Company registration number 06264535 (England and Wales)
SOLENT MEDICAL SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
SOLENT MEDICAL SERVICES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
SOLENT MEDICAL SERVICES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
130,380
157,377
Investments
4
-
0
505,084
130,380
662,461
Current assets
Stocks
9,336
8,279
Debtors
5
312,532
141,764
Investments
6
600,000
-
0
Cash at bank and in hand
220,904
379,020
1,142,772
529,063
Creditors: amounts falling due within one year
7
(155,135)
(218,239)
Net current assets
987,637
310,824
Total assets less current liabilities
1,118,017
973,285
Provisions for liabilities
8
(30,073)
(30,307)
Net assets
1,087,944
942,978
Capital and reserves
Called up share capital
9
12,500
12,500
Capital redemption reserve
65,530
65,630
Profit and loss reserves
1,009,914
864,848
Total equity
1,087,944
942,978

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 2024 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.

SOLENT MEDICAL SERVICES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 1 August 2024 and are signed on its behalf by:
Mr N P Edwards
Director
Company Registration No. 06264535
SOLENT MEDICAL SERVICES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
14,100
64,030
888,750
966,880
Year ended 31 March 2023:
Loss and total comprehensive income for the year
-
-
(13,702)
(13,702)
Dividends
-
-
(5,400)
(5,400)
Redemption of shares
9
(1,600)
1,600
(4,800)
(4,800)
Balance at 31 March 2023
12,500
65,630
864,848
942,978
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
147,566
147,566
Dividends
-
-
(2,500)
(2,500)
Other movements
-
(100)
-
(100)
Balance at 31 March 2024
12,500
65,530
1,009,914
1,087,944
SOLENT MEDICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information

Solent Medical Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Newtown Clinic, 24-26 Lyon Street, Southampton, United Kingdom, SO14 0LX.

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

Turnover is recognised at the fair value of the consideration received or receivable for medical services provided in the normal course of business,

 

1.3
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:

Medical equipment
15% reducing balance
Office equipment
15% reducing balance
Computer equipment
20% 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.

1.4
Fixed asset investments

Interests in listed investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss. Transaction costs are expenses to profit or loss as incurred.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

SOLENT MEDICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.7
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.

1.8
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.

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 creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.

 

 

1.9
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.

1.10
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.

SOLENT MEDICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
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.

1.11
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.

1.12
Retirement benefits

Staff have the option of joining the NHS pension scheme. Although this is a defined scheme, it is like other government schemes, not funded, and the company is only obliged to pay the current defined contribution rate. The NHS scheme is therefore accounted for as a defined contribution pension scheme.

 

For defined contribution schemes the amount charged to the profit or loss is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as other creditors.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
62
51
SOLENT MEDICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
3
Tangible fixed assets
Medical equipment
Office equipment
Computer equipment
Total
£
£
£
£
Cost
At 1 April 2023
271,997
10,448
47,663
330,108
Additions
-
0
-
0
4,808
4,808
Disposals
-
0
-
0
(10,020)
(10,020)
At 31 March 2024
271,997
10,448
42,451
324,896
Depreciation and impairment
At 1 April 2023
142,351
7,299
23,081
172,731
Depreciation charged in the year
19,618
472
4,098
24,188
Eliminated in respect of disposals
-
0
-
0
(2,403)
(2,403)
At 31 March 2024
161,969
7,771
24,776
194,516
Carrying amount
At 31 March 2024
110,028
2,677
17,675
130,380
At 31 March 2023
129,646
3,149
24,582
157,377
4
Fixed asset investments
2024
2023
£
£
Other investments other than loans
-
0
505,084
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2023
505,084
Valuation changes
2,166
Disposals
(507,250)
At 31 March 2024
-
Carrying amount
At 31 March 2024
-
At 31 March 2023
505,084
SOLENT MEDICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
291,101
136,354
Other debtors
21,431
5,410
312,532
141,764
6
Current asset investments
2024
2023
£
£
Other investments
600,000
-
0
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
27,700
62,803
Corporation tax
41,288
-
0
Other taxation and social security
41,861
34,887
Other creditors
44,286
120,549
155,135
218,239
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
30,073
30,307
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £10 each
1,250
1,250
12,500
12,500
10
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
58,300
58,300
2024-03-312023-04-01false02 August 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityMr N P EdwardsDr D N JonesDr S J Townsendfalsefalse062645352023-04-012024-03-31062645352024-03-31062645352023-03-3106264535core:PlantMachinery2024-03-3106264535core:FurnitureFittings2024-03-3106264535core:ComputerEquipment2024-03-3106264535core:PlantMachinery2023-03-3106264535core:FurnitureFittings2023-03-3106264535core:ComputerEquipment2023-03-3106264535core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3106264535core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3106264535core:CurrentFinancialInstruments2024-03-3106264535core:CurrentFinancialInstruments2023-03-3106264535core:ShareCapital2024-03-3106264535core:ShareCapital2023-03-3106264535core:CapitalRedemptionReserve2024-03-3106264535core:CapitalRedemptionReserve2023-03-3106264535core:RetainedEarningsAccumulatedLosses2024-03-3106264535core:RetainedEarningsAccumulatedLosses2023-03-3106264535core:ShareCapital2022-03-3106264535core:CapitalRedemptionReserve2022-03-3106264535core:RetainedEarningsAccumulatedLosses2022-03-3106264535bus:Director12023-04-012024-03-3106264535core:RetainedEarningsAccumulatedLosses2022-04-012023-03-31062645352022-04-012023-03-3106264535core:RetainedEarningsAccumulatedLosses2023-04-012024-03-3106264535core:ShareCapital2022-04-012023-03-3106264535core:PlantMachinery2023-04-012024-03-3106264535core:FurnitureFittings2023-04-012024-03-3106264535core:ComputerEquipment2023-04-012024-03-3106264535core:PlantMachinery2023-03-3106264535core:FurnitureFittings2023-03-3106264535core:ComputerEquipment2023-03-31062645352023-03-3106264535core:WithinOneYear2024-03-3106264535core:WithinOneYear2023-03-3106264535bus:PrivateLimitedCompanyLtd2023-04-012024-03-3106264535bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3106264535bus:FRS1022023-04-012024-03-3106264535bus:AuditExemptWithAccountantsReport2023-04-012024-03-3106264535bus:Director22023-04-012024-03-3106264535bus:Director32023-04-012024-03-3106264535bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP