Registration number:
MA Healthcare Limited
for the Year Ended 31 March 2023
MA Healthcare Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Notes to the Financial Statements |
MA Healthcare Limited
Company Information
Directors |
A J Iafrati M Allen R C M Linssen K Toumba B Allen J Benson M R Keeley A O Kerr M P Cianfarani B W Goodridge T Pollard S Allen S Gardner |
Company secretary |
B Allen |
Registered office |
|
Auditors |
|
MA Healthcare Limited
Strategic Report for the Year Ended 31 March 2023
The directors present their strategic report for the year ended 31 March 2023.
Fair review of the business
The principal activity of the company continued to be the publishing of nursing and medical journals, websites and books and the organisation of conferences.
MA Healthcare Limited’s revenue increased from £10.47 million to £10.66 million with profit before tax going down from £1.7 million to £1.58 million due to increased costs as face-to-face events returned and the energy crisis forced up production costs.
As at the balance sheet date the company had cash reserves of £390,307 compared with £904,077 at 31 March 2022.
The company's key financial and other performance indicators during the year were as follows:
Financial KPIs |
Unit |
2023 |
2022 |
Revenue |
£ |
10,664,115 |
10,468,930 |
Gross profit |
£ |
4,464,715 |
5,181,305 |
EBITDA |
£ |
2,075,057 |
2,387,652 |
Principal risks and uncertainties
The financial instruments used by the company, which comprise debtors, cash at bank and creditors, arise wholly and directly from its activities. The company manages the financial risks relating thereto by means of the following measures:
1. The company regularly monitors the level of its debtors and follows up on any overdue balances;
2. The company maintains monthly management accounts and monitors its cash flow daily; and
3. The possible risk of the withdrawal of credit by suppliers is managed by paying promptly within agreed credit terms and regular monitoring of the level of trade creditors.
Future developments
The directors intend to continue growing the business both organically and by acquisition. The pace at which they do so will depend on how the economy recovers.
Approved and authorised by the
......................................... |
MA Healthcare Limited
Directors' Report for the Year Ended 31 March 2023
The directors present their report and the financial statements for the year ended 31 March 2023.
Results and dividends
The profit for the year, after taxation, amounted to £1,285,500 (2022: £1,329,684).
Dividends of £2,450,000 (2022: £2,301,411) were paid during the year. The directors do not recommend payment of a final dividend.
Director of the company
The directors who held office during the year were as follows:
Information included in the Strategic Report
As permitted by s414c(11) of the Companies Act 2006, the directors have elected to disclose information, required to be in the directors' report by Schedule 7 of the 'Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008', in the strategic report.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
......................................... |
MA Healthcare Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
MA Healthcare Limited
Independent Auditor's Report to the Members of MA Healthcare Limited
Opinion
We have audited the financial statements of MA Healthcare Limited (the 'company') for the year ended 31 March 2023, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of 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:
• | give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
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 responsibilities for the audit of the financial statements section of our report. We are independent of the 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 directors' 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 company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
MA Healthcare Limited
Independent Auditor's Report to the Members of MA Healthcare Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 4, the directors are 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 directors determine 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 directors are responsible for assessing the 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
MA Healthcare Limited
Independent Auditor's Report to the Members of MA Healthcare Limited
Auditor 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
• the Senior Statutory Auditor ensured that the audit team collectively had the appropriate competence, skills, and capabilities to identify or recognise non-compliance with applicable laws and regulations;
• we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the relevant industry;
• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, and other legislation;
• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence where relevant; and
• identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls we:
• performed analytical procedures to identify any unusual or unexpected relationships;
• tested journal entries to identify unusual transactions;
• assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
• investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
• agreeing financial statement disclosures to underlying supporting documentation;
• reading the minutes of meetings of those charged with governance;
• enquiring of management as to actual and potential litigation and claims; and
• reviewing correspondence with HM Revenue & Customs.
There are inherent limitations in our audit procedures described above. The more remote that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
MA Healthcare Limited
Independent Auditor's Report to the Members of MA Healthcare Limited
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.
