Registered number:
FOR THE YEAR ENDED 28 FEBRUARY 2023
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PRIMARY CARE RECRUITMENT LTD
COMPANY INFORMATION
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PRIMARY CARE RECRUITMENT LTD
CONTENTS
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PRIMARY CARE RECRUITMENT LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2023
The directors present the strategic report for the year ended 28 February 2023.
The principal activities of the company are a nursing and care recruitment agency.
The Company made a profit of £1,983,007 for the year (2022 - £2,197,060).
The business has increased turnover over the last year with a growth in turnover of 45%. However the Company saw margins reduce over the period, due to competition and the increased employment costs. The Balance sheet on page 9 of the Financial Statements shows the Company’s financial position at the year end increase by 66.7% (2022 - 28.3%)
There is uncertainty as to the level of supply required by the National Health Service. The Company does however work closely with all Local NHS trusts through the dedicated frameworks to ensure they are a Tier 1 supplier.
The directors also regularly monitor the finanial information to ensure that any cash flow risks are considered in a timely basis. To mitigate against the threat of cash flow risk, the Company utilise an invoice discounting facility.
All data used in the Key Performance Indicators is derived from the Company’s financial statements. The performance during the year has been measured by management and directors using the following KPI’s:
Gross profit margin 19.0% (2022 - 26.7%) and operating profit margin 12.9% (21.0%). In addition to margins, management and the directors also monitor EBITDA, which stood at £2,458,040 (2022 - £2,756,370). The movements in these are explained above under fair view of the business.
The Company has increased the number of customers and areas of expertise over the year and this is expected to continue in the months ahead.
This report was approved by the board on 16 October 2023 and signed on its behalf.
Page 1
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PRIMARY CARE RECRUITMENT LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2023
The directors present their report and the financial statements for the year ended 28 February 2023.
The profit for the year, after taxation, amounted to £1,983,007 (2022 - £2,197,060).
Dividends were paid during the year of £1,200,000 (2022 - £1,330,605). No final dividend is recommended.
The directors who served during the year were:
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The company's policy is to consult and discuss with employees matters likely to affect employees' interests.
Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the Company's performance.
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PRIMARY CARE RECRUITMENT LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
There have been no significant events affecting the Company since the year end.
The auditors, Ryecroft Glenton, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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PRIMARY CARE RECRUITMENT LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRIMARY CARE RECRUITMENT LTD
We have audited the financial statements of Primary Care Recruitment Ltd (the 'Company') for the year ended 28 February 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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PRIMARY CARE RECRUITMENT LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRIMARY CARE RECRUITMENT LTD (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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PRIMARY CARE RECRUITMENT LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRIMARY CARE RECRUITMENT LTD (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which the audit was considered capable of detecting irregularities including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
∙the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
∙we identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge and experience of the waste to energy sector;
∙we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006;
∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
∙we ensured that the identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
∙making enquiries of management as to where they considered there was susceptibility to fraud and their knowledge of actual, suspected and alleged fraud; and
∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
∙performed analytical procedures to identify any unusual or unexpected relationships;
∙tested journal entries to identify unusual transactions; and
∙assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 3 were indicative of potential bias.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
∙agreeing financial statement disclosures to underlying supporting documentation;
∙reading the minutes of meetings of those charged with governance;
∙enquiring of management as to actual and potential litigation and claims;
∙reviewing correspondence with HMRC, relevant regulators and the Company’s legal advisors; and
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PRIMARY CARE RECRUITMENT LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRIMARY CARE RECRUITMENT LTD (CONTINUED)
∙reviewing reports and correspondence from regulators, and following up with those responsible as to how any matters arising have been dealt with and resolved.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
The corresponding figures relating to the year ended 28 February 2022 in these financial statements were not subject to audit, due to the company being able to take exemption from audit. We have, however, obtained sufficient and appropriate audit evidence that the opening balances do not contain misstatements that materially affect the current period's financial statements.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
32 Portland Terrace
Tyne & Wear
NE2 1QP
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PRIMARY CARE RECRUITMENT LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 28 FEBRUARY 2023
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PRIMARY CARE RECRUITMENT LTD
REGISTERED NUMBER: 06107910
BALANCE SHEET
AS AT 28 FEBRUARY 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 13 to 26 form part of these financial statements.
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PRIMARY CARE RECRUITMENT LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023
Page 10
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PRIMARY CARE RECRUITMENT LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 28 FEBRUARY 2023
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PRIMARY CARE RECRUITMENT LTD
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 28 FEBRUARY 2023
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PRIMARY CARE RECRUITMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
Primary Care Recruitment Ltd (Company no. 06107910) is a private company limited by shares, which is incorporated and registered in England and Wales. The company's registered office is 10 Lansdowne Terrace, Gosforth, Newcastle upon Tyne, NE3 1HN. The principal activities of the company are a nursing and care recruitment agency.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
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 following principal accounting policies have been applied:
The company is cash generative and has no external finance other than invoice discounting. The directors have considered going concern and future forecasts, and they expect the Company to continue in operational existence for the foreseeable future.
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PRIMARY CARE RECRUITMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
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PRIMARY CARE RECRUITMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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PRIMARY CARE RECRUITMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
2.Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
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PRIMARY CARE RECRUITMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
2.Accounting policies (continued)
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.
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PRIMARY CARE RECRUITMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
Analysis of turnover by country of destination:
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PRIMARY CARE RECRUITMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
Page 19
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PRIMARY CARE RECRUITMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
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PRIMARY CARE RECRUITMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
12.Taxation (continued)
The March 2021 budget outlined a change to the tax rate, increasing the maximum rate to 25% from 2023 onward.
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PRIMARY CARE RECRUITMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
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PRIMARY CARE RECRUITMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
Included within other debtors due within one year is a loan to the directors, amounting to £1,854,315 (2022 - £802,089). Amounts repaid during the year totalled £Nil. The loan is not interest bearing and is repayable on demand.
Also included within other debtors are proceeds of factored debts, amounting to £41,274 (2022 - £Nil). These amounts are secured against the trade debtors of the company.
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PRIMARY CARE RECRUITMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
Proceeds of factored debts, amounting to £Nil (2022 - £227,162). These amounts are secured against the trade debtors of the company.
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PRIMARY CARE RECRUITMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £94,985 (2022 - £60,471). Contributions totalling £3,092 (2022 - £2,272) were payable to the fund at the balance sheet date and are included in creditors.
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PRIMARY CARE RECRUITMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
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