IRIS Accounts Production v23.4.0.336 NI039068 Board of Directors Board of Directors 31.1.23 1.2.22 31.1.23 31.1.23 recruitment and employment consultancy and advice in respect of medical personnel. The group operates throughout the United Kingdom and Ireland. true true false true true false false true false Ordinary Shares 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhNI0390682022-01-31NI0390682023-01-31NI0390682022-02-012023-01-31NI0390682021-01-31NI0390682021-02-012022-01-31NI0390682022-01-31NI039068ns15:NorthernIreland2022-02-012023-01-31NI039068ns14:PoundSterling2022-02-012023-01-31NI039068ns10:Director12022-02-012023-01-31NI039068ns10:Director22022-02-012023-01-31NI039068ns10:Consolidated2023-01-31NI039068ns10:ConsolidatedGroupCompanyAccounts2022-02-012023-01-31NI039068ns10:PrivateLimitedCompanyLtd2022-02-012023-01-31NI039068ns10:Consolidatedns10:FRS1022022-02-012023-01-31NI039068ns10:Consolidatedns10:Audited2022-02-012023-01-31NI039068ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-02-012023-01-31NI039068ns10:LargeMedium-sizedCompaniesRegimeForAccounts2022-02-012023-01-31NI039068ns10:Consolidatedns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-02-012023-01-31NI039068ns10:LargeMedium-sizedCompaniesRegimeForAccountsns10:Consolidated2022-02-012023-01-31NI039068ns10:FullAccounts2022-02-012023-01-31NI039068ns10:OrdinaryShareClass12022-02-012023-01-31NI039068ns10:Consolidated2022-02-012023-01-31NI039068ns10:CompanySecretary12022-02-012023-01-31NI039068ns10:RegisteredOffice2022-02-012023-01-31NI039068ns10:Consolidated2021-02-012022-01-31NI039068ns5:CurrentFinancialInstruments2023-01-31NI039068ns5:CurrentFinancialInstruments2022-01-31NI039068ns5:ShareCapital2023-01-31NI039068ns5:ShareCapital2022-01-31NI039068ns5:RetainedEarningsAccumulatedLosses2023-01-31NI039068ns5:RetainedEarningsAccumulatedLosses2022-01-31NI039068ns5:ShareCapital2021-01-31NI039068ns5:RetainedEarningsAccumulatedLosses2021-01-31NI039068ns5:RetainedEarningsAccumulatedLosses2021-02-012022-01-31NI039068ns5:RetainedEarningsAccumulatedLosses2022-02-012023-01-31NI03906812022-02-012023-01-31NI03906812021-02-012022-01-31NI039068ns5:OwnedOrFreeholdAssetsns5:LandBuildings2022-02-012023-01-31NI039068ns5:FurnitureFittings2022-02-012023-01-31NI039068ns5:ComputerEquipment2022-02-012023-01-31NI039068ns5:LandBuildings2022-01-31NI039068ns5:FurnitureFittings2022-01-31NI039068ns5:ComputerEquipment2022-01-31NI039068ns5:LandBuildings2022-02-012023-01-31NI039068ns5:LandBuildings2023-01-31NI039068ns5:FurnitureFittings2023-01-31NI039068ns5:ComputerEquipment2023-01-31NI039068ns5:LandBuildings2022-01-31NI039068ns5:FurnitureFittings2022-01-31NI039068ns5:ComputerEquipment2022-01-31NI039068ns5:CostValuation2022-01-31NI039068ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-01-31NI039068ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-01-31NI039068ns10:OrdinaryShareClass12023-01-31NI039068ns5:RetainedEarningsAccumulatedLosses2022-01-31
REGISTERED NUMBER: NI039068 (Northern Ireland)














Group Strategic Report,

Report of the Directors and

Audited

Consolidated Financial Statements

for the Year Ended 31 January 2023

for

DIRECT MEDICS LTD

DIRECT MEDICS LTD (REGISTERED NUMBER: NI039068)

Contents of the Consolidated Financial Statements
FOR THE YEAR ENDED 31 JANUARY 2023










