REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
THE PLACEMENT GROUP NURSING LTD |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
THE PLACEMENT GROUP NURSING LTD |
THE PLACEMENT GROUP NURSING LTD (REGISTERED NUMBER: 09315194) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 December 2023 |
Page |
Company Information | 1 |
Abridged Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
THE PLACEMENT GROUP NURSING LTD |
COMPANY INFORMATION |
for the year ended 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
19-20 Bourne Court |
Southend Road |
Woodford Green |
Essex |
IG8 8HD |
THE PLACEMENT GROUP NURSING LTD (REGISTERED NUMBER: 09315194) |
ABRIDGED STATEMENT OF FINANCIAL POSITION |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
THE PLACEMENT GROUP NURSING LTD (REGISTERED NUMBER: 09315194) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 December 2023 |
1. | STATUTORY INFORMATION |
The Placement Group Nursing Ltd is a private company, limited by shares, registered in England & Wales. The company's registered number and registered office address can be found on the Company Information page. |
The presentation currency of the financial statements is the £ sterling. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Assessment of going concern |
The directors have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The directors have made this assessment in respect to a period of one year from the date of approval of these accounts. |
The directors have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The directors are of the opinion that the company will have sufficient resources to meet its liabilities as they fall due. |
Critical accounting judgements |
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. |
The items in the accounts where these judgements and estimates have been made, include: |
- assessing the recoverability of outstanding debtors; |
- determining the percentage of expenses recharged between group companies; |
- determining the fees charged between group companies with regards to usage of brands held. |
Turnover |
Turnover is the amount derived from the provision of primary healthcare services and facilities, net of value added tax. Turnover is recognised as services are performed. |
Turnover which has not been invoiced but has been recognised is included in accrued income. Any amounts invoiced in advance are included in deferred income. |
Taxation |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or substantively enacted by the statement of financial position date. |
THE PLACEMENT GROUP NURSING LTD (REGISTERED NUMBER: 09315194) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. |
Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. |
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing differences. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Related parties |
For the purposes of these financial statements, a party is considered to be related to the company if: |
- the party has the ability, directly or indirectly, through one or more intermediaries, to control the Company or exercise significant influence over the company in making financial and operating policy decisions, or has joint control over the company; or |
- the company and the party are subject to common control; or |
- the party is an associate of the company or a joint venture in which the company is a venturer; or |
- the party is a member of key management personnel of the company or the company's parent, or a close family member of such an individual, or is an entity under the control, joint control or significant influence of such individuals; or |
- the party is a close family member of a party referred to above or is an entity under the control, joint control or significant influence of such individuals; or |
- the party is a post-employment benefit plan which is for the benefit of employees of the company or of any entity that is a related party of the company; or |
- the party, or any member of a group of which it is part, provides key management personnel services to the company or its parent. |
Financial instruments |
Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price, 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. |
Such assets are subsequently carried at amortised cost using the effective interest method. |
Basic financial liabilities, including trade and other payables, bank loans, that are classified as debt, 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 receipts discounted at a market rate of interest. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
THE PLACEMENT GROUP NURSING LTD (REGISTERED NUMBER: 09315194) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2023 |
4. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Invoice financing - Clydesdale | 147,258 | - |
The other creditors at the balance sheet date contain a liability of £147,258 (2022 - debit balance of £1,865,511) in respect of proceeds received from Clydesdale Bank plc. |
Funding advance from Clydesdale Bank plc is secured by a charge over the book debts of the company and a debenture over the assets and underthings of the company. At the balance sheet date there were no such advances owed by the company. |
5. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
6. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
7. | PARENT COMPANY |
The Placement Group (Holdings) Plc, a company registered in England and Wales, is the immediate and ultimate parent company for which consolidated accounts are prepared. The Placement Group (Holdings) Plc's registered office is 110 Brooker Road, Waltham Abbey, Essex EN9 1JH. |