......................................
For and on behalf of
Lawford House
Albert Place
N3 1QA
MA Healthcare Limited
Profit and Loss Account for the Year Ended 31 March 2023
Note |
2023 |
2022 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
|
|
|
Operating profit |
1,578,009 |
1,727,669 |
|
Other interest receivable and similar income |
|
- |
|
Interest payable and similar expenses |
( |
( |
|
(2,130) |
(17) |
||
Profit before tax |
|
|
|
Tax on profit |
( |
( |
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
MA Healthcare Limited
(Registration number: 01878373)
Balance Sheet as at 31 March 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
100 |
100 |
|
Profit and loss account |
7,151,698 |
8,316,198 |
|
Shareholders' funds |
7,151,798 |
8,316,298 |
Approved and authorised by the
......................................... |
MA Healthcare Limited
Statement of Changes in Equity for the Year Ended 31 March 2023
Share capital |
Profit and loss account |
Total |
|
At 1 April 2022 |
|
|
|
Profit for the year |
- |
|
|
Dividends |
- |
( |
( |
At 31 March 2023 |
|
|
|
Share capital |
Profit and loss account |
Total |
|
At 1 April 2021 |
|
|
|
Profit for the year |
- |
|
|
Dividends |
- |
( |
( |
At 31 March 2022 |
|
|
|
MA Healthcare Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office and principal place of business is:
England
The financial statements are presented in Sterling (£), which is also the company's functional currency. Monetary amounts in these financial statements are rounded to the nearest £.
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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
Summary of disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102:
• Section 3 Financial Statement Presentation paragraph 3.17(d) (inclusion of statement of cash flows);
• Section 7 Statement of Cash Flows (inclusion of statement of cash flows);
• Section 11 Financial Instruments paragraph 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c) (disclosures relating to financial instruments);
• Section 26 Share based payments (disclosures of share based payments);
• Section 33 Related Party Disclosures paragraph 33.7 (disclosures of key management personnel compensation).
These financial statements are consolidated in the financial statements of Mark Allen Holdings Limited.
The financial statements of Mark Allen Holdings Limited may be obtained from St Jude's Church, Dulwich Road, London SE24 0PB.
Group accounts not prepared
MA Healthcare Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Going concern
Having considered the company’s forecasts, latest results and cash reserves, and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly they continue to adopt the going concern basis in preparing the financial statements.
Revenue recognition
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Subscription income is taken to the profit and loss account over the period to which the subscription relates. Advertising income is taken to the profit and loss account in the month of issue of the related publication. Subscriptions and fees received in advance at the balance sheet date are carried forward in creditors.
Government grants
Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the profit and loss in the same period as the related expenditure.
Other operating income
Other income is derived from tax refunds arising from research and development claims. As these claims are not regular and uncertain in size these are recognised when cash has been received, which is the point at which the amount receivable can be reliably measured.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
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 corporation 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.
MA Healthcare Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
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 |
Leasehold buildings |
33.33% straight line on improvement works |
Motor vehicles |
25% straight line |
Fixtures, fittings & equipment |
20% straight line on fixtures & fittings, 33.33% straight line on office equipment, 33.33% straight line on website costs |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
Over its useful economic life |
Investments
Investments in subsidiaries are measured at cost less accumulated impairment.
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.
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.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
MA Healthcare Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. Contributions to defined contribution plans are recognised as employee benefit expense when they are due.
Judgements in applying accounting policies and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are 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.
Intangible assets are amortised over their estimated useful economic lives. Future results are impacted by the amortisation periods adopted and, potentially, any differences between estimated and actual circumstances related to individual intangible assets.
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.
