Company registration number SC489259 (Scotland)
PAMM HEALTHCARE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAMM HEALTHCARE LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
PAMM HEALTHCARE LIMITED
COMPANY INFORMATION
- 1 -
Directors
Dr M Hughes
Dr S M O'Neill
Company number
SC489259
Registered office
211 St Vincent Street
Glasgow
Scotland
G2 5QY
Accountants
Consilium Chartered Accountants
169 West George Street
Glasgow
Scotland
G2 2LB
PAMM HEALTHCARE LIMITED
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1,735
2,314
Tangible assets
4
94,945
126,115
96,680
128,429
Current assets
Debtors
5
212,934
144,886
Cash at bank and in hand
251,867
358,170
464,801
503,056
Creditors: amounts falling due within one year
6
(83,972)
(121,080)
Net current assets
380,829
381,976
Total assets less current liabilities
477,509
510,405
Creditors: amounts falling due after more than one year
7
(960)
(2,880)
Provisions for liabilities
8
(20,115)
(26,701)
Net assets
456,434
480,824
Capital and reserves
Called up share capital
10
103
103
Share premium account
1,254
1,254
Profit and loss reserves
455,077
479,467
Total equity
456,434
480,824
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
PAMM HEALTHCARE LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023
31 March 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 18 January 2024 and are signed on its behalf by:
Dr M Hughes
Dr S M O'Neill
Director
Director
Company Registration No. SC489259
PAMM HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
1
Accounting policies
Company information
PAMM Healthcare Limited is a private company limited by shares incorporated in Scotland. The registered office is 211 St Vincent Street, Glasgow, Scotland, G2 5QY. The company's registration number is SC489259.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
The turnover shown in the profit and loss account represents the value of services provided during the year. Turnover is recognised at the point at which the services are provided.
Rental income shown in the profit and loss account is recognised at the point at which rent is due.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation 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:
Website costs
- 25% reducing balance
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold property
- 25% reducing balance
Equipment
- 25% reducing balance
Fixtures and fittings
- 25% reducing balance
Computer equipment
- 33% reducing balance
Motor vehicles
- 25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit and loss account.
PAMM HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). 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.
1.6
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.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.8
Equity instruments
Equity instruments issued by the company 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 company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax 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 when the company has 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.
PAMM HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 6 -
1.10
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value, and are depreciated in accordance with the above depreciation policies.
Future instalments payable under such agreements, net of finance charges, are included within creditors. Rentals payable are apportioned between the capital element, which reduces the outstanding obligation included within creditors, and the finance element, which is charged to the profit and loss account on a straight line basis.
Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account 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 leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Total
7
6
PAMM HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
3
Intangible fixed assets
Website costs
£
Cost
At 1 April 2022 and 31 March 2023
6,074
Amortisation and impairment
At 1 April 2022
3,760
Amortisation charged for the year
579
At 31 March 2023
4,339
Carrying amount
At 31 March 2023
1,735
At 31 March 2022
2,314
4
Tangible fixed assets
Leasehold property
Equipment
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2022
54,038
11,494
33,861
11,064
93,738
204,195
Additions
1,201
4,230
5,431
At 31 March 2023
54,038
11,494
35,062
15,294
93,738
209,626
Depreciation and impairment
At 1 April 2022
34,730
7,658
21,369
8,074
6,249
78,080
Depreciation charged in the year
4,827
2,873
5,633
1,396
21,872
36,601
At 31 March 2023
39,557
10,531
27,002
9,470
28,121
114,681
Carrying amount
At 31 March 2023
14,481
963
8,060
5,824
65,617
94,945
At 31 March 2022
19,308
3,836
12,492
2,990
87,489
126,115
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
29,519
41,816
Other debtors
183,415
103,070
212,934
144,886
PAMM HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
20,486
39,911
Taxation and social security
59,836
74,712
Other creditors
3,650
6,457
83,972
121,080
Other creditors includes £1,920 (2022 - £1,920) of finance on asset purchases. These liabilities are secured over the individual assets to which they relate.
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
960
2,880
Other creditors includes £960 (2022 - £2,880) of finance on asset purchases. These liabilities are secured over the individual assets to which they relate.
8
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
9
20,115
26,701
9
Deferred taxation
The following are the major deferred tax liabilities recognised by the company and movements thereon:
2023
2022
Balances:
£
£
Accelerated capital allowances
20,115
26,701
2023
Movements in the year:
£
Liability at 1 April 2022
26,701
Credit to profit or loss
(6,586)
Liability at 31 March 2023
20,115
PAMM HEALTHCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
10
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
53,996 (2022: 54) Ordinary A of 1p
54
54
47,000 (2022: 47) Ordinary B of 1p
47
47
1,000 (2022: 1) Ordinary C of 1p
1
1
1,000 (2022: 1) Ordinary D of 1p
1
1
1 (2022: 0) Ordinary E of 1p
-
-
1 Ordinary F of 1p
-
-
1 Ordinary G of 1p
-
-
1 Ordinary H of 1p
-
-
103
103
On 2 April 2022, all share classes were subdivided from £1 shares to £0.01 shares.
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
71,137
102,753
12
Related party transactions
Included within other debtors is an amount totalling £171,297 due from the directors. This loan was repaid by 31 December 2023.
During the year, the company incurred a bad debt with a connected company totalling £32,026 (2022 - £44,934). At the 31 March 2023, the amount owed by the connected company was £NIL (2022 - £NIL).
No further transactions with related parties were undertaken such as are required to be disclosed under the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".