Company Registration No. 06026513 (England and Wales)
THE MEDICAL CHAMBERS KENSINGTON LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
THE MEDICAL CHAMBERS KENSINGTON LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
THE MEDICAL CHAMBERS KENSINGTON LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
8,101
Tangible assets
4
103,028
52,170
Investments
5
60,100
60,000
171,229
112,170
Current assets
Debtors
6
265,001
338,409
Cash at bank and in hand
1,793,981
1,507,266
2,058,982
1,845,675
Creditors: amounts falling due within one year
7
(1,202,079)
(1,169,927)
Net current assets
856,903
675,748
Total assets less current liabilities
1,028,132
787,918
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
1,027,132
786,918
Total equity
1,028,132
787,918
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 16 November 2023 and are signed on its behalf by:
I A French
Director
Company Registration No. 06026513
THE MEDICAL CHAMBERS KENSINGTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
The Medical Chambers Kensington Limited is a private company limited by shares incorporated in England and Wales. The registered office is 10 Knaresborough Place, Kensington, London, SW5 0TG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the Directors are confident that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the Directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents amounts receivable for room rentals and services provided.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Intangible fixed assets
Website and branding costs are written off over 5 years.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer Equipment
33.33% straight line
Fixtures, fittings & equipment
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
THE MEDICAL CHAMBERS KENSINGTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.8
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand & deposits held at call with banks.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
THE MEDICAL CHAMBERS KENSINGTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the accounts. Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the assets. Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. Deferred tax assets and liabilities are not discounted.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
22
18
THE MEDICAL CHAMBERS KENSINGTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
3
Intangible fixed assets
Website and Branding costs
£
Cost
At 1 April 2022
42,389
Additions
10,131
At 31 March 2023
52,520
Amortisation and impairment
At 1 April 2022
42,389
Amortisation charged for the year
2,030
At 31 March 2023
44,419
Carrying amount
At 31 March 2023
8,101
At 31 March 2022
4
Tangible fixed assets
Computer Equipment
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 April 2022
170,722
204,916
375,638
Additions
3,851
82,984
86,835
At 31 March 2023
174,573
287,900
462,473
Depreciation and impairment
At 1 April 2022
166,069
157,399
323,468
Depreciation charged in the year
3,351
32,626
35,977
At 31 March 2023
169,420
190,025
359,445
Carrying amount
At 31 March 2023
5,153
97,875
103,028
At 31 March 2022
4,653
47,517
52,170
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
60,100
60,000
THE MEDICAL CHAMBERS KENSINGTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
5
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in group undertakings and participating interests
£
Cost or valuation
At 1 April 2022
60,000
Additions
100
At 31 March 2023
60,100
Carrying amount
At 31 March 2023
60,100
At 31 March 2022
60,000
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
43,667
61,318
Other debtors
167,776
204,098
Prepayments and accrued income
53,558
72,993
265,001
338,409
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
322,736
243,821
Corporation tax
6,581
83,523
Other taxation and social security
35,941
29,728
Other creditors
824,737
802,291
Accruals and deferred income
12,084
10,564
1,202,079
1,169,927
THE MEDICAL CHAMBERS KENSINGTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
8
Related party transactions
During the year, the company was charged rent of £352,000 (2022: £352,000) by Navigator Medical Chambers LLP and made payments totalling £352,000 (2022: £352,000) to Navigator Medical Chambers LLP.
As at 31 March 2023, £66,532 was owed to Navigator Medical Chambers LLP (2022: £75,022), £148,115 was owed by Leighton Goldhill Limited (2022: £145,685) and £542,000 (2022: £542,000) was due to Navigator Securities Limited. I A French, a director of the company, is the controlling party of each of these entities..
As at 31 March 2023, the company is owed £17,870 (2022: £54,259) from TMCK One Limited. The company has significant control of TMCK One Limited.
Included within other creditors is £768 (2022: £10,768) owing to a director of the company.