Company registration number 08682364 (England and Wales)
Dr Louise May Limited
Unaudited financial statements
For the period ended 31 December 2023
Dr Louise May Limited
Company information
Director
Dr L May
Company number
08682364
Registered office
136 Claughton Road
Birkenhead
Wirral
England
CH41 6EY
Accountants
DJH Chester Limited
Chester House
Lloyd Drive
Cheshire Oaks Business Park
Ellesmere Port
Cheshire
CH65 9HQ
Dr Louise May Limited
Contents
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 10
Dr Louise May Limited
Accountants' report to the director on the preparation of the unaudited statutory financial statements of Dr Louise May Limited for the period ended 31 December 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Dr Louise May Limited for the period ended 31 December 2023 which comprise, the balance sheet and the related notes 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 https://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Dr Louise May Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Dr Louise May Limited and state those matters that we have agreed to state to the Board of Directors of Dr Louise May Limited, 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 Dr Louise May Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Dr Louise May Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Dr Louise May Limited. You consider that Dr Louise May Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Dr Louise May Limited. 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 financial statements.
DJH Chester Limited
Chester House
Lloyd Drive
Cheshire Oaks Business Park
Ellesmere Port
Cheshire
CH65 9HQ
16 August 2024
Dr Louise May Limited
Balance sheet
As at 31 December 2023
- 2 -
31 December 2023
30 September 2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
206,597
Tangible assets
5
15,223
16,388
221,820
16,388
Current assets
Debtors
6
247,991
240,338
Cash at bank and in hand
246,499
144,172
494,490
384,510
Creditors: amounts falling due within one year
7
(146,960)
(142,594)
Net current assets
347,530
241,916
Total assets less current liabilities
569,350
258,304
Creditors: amounts falling due after more than one year
8
(265,303)
Provisions for liabilities
(2,033)
(2,427)
Net assets
302,014
255,877
Capital and reserves
Called up share capital
101
101
Profit and loss reserves
301,913
255,776
Total equity
302,014
255,877
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her 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 period 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.
Dr Louise May Limited
Balance sheet (continued)
As at 31 December 2023
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 16 August 2024
Dr L May
Director
Company registration number 08682364 (England and Wales)
Dr Louise May Limited
Balance sheet (continued)
As at 31 December 2023
31 December 2023
- 4 -
1
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is 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.
2
Accounting policies
Company information
Dr Louise May Limited is a private company limited by shares incorporated in England and Wales. The registered office is 136 Claughton Road, Birkenhead, Wirral, England, CH41 6EY.
2.1
Reporting period
FRS 102 3.10 An entity shall present a complete set of financial statements (including comparative information as set out in paragraph 3.14) at least annually. When the end of an entity’s reporting period changes and the annual financial sstatements are presented for a period longer or shorter than one year, the entity shall disclose the following: (a) that this period of accounts was from the 1 October 2022 to the 31 December 2023.(b) the reason for the extended period of accounts was so that the accounts could be prepared up to and including the buyout date, of the company from its franchise agreement.; and (c) the fact that comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
2.2
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.
2.3
Turnover
Turnover represents net invoiced sales of care and nursing services, excluding value added tax.
2.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
Dr Louise May Limited
Notes to the financial statements
For the period ended 31 December 2023
2
Accounting policies
(Continued)
- 5 -
2.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Franchise fees
20% on cost
Settlement release fee
10% on cost
The original franchise fee, was amortised evenly over the estimated useful life of five years, for the two areas of Wirral and Liverpool. The franchise fee was fully amortised in the 2021 financial year.
A settlement release fee was paid on the 30 November 2023 to the franchisor, to release the company from any future obligations from its franchising agreement. This fee is being amortised evenly over the estimated useful life of ten years.
2.6
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:
Leasehold improvements
4% on cost
Fixtures and fittings
33% on reducing balance
Computers
33% on cost
Motor vehicles
33% on 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.
2.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.
Dr Louise May Limited
Notes to the financial statements (continued)
For the period ended 31 December 2023
2
Accounting policies
(Continued)
- 6 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
2.8
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.
2.9
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.
Dr Louise May Limited
Notes to the financial statements (continued)
For the period ended 31 December 2023
2
Accounting policies
(Continued)
- 7 -
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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
2.10
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.
2.11
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.
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.
Dr Louise May Limited
Notes to the financial statements (continued)
For the period ended 31 December 2023
2
Accounting policies
(Continued)
- 8 -
2.12
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.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2.14
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.
2.15
Government grants
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
2022
Number
Number
Total
67
62
Dr Louise May Limited
Notes to the financial statements (continued)
For the period ended 31 December 2023
- 9 -
4
Intangible fixed assets
Franchise fees
Settlement release fee
Total
£
£
£
Cost
At 1 October 2022
84,000
84,000
Additions
208,333
208,333
At 31 December 2023
84,000
208,333
292,333
Amortisation and impairment
At 1 October 2022
84,000
84,000
Amortisation charged for the period
1,736
1,736
At 31 December 2023
84,000
1,736
85,736
Carrying amount
At 31 December 2023
206,597
206,597
At 30 September 2022
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 October 2022
5,042
26,619
31,661
Additions
9,045
9,045
At 31 December 2023
5,042
35,664
40,706
Depreciation and impairment
At 1 October 2022
1,001
14,272
15,273
Depreciation charged in the period
253
9,957
10,210
At 31 December 2023
1,254
24,229
25,483
Carrying amount
At 31 December 2023
3,788
11,435
15,223
At 30 September 2022
4,041
12,347
16,388
Dr Louise May Limited
Notes to the financial statements (continued)
For the period ended 31 December 2023
- 10 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
147,223
186,074
Other debtors
100,768
54,264
247,991
240,338
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
89,674
Trade creditors
2,709
23,853
Taxation and social security
12,232
42,797
Other creditors
42,345
75,944
146,960
142,594
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
265,303
The long-term loans are secured by fixed and floating charges over the assets of the company.
9
Directors' transactions
The director of the company was owed £20,061 (2022: £53,157) by the company at the balance sheet date. The balance is interest free and repayable on demand.