Company registration number 03868503 (England and Wales)
MEDHURST COMMUNICATIONS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
MEDHURST COMMUNICATIONS LIMITED
COMPANY INFORMATION
Director
Mr I C S Baynes
Secretary
Mrs L Baynes
Company number
03868503
Registered office
17 Brunel Way
Segensworth East
Fareham
Hampshire
United Kingdom
PO15 5TX
Auditor
Azets Audit Services
Secure House
Lulworth Close
Chandlers Ford
Southampton
Hampshire
SO53 3TL
MEDHURST COMMUNICATIONS LIMITED
CONTENTS
Page
Strategic report
1
Director's report
2 - 3
Independent auditor's report
4 - 6
Profit and loss account
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Company statement of cash flows
13
Notes to the financial statements
14 - 29
MEDHURST COMMUNICATIONS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023
- 1 -

The director presents the strategic report for the year ended 31 October 2023.

Fair review of the business

The principal activity of the group is information technology consultancy, maintenance and hardware retail.

 

The group's key performance indicators during the year were as follows:

 

 

31-Oct-23

£

31-Oct-22

£

Turnover

23,828,765

14,112,436

Gross profit

8,729,480

5,218,210

Profit before tax for the year

3,919,658

1,167,797

Net current assets

6,765,775

4,214,938

 

 

The increase in the group’s turnover and corresponding growth in both gross and net profit was both due to us being able to complete projects having to be delayed from the previous year because of stock constraints as well as new customers we have gained.   The gross profit margin also benefited from our purchasing power with our preferred suppliers.  The business continues to grow through new customer relationships and Framework opportunities, something which we will continue and beyond 2024.

 

We were able to attract new experienced staff that enabled us to fulfill the implementation of the increased business, this is crucial to our future business and an area we intend to grow.

Principal risks and uncertainties

The principal risks and uncertainties facing the group can be categorised as competitive and economic.

 

Competitive risks

The market for the supply information technology consultancy, maintenance and hardware remains extremely competitive. The group seeks to manage the risk of losing customers to key competitors by maintaining strong relationships with key customers and providing niche offerings at competitive prices.

 

Economic risks

The group is profitable and cash generative, therefore does not foresee any need to arrange additional external funding.

 

Facilities are in place to deal with cash flow and liquidity risk. Risk to pricing is mitigated by a diverse supplier portfolio. Credit risk is managed through the adoption of a rigorous credit policy.

 

 

By order of the board

Mrs L Baynes
Secretary
29 February 2024
MEDHURST COMMUNICATIONS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -

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

Principal activities

The principal activity of the company and group continued to be that of information technology consultancy, maintenance and hardware retail.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £150,000. The director does not recommend payment of a further dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr I C S Baynes
Statement of director's responsibilities

The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

 

 

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

MEDHURST COMMUNICATIONS LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

By order of the board
Mrs L Baynes
Secretary
29 February 2024
MEDHURST COMMUNICATIONS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MEDHURST COMMUNICATIONS LIMITED
- 4 -
Opinion

We have audited the financial statements of Medhurst Communications Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2023 which comprise the group profit and loss account, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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).

In our opinion the financial statements:

Basis for opinion

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's 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 group's and parent 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is 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.

MEDHURST COMMUNICATIONS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MEDHURST COMMUNICATIONS LIMITED
- 5 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of director

As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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 auditor's 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

MEDHURST COMMUNICATIONS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MEDHURST COMMUNICATIONS LIMITED
- 6 -

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 and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

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 auditor's 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.

Michael Wesley FCA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
29 February 2024
Chartered Accountants
Secure House
Statutory Auditor
Lulworth Close
Chandlers Ford
Southampton
Hampshire
SO53 3TL
MEDHURST COMMUNICATIONS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 2023
- 7 -
2023
2022
Notes
£
£
Turnover
3
23,828,765
14,112,436
Cost of sales
(15,099,285)
(8,894,226)
Gross profit
8,729,480
5,218,210
Administrative expenses
(5,113,213)
(4,343,547)
Other operating income
333,585
310,067
Operating profit
4
3,949,852
1,184,730
Interest payable and similar expenses
8
(30,194)
(16,933)
Profit before taxation
3,919,658
1,167,797
Tax on profit
9
(910,992)
(257,908)
Profit for the financial year
3,008,666
909,889
Profit for the financial year is attributable to:
- Owners of the parent company
2,932,355
929,027
- Non-controlling interests
76,311
(19,138)
3,008,666
909,889
MEDHURST COMMUNICATIONS LIMITED
GROUP BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
1,356,457
1,485,531
Current assets
Stocks
15
4,652,906
3,859,247
Debtors
16
3,216,853
1,579,056
Cash at bank and in hand
2,980,071
1,495,188
10,849,830
6,933,491
Creditors: amounts falling due within one year
17
(4,084,155)
(2,718,553)
Net current assets
6,765,675
4,214,938
Total assets less current liabilities
8,122,132
5,700,469
Creditors: amounts falling due after more than one year
18
(31,481)
(447,287)
Provisions for liabilities
Deferred tax liability
20
20,141
41,338
(20,141)
(41,338)
Net assets
8,070,510
5,211,844
Capital and reserves
Called up share capital
23
735
735
Other reserves
88,650
88,650
Profit and loss reserves
7,956,734
5,174,379
Equity attributable to owners of the parent company
8,046,119
5,263,764
Non-controlling interests
24,391
(51,920)
8,070,510
5,211,844
The financial statements were approved and signed by the director and authorised for issue on 29 February 2024
29 February 2024
Mr I C S Baynes
Director
Company registration number 03868503 (England and Wales)
MEDHURST COMMUNICATIONS LIMITED
COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2023
31 October 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
1,327,181
1,480,064
Investments
13
60,000
60,100
1,387,181
1,540,164
Current assets
Stocks
15
4,636,212
3,849,738
Debtors
16
3,123,382
1,469,003
Cash at bank and in hand
2,770,901
1,451,629
10,530,495
6,770,370
Creditors: amounts falling due within one year
17
(3,723,304)
(2,382,672)
Net current assets
6,807,191
4,387,698
Total assets less current liabilities
8,194,372
5,927,862
Creditors: amounts falling due after more than one year
18
-
(410,713)
Provisions for liabilities
Deferred tax liability
20
12,822
41,338
(12,822)
(41,338)
Net assets
8,181,550
5,475,811
Capital and reserves
Called up share capital
23
735
735
Other reserves
88,650
88,650
Profit and loss reserves
8,092,165
5,386,426
Total equity
8,181,550
5,475,811

The company’s profit for the year was £2,855,739 (2022 - £947,880).

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 29 February 2024
29 February 2024
Mr I C S Baynes
Director
Company Registration No. 03868503
MEDHURST COMMUNICATIONS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023
- 10 -
Share capital
Other reserves
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
Balance at 1 November 2021
735
88,650
4,395,352
4,484,737
(32,782)
4,451,955
Year ended 31 October 2022:
Profit and total comprehensive income
-
-
929,027
929,027
(19,138)
909,889
Dividends
10
-
-
(150,000)
(150,000)
-
(150,000)
Balance at 31 October 2022
735
88,650
5,174,379
5,263,764
(51,920)
5,211,844
Year ended 31 October 2023:
Profit and total comprehensive income
-
-
2,932,355
2,932,355
76,311
3,008,666
Dividends
10
-
-
(150,000)
(150,000)
-
(150,000)
Balance at 31 October 2023
735
88,650
7,956,734
8,046,119
24,391
8,070,510
MEDHURST COMMUNICATIONS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023
- 11 -
Share capital
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 November 2021
735
88,650
4,588,546
4,677,931
Year ended 31 October 2022:
Profit and total comprehensive income for the year
-
-
947,880
947,880
Dividends
10
-
-
(150,000)
(150,000)
Balance at 31 October 2022
735
88,650
5,386,426
5,475,811
Year ended 31 October 2023:
Profit and total comprehensive income
-
-
2,855,739
2,855,739
Dividends
10
-
-
(150,000)
(150,000)
Balance at 31 October 2023
735
88,650
8,092,165
8,181,550
MEDHURST COMMUNICATIONS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 12 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
26
2,698,381
(72,503)
Interest paid
(30,194)
(16,933)
Income taxes paid
(416,500)
(192,283)
Net cash inflow/(outflow) from operating activities
2,251,687
(281,719)
Investing activities
Purchase of tangible fixed assets
(142,936)
(161,746)
Proceeds from disposal of tangible fixed assets
-
11,501
Net cash used in investing activities
(142,936)
(150,245)
Financing activities
Repayment of bank loans
(473,868)
(62,963)
Dividends paid to equity shareholders
(150,000)
(150,000)
Net cash used in financing activities
(623,868)
(212,963)
Net increase/(decrease) in cash and cash equivalents
1,484,883
(644,927)
Cash and cash equivalents at beginning of year
1,495,188
2,140,115
Cash and cash equivalents at end of year
2,980,071
1,495,188
MEDHURST COMMUNICATIONS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
2,490,999
3,866
Interest paid
(28,385)
(15,572)
Income taxes paid
(416,500)
(192,283)
Net cash inflow/(outflow) from operating activities
2,046,114
(203,989)
Investing activities
Purchase of tangible fixed assets
(108,467)
(161,746)
Proceeds from disposal of tangible fixed assets
-
0
11,501
Interest received
300
-
0
Net cash used in investing activities
(108,167)
(150,245)
Financing activities
Repayment of bank loans
(468,675)
(56,945)
Dividends paid to equity shareholders
(150,000)
(150,000)
Net cash used in financing activities
(618,675)
(206,945)
Net increase/(decrease) in cash and cash equivalents
1,319,272
(561,179)
Cash and cash equivalents at beginning of year
1,451,629
2,012,808
Cash and cash equivalents at end of year
2,770,901
1,451,629
MEDHURST COMMUNICATIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 14 -
1
Accounting policies
Company information