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Income Statement 10

Consolidated Other Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Company Cash Flow Statement 17

Notes to the Cash Flow Statements 18

Notes to the Consolidated Financial Statements 20


DIRECT MEDICS LTD

Company Information
FOR THE YEAR ENDED 31 JANUARY 2023







DIRECTORS: Ms A Flannery
P O Mulvenna



SECRETARY: P O Mulvenna



REGISTERED OFFICE: Unit 6A
Hawthorne Office Park
33a Stockmans Way
Belfast
BT9 7ET



REGISTERED NUMBER: NI039068 (Northern Ireland)



INDEPENDENT AUDITORS: M.B.Mc Grady & Co
Chartered Accountants
Statutory Auditors
Rathmore House
52 St Patricks Avenue
Downpatrick
Co. Down
BT30 6DS



SOLICITORS: McCartan Turkington Breen
Northern Court
16-18 Gloucester Street
Belfast
Northern Ireland
BT1 4LS

DIRECT MEDICS LTD (REGISTERED NUMBER: NI039068)

Group Strategic Report
FOR THE YEAR ENDED 31 JANUARY 2023


The directors present their strategic report of the company and the group for the year ended 31 January 2023.

REVIEW OF BUSINESS
The groups turnover increased by almost £9.2m when compared to the previous period. The gross profit margin was 11.8% (2022 : 10.5%). Total overheads increased from £3.9m in 2022 to £5.2m in 2023. The group made a profit after tax of £2,881,878 for the year ended 31 January 2023, compared to a profit of £2,260,316 for the previous year ended 31 January 2022.

The group balance sheet remains strong with closing net assets of £10.2m compared to £7.3m in 2022. No dividends were awarded in the current year. The group has secure banking facilities and its cash flows from operations have historically been positive.

PRINCIPAL RISKS AND UNCERTAINTIES
The group does not have significant exposure to business risks. The only business risks are financial risks. In the course of business the group has exposure to normal levels of risk on exchange rates, interest rates, credit transactions and liquidity. The board reviews and agrees policies for prudent management of these risks as follows:

- Currency risk : the group's objective in relation to currency risk is to minimise the exposure to foreign exchange losses. Only one of the companies within the group trades in foreign currency and this is Euro denominated. As such currency risk is low and not significant to the performance of the group.

- Finance and interest rate risk : the group's objective in relation to interest rate management is to minimise the impact of interest rate volatility on interest costs. In the current low interest rate environment the board considers that its current interest rate position is appropriate but this will continue to be reviewed and reassessed.

- Liquidity and cash flow risk : the group's objective in relation to liquidity and cash flow management is to ensure that it has ready access to credit lines, significant headroom on its bank facilities and short term cash deposit arrangements.

- Credit risk : the group has no significant concentrations of credit risk. Customers who wish to trade on credit terms are subject to strict verification procedures in advance of credit being granted and the balances owed and continually monitored.

Group performance is monitored by KPIs relating to turnover growth, gross profitability and net profitability.


DIRECT MEDICS LTD (REGISTERED NUMBER: NI039068)

Group Strategic Report
FOR THE YEAR ENDED 31 JANUARY 2023

SECTION 172(1) STATEMENT
The Directors have acted in a way that they considered, in good faith, to be most likely to promote the success of the group for the benefit of its members as a whole, and in doing s had regard, amongst other matters, to:
a) the likely consequence of any decision in the long term;
b) the interest of the group's employees;
c) the need to foster the groups business relationships with suppliers, customers and others;
d) the impact of the groups operations on the community and the environment;
e) the desirability of the group maintaining a reputation for high standards of business conduct; and
f) the need to act fairly as between members of the group.

The Directors have had regard to the matters set out in sections 172(1)(a)-(f) when discharging their Section 172 duties.