MA Healthcare Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Turnover |
An analysis of turnover by class of business is as follows:
2023 |
2022 |
|
Advertising |
3,814,989 |
3,840,925 |
Conferences |
1,077,055 |
1,136,197 |
Royalties |
589,959 |
569,838 |
Book sales |
9,233 |
12,933 |
Other income |
899,647 |
799,418 |
Subscriptions |
4,157,414 |
4,109,619 |
Projects |
115,818 |
- |
10,664,115 |
10,468,930 |
Analysis of turnover by country of destination:
2023 |
2022 |
|
Within the UK |
8,631,576 |
8,284,820 |
Outside the UK |
2,032,539 |
2,184,110 |
10,664,115 |
10,468,930 |
Other operating income |
The analysis of the company's other operating income for the year is as follows:
2023 |
2022 |
|
Government grants |
- |
|
Management fee |
|
|
Profit/(loss) on disposal of tangible fixed assets - operating expense |
12,943 |
300 |
Other operating income |
237,079 |
- |
|
|
MA Healthcare Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Operating profit |
Arrived at after charging/(crediting)
2023 |
2022 |
|
Depreciation expense |
|
|
Amortisation expense |
|
|
Research and development cost |
|
|
Foreign exchange losses |
|
|
Operating lease expense - plant and machinery |
- |
( |
Other interest receivable and similar income |
2023 |
2022 |
|
Other finance income |
|
- |
Interest payable and similar expenses |
2023 |
2022 |
|
Interest expense on other finance liabilities |
|
|
Employees |
Staff costs, including directors' remuneration, were as follows:
2023 |
2022 |
|
Wages and salaries |
6,338,686 |
6,009,637 |
Social security costs |
759,890 |
678,009 |
Cost of defined contribution scheme |
234,356 |
290,979 |
|
|
MA Healthcare Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
2023 |
2022 |
|
Editorial |
|
|
Sales |
|
|
Administration and support |
|
|
Conferences |
|
|
Production |
|
|
Subs |
|
|
Marketing and awards |
|
|
FML, IT and warehouse, etc |
|
|
|
|
Directors' remuneration |
2023 |
2022 |
|
Directors' emoluments |
2,496,532 |
2,192,771 |
Company contributions to defined contribution pension schemes |
153,199 |
114,721 |
2,649,731 |
2,307,492 |
During the year retirement benefits were accruing to 10 directors (2022: 10) in respect of defined contribution pension schemes.
In respect of the highest paid director:
2023 |
2022 |
|
Remuneration |
|
|
Auditors' remuneration |
2023 |
2022 |
|
Audit of the financial statements |
|
|
MA Healthcare Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Taxation |
Tax charged/(credited) in the profit and loss account
2023 |
2022 |
|
Current taxation |
||
UK corporation tax |
|
|
UK corporation tax adjustment to prior periods |
|
- |
290,379 |
397,968 |
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2022 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2023 |
2022 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Effect of revenues exempt from taxation |
( |
- |
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Increase in UK and foreign current tax from adjustment for prior periods |
|
- |
Tax increase from effect of capital allowances and depreciation |
|
|
Tax (decrease)/increase from other short-term timing differences |
( |
|
Other tax effects for reconciliation between accounting profit and tax expense (income) |
( |
( |
Total tax charge |
|
|
Dividends |
Interim dividends paid
2023 |
2022 |
|||
Interim dividend of £ |
|
|
||
MA Healthcare Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Intangible assets |
Goodwill |
Total |
|
Cost or valuation |
||
At 1 April 2022 |
|
|
At 31 March 2023 |
|
|
Amortisation |
||
At 1 April 2022 |
|
|
Amortisation charge |
|
|
At 31 March 2023 |
|
|
Carrying amount |
||
At 31 March 2023 |
|
|
At 31 March 2022 |
|
|
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
Cost or valuation |
||||
At 1 April 2022 |
|
|
|
|
Additions |
|
|
- |
|
Disposals |
- |
( |
( |
( |
At 31 March 2023 |
|
|
- |
|
Depreciation |
||||
At 1 April 2022 |
|
|
|
|
Charge for the year |
|
|
- |
|
Eliminated on disposal |
- |
( |
( |
( |
At 31 March 2023 |
|
|
- |
|
Carrying amount |
||||
At 31 March 2023 |
|
|
- |
|
At 31 March 2022 |
|
|
- |
|
Included within the net book value of land and buildings above is £110,929 (2022 - £47,727) in respect of short leasehold land and buildings.
