Caseware UK (AP4) 2022.0.179 2022.0.179 2022-04-01false6872falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06499375 2022-04-01 2023-03-31 06499375 2023-03-31 06499375 2021-04-01 2022-03-31 06499375 2022-03-31 06499375 c:Director1 2022-04-01 2023-03-31 06499375 c:Director2 2022-04-01 2023-03-31 06499375 d:CurrentFinancialInstruments 2023-03-31 06499375 d:CurrentFinancialInstruments 2022-03-31 06499375 d:Non-currentFinancialInstruments 2023-03-31 06499375 d:Non-currentFinancialInstruments 2022-03-31 06499375 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 06499375 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 06499375 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 06499375 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 06499375 d:ShareCapital 2023-03-31 06499375 d:ShareCapital 2022-03-31 06499375 d:RetainedEarningsAccumulatedLosses 2023-03-31 06499375 d:RetainedEarningsAccumulatedLosses 2022-03-31 06499375 c:FRS102 2022-04-01 2023-03-31 06499375 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 06499375 c:FullAccounts 2022-04-01 2023-03-31 06499375 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 06499375 2 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure
Registered number: 06499375













Doctor Michael Frain Limited

Financial statements
Information for filing with the registrar

31 March 2023




 
Doctor Michael Frain Limited


Balance sheet
At 31 March 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
514,114
430,401

Investments
 5 
100
100

  
514,214
430,501

Current assets
  

Stocks
  
68,000
62,955

Debtors: amounts falling due within one year
 6 
358,567
302,820

Bank and cash balances
  
2,153,117
1,163,342

  
2,579,684
1,529,117

Creditors: amounts falling due within one year
 7 
(2,231,710)
(890,228)

Net current assets
  
 
 
347,974
 
 
638,889

Total assets less current liabilities
  
862,188
1,069,390

Creditors: amounts falling due after more than one year
 8 
(1,365,094)
(1,344,297)

Provisions for liabilities
  

Deferred tax
  
(111,767)
(94,642)

  
 
 
(111,767)
 
 
(94,642)

Net liabilities
  
(614,673)
(369,549)


Capital and reserves
  

Called up share capital 
  
6
6

Profit and loss account
  
(614,679)
(369,555)

Shareholders' deficit
  
(614,673)
(369,549)


1

 
Doctor Michael Frain Limited

    
Balance sheet (continued)
At 31 March 2023

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 October 2023.




Keith Howard Garber
Andrew Marshall Halmer
Director
Director

Registered number: 06499375
The notes on pages 3 to 9 form part of these financial statements. 

2

 
Doctor Michael Frain Limited
 
 

Notes to the financial statements
Year ended 31 March 2023

1.


General information

The company is a private company limited by shares, registered in England and Wales. The address of
the registered office is 3rd Floor Citygate, St James Boulevard, Newcastle Upon Tyne, NE1 4JE, United
Kingdom.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

The turnover shown in the profit and loss account represents NHS contract income, private fees and
capitation schemes income receivable during the period.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

3

 
Doctor Michael Frain Limited
 

 
Notes to the financial statements
Year ended 31 March 2023

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Long-term leasehold property
-
20%
reducing balance
Short-term leasehold property
-
20%
reducing balance
Plant and machinery
-
20%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
15%
reducing balance
Computer equipment
-
20%
reducing balance

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.

4

 
Doctor Michael Frain Limited
 

 
Notes to the financial statements
Year ended 31 March 2023

2.Accounting policies (continued)

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.9

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
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.

 
2.10

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.


3.


Employees

The average monthly number of employees, including directors, during the year was 68 (2022 - 72).

5

 
Doctor Michael Frain Limited
 
 

Notes to the financial statements
Year ended 31 March 2023

4.


Tangible fixed assets





Long-term leasehold property
Short-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings

£
£
£
£
£



Cost or valuation


At 1 April 2022
-
53,183
1,315,481
1,368
7,077


Additions
21,473
-
161,131
-
4,507



At 31 March 2023

21,473
53,183
1,476,612
1,368
11,584



Depreciation


At 1 April 2022
-
25,801
934,324
57
794


Charge for the year on owned assets
-
5,551
96,234
328
1,204



At 31 March 2023

-
31,352
1,030,558
385
1,998



Net book value



At 31 March 2023
21,473
21,831
446,054
983
9,586

Computer equipment
Total

£
£



Cost or valuation


At 1 April 2022
15,632
1,392,741


Additions
2,860
189,971



At 31 March 2023

18,492
1,582,712



Depreciation


At 1 April 2022
1,365
962,341


Charge for the year on owned assets
2,940
106,257



At 31 March 2023

4,305
1,068,598



Net book value



At 31 March 2023
14,187
514,114

6

 
Doctor Michael Frain Limited
 
 

Notes to the financial statements
Year ended 31 March 2023

5.


Fixed asset investments





Investments in associates

£



Cost or valuation


At 1 April 2022
100



At 31 March 2023
100




7

 
Doctor Michael Frain Limited
 
 

Notes to the financial statements
Year ended 31 March 2023

6.


Debtors

2023
2022
£
£


Trade debtors
306,621
257,803

Amounts owed by group undertakings
45,017
45,017

Other debtors
6,929
-

358,567
302,820



7.


Creditors: amounts falling due within one year

2023
2022
£
£

Bank overdrafts
11,715
24,538

Bank loans
52,303
76,204

Trade creditors
68,715
58,459

Corporation tax
-
125,190

Other taxation and social security
75,373
76,591

Obligations under finance lease and hire purchase contracts
50,478
58,397

Other creditors
1,763,039
292,284

Accruals and deferred income
210,087
178,565

2,231,710
890,228



8.


Creditors: amounts falling due after more than one year

2023
2022
£
£

Bank loans
1,105,241
965,278

Net obligations under finance leases and hire purchase contracts
70,648
88,767

Other creditors
189,205
290,252

1,365,094
1,344,297


8

 
Doctor Michael Frain Limited
 
 

Notes to the financial statements
Year ended 31 March 2023

9.


Related party transactions

During the year rent of £101,184 (2022: £101,184) was paid to two of the directors for use of the properties.
During the year the company operated an intercompany account with Garmer Holdings Ltd to record amounts due and from the holding company. At 31 March 2023 the company was owed £45,117 (2022: £45,117) by Garmer Holdings Ltd.
During the year the company operated an intercompany account with The Regency Practice Melksham Ltd to record amounts due and from the holding company. At 31 March 2023 the company owed £100 (2022: £100) to The Regency Practice Melksham Ltd.

 
9