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Registration number: 12108280

Dermatology Specialist Care Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

 

Dermatology Specialist Care Ltd

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Balance Sheet

5

Notes to the Unaudited Financial Statements

6 to 9

Detailed Profit and Loss Account

10 to 12

 

Dermatology Specialist Care Ltd

Company Information

Directors

Dr I Zaki

Dr TM Finch

Registered office

Oakmoore Court 11C Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

Accountants

Ballards LLP
Chartered Accountants
Oakmoore Court
11C Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

 

Dermatology Specialist Care Ltd

Directors' Report for the Year Ended 31 July 2023

The directors present their report and the financial statements for the year ended 31 July 2023.

Directors of the company

The directors who held office during the year were as follows:

Dr I Zaki

Dr TM Finch

Small companies provision statement

This report has 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.

Approved by the Board on 18 April 2024 and signed on its behalf by:

.........................................
Dr I Zaki
Director

.........................................
Dr TM Finch
Director

 
     
 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Dermatology Specialist Care Ltd
for the Year Ended 31 July 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Dermatology Specialist Care Ltd for the year ended 31 July 2023 as set out on pages 4 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Dermatology Specialist Care Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Dermatology Specialist Care Ltd and state those matters that we have agreed to state to the Board of Directors of Dermatology Specialist Care Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Dermatology Specialist Care Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Dermatology Specialist Care Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Dermatology Specialist Care Ltd. You consider that Dermatology Specialist Care Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Dermatology Specialist Care Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Ballards LLP
Chartered Accountants
Oakmoore Court
11C Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

18 April 2024

 

Dermatology Specialist Care Ltd

Profit and Loss Account for the Year Ended 31 July 2023

2023
£

2022
£

Turnover

411,396

447,880

Cost of sales

(47,160)

(51,784)

Gross profit

364,236

396,096

Administrative expenses

(80,867)

(88,262)

Operating profit

283,369

307,834

Other interest receivable and similar income

1,553

-

Profit before tax

284,922

307,834

Taxation

(58,909)

(57,433)

Profit for the financial year

226,013

250,401

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Dermatology Specialist Care Ltd

(Registration number: 12108280)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

11,152

8,882

Other financial assets

5

600,000

-

 

611,152

8,882

Current assets

 

Debtors

6

26,719

33,737

Cash at bank and in hand

 

427,542

683,133

 

454,261

716,870

Creditors: Amounts falling due within one year

7

(202,508)

(88,859)

Net current assets

 

251,753

628,011

Net assets

 

862,905

636,893

Capital and reserves

 

Called up share capital

100

100

Retained earnings

862,805

636,793

Shareholders' funds

 

862,905

636,893

For the financial year ending 31 July 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 18 April 2024 and signed on its behalf by:
 

.........................................
Dr I Zaki
Director

.........................................
Dr TM Finch
Director

 
 

Dermatology Specialist Care Ltd

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

1

General information

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

The address of its registered office is:
Oakmoore Court 11C Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH
Great Britain

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.

 

Dermatology Specialist Care Ltd

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

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

33.3% on a reducing basis

Fixtures and fittings

25% on a reducing basis

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.

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.

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.

 

Dermatology Specialist Care Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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 4 (2022 - 4).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2022

18,189

18,189

Additions

7,517

7,517

At 31 July 2023

25,706

25,706

Depreciation

At 1 August 2022

9,306

9,306

Charge for the year

5,248

5,248

At 31 July 2023

14,554

14,554

Carrying amount

At 31 July 2023

11,152

11,152

At 31 July 2022

8,882

8,882

 

Dermatology Specialist Care Ltd

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

5

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

Additions

600,000

600,000

At 31 July 2023

600,000

600,000

Impairment

Carrying amount

At 31 July 2023

600,000

600,000

6

Debtors

Current

2023
£

2022
£

Trade debtors

26,719

33,737

7

Creditors

2023
£

2022
£

Due within one year

Trade creditors

-

2,155

Amounts owed to related parties

142,121

28,070

Other creditors

60,387

58,634

202,508

88,859

 

Dermatology Specialist Care Ltd

Detailed Profit and Loss Account for the Year Ended 31 July 2023

2023
£

2022
£

Turnover (analysed below)

411,396

447,880

Cost of sales (analysed below)

(47,160)

(51,784)

Gross profit

364,236

396,096

Gross profit (%)

88.54%

88.44%

Administrative expenses

Employment costs (analysed below)

(38,361)

(47,281)

Establishment costs (analysed below)

(16,539)

(16,565)

General administrative expenses (analysed below)

(20,702)

(20,320)

Finance charges (analysed below)

(16)

(91)

Depreciation costs (analysed below)

(5,249)

(4,005)

(80,867)

(88,262)

Operating profit

283,369

307,834

Other interest receivable and similar income (analysed below)

1,553

-

Profit before tax

284,922

307,834

 

Dermatology Specialist Care Ltd

Detailed Profit and Loss Account for the Year Ended 31 July 2023

2023
£

2022
£

   

Turnover

Consultancy fees

411,396

447,880

411,396

447,880

   

Cost of sales

Recharges: UHB Hospital facilities cost

47,160

51,784

47,160

51,784

   

Employment costs

Salaries & wages

10,329

17,329

Staff pensions (Defined contribution)

15

305

Secretarial costs

27,542

29,197

Staff training

475

450

38,361

47,281

   

Establishment costs

Consulting room rental

14,095

14,121

Use of home as office

2,444

2,444

16,539

16,565

   

General administrative expenses

Equipment repairs and renewals

600

450

Internet

425

400

Mobile

745

745

Printing, postage and stationery

1,000

719

Professional journals & books

384

851

Sundry expenses

95

95

Invoicing costs

667

600

Motor expenses

1,418

1,417

Car parking

80

80

Professional meetings & conferences

3,368

2,900

Website

390

390

Tax investigation services

318

288

Accountancy fees

2,712

2,550

Bad debts written off

8,500

8,835

20,702

20,320

   

Finance charges

Bank charges

16

91

16

91

 

Dermatology Specialist Care Ltd

Detailed Profit and Loss Account for the Year Ended 31 July 2023

2023
£

2022
£

   

Depreciation costs

Depreciation of fixtures and fittings (owned)

654

872

Depreciation of office equipment

4,595

3,133

5,249

4,005

   

Other interest receivable and similar income

Bank interest receivable

1,532

-

Other interest receivable

21

-

1,553

-