Company registration number SC412250 (Scotland)
JMF Healthcare Limited
Unaudited financial statements
for the year ended 31 December 2023
Pages for filing with registrar
JMF Healthcare Limited
Chartered Accountants' report to the board of directors on the preparation of the
unaudited statutory financial statements of JMF Healthcare Limited
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 JMF Healthcare Limited for the year 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 ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020.
This report is made solely to the Board of Directors of JMF Healthcare Limited, as a body, in accordance with the terms of our engagement letter dated 3 September 2020. Our work has been undertaken solely to prepare for your approval the financial statements of JMF Healthcare Limited and state those matters that we have agreed to state to the Board of Directors of JMF Healthcare Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than JMF Healthcare Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that JMF Healthcare 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 loss of JMF Healthcare Limited. You consider that JMF Healthcare Limited 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 financial statements of JMF Healthcare 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.
James Milne
Chartered Accountants
5 High Street
Inverurie
AB51 3QA
11 September 2024
JMF Healthcare Limited
Balance sheet
as at 31 December 2023
31 December 2023
2
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
2,137,096
852,756
Tangible assets
4
260,003
316,080
Investments
5
1
42,825
2,397,100
1,211,661
Current assets
Stocks
169,195
97,056
Debtors
406,078
349,209
Cash at bank and in hand
286,301
229,728
861,574
675,993
Creditors: amounts falling due within one year
(1,620,893)
(834,869)
Net current liabilities
(759,319)
(158,876)
Total assets less current liabilities
1,637,781
1,052,785
Creditors: amounts falling due after more than one year
6
(1,612,545)
(797,401)
Provisions for liabilities
(2,887)
Net assets
25,236
252,497
Capital and reserves
Called up share capital
10
10
Profit and loss reserves
25,226
252,487
Total equity
25,236
252,497
JMF Healthcare Limited
Balance sheet (continued)
as at 31 December 2023
31 December 2023
3
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
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 December 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 5 September 2024 and are signed on its behalf by:
John Fowlie
Kirsty Fowlie
Director
Director
Company Registration No. SC412250
JMF Healthcare Limited
Notes to the financial statements
for the year ended 31 December 2023
4
1
Accounting policies
Company information
JMF Healthcare Limited is a private company limited by shares incorporated in Scotland. The registered office is 1 Skateraw Road, Newtonhill, Aberdeenshire, AB39 3PU.
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.
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 goods and services provided in the normal course of business, 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.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
1.4
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:
Freehold land and buildings
no depreciation is provided
Leasehold improvements
10% straight line
Fixtures and fittings
25% reducing balance and 33.3% straight line
Motor vehicles
25% reducing balance
1.5
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
JMF Healthcare Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
1
Accounting policies (continued)
5
1.6
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.
1.7
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.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
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.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
JMF Healthcare Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
1
Accounting policies (continued)
6
1.10
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
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
33
27
3
Intangible fixed assets
Total
£
Cost
At 1 January 2023
1,492,508
Additions
1,470,350
At 31 December 2023
2,962,858
Amortisation and impairment
At 1 January 2023
639,752
Amortisation charged for the year
186,010
At 31 December 2023
825,762
Carrying amount
At 31 December 2023
2,137,096
At 31 December 2022
852,756
JMF Healthcare Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
7
4
Tangible fixed assets
Total
£
Cost
At 1 January 2023
353,431
Additions
187,477
Disposals
(232,078)
At 31 December 2023
308,830
Depreciation and impairment
At 1 January 2023
37,351
Depreciation charged in the year
11,476
At 31 December 2023
48,827
Carrying amount
At 31 December 2023
260,003
At 31 December 2022
316,080
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1
Other investments other than loans
42,825
1
42,825
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 January 2023
-
42,825
42,825
Additions
1
65
66
Valuation changes
-
(237)
(237)
Disposals
-
(42,653)
(42,653)
At 31 December 2023
1
-
1
Carrying amount
At 31 December 2023
1
-
1
At 31 December 2022
-
42,825
42,825
JMF Healthcare Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
8
6
Creditors: amounts falling due after more than one year
The bank loans are secured by a Standard Security over 42 High Street, Edzell and Unit 3 Rowan Drive, Balmedie and by a Floating Charge over all the property and undertakings of the company.
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
632,963
572,956
7
Operating lease commitments
Lessee
At 31 December 2023 the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £23,952 (2022 - £Nil).