The board are the custodians of the group, with a responsibility to create and sustain long-term value for shareholders and stakeholders by directing the affairs of the group and meeting its legitimate interests. Under this guiding principle, the board are committed to ensuring that our group values of customer-focus, high quality experience for our employees, trustworthiness and expertise are upheld at all times, thereby maintaining our competitive advantage and protecting the long-term value. In fulfilling the board's principle responsibility, our business strategy is reviewed on an ongoing basis and annual business operating plans are reviewed and approved by the board to ensure alignment with the vision, aims and objectives of the group.

ON BEHALF OF THE BOARD:





P O Mulvenna - Director


5 April 2024

DIRECT MEDICS LTD (REGISTERED NUMBER: NI039068)

Report of the Directors
FOR THE YEAR ENDED 31 JANUARY 2023


The directors present their report with the financial statements of the company and the group for the year ended 31 January 2023.

DIVIDENDS
No dividends will be distributed for the year ended 31 January 2023.

FUTURE DEVELOPMENTS
The Directors are working to consolidate market share in Northern Ireland whilst increasing engagement with locums and healthcare providers in the rest of the UK and in Ireland.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 February 2022 to the date of this report.

Ms A Flannery
P O Mulvenna

EMPLOYMENT OF DISABLED PERSONS
Applications for employment by disabled persons are always fully considered, bearing in mind the respective aptitude and abilities of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment with the group continues and an appropriate working environment is provided. It is the policy of the group that the training, career development and promotion of a disabled person should, as far as possible, be identical to that of a person who is not impacted by a disability.

ENGAGEMENT WITH EMPLOYEES
The board understands the importance of our employees to the long-term success and sustainability of the group. The group has implemented a policy of remote and flexible working for administrative staff with training provided to all medical staff during on-boarding and periodically thereafter.

Consultation with employees has continued at all levels with the aim of ensuring that views are taken into account when decisions are made that are likely to affect their interests. Regular meetings are held between local management and employees to allow a free flow of information and ideas.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS
The board understands that the impact of our operations is measured not just in the quality of the experience of our adminstative and medical staff, but in the longer-term impact on the healthcare sector throughout the UK and Ireland. The board are cognisant of the effect our operations have on healthcare professionals and the organisations with whom they work and we aim to make a positive contribution to the wider medical community through the use, where possible, of local labour and supply-chain partners. The board believes that working in partnership with customers, suppliers, subcontractors and other partners in a more sustainable way enables us to improve the quality of the recruitment process and make meaningful changes to our operational processes which will deliver greater efficiency and value.

STREAMLINED ENERGY AND CARBON REPORTING
As the group has not consumed more than 40,000kWh of energy in this reporting period, it qualified as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.


DIRECT MEDICS LTD (REGISTERED NUMBER: NI039068)

Report of the Directors
FOR THE YEAR ENDED 31 JANUARY 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
- 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, M.B.Mc Grady & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





P O Mulvenna - Director


5 April 2024

Report of the Independent Auditors to the Members of
Direct Medics Ltd


Opinion
We have audited the financial statements of Direct Medics Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement, Company Cash Flow Statement and Notes to the Cash Flow Statements, 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 group's and of the parent company affairs as at 31 January 2023 and of the group's 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's and the 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 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 in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 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.

Report of the Independent Auditors to the Members of
Direct Medics Ltd


Opinions on other matters 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 five, 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 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 group's and 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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Direct Medics Ltd


Auditors' 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 a Report of the Auditors 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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. In assessing and detecting irregularities such as fraud and non-compliance with laws and regulations we considered the following:

- the matters discussed among the audit engagement team and any other relevant professionals regarding how and where fraud might occur in the financial statements and any potential indicators of fraud;
- the nature of the industry and any laws and regulations applicable to the company and the industry;
- the company's own assessment of the risk of fraud and other irregularities;
- the company's policies and procedures in relation to:

- how they identify and comply with all relevant laws and regulations and whether they are aware of
any non-compliance;
- how they detect and respond to risks of fraud and their knowledge of any actual, suspected or
alleged fraud; and
- the control environment within the company and how this mitigates risks of fraud and instances of
non-compliance with laws and regulations.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to misappropriation of assets. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

In response to the risk of material misstatement through irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- ensuring the engagement team had the appropriate knowledge and expertise in order to be able to identify and recognise any instances of fraud or non-compliance with laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and management and from our knowledge and experience of the sector; and
- ensuring the audit was carried out with a level of professional scepticism.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- enquiring of management concerns of actual and potential litigation and claims;
- agreeing the financial statement disclosures to underlying supporting documentation to assess compliance with relevant laws and regulations; and
- reviewing correspondence with HMRC and other relevant regulators and the company's legal advisors.

