Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-313property rental2022-04-01false3truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06448215 2022-04-01 2023-03-31 06448215 2021-04-01 2022-03-31 06448215 2023-03-31 06448215 2022-03-31 06448215 c:Director2 2022-04-01 2023-03-31 06448215 d:LeaseholdInvestmentProperty 2023-03-31 06448215 d:LeaseholdInvestmentProperty 2022-03-31 06448215 d:CurrentFinancialInstruments 2023-03-31 06448215 d:CurrentFinancialInstruments 2022-03-31 06448215 d:Non-currentFinancialInstruments 2023-03-31 06448215 d:Non-currentFinancialInstruments 2022-03-31 06448215 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 06448215 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 06448215 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 06448215 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 06448215 d:ShareCapital 2023-03-31 06448215 d:ShareCapital 2022-03-31 06448215 d:OtherMiscellaneousReserve 2022-04-01 2023-03-31 06448215 d:OtherMiscellaneousReserve 2023-03-31 06448215 d:OtherMiscellaneousReserve 2022-03-31 06448215 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 06448215 d:RetainedEarningsAccumulatedLosses 2023-03-31 06448215 d:RetainedEarningsAccumulatedLosses 2022-03-31 06448215 c:FRS102 2022-04-01 2023-03-31 06448215 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 06448215 c:FullAccounts 2022-04-01 2023-03-31 06448215 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 06448215 2 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 06448215










KENTISH MEDICAL LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
KENTISH MEDICAL LIMITED
REGISTERED NUMBER: 06448215

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 5 
2,465,000
2,465,000

Current assets
  

Debtors: amounts falling due within one year
 6 
-
77,503

Cash at bank and in hand
  
33,364
61,986

  
33,364
139,489

Creditors: amounts falling due within one year
 7 
(173,848)
(206,606)

Net current liabilities
  
 
 
(140,484)
 
 
(67,117)

Total assets less current liabilities
  
2,324,516
2,397,883

Creditors: amounts falling due after more than one year
 8 
(975,263)
(1,131,703)

Provisions for liabilities
  

Deferred tax
  
(185,298)
(140,826)

Net assets
  
 
 
1,163,955
 
 
1,125,354


Capital and reserves
  

Called up share capital 
  
100
100

Fair value reserve
 9 
555,892
600,364

Profit and loss account
 9 
607,963
524,890

  
1,163,955
1,125,354


Page 1

 
KENTISH MEDICAL LIMITED
REGISTERED NUMBER: 06448215
    
BALANCE SHEET (CONTINUED)
AS 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 income and retained earnings 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 by: 




................................................
Karen Morgan
Director

Date: 31 October 2023

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
KENTISH MEDICAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Kentish Medical Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
The financial statements are presented in sterling, which is the functional currency of the company, and rounded to the nearest £1.

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 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
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.

Page 3

 
KENTISH MEDICAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.5

Borrowing costs

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

 
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

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 4

 
KENTISH MEDICAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

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.

 
2.12

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.


Judgements in applying accounting policies and key sources of estimation uncertainty

The investment property is valued on a market value basis. 


4.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).

Page 5

 
KENTISH MEDICAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Investment property


Long term leasehold investment property

£



Valuation


At 1 April 2022
2,465,000



At 31 March 2023
2,465,000

The 2020 valuations were made by Colliers International LLP in June 2020. The valuation assumes lease renewals equivalent to the existing length.

The investment property represents a 999 year lease in The Meads Medical Centre in Sittingbourne, Kent.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
1,723,810
1,723,810

1,723,810
1,723,810


6.


Debtors

2023
2022
£
£


Other debtors
-
77,503

-
77,503


Page 6

 
KENTISH MEDICAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
96,216
107,816

Corporation tax
19,486
23,390

Other creditors
54,886
72,000

Accruals and deferred income
3,260
3,400

173,848
206,606


The following liabilities were secured:

2023
2022
£
£



Bank loans
96,216
107,816

96,216
107,816

Details of security provided:

The company's bank loan is secured by a fixed and floating charge over all assets held by the company. This charge was registered in favour of HSBC Bank PLC on 28 January 2015.

Page 7

 
KENTISH MEDICAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
975,263
1,131,703

975,263
1,131,703


The following liabilities were secured:

2023
2022
£
£



Bank loans
975,263
1,131,703

975,263
1,131,703

Details of security provided:

The company's bank loan is secured by a fixed and floating charge over all assets held by the company. This charge was registered in favour of HSBC Bank PLC on 28 January 2015.

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2023
2022
£
£


Repayable by instalments
629,797
709,973

629,797
709,973



Page 8

 
KENTISH MEDICAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Reserves

Fair value reserve

The fair value reserve represents accumulated revaluations on investment property. 

Profit and loss account

The profit and loss reserve represents accumulated profits and losses net of dividends and other adjustments.


10.


Related party transactions

Dr Mark Pasola (deceased) traded as The Meads Medical Centre, which paid rent to the company.  On 1 July 2019, the sole trade sold its business to The Meads Medical Practice Limited which continued to pay rent to the company.  During the year, £157,300 rent was received from the Meads (2022 - £157,300).  At the balance sheet date, The Meads Medical Practice Limited was owed £2,886 by the company and the balance is included within other creditors (2022 - £77,503 was owed from The Meads Medical Practice, the balance is included within other debtors).  The loan was repaid with an interest rate of 2.75%.


11.


Controlling party

The ultimate controlling party was Dr Mark Pasola (deceased), by way of his majority shareholding.

 
Page 9