Medhurst Communications Limited (“the company”) is a private company limited by shares incorporated in England and Wales. The registered office is 17 Brunel Way, Segensworth East, Fareham, Hampshire, United Kingdom, PO15 5TX.

 

The group consists of Medhurst Communications Limited and all of its subsidiaries.

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.

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
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Medhurst Communications Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 October 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

MEDHURST COMMUNICATIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 15 -
1.4
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
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.

 

No depreciation expense is incurred on freehold property, excluding separately identified components. It is the company's practice to maintain these assets in a continual state of sound repair and to make improvements thereto from time to time and accordingly the director considers that the lives of these assets are so long, and residual values so high that their depreciation is insignificant.

 

Any permanent diminution in the value of such properties is recognised in profit or loss as appropriate. Depreciation is not provided on the land element of land and buildings in accordance with FRS 102.

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:

Freehold land and buildings
Not depreciated
Equipment
2-4 years straight line/25% reducing balance
Hire stock
Over the term of the lease
Fixtures and fittings
5 years straight line/25% reducing balance
Motor vehicles
4 years straight line
MEDHURST COMMUNICATIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 16 -

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 recognised in the profit and loss account.

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of fixed assets

At each reporting period end date, the group 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

MEDHURST COMMUNICATIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 17 -

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

MEDHURST COMMUNICATIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 18 -
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 group’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 liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
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.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using an appropriate option pricing model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

 

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

 

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

 

MEDHURST COMMUNICATIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 19 -
1.18
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Tangible fixed assets, other than land and buildings, are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Sale of IT consultancy, maintenance & hardware
23,828,765
14,112,436
2023
2022
£
£
Turnover analysed by geographical market
UK
23,828,765
14,112,436
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Research and development costs
108,062
99,542
Depreciation of owned tangible fixed assets
272,229
223,391
Profit on disposal of tangible fixed assets
(219)
(5,184)
Operating lease charges
95,285
91,887
MEDHURST COMMUNICATIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 20 -
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
14,000
12,500
Audit of the financial statements of the company's subsidiaries
8,500
7,500
22,500
20,000
6
Director's remuneration
2023
2022
£
£
Remuneration for qualifying services
12,418
11,544
Company pension contributions to defined contribution schemes
59,000
39,500
71,418
51,044
7
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Employees
89
84
65
57

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
3,082,066
2,712,903
2,495,160
2,054,986
Social security costs
287,843
276,079
249,780
225,252
Pension costs
320,979
177,794
306,849
161,422
3,690,888
3,166,776
3,051,789
2,441,660
8
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
30,194
16,933
MEDHURST COMMUNICATIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 21 -
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
932,189
238,440
Deferred tax
Origination and reversal of timing differences
(21,197)
19,468
Total tax charge
910,992
257,908