To address the risk of fraud through management bias and override of controls, we:

- perform analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- test the appropriateness of journal entries and other adjustments;
- assess whether the judgements made in making accounting estimates are indicative of a potential bias; and

Report of the Independent Auditors to the Members of
Direct Medics Ltd

- evaluate the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and significant component audit teams, and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

There are inherent limitations in our audit procedures described above. The more removed 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.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.




Malachy McGrady (Senior Statutory Auditor)
for and on behalf of M.B.Mc Grady & Co
Chartered Accountants
Statutory Auditors
Rathmore House
52 St Patricks Avenue
Downpatrick
Co. Down
BT30 6DS

5 April 2024

DIRECT MEDICS LTD (REGISTERED NUMBER: NI039068)

Consolidated Income Statement
FOR THE YEAR ENDED 31 JANUARY 2023

31/1/23 31/1/22
Notes £    £   

TURNOVER 73,495,322 64,297,334

Cost of sales (64,804,335 ) (57,575,646 )
GROSS PROFIT 8,690,987 6,721,688

Administrative expenses (5,207,473 ) (3,940,316 )
3,483,514 2,781,372

Other operating income 62,909 22,649
OPERATING PROFIT 4 3,546,423 2,804,021

Interest receivable and similar income 5,951 476
3,552,374 2,804,497

Interest payable and similar expenses 5 (18,525 ) (15,478 )
PROFIT BEFORE TAXATION 3,533,849 2,789,019

Tax on profit 6 (651,971 ) (528,704 )
PROFIT FOR THE FINANCIAL YEAR 2,881,878 2,260,315
Profit attributable to:
Owners of the parent 2,881,878 2,260,315

DIRECT MEDICS LTD (REGISTERED NUMBER: NI039068)

Consolidated Other Comprehensive Income
FOR THE YEAR ENDED 31 JANUARY 2023

31/1/23 31/1/22
Notes £    £   

PROFIT FOR THE YEAR 2,881,878 2,260,315


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

2,881,878

2,260,315

Total comprehensive income attributable to:
Owners of the parent 2,881,878 2,260,315

DIRECT MEDICS LTD (REGISTERED NUMBER: NI039068)

Consolidated Balance Sheet
31 JANUARY 2023

31/1/23 31/1/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 446,778 403,011
Investments 10 - -
446,778 403,011

CURRENT ASSETS
Debtors 11 19,007,696 17,274,077
Cash at bank and in hand 688,239 224,343
19,695,935 17,498,420
CREDITORS
Amounts falling due within one year 12 9,942,366 10,582,962
NET CURRENT ASSETS 9,753,569 6,915,458
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,200,347

7,318,469

CAPITAL AND RESERVES
Called up share capital 13 2 2
Retained earnings 14 10,200,345 7,318,467
SHAREHOLDERS' FUNDS 10,200,347 7,318,469

The financial statements were approved by the Board of Directors and authorised for issue on 5 April 2024 and were signed on its behalf by:




P O Mulvenna - Director



Ms A Flannery - Director


DIRECT MEDICS LTD (REGISTERED NUMBER: NI039068)

Company Balance Sheet
31 JANUARY 2023

31/1/23 31/1/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 446,779 403,011
Investments 10 183 183
446,962 403,194

CURRENT ASSETS
Debtors 11 18,382,216 16,728,281
Cash at bank and in hand 312,367 82,132
18,694,583 16,810,413
CREDITORS
Amounts falling due within one year 12 9,650,085 10,401,681
NET CURRENT ASSETS 9,044,498 6,408,732
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,491,460

