Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Mr R B Gray 21/01/2007 Mrs C M Gurney 01/02/2012 Dr R P D Hancock 04/01/2007 Mr J M Oates 27/01/2012 Mr T E Skwarek 27/01/2012 06 September 2024 no description of principal activity 06041277 2023-12-31 06041277 bus:Director1 2023-12-31 06041277 bus:Director2 2023-12-31 06041277 bus:Director3 2023-12-31 06041277 bus:Director4 2023-12-31 06041277 bus:Director5 2023-12-31 06041277 2022-12-31 06041277 core:CurrentFinancialInstruments 2023-12-31 06041277 core:CurrentFinancialInstruments 2022-12-31 06041277 core:Non-currentFinancialInstruments 2023-12-31 06041277 core:Non-currentFinancialInstruments 2022-12-31 06041277 core:ShareCapital 2023-12-31 06041277 core:ShareCapital 2022-12-31 06041277 core:CapitalRedemptionReserve 2023-12-31 06041277 core:CapitalRedemptionReserve 2022-12-31 06041277 core:RetainedEarningsAccumulatedLosses 2023-12-31 06041277 core:RetainedEarningsAccumulatedLosses 2022-12-31 06041277 core:OfficeEquipment 2022-12-31 06041277 core:OfficeEquipment 2023-12-31 06041277 core:CostValuation 2022-12-31 06041277 core:AdditionsToInvestments 2023-12-31 06041277 core:CostValuation 2023-12-31 06041277 2023-01-01 2023-12-31 06041277 bus:FilletedAccounts 2023-01-01 2023-12-31 06041277 bus:SmallEntities 2023-01-01 2023-12-31 06041277 bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 06041277 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06041277 bus:Director1 2023-01-01 2023-12-31 06041277 bus:Director2 2023-01-01 2023-12-31 06041277 bus:Director3 2023-01-01 2023-12-31 06041277 bus:Director4 2023-01-01 2023-12-31 06041277 bus:Director5 2023-01-01 2023-12-31 06041277 core:OfficeEquipment core:TopRangeValue 2023-01-01 2023-12-31 06041277 2022-01-01 2022-12-31 06041277 core:OfficeEquipment 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Company No: 06041277 (England and Wales)

PROSPEKT MEDICAL LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

PROSPEKT MEDICAL LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

PROSPEKT MEDICAL LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
PROSPEKT MEDICAL LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTORS Mr R B Gray
Mrs C M Gurney
Dr R P D Hancock
Mr J M Oates
Mr T E Skwarek
SECRETARY Mr R B Gray
REGISTERED OFFICE 9 St. Simon's Avenue
London
SW15 6DU
England
United Kingdom
COMPANY NUMBER 06041277 (England and Wales)
PROSPEKT MEDICAL LIMITED

BALANCE SHEET

As at 31 December 2023
PROSPEKT MEDICAL LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Restated
Fixed assets
Tangible assets 3 1,063 2,363
Investments 4 1,541,908 446
1,542,971 2,809
Current assets
Debtors
- due within one year 5 11,537 420,860
- due after more than one year 5 102,247 0
Cash at bank and in hand 92,726 1,618,129
206,510 2,038,989
Prepayments and accrued income 2,201 0
Creditors: amounts falling due within one year 6 ( 686,405) ( 321,482)
Net current (liabilities)/assets (477,694) 1,717,507
Total assets less current liabilities 1,065,277 1,720,316
Net assets 1,065,277 1,720,316
Capital and reserves
Called-up share capital 92,136 92,136
Capital redemption reserve 14,164 14,164
Profit and loss account 958,977 1,614,016
Total shareholders' funds 1,065,277 1,720,316

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Prospekt Medical Limited (registered number: 06041277) were approved and authorised for issue by the Board of Directors on 06 September 2024. They were signed on its behalf by:

Mr R B Gray
Director
PROSPEKT MEDICAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
PROSPEKT MEDICAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Prospekt Medical Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 9 St. Simon's Avenue, London, SW15 6DU, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Group accounts exemption

Group accounts exemption s399
As the company is subject to the small companies regime, group accounts have not been prepared.

Prior year adjustment

A prior year restatement has been made to recognