Mayflower Healthcare Alliance Ltd 07665222 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is provision of dermatology services Digita Accounts Production Advanced 6.30.9574.0 true 07665222 2022-04-01 2023-03-31 07665222 2023-03-31 07665222 bus:OrdinaryShareClass1 2023-03-31 07665222 bus:OrdinaryShareClass2 2023-03-31 07665222 bus:OrdinaryShareClass3 2023-03-31 07665222 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-03-31 07665222 core:CurrentFinancialInstruments 2023-03-31 07665222 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 07665222 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 07665222 core:BetweenTwoFiveYears 2023-03-31 07665222 core:WithinOneYear 2023-03-31 07665222 core:FurnitureFittingsToolsEquipment 2023-03-31 07665222 core:MotorVehicles 2023-03-31 07665222 bus:SmallEntities 2022-04-01 2023-03-31 07665222 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 07665222 bus:FullAccounts 2022-04-01 2023-03-31 07665222 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 07665222 bus:RegisteredOffice 2022-04-01 2023-03-31 07665222 bus:Director1 2022-04-01 2023-03-31 07665222 bus:Director2 2022-04-01 2023-03-31 07665222 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 07665222 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 07665222 bus:OrdinaryShareClass3 2022-04-01 2023-03-31 07665222 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 07665222 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 07665222 core:MotorCars 2022-04-01 2023-03-31 07665222 core:MotorVehicles 2022-04-01 2023-03-31 07665222 core:OfficeEquipment 2022-04-01 2023-03-31 07665222 core:PlantMachinery 2022-04-01 2023-03-31 07665222 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-04-01 2023-03-31 07665222 countries:England 2022-04-01 2023-03-31 07665222 2022-03-31 07665222 core:FurnitureFittingsToolsEquipment 2022-03-31 07665222 core:MotorVehicles 2022-03-31 07665222 2021-04-01 2022-03-31 07665222 2022-03-31 07665222 bus:Director2 1 2022-03-31 07665222 bus:OrdinaryShareClass1 2022-03-31 07665222 bus:OrdinaryShareClass2 2022-03-31 07665222 bus:OrdinaryShareClass3 2022-03-31 07665222 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-03-31 07665222 core:CurrentFinancialInstruments 2022-03-31 07665222 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 07665222 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 07665222 core:BetweenTwoFiveYears 2022-03-31 07665222 core:WithinOneYear 2022-03-31 07665222 core:FurnitureFittingsToolsEquipment 2022-03-31 07665222 core:MotorVehicles 2022-03-31 07665222 bus:Director2 1 2021-04-01 2022-03-31 07665222 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 07665222 bus:OrdinaryShareClass2 2021-04-01 2022-03-31 07665222 bus:OrdinaryShareClass3 2021-04-01 2022-03-31 07665222 bus:Director2 1 2021-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 07665222

Mayflower Healthcare Alliance Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Mayflower Healthcare Alliance Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 13

 

Mayflower Healthcare Alliance Ltd

Company Information

Directors

Mr David John Smith

Dr Usman Bello Buhari

Registered office

Heybridge House
Southend Road
Billericay
Essex
CM11 2PL

Accountants

SJB & Co
Chartered Accountants
8 Barnfield
Feering
Colchester
Essex
CO5 9HP

 

Mayflower Healthcare Alliance Ltd

(Registration number: 07665222)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

72,403

53,922

Current assets

 

Stocks

5

25,000

25,000

Debtors

6

415,721

424,086

Cash at bank and in hand

 

124,751

123,234

 

565,472

572,320

Creditors: Amounts falling due within one year

7

(535,487)

(517,948)

Net current assets

 

29,985

54,372

Total assets less current liabilities

 

102,388

108,294

Creditors: Amounts falling due after more than one year

7

(25,139)

-

Net assets

 

77,249

108,294

Capital and reserves

 

Called up share capital

8

200

200

Retained earnings

77,049

108,094

Shareholders' funds

 

77,249

108,294

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

Directors' responsibilities:

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

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 22 December 2023 and signed on its behalf by:
 

 