6,811,926

CAPITAL AND RESERVES
Called up share capital 13 2 2
Retained earnings 14 9,491,458 6,811,924
SHAREHOLDERS' FUNDS 9,491,460 6,811,926

Company's profit for the financial year 2,679,534 2,076,087

The financial statements were approved by the Board of Directors and authorised for issue on 5 April 2024 and were signed on its behalf by:




P O Mulvenna - Director



Ms A Flannery - Director


DIRECT MEDICS LTD (REGISTERED NUMBER: NI039068)

Consolidated Statement of Changes in Equity
FOR THE YEAR ENDED 31 JANUARY 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 February 2021 2 7,270,246 7,270,248

Changes in equity
Dividends - (2,240,000 ) (2,240,000 )
Total comprehensive income - 2,260,315 2,260,315
Reserves on acquisition - 27,906 27,906
Balance at 31 January 2022 2 7,318,467 7,318,469

Changes in equity
Total comprehensive income - 2,881,878 2,881,878
Balance at 31 January 2023 2 10,200,345 10,200,347

DIRECT MEDICS LTD (REGISTERED NUMBER: NI039068)

Company Statement of Changes in Equity
FOR THE YEAR ENDED 31 JANUARY 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 February 2021 2 6,975,837 6,975,839

Changes in equity
Dividends - (2,240,000 ) (2,240,000 )
Total comprehensive income - 2,076,087 2,076,087
Balance at 31 January 2022 2 6,811,924 6,811,926

Changes in equity
Total comprehensive income - 2,679,534 2,679,534
Balance at 31 January 2023 2 9,491,458 9,491,460

DIRECT MEDICS LTD (REGISTERED NUMBER: NI039068)

Consolidated Cash Flow Statement
FOR THE YEAR ENDED 31 JANUARY 2023

31/1/23 31/1/22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,655,230 (590,307 )
Interest paid (18,525 ) (15,478 )
Tax paid (571,136 ) (412,386 )
Net cash from operating activities 1,065,569 (1,018,171 )

Cash flows from investing activities
Purchase of tangible fixed assets (67,626 ) -
- 27,905
Interest received 5,951 477
Net cash from investing activities (61,675 ) 28,382

Cash flows from financing activities
Amount introduced by directors - 2,000,100
Amount withdrawn by directors (539,998 ) -
Equity dividends paid - (2,240,000 )
Net cash from financing activities (539,998 ) (239,900 )

Increase/(decrease) in cash and cash equivalents 463,896 (1,229,689 )
Cash and cash equivalents at beginning of
year

2

224,343

1,454,032

Cash and cash equivalents at end of year 2 688,239 224,343

DIRECT MEDICS LTD (REGISTERED NUMBER: NI039068)

Company Cash Flow Statement
FOR THE YEAR ENDED 31 JANUARY 2023

31/1/23 31/1/22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,408,533 (644,989 )
Interest paid (18,012 ) (14,943 )
Tax paid (534,407 ) (401,926 )
Net cash from operating activities 856,114 (1,061,858 )

Cash flows from investing activities
Purchase of tangible fixed assets (67,626 ) -
Purchase of fixed asset investments - (100 )
Interest received 4,809 209
Net cash from investing activities (62,817 ) 109

Cash flows from financing activities
New loans in year - (42,306 )
Amount introduced by directors - 2,000,100
Amount withdrawn by directors (539,998 ) -
Payments made on behalf of subsidiaries (23,064 ) -
Equity dividends paid - (2,240,000 )
Net cash from financing activities (563,062 ) (282,206 )

Increase/(decrease) in cash and cash equivalents 230,235 (1,343,955 )
Cash and cash equivalents at beginning of
year

2

82,132

1,426,087

Cash and cash equivalents at end of year 2 312,367 82,132

DIRECT MEDICS LTD (REGISTERED NUMBER: NI039068)

