess
of the cost of acquisition over the Group's interest in the net fair value of
the identifiable assets, liabilities and contingent liabilities of the
subsidiaries recognised at the date of acquisition.  Goodwill is initially
recognised as an asset at cost and is subsequently measured at cost less any
accumulated impairment losses. The carrying value of goodwill is allocated to
the respective segments as follows: - 
 
                                   2014£'000  2013£'000  
 Third party administrator         1,257      2,957      
 Software licensing                81         81         
 Total carrying value of Goodwill  1,338      3,038      
 
 
System software comprises Electronics Claims Clearance System and Loyalty
Programme software. The system software is initially recognised based on the
cost that would be incurred in re-creating the asset and is subsequently
amortised based on straight-line method over a period of three years.
Contracted customers are the existing customers of the acquired subsidiaries.
The contracted customers are initially recognised based on the estimated net
present value of the service contracts entered into between the customers and
subsidiaries acquired and is subsequently amortised based on straight-line
method over a period of five years. The recoverable amount of cash generating
unit is determined based on value in use calculation as set out below. 
 
The goodwill and other intangible assets are reviewed for impairment annually
or more frequently if events or changes in circumstances indicate that the
assets might be impaired. The 2014 review was undertaken in the first quarter
of year 2015 and the impairment of goodwill amounting to £1,700,000 (2013:
Nil) is recognised in the income statement. The impairment provision was to
reflect the loss control of the operating segment in China as well as the
ongoing economic uncertainty impact on the group's operation. 
 
Management have approved the forecast for 2015 and have prepared additional
projection based on the 2014 numbers for the next five years. This was used as
the basis for determining the recoverable amount of each CGU. The cash flows
beyond five year period are extrapolated using a 4% growth rate which is
consistent to the industry average. 
 
The key assumptions used in the forecast are as follows: 
 
                Assumption (%)  
 Growth Rate    10% - 50%       
 Discount Rate  25%             
 
 
Discount rates: 
 
Discount rates represent the current market assessment of the risks specific
to the CGU, taking into consideration the time value of money and individual
risks of the underlying assets that have not been incorporated in the cash
flow estimates. The discount rate calculation is based on the specific
circumstances of the Group and its operating segments and is derived from its
WACC, with appropriate adjustments made to reflect the risks specific to the
CGU and to determine the pre-tax rate. The cost of equity is derived from the
expected return on investment by the Group's investors. The cost of debt is
based on the interest-bearing borrowings the Group is obliged to service.
Segment-specific risk is incorporated by applying individual beta factors. The
beta factors are evaluated annually based on publicly available market data. 
 
In conducting the review we used a market beta of 4 and the discount rate
applied had been set at 2%% 
 
Growth rate estimates: 
 
The growth rate ranges from 4% to 108% per year with an average of 32% with a
peak in growth due to new prospect for technologies and solutions from
overseas over the next 2-3 years. 
 
Management recognises the ongoing economic uncertainty can have significant
impact on the growth rate assumptions, which would cause the recoverable
amount of any of our GGUs to be below their carrying amount. 
 
Sensitivity analysis 
 
A sensitivity analysis has been carried out for each CGU. The results of the
analysis can be summarised as follow: 
 
If the estimated growth rate to forecast the revenue had been 10 percentage
point lower than the basis assumption, total recoverable amount would be 20
percent lower. 
 
If the estimated discount rate used for the Group's discount cash flow had
been one percentage point higher than the starting assumption of 25%, total
recoverable amount would be 2% lower. 
 
These calculations are hypothetical and should not be viewed as an indication
that these figures are any more or less likely to be changed. The sensitivity
analysis should therefore be interpreted with caution. 
 
11.     Investments 
 
 Company                           2014£'000  2013£'000  
                                                         
 Cost                                                    
 Balance as at 1 January           4,500      4,500      
 Additions                         -          -          
 Balance as at 31 December         4,500      4,500      
                                                         
 Impairment                                              
 Balance as at 1 January           1,450      1,450      
 Impairment loss recognised        1,550      -          
 Balance as at 31 December         3,000      1,450      
                                                         
 Net book value as at 31 December  1,500      3,050      
 
 
The forecast assumptions and sensitivity analysis for the impairment review
are included in Note 10. 
 
The Company consider the relationship between the value in use of the
underlying cash generating unit ("CGU") and its book value, among other
factors, when reviewing for indicators of impairment. The directors apply the
judgements made in note 2(xxxi) (ii), the impairment provision made during the
year was to reflect the loss control of the PRC subsidiary company as well as
the ongoing economic uncertainty impact on its other subsidiary undertakings. 
 