MA Healthcare Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Investments |
2023 |
2022 |
|
Investments in subsidiaries |
|
|
Subsidiaries |
£ |
Cost or valuation |
|
At 1 April 2022 |
|
Carrying amount |
|
At 31 March 2023 |
|
At 31 March 2022 |
|
Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2023 |
2022 |
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Subsidiary undertakings |
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St Jude's Church, Dulwich Road, London, SE24 0PB |
Ordinary |
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St Jude's Church, Dulwich Road, London, SE24 0PB |
Ordinary |
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St Jude's Church, Dulwich Road, London, SE24 0PB |
Ordinary |
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St Jude's Church, Dulwich Road, London, SE24 0PB |
Ordinary |
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St Jude's Church, Dulwich Road, London, SE24 0PB |
Ordinary |
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Joint ventures |
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St. Jude’s Church, Dulwich Road, London, UK SE24 0PB |
Ordinary |
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* Held indirectly 60%
** Indirectly held via MA Agriculture Limited
MA Healthcare Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Subsidiary undertakings |
MA Dentistry Media Limited * The principal activity of MA Dentistry Media Limited * is |
Headfirst Publishing Limited The principal activity of Headfirst Publishing Limited is |
MA Interiors Limited The principal activity of MA Interiors Limited is |
MA Music, Leisure & Travel Ltd The principal activity of MA Music, Leisure & Travel Ltd is |
MA Agriculture Limited The principal activity of MA Agriculture Limited is |
Joint ventures |
Farm Technologies UK Limited ** The company was incorporated on 20 April 2021. The principal activity of Farm Technologies UK Limited is non-trading. |
Stocks |
2023 |
2022 |
|
Raw materials and consumables |
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Finished goods and goods for resale |
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There is no significant difference between the replacement cost of the stock and its carrying amount.
MA Healthcare Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Debtors |
Current |
Note |
2023 |
2022 |
Trade debtors |
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|
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Amounts owed by related parties |
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Other debtors |
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Prepayments |
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Income tax asset |
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Amounts owed by group undertakings are interest free, have no fixed repayment date and are repayable on demand.
Cash and cash equivalents |
2023 |
2022 |
|
Cash on hand |
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Cash at bank |
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Creditors |
Note |
2023 |
2022 |
|
Due within one year |
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Trade creditors |
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Amounts due to related parties |
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Social security and other taxes |
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Other payables |
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Accrued expenses |
|
|
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Corporation tax liability |
134,144 |
171,086 |
|
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Amounts owed to group undertakings are interest free, have no fixed repayment date and are repayable on demand.
MA Healthcare Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
|
Ordinary shares of £1 each |
100 |
100 |
100 |
100 |
There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and repayment of capital.
Commitments under operating leases |
At 31 March 2023 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
2023 |
2022 |
|
Not later than 1 year |
95,209 |
127,643 |
Later than 1 year and not later than 5 years |
88,496 |
60,010 |
183,705 |
187,653 |
The amount of non-cancellable operating lease payments recognised as an expense during the year was £190,379 (2022 - £197,748).
Commitments |
Pension commitments |
The company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the company. At the balance sheet date, unpaid contributions of £36,267 (2022: £44,757) were payable and included in creditors.
Other financial commitments
The company is also party to a group set off, held with the group companies named above.
MA Healthcare Limited
Notes to the Financial Statements for the Year Ended 31 March 2023
Related party transactions |
The opening balance on a director's current account was overdrawn by £42,826. During the year there were transactions with a net effect of increasing the overdrawn balance by £793, which resulted in an overdrawn balance of £43,619 at the year end. This balance is included within other debtors and no interest has been accrued.
During the year the company paid rent amounting to £504,000 (2022: £504,000) to a director.
The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are wholly owned part of the group.
Parent and ultimate parent undertaking |
The company's immediate and ultimate parent is
The most senior parent entity producing publicly available financial statements is
The ultimate controlling party is