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
3,919,658
1,167,797
Expected tax charge based on the standard rate of corporation tax in the UK of 22.50% (2022: 19.00%)
881,923
221,881
Tax effect of expenses that are not deductible in determining taxable profit
28,851
4,379
Tax effect of utilisation of tax losses not previously recognised
(9,354)
-
0
Unutilised tax losses carried forward
-
0
7,218
Permanent capital allowances in excess of depreciation
(508)
-
0
Depreciation on assets not qualifying for tax allowances
15,697
-
0
Change in rate applied for deferred taxation
(5,617)
24,430
Taxation charge
910,992
257,908
10
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Interim paid
150,000
150,000
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 November 2022 and 31 October 2023
56,189
Amortisation and impairment
At 1 November 2022 and 31 October 2023
56,189
MEDHURST COMMUNICATIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
11
Intangible fixed assets
(Continued)
- 22 -
Carrying amount
At 31 October 2023
-
0
At 31 October 2022
-
0
The company had no intangible fixed assets at 31 October 2023 or 31 October 2022.
12
Tangible fixed assets
Group
Freehold land and buildings
Hire stock
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 November 2022
1,098,501
142,735
554,835
156,903
1,952,974
Additions
-
0
34,469
94,384
14,083
142,936
Disposals
-
0
-
0
(66,497)
(21,769)
(88,266)
At 31 October 2023
1,098,501
177,204
582,722
149,217
2,007,644
Depreciation and impairment
At 1 November 2022
-
0
111,765
287,222
68,456
467,443
Depreciation charged in the year
-
0
36,171
198,436
37,622
272,229
Eliminated in respect of disposals
-
0
-
0
(66,497)
(21,988)
(88,485)
At 31 October 2023
-
0
147,936
419,161
84,090
651,187
Carrying amount
At 31 October 2023
1,098,501
29,268
163,561
65,127
1,356,457
At 31 October 2022
1,098,501
30,970
267,613
88,447
1,485,531
MEDHURST COMMUNICATIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
12
Tangible fixed assets
(Continued)
- 23 -
Company
Freehold land and buildings
Hire stock
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 November 2022
1,098,501
132,380
545,595
156,903
1,933,379
Additions
-
0
-
0
94,384
14,083
108,467
Disposals
-
0
-
0
(66,497)
(21,769)
(88,266)
At 31 October 2023
1,098,501
132,380
573,482
149,217
1,953,580
Depreciation and impairment
At 1 November 2022
-
0
103,594
281,265
68,456
453,315
Depreciation charged in the year
-
0
27,009
196,938
37,622
261,569
Eliminated in respect of disposals
-
0
-
0
(66,497)
(21,988)
(88,485)
At 31 October 2023
-
0
130,603
411,706
84,090
626,399
Carrying amount
At 31 October 2023
1,098,501
1,777
161,776
65,127
1,327,181
At 31 October 2022
1,098,501
28,786
264,330
88,447
1,480,064
13
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
60,000
60,100
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 November 2022
60,100
Disposals
(100)
At 31 October 2023
60,000
Carrying amount
At 31 October 2023
60,000
At 31 October 2022
60,100
MEDHURST COMMUNICATIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 24 -
14
Subsidiaries

Details of the company's subsidiaries at 31 October 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Drift IT Limited
Unit 23-24, The Oakwood Centre, Downley Road, Havant, United Kingdom, PO9 2NP
Information technology consultancy, maintenance and hardware retail
Ordinary
50.10
15
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Finished goods and goods for resale
4,652,906
3,859,247
4,636,212
3,849,738
16
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,092,618
1,454,847
2,982,728
1,334,627
Amounts owed by group undertakings
-
-
18,133
19,877
Other debtors
58,716
73,456
58,716
73,456
Prepayments and accrued income
65,519
45,603
56,805
35,893
3,216,853
1,573,906
3,116,382
1,463,853
Amounts falling due after more than one year:
Amounts owed by group undertakings
-
-
7,000
-
Other debtors
-
0
5,150
-
0
5,150
-
5,150
7,000
5,150
Total debtors
3,216,853
1,579,056
3,123,382
1,469,003
MEDHURST COMMUNICATIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 25 -
17
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
19
5,556
63,618
-
0
58,062
Trade creditors
1,538,082
1,406,347
1,495,888
1,325,102
Corporation tax payable
738,467
222,778
716,304
222,778
Other taxation and social security
769,021
190,362
659,177
124,803
Other creditors
14,499
13,655
5
126
Accruals and deferred income
1,018,530
821,793
851,930
651,801
4,084,155
2,718,553
3,723,304
2,382,672
18
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
19
31,481
447,287
-
0
410,713
Amounts included above which fall due after five years are as follows:
Payable by instalments
9,259
161,758
-
161,758
19
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
37,037
510,905
-
0
468,775
Payable within one year
5,556
63,618
-
0
58,062
Payable after one year
31,481
447,287
-
0
410,713
MEDHURST COMMUNICATIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 26 -
20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
56,375
44,195
Retirement benefit obligations
(36,234)
(2,857)
20,141
41,338
Liabilities
Liabilities
2023
2022
Company
£
£
Accelerated capital allowances
49,056
44,195
Retirement benefit obligations
(36,234)
(2,857)
12,822
41,338
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 November 2022
41,338
41,338
Credit to profit or loss
(21,197)
(28,516)
Liability at 31 October 2023
20,141
12,822
21
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
320,979
177,794