Details of the subsidiaries: 
 
 Name of subsidiaries                                                                       Country of incorporation  Principal activities                                                                                                                                           2014% held  2013% held  
 Medilink-Global (Asia) Pte Ltd                                                             Singapore                 Investment holding and provision of third party administrator services                                                                                         100         100         
 Medilink (Beijing) TPA Services Co., Ltd                                                   People Republic of China  Provision of third party administrator services                                                                                                                100         100         
 MedilinkGlobal (Malaysia) Sdn Bhd (formerly known as Datalink Healthcard Network Sdn Bhd)  Malaysia                  Provision of third party administrator services                                                                                                                100         100         
 Datalink Technologies Sdn Bhd                                                              Malaysia                  Provision of project management, facilities management and provision of system integration services to the third party administration and insurance companies  100         100         
 Medilink-Global TPA Pte Ltd                                                                Singapore                 Provision of third party administrator services                                                                                                                70          70          
 Medilink-Global (HK) Ltd                                                                   Hong Kong                 Dormant                                                                                                                                                        100         100         
 
 
Medilink-Global UK Limited is the ultimate parent of the Group. 
 
Trade investments 
 
 Name of Company             Country of incorporation  Principal activities                             2014% held  2013% held  
 Medilink (Thailand) Co Ltd  Thailand                  Provision of third party administrator services  19          19          
 
 
12.     Trade and other receivables 
 
Group 
 
                                     2014   2013   
                                     £'000  £'000  
                                                   
 Current assets                                    
 Trade and Other receivables         1,388  1,112  
 Less: Provision of Impairment Loss  -      (5)    
                                     1,388  1,107  
                                                   
 
 
Company 
 
                                                        2014     2013     
                                                        £'000    £'000    
                                                                          
 Non-Current assets                                                       
 Other receivables                                      -        -        
 Amount owed by Group Undertakings                      2,487    2,487    
 Less: Provision of amounts owed by Group undertakings  (2,487)  (2,450)  
                                                        -        37       
 
 
As at 31 December 2014, trade and other receivables of £1,388,000 (2013:
£1,107,000) were past due but not impaired. It is management's belief that
these debts will be fully repaid by reference to no default experience to
date. In determining the recoverability of trade and other receivables, the
Group considers any change in the credit quality of the trade receivables from
the date credit was initially granted up to the reporting date. 
 
                    Gross 2014£'000  Impairment2014£'000  Gross2013£'000  Impairment2013£'000  
 Current            484              -                    672             -                    
 60 - 90 days       140              -                    150                                  
 More than 90 days  764              -                    290             (5)                  
                    1,388            -                    1,112           (5)                  
                                                                                               
 
 
The carrying amounts of the Group's trade and other receivables are
denominated in the following currencies: 
 
                               2014   2013   
                               £'000  £'000  
 Malaysia Ringgit              1,284  561    
 US Dollar                     -      3      
 Chinese Yuan Renminbi         -      496    
 Singapore Dollar              94     46     
 Great Britain Pound Sterling  10     6      
                               1,388  1,112  
 
 
Financial asset 
 
The Group's financial assets by each financial instrument category are as
follows:- 
 
                            2014   2013   
 Loan and receivables       £'000  £'000  
 Trade receivables          1,318  827    
 Other receivables          70     280    
 Cash and cash equivalents  254    304    
 Total                      1,642  1,411  
 
 
13.     Cash and cash equivalents 
 
Group 
 
                        2014   2013   
                        £'000  £'000  
 Cash and bank balance  254    304    
                        254    304    
 
 
Company 
 
                        2014   2013   
                        £'000  £'000  
 Cash and bank balance  1      -      
                        1      -      
                                      
 
 
14.     Trade and other payables 
 
Group 
 
                               2014   2013   
                               £'000  £'000  
 Trade payables                1,174  433    
 Other payables                913    867    
 Amount owed to a shareholder  501    715    
 Amount owed to directors      40     100    
                               2,628  2,115  
 
 
Company 
 
                 2014   2013   
                 £'000  £'000  
 Other payables  842    641    
                 842    641    
 
 
The carrying amount of trade and other payables approximates to their fair
value. 
 
It is the Group's policy to pay suppliers in accordance with the terms of
business agreed with them. The number of days of trade purchases outstanding
for the Group at the year end was 90 days (2013: 90 days). 
 
The carrying amounts of the Group's trade and other payables are denominated
in the following currencies: 
 
                               2014   2013   
                               £'000  £'000  
 Malaysia Ringgit              1,843  881    
 Chinese Yuan Renminbi         -      513    
 Singapore Dollar              106    79     
 Great Britain Pound Sterling  678    641    
 Hong Kong Dollar              1      1      
 US Dollar                     -      -      
                               2,628  2,115  
 
 
Financial liabilities 
 
The group's financial liabilities by each financial instrument category are as
follows:- 
 
                               2014   2013   
 Amortised cost                £'000  £'000  
 Trade and other payables      2,087  1,300  
 Amount owed to director       158    418    
 Amount owed to a shareholder  501    715    
 Term loan                     161    150    
 Finance lease                 3      10     
 Total                         2,910  2,593  
                                             
 
 
Gross maturity analysis of the financial liabilities is as follows: 
 
                                           2014   2013   
 Non derivatives                           £'000  £'000  
 Within 1 year                             2,631  2,118  
 Later than 1 year not later than 5 years  279    475    
 Greater than 5 years                      -      -      
 Total                                     2,910  2,593  
 
