Company registration number 09612540 (England and Wales)
SALUS MEDICAL SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
SALUS MEDICAL SERVICES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
SALUS MEDICAL SERVICES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
16,714
20,476
Current assets
Debtors
6
2,012,553
849,812
Cash at bank and in hand
849,897
1,082,377
2,862,450
1,932,189
Creditors: amounts falling due within one year
7
(2,264,394)
(1,370,516)
Net current assets
598,056
561,673
Net assets
614,770
582,149
Capital and reserves
Called up share capital
102,892
102,892
Profit and loss reserves
511,878
479,257
Total equity
614,770
582,149
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.
The financial statements were approved by the board of directors and authorised for issue on 27 July 2024 and are signed on its behalf by:
Mrs S K Roberts
Director
Company registration number 09612540 (England and Wales)
SALUS MEDICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
Salus Medical Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Aldershot Centre For Health, Hospital Hill, Aldershot, Hampshire, GU11 1AY.
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.
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided within the medical industry, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Tangible fixed assets
Tangible fixed assets are measured at cost net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings and equipment
25% reducing balance
Computer equipment
25% straight line
Medical equipment
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 profit or loss.
Borrowing costs related to fixed assets
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
Cash and cash equivalents
Cash and cash equivalents are basic financial instruments and include cash in hand and deposits held at call with banks.
SALUS MEDICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies (Continued)
- 3 -
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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.
Taxation
The tax expense represents the current tax expense. Current tax assets are recognised when tax paid exceeds the tax payable.
Current tax is charged or credited to profit or loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transaction or event it relates to and is also charged or credited to other comprehensive income, or equity.
Current tax assets and current tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on the net basis or to realise the asset and settle the liability simultaneously.
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.
SALUS MEDICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies (Continued)
- 4 -
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss 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
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
135
160
4
Directors' remuneration
2023
2022
£
£
Remuneration paid to directors
165,196
191,894
The number of directors for whom retirement benefits are accruing under defined benefit schemes amounted to 1 (2022 - 1).
SALUS MEDICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
5
Tangible fixed assets
Fixtures, fittings and equipment
Computer equipment
Medical equipment
Total
£
£
£
£
Cost
At 1 April 2022
3,842
36,978
39,138
79,958
Additions
498
1,280
3,258
5,036
At 31 March 2023
4,340
38,258
42,396
84,994
Depreciation and impairment
At 1 April 2022
2,832
22,818
33,832
59,482
Depreciation charged in the year
377
6,280
2,141
8,798
At 31 March 2023
3,209
29,098
35,973
68,280
Carrying amount
At 31 March 2023
1,131
9,160
6,423
16,714
At 31 March 2022
1,010
14,160
5,306
20,476
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,909,685
819,554
Other debtors
102,868
30,258
2,012,553
849,812
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
228,849
179,323
Corporation tax
21,310
49,249
Other taxation and social security
91,962
100,464
Other creditors
1,922,273
1,041,480
2,264,394
1,370,516
Included in other creditors is £1,252,428 (2022 - £724,315) of funds due to PCNs in respect of PCN activities and covid vaccinations. The shareholders of the company are member practices of the PCNs.