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

MEDHURST COMMUNICATIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 27 -
22
Share-based payment transactions

EMI option scheme - details and movements

 

The company operates an EMI option scheme for eligible employees and directors. The options can be exercised in the event of an exit as defined by the rules of the scheme. The options have been granted between 2018 to 2019 at a price of £0.01. Options are forfeited if the employee leaves the company and expire 10 years after the grant date.

 

The share options have been valued at fair value at the time of the grant using an option pricing model. The fair value of the share options when granted to employees has been calculated as £88,650.

 

 

 

Group and company
Number of share options
Weighted average exercise price
2023
2022
2023
2022
Number
Number
£
£
Outstanding at 1 November 2022 and 31 October 2023
3,150
3,150
28.14
28.14
Exercisable at 31 October 2023
3,150
3,150
28.14
28.14

The options outstanding at 31 October 2023 had an exercise price ranging from £26.13 to £40.22, and a remaining contractual life of 6-7 years.

23
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share capital of 10p each
7,350
7,350
735
735
24
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
18,904
22,910
18,904
7,064
Between two and five years
29,169
23,252
29,169
13,539
48,073
46,162
48,073
20,603
MEDHURST COMMUNICATIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
24
Operating lease commitments
(Continued)
- 28 -
Lessor

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
224,112
294,188
224,112
294,188
Between two and five years
211,715
347,966
211,715
347,966
435,827
642,154
435,827
642,154
25
Directors' transactions

Dividends totalling £75,000 (2022 - £75,000) were paid in the year in respect of shares held by the company's directors.

26
Cash generated from/(absorbed by) group operations
2023
2022
£
£
Profit for the year after tax
3,008,666
909,889
Adjustments for:
Taxation charged
910,992
257,908
Finance costs
30,194
16,933
Gain on disposal of tangible fixed assets
(219)
(5,184)
Depreciation and impairment of tangible fixed assets
272,229
223,391
Movements in working capital:
Increase in stocks
(793,659)
(1,697,803)
Increase in debtors
(1,637,797)
(86,485)
Increase in creditors
907,975
308,848
Cash generated from/(absorbed by) operations
2,698,381
(72,503)
27
Analysis of changes in net funds - group
1 November 2022
Cash flows
31 October 2023
£
£
£
Cash at bank and in hand
1,495,188
1,484,883
2,980,071
Borrowings excluding overdrafts
(510,905)
473,868
(37,037)
984,283
1,958,751
2,943,034
MEDHURST COMMUNICATIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 29 -
28
Cash generated from operations - company
2023
2022
£
£
Profit for the year after tax
2,855,739
947,880
Adjustments for:
Taxation charged
881,510
257,908
Finance costs
28,385
15,572
Investment income
(300)
-
0
Gain on disposal of tangible fixed assets
(219)
(5,184)
Depreciation and impairment of tangible fixed assets
261,569
221,118
Movements in working capital:
Increase in stocks
(786,474)
(1,718,041)
Increase in debtors
(1,654,379)
(5,227)
Increase in creditors
905,168
289,840
Cash generated from operations
2,490,999
3,866
29
Analysis of changes in net funds - company
1 November 2022
Cash flows
31 October 2023
£
£
£
Cash at bank and in hand
1,451,629
1,319,272
2,770,901
Borrowings excluding overdrafts
(468,775)
468,775
-
982,854
1,788,047
2,770,901
2023-10-312022-11-01falseCCH SoftwareCCH Accounts Production 2023.300Mr I C S BaynesMrs L 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