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Registration number: 09573185

RAD Clinics Limited
(formerly Rajaram Limited)

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2023

 

RAD Clinics Limited
(formerly Rajaram Limited)

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 13

Detailed Profit and Loss Account

14 to 16

 

RAD Clinics Limited
(formerly Rajaram Limited)

Company Information

Director

V Rajaram

Registered office

4 Ploughmans Way
Grange Park
Northampton
NN4 5AS

Accountants

10 CANN Limited
10 Cheyne Walk
Northampton
Northamptonshire
NN1 5PT

 

RAD Clinics Limited
(formerly Rajaram Limited)

Director's Report for the Year Ended 31 May 2023

The director presents his report and the financial statements for the year ended 31 May 2023.

Change of company name

The company changed its name from Rajaram Limited to RAD Clinics Limited effective from 2 June 2023.

Director of the company

The director who held office during the year was as follows:

V Rajaram

Principal activity

The principal activity of the company is that of clinical healthcare advisors.

Going concern

The financial statements have been prepared on a going concern basis.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 3 February 2024
 

.........................................
V Rajaram
Director

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
RAD Clinics Limited
for the Year Ended 31 May 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of RAD Clinics Limited for the year ended 31 May 2023 as set out on pages 4 to 13 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of RAD Clinics Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of RAD Clinics Limited and state those matters that we have agreed to state to the Board of Directors of RAD Clinics Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than RAD Clinics Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that RAD Clinics Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of RAD Clinics Limited. You consider that RAD Clinics Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of RAD Clinics Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

10 CANN Limited
10 Cheyne Walk
Northampton
Northamptonshire
NN1 5PT

3 February 2024

 

RAD Clinics Limited
(formerly Rajaram Limited)

Profit and Loss Account for the Year Ended 31 May 2023

Note

2023
£

2022
£

Turnover

 

155,331

145,270

Cost of sales

 

(5,274)

-

Gross profit

 

150,057

145,270

Administrative expenses

 

(72,972)

(56,939)

Operating profit

 

77,085

88,331

Interest payable and similar expenses

 

(130)

(32)

Profit before tax

4

76,955

88,299

Tax on profit

 

(10,021)

(16,777)

Profit for the financial year

 

66,934

71,522

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

RAD Clinics Limited
(formerly Rajaram Limited)

Statement of Comprehensive Income for the Year Ended 31 May 2023

2023
£

2022
£

Profit for the year

66,934

71,522

Total comprehensive income for the year

66,934

71,522

 

RAD Clinics Limited
(formerly Rajaram Limited)

(Registration number: 09573185)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

17,423

-

Current assets

 

Debtors

6

11,413

22,009

Cash at bank and in hand

 

59,232

33,903

 

70,645

55,912

Creditors: Amounts falling due within one year

7

(12,079)

(23,604)

Net current assets

 

58,566

32,308

Net assets

 

75,989

32,308

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

75,988

32,307

Shareholders' funds

 

75,989

32,308

For the financial year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 3 February 2024
 

.........................................
V Rajaram
Director

 

RAD Clinics Limited
(formerly Rajaram Limited)

Statement of Changes in Equity for the Year Ended 31 May 2023

Share capital
£

Retained earnings
£

Total
£

At 1 June 2022

1

32,307

32,308

Profit for the year

-

66,934

66,934

Dividends

-

(23,253)

(23,253)

At 31 May 2023

1

75,988

75,989

Share capital
£

Retained earnings
£

Total
£

At 1 June 2021

1

30,774

30,775

Profit for the year

-

71,522

71,522

Dividends

-

(69,989)

(69,989)

At 31 May 2022

1

32,307

32,308

 

RAD Clinics Limited
(formerly Rajaram Limited)

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The company was formerly known as Rajaram Limited.

The address of its registered office is:
4 Ploughmans Way
Grange Park
Northampton
NN4 5AS

These financial statements were authorised for issue by the director on 3 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

 

RAD Clinics Limited
(formerly Rajaram Limited)

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Judgements

In applying the Company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' best judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be appropriate.

Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.

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, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings and equipment

25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

RAD Clinics Limited
(formerly Rajaram Limited)

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

5,808

-

 

RAD Clinics Limited
(formerly Rajaram Limited)

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 June 2022

938

-

938

Additions

155

23,076

23,231

At 31 May 2023

1,093

23,076

24,169

Depreciation

At 1 June 2022

938

-

938

Charge for the year

39

5,769

5,808

At 31 May 2023

977

5,769

6,746

Carrying amount

At 31 May 2023

116

17,307

17,423

6

Debtors

Current

2023
£

2022
£

Trade debtors

3,535

14,132

Other debtors

7,878

7,877

 

11,413

22,009

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

2,058

6,827

Taxation and social security

10,021

16,776

Other creditors

-

1

12,079

23,604

 

RAD Clinics Limited
(formerly Rajaram Limited)

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Creditors: amounts falling due after more than one year

2023
£

2022
£

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

         

9

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £23,253.00 (2022 - £69,989.00) per ordinary share

 

23,253

 

69,989

         
 

RAD Clinics Limited
(formerly Rajaram Limited)

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

10

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

6,822

33,808

 

RAD Clinics Limited
(formerly Rajaram Limited)

Detailed Profit and Loss Account for the Year Ended 31 May 2023

2023
£

2022
£

Turnover (analysed below)

155,331

145,270

Cost of sales (analysed below)

(5,274)

-

Gross profit

150,057

145,270

Gross profit (%)

96.6%

100%

Administrative expenses

Employment costs (analysed below)

(12,119)

(34,518)

Establishment costs (analysed below)

(6,943)

(3,822)

General administrative expenses (analysed below)

(47,646)

(18,513)

Finance charges (analysed below)

(456)

(86)

Depreciation costs (analysed below)

(5,808)

-

(72,972)

(56,939)

Operating profit

77,085

88,331

Interest payable and similar expenses (analysed below)

(130)

(32)

Profit before tax

76,955

88,299

 

RAD Clinics Limited
(formerly Rajaram Limited)

Detailed Profit and Loss Account for the Year Ended 31 May 2023

2023
£

2022
£

   

Turnover

Sales, UK

155,331

145,269

Other revenue

-

1

155,331

145,270

   

Cost of sales

Direct costs

(5,274)

-

   

Employment costs

Directors remuneration

(6,822)

(33,808)

Staff training

(5,297)

(710)

(12,119)

(34,518)

   

Establishment costs

Rent and rates

(2,578)

-

Insurance

(4,365)

(3,410)

General maintenance

-

(412)

(6,943)

(3,822)

   

General administrative expenses

Telephone and fax

(84)

(390)

Computer software and maintenance costs

(5,087)

-

Printing, postage and stationery

(242)

-

Trade subscriptions

(1,448)

(879)

Sundry expenses

(4,129)

(186)

Cleaning

(108)

-

Motor expenses

(4,162)

(11,919)

Parking charges

(1,540)

(857)

Travel and subsistence

(7,000)

(890)

Hotel accommodation

-

(925)

Advertising

(4,067)

(28)

Accountancy fees

(1,922)

(1,359)

Legal and professional fees

(178)

(1,080)

Bad debts written off

(17,679)

-

(47,646)

(18,513)

   

Finance charges

Bank charges

(456)

(86)

 

RAD Clinics Limited
(formerly Rajaram Limited)

Detailed Profit and Loss Account for the Year Ended 31 May 2023

2023
£

2022
£

   

Depreciation costs

Depreciation of plant and machinery (owned)

(5,769)

-

Depreciation of office equipment (owned)

(39)

-

(5,808)

-

   

Interest payable and similar expenses

Bank interest payable

(130)

(2)

Bank loan interest payable

-

(30)

(130)

(32)