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Registered number: 04501121









MERCO MEDICAL STAFFING LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
MERCO MEDICAL STAFFING LIMITED
REGISTERED NUMBER:04501121

STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
37,700
47,249

  
37,700
47,249

Current assets
  

Debtors: amounts falling due within one year
 5 
2,297,069
2,520,932

Cash at bank and in hand
  
88,852
116,885

  
2,385,921
2,637,817

Creditors: amounts falling due within one year
 6 
(2,086,736)
(2,355,020)

Net current assets
  
 
 
299,185
 
 
282,797

Total assets less current liabilities
  
336,885
330,046

Provisions for liabilities
  

Deferred tax
 7 
(7,573)
(9,218)

Net assets
  
329,312
320,828


Capital and reserves
  

Called up share capital 
  
49,995
49,995

Capital redemption reserve
 8 
5
5

Retained earnings
 8 
279,312
270,828

Shareholders' funds
  
329,312
320,828


Page 1

 
MERCO MEDICAL STAFFING LIMITED
REGISTERED NUMBER:04501121
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 SEPTEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared and delivered in accordance with the provisions applicable to
companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section
1A - small entities.
 
The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



A R Champion
Director

Date: 9 February 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
MERCO MEDICAL STAFFING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

Merco Medical Staffing Limited is a private company, limited by shares, domiciled and incorporated in England and Wales (registered number: 04501121). The address of the registered office is Bank House, 81 St Judes Road, Englefield Green, Surrey, TW20 0DF. 
The Company's functional and presentational currency is GBP.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have made an assessment in preparing these financial statements as to whether the Company is a going concern and has concluded that there are no material uncertainties that may cast doubt on the Company's ability to continue as a going concern.

 
2.3

Turnover

Turnover represents the value of services, net of VAT, provided in the normal course of business.
Turnover arising from the placement of permanent candidates is recognised at the time the candidate commences full-time employment.
Turnover represents the amount invoiced to clients for provision of temporary workers to clients, including both the remuneration cost of the temporary workers and the commission charged for the introduction of the temporary workers.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
MERCO MEDICAL STAFFING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements
-
33.33%
Fixtures and fittings
-
25%
Computer software licences
-
33.33%
Computer equipment
-
33.33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
MERCO MEDICAL STAFFING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.8

Financial instruments

Financial assets and financial liabilities are recognised in the Balance Sheet when the Company becomes a party to the contractual provisions of the instrument. 
Trade and other debtors and creditors are classified as basic financial instruments and measured on initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the Company will not be able to collect all amounts due.
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank, short-term bank deposits with an original maturity of three months or less and bank overdrafts which are an integral part of the Company’s cash management.
Financial liabilities and equity instruments issued by the Company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.
Interest bearing bank loans, invoice discounting facilities, overdrafts and other loans which meet the criteria to be classified as basic financial instruments are initially recorded at the present value of cash payable to the bank, which is ordinarily equal to the proceeds received net of direct issue costs. These liabilities are subsequently measured at amortised cost, using the effective interest rate method.

Page 5

 
MERCO MEDICAL STAFFING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 43 (2022 - 38).

Page 6

 
MERCO MEDICAL STAFFING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

4.


Tangible fixed assets





Leasehold improvements
Fixtures and fittings
Computer software licences
Computer equipment
Total

£
£
£
£
£



Cost


At 1 October 2022
72,186
69,585
126,686
116,941
385,398


Additions
3,856
-
-
21,725
25,581


Disposals
(29,255)
(10,426)
(10,900)
(51,498)
(102,079)



At 30 September 2023

46,787
59,159
115,786
87,168
308,900



Depreciation


At 1 October 2022
60,530
64,047
120,422
93,150
338,149


Charge for the year
7,620
5,448
6,264
15,798
35,130


Disposals
(29,255)
(10,426)
(10,900)
(51,498)
(102,079)



At 30 September 2023

38,895
59,069
115,786
57,450
271,200



Net book value



At 30 September 2023
7,892
90
-
29,718
37,700



At 30 September 2022
11,656
5,538
6,264
23,791
47,249

Page 7

 
MERCO MEDICAL STAFFING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
1,659,369
1,945,844

Amounts owed by group undertakings
-
192,000

Other debtors
114,171
21,477

Prepayments and accrued income
523,529
361,611

2,297,069
2,520,932



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank invoice discounting facility
816,009
1,093,002

Trade creditors
59,541
79,221

Corporation tax
98,596
75,995

Other taxation and social security
516,732
481,613

Other creditors
98,110
43,526

Accruals and deferred income
497,748
581,663

2,086,736
2,355,020


Page 8

 
MERCO MEDICAL STAFFING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

7.


Deferred taxation




2023
2022


£

£






At beginning of year
(9,218)
(10,334)


Charged to profit or loss
1,645
1,116



At end of year
(7,573)
(9,218)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Fixed asset timing differences
(7,781)
(10,169)

Short-term timing differences
208
951

(7,573)
(9,218)


8.


Reserves

Capital redemption reserve

This reserve records the nominal value of shares repurchased by the Company.

Profit and loss account

This reserve relates to the cumulative retained earnings less amounts distributed to shareholders.


9.


Related party transactions

The Company has taken advantage of the exemption in FRS 102 Section 33.1A to not disclose transactions with wholly owned group entities.

Page 9

 
MERCO MEDICAL STAFFING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

10.


Controlling party

The immediate parent undertaking is Merco Medical Holdings Limited, a company registered in England and Wales.
At the balance sheet date, the ultimate parent company was Merco Healthcare Holdings Limited, a company registered in England and Wales.
The directors do not consider there to be an ultimate controlling party as of 30 September 2023. 

Following a corporate restructure that was completed on 30 November 2023, the ultimate parent undertaking is the new group holding company QCR Holdings Limited, a company registered in
England and Wales.

Page 10