Notes to the Cash Flow Statements
FOR THE YEAR ENDED 31 JANUARY 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
Group
31/1/23 31/1/22
£    £   
Profit before taxation 3,533,849 2,789,019
Depreciation charges 23,859 10,334
Finance costs 18,525 15,478
Finance income (5,951 ) (476 )
3,570,282 2,814,355
Increase in trade and other debtors (1,733,619 ) (5,611,418 )
(Decrease)/increase in trade and other creditors (181,433 ) 2,206,756
Cash generated from operations 1,655,230 (590,307 )

Company
31/1/23 31/1/22
£    £   
Profit before taxation 3,297,800 2,565,494
Depreciation charges 23,859 10,334
Finance costs 18,012 14,943
Finance income (4,809 ) (209 )
3,334,862 2,590,562
Increase in trade and other debtors (1,630,872 ) (5,536,113 )
(Decrease)/increase in trade and other creditors (295,457 ) 2,300,562
Cash generated from operations 1,408,533 (644,989 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statements in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Group Company
Year ended 31 January 2023
31/1/23 1/2/22 31/1/23 1/2/22
£    £    £    £   
Cash and cash equivalents 688,239 224,343 312,367 82,132
Year ended 31 January 2022
31/1/22 1/2/21 31/1/22 1/2/21
£    £    £    £   
Cash and cash equivalents 224,343 1,454,032 82,132 1,426,087


DIRECT MEDICS LTD (REGISTERED NUMBER: NI039068)

Notes to the Cash Flow Statements
FOR THE YEAR ENDED 31 JANUARY 2023


3. ANALYSIS OF CHANGES IN NET FUNDS

Group
At 1/2/22 Cash flow At 31/1/23
£    £    £   
Net cash
Cash at bank and in hand 224,343 463,896 688,239
224,343 463,896 688,239
Total 224,343 463,896 688,239
Company
At 1/2/22 Cash flow At 31/1/23
£    £    £   
Net cash
Cash at bank and in hand 82,132 230,235 312,367
82,132 230,235 312,367
Total 82,132 230,235 312,367

DIRECT MEDICS LTD (REGISTERED NUMBER: NI039068)

Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 31 JANUARY 2023


1. STATUTORY INFORMATION

Direct Medics Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been 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. The financial statements have been prepared under the historical cost convention.

The financial statemens are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £

DIRECT MEDICS LTD (REGISTERED NUMBER: NI039068)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 JANUARY 2023


2. ACCOUNTING POLICIES - continued

Basis of consolidation
In the parent company financial statements, the cost oof 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 probably 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 fate. 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.

The consolidated group financial statements consist of the financial statements of the parent company Direct Medics 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 January 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.

Medistaff Locum Recruitment Limited and Career Locum Group Limited has been included in the group financial statements using the purchase method of accounting. Accordingly, the group profit and loss account and statement of cash flows include the results and cash flows of Medistaff Locum Recruitment Limited and Career Locum Group Limited for the year.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influences, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group's share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group's share of losses in a joint venture of associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group's interest in the entity.

DIRECT MEDICS LTD (REGISTERED NUMBER: NI039068)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 JANUARY 2023


2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Fixtures and fittings - 20% on cost
Computer equipment - 20% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
31/1/23 31/1/22
£    £   
Wages and salaries 42,814,720 37,676,777
Social security costs 6,867,457 4,442,112
Other pension costs 523,038 405,322
50,205,215 42,524,211

DIRECT MEDICS LTD (REGISTERED NUMBER: NI039068)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 JANUARY 2023


3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
31/1/23 31/1/22

Medical and administration staff 666 582

31/1/23 31/1/22
£    £   
Directors' remuneration 28,400 26,400

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31/1/23 31/1/22
£    £   
Other operating leases 15,694 -
Depreciation - owned assets 23,859 10,334
Auditors' remuneration 21,683 8,753
Foreign exchange differences (23,590 ) 17,249

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31/1/23 31/1/22
£    £   
Bank interest 18,525 15,478

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31/1/23 31/1/22
£    £   
Current tax:
UK corporation tax 651,971 528,704
Tax on profit 651,971 528,704