 
15.      Hire purchase 
 
 Group                                                                     
                                                             2014   2013   
                                                             £'000  £'000  
 Minimum hire purchase payments:                                           
 - not later than one year                                   3      3      
 - later than one year and not later than five years         -      7      
 - after five years                                          -      -      
                                                             3      10     
 Less: future interest charges                               -      -      
                                                             3      10     
 Represented by:                                                           
 Current - not later than one year                           3      3      
 Long term - Later than one year and not later than 5 years  -      7      
 After five years                                            -      -      
                                                             3      10     
                                                                               
 
 
Hire purchase interest at 4.87% per annum 
 
16.     Deferred taxation 
 
Movements in deferred tax liability for the Group during the year are as
follows: 
 
                            2014   2013   
                            £'000  £'000  
 Balance as at 1 January    44     44     
 Movement in deferred tax   -      -      
 Balance as at 31 December  44     44     
 
 
The deferred tax liabilities arose on the acquisition of Medilink-Global
(Asia) Pte. Ltd in 2008. 
 
Deferred tax asset of £138,000 (2013: £138,000) arising from the unused tax
losses has not been recognised and there is no expiry period for the said
unrecognised deferred tax assets. 
 
17.     Advance from a director 
 
Group 
 
                          2014   2013   
                          £'000  £'000  
                                        
 Advance from a director  158    418    
                          158    418    
 
 
Company 
 
                          2014   2013   
                          £'000  £'000  
                                        
 Advance from a director  118    118    
                          118    118    
 
 
In March 2012, Mr Shia Kok Fat, had advanced £300,000 to the Group and the
terms and conditions of the advance are as follows:- 
 
i)    It carries interest at 6% per annum; 
 
ii)    The repayment of principal amount is deferred to 31 December 2016. The
repayment date of the loan will be capable of being extended beyond 31
December 2016 subject to agreement between the Company and Shia Kok Fat and
conditional on the loan being repaid at a minimum rate of £50,000 per annum
thereafter. 
 
As at 31 December 2014, there are approximately £200,000 advance loan
classified as liabilities directly associated with the assets held for sale. 
 
18.     Term loan 
 
Group 
 
                                       2014   2013   
                                       £'000  £'000  
                                                     
 Borrowing from financial institution  161    150    
                                       161    150    
 
 
The terms and conditions of term loans are as below:- 
 
(i)   It carries interest at 13% per annum; 
 
(ii)   The maturity of principal on 15 October 2015. The term loan shall auto
renew for another one (1) year, on similar terms and conditions as stated
herein or shall be mutually agreed in writing between both parties 
 
19.     Share capital 
 
The Company has one class of ordinary share capital which carries no rights to
fixed income, any preferences or restrictions. 
 
                                        2014   2013   
                                        £'000  £'000  
 Ordinary shares issued and fully paid                
 At 1 January                           6,045  6,045  
 Additions                              29     -      
 At 31 December                         6,074  6,045  
 
 
On 9 September 2014, the company issued 582,895 new ordinary shares at a price
of 5p per share in satisfaction of fees due to one of the Company's
professional advisers totalling £29,145. As at 31 December 2014, the total
issued share capital were 121,492,003 ordinary shares. 
 
 20.     Loss per share            
 
 
Basic loss per share is calculated by dividing the loss attributable to equity
holders of the Company by the weighted average number of ordinary shares in
issue during the period.  In accordance with IAS 33, and as the Group has
reported a loss for the year, the shares are not diluted. 
 
                                                                                           2014         2013         
 Loss after taxation attributable to owners of the company (£'000)                                                   
 -   Continued operation                                                                   (1,929)      (507)        
 -   Discontinued operation                                                                (61)         (169)        
                                                                                           (1,990)      (676)        
                                                                                                                     
 Basic weighted average shares in issue                                                    121,091,163  120,909,108  
 Basic and diluted loss per share based on issued share capital as at 31 December (pence)  (1.64)       (0.56)       
 
 
21.     Discontinued operations 
 
On 1 August 2014, the Group publicly announced the divestment of 51% interest
in Medilink (Beijing) TPA Services Co Limited ("Medilink China"), a wholly
owned subsidiary, to Selfdoctor (Beijing) Technology Co Limited ("Selfdoctor")
for a nominal consideration of RMB 10.00 (approximately £1.00) (the
"Divestment"). The Group retain a 49% interest in Medilink China. 
 
The completion of the divestment took place on 10 July 2015, when the transfer
of ownership actually took place. At 31 December 2014, Medilink China was
classified as a disposal group held for sale and as discontinued operations. 
 
The business of Medilink China represents the entirety of the Group's
operating segment in China. With Medilink China being classified as
discontinued operations, the China operating segment is no longer presented as
an operating segment. The results of Medilink China for the year are presented
below: 
 
                                                 2014   2013   
                                                 £'000  £'000  
 Revenue                                         886    753    
 Expenses                                        (944)  (919)  
 Operating income                                1      -      
 Finance costs                                   (4)    (3)    
 Loss before tax from discontinued operations    (61)   (169)  
 

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