Mayflower Healthcare Alliance Ltd

(Registration number: 07665222)
Balance Sheet as at 31 March 2023

.........................................
Mr David John Smith
Director

.........................................
Dr Usman Bello Buhari
Director

 

Mayflower Healthcare Alliance Ltd

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

1

General information

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

The address of its registered office is:
Heybridge House
Southend Road
Billericay
Essex
CM11 2PL
England

These financial statements were authorised for issue by the Board on 22 December 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

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

Basis of preparation

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

Revenue recognition

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

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

Tax

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

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

 

Mayflower Healthcare Alliance Ltd

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

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

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

Depreciation

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

Asset class

Depreciation method and rate

Office equipment

Straight line 3-5 years

motor cars

Straight line 5 years

Other tangible assets

Straight line 2 years

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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Mayflower Healthcare Alliance Ltd

Notes to the Unaudited 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Mayflower Healthcare Alliance Ltd

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

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. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 26 (2022 - 25).

 

Mayflower Healthcare Alliance Ltd

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

205,841

42,650

248,491

Additions

8,047

41,139

49,186

At 31 March 2023

213,888

83,789

297,677

Depreciation

At 1 April 2022

151,919

42,650

194,569

Charge for the year

22,477

8,228

30,705

At 31 March 2023

174,396

50,878

225,274

Carrying amount

At 31 March 2023

39,492

32,911

72,403

At 31 March 2022

53,922

-

53,922

5

Stocks

2023
£

2022
£

Other inventories

25,000

25,000

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

119,347

193,319

Amounts owed by related parties

12

263,707

217,411

Prepayments

 

32,667

9,356

Other debtors

 

-

4,000

   

415,721

424,086

7

Creditors

Creditors: amounts falling due within one year

 

Mayflower Healthcare Alliance Ltd

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

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

3,962

-

Trade creditors

 

313,486

317,376

Taxation and social security

 

61,797

82,566

Accruals and deferred income

 

136,267

80,414

Other creditors

 

19,975

37,592

 

535,487

517,948

 

Mayflower Healthcare Alliance Ltd

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

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

25,139

-

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

A Ordinary shares of £1 each

100

100

100

100

B Ordinary shares of £1 each

50

50

50

50

C Ordinary shares of £1 each

50

50

50

50

 

200

200

200

200

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

25,139

-

2023
£

2022
£

Current loans and borrowings

HP and finance lease liabilities

3,962

-

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

19,731

14,029

Later than one year and not later than five years

15,600

17,154

35,331

31,183

 

Mayflower Healthcare Alliance Ltd

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

The amount of non-cancellable operating lease payments recognised as an expense during the year was £17,254 (2022 - £29,950).

11

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £1,240.00 (2022 - £1,300.00) per each A Ordinary shares

 

124,000

 

130,000

Interim dividend of £600.00 per each B Ordinary shares

 

30,000

 

30,000

Interim dividend of £640.00 (2022 - £600.00) per each C Ordinary shares

 

32,000

 

30,000

   

186,000

 

190,000

12

Related party transactions

 

Mayflower Healthcare Alliance Ltd

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

Transactions with directors

2022

At 1 April 2021
£

Repayments by director
£

At 31 March 2022
£

Dr Usman Bello Buhari

Loan account on interest free terms

1,448

(1,448)

-

       
     

 

 

Mayflower Healthcare Alliance Ltd

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

Dividends paid to directors

   

2023
£

 

2022
£

Mr David John Smith

       

A shares Interim Dividends

 

62,000

 

65,000

         

Dr Usman Bello Buhari

       

A Shares Interim Dividend

 

62,000

 

65,000

         

Summary of transactions with entities with joint control or significant interest

The company has made loans to Integrated Dermatology Solutions Ltd and Integrated Clinical Solutions Ltd, companies owned and controlled by the directors
 The loans made in the year to Integrated Dermatology Solutions Ltd totalled £130,182 (2022: £129,182 ) and to Integrated Clinical Solutions Ltd £132,724 (2022: £88,229).
 The loans are on interest free terms and have no fixed repayment terms.