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


DIRECT MEDICS LTD (REGISTERED NUMBER: NI039068)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 JANUARY 2023


8. DIVIDENDS
31/1/23 31/1/22
£    £   
Ordinary Shares shares of 1 each
Final - 2,240,000

9. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1 February 2022 516,683 78,272 116,845 711,800
Additions - - 67,626 67,626
At 31 January 2023 516,683 78,272 184,471 779,426
DEPRECIATION
At 1 February 2022 113,673 78,272 116,844 308,789
Charge for year 10,334 - 13,525 23,859
At 31 January 2023 124,007 78,272 130,369 332,648
NET BOOK VALUE
At 31 January 2023 392,676 - 54,102 446,778
At 31 January 2022 403,010 - 1 403,011

DIRECT MEDICS LTD (REGISTERED NUMBER: NI039068)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 JANUARY 2023


9. TANGIBLE FIXED ASSETS - continued

Company
Fixtures
Freehold and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1 February 2022 516,683 78,272 116,845 711,800
Additions - - 67,626 67,626
At 31 January 2023 516,683 78,272 184,471 779,426
DEPRECIATION
At 1 February 2022 113,673 78,272 116,844 308,789
Charge for year 10,333 - 13,525 23,858
At 31 January 2023 124,006 78,272 130,369 332,647
NET BOOK VALUE
At 31 January 2023 392,677 - 54,102 446,779
At 31 January 2022 403,010 - 1 403,011

10. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 February 2022
and 31 January 2023 183
NET BOOK VALUE
At 31 January 2023 183
At 31 January 2022 183

DIRECT MEDICS LTD (REGISTERED NUMBER: NI039068)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 JANUARY 2023


10. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Career Locum Group
Registered office: England & Wales
Nature of business: Recruitment
%
Class of shares: holding
Ordinary 100.00
31/1/23 31/1/22
£    £   
Aggregate capital and reserves 226,949 142,706
Profit for the year 84,243 114,700

Medistaff Locum Recruitment
Registered office: Republic of Ireland
Nature of business: Recruitment
%
Class of shares: holding
Ordinary 100.00
31/1/23 31/1/22
£    £   
Aggregate capital and reserves 482,120 294,491
Profit for the year 118,101 116,355


11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31/1/23 31/1/22 31/1/23 31/1/22
£    £    £    £   
Trade debtors 16,028,621 13,719,273 15,512,832 13,218,179
Amounts owed by group undertakings - - 65,369 42,306
Other debtors 52,377 98,704 - 46,000
Prepayments and accrued income 2,926,698 3,456,100 2,804,015 3,421,796
19,007,696 17,274,077 18,382,216 16,728,281

DIRECT MEDICS LTD (REGISTERED NUMBER: NI039068)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 JANUARY 2023


12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31/1/23 31/1/22 31/1/23 31/1/22
£    £    £    £   
Trade creditors 7,751 12,310 7,749 7,161
Tax 393,880 313,045 373,266 289,407
Social security and other taxes 2,044,088 1,497,896 1,989,530 1,457,725
VAT 1,826,711 1,647,413 1,771,190 1,596,232
Other creditors 7,909 - - -
Directors' loan accounts 3,460,324 4,000,322 3,460,324 4,000,322
Accrued expenses 2,201,703 3,111,976 2,048,026 3,050,834
9,942,366 10,582,962 9,650,085 10,401,681

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/1/23 31/1/22
value: £    £   
2 Ordinary Shares 1 2 2

14. RESERVES

Group
Retained
earnings
£   

At 1 February 2022 7,318,467
Profit for the year 2,881,878
At 31 January 2023 10,200,345

Company
Retained
earnings
£   

At 1 February 2022 6,811,924
Profit for the year 2,679,534
At 31 January 2023 9,491,458


DIRECT MEDICS LTD (REGISTERED NUMBER: NI039068)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 JANUARY 2023


15. RELATED PARTY DISCLOSURES

The group was under the control of its directors during the year.

At year end, the parent company Direct Medics Limited was owed £65,369 by its subsidiary Career Locum Group Limited in respect of the payment of VAT and pension liabilities.

With regard to the directors, they were owed £3,460,324 at the year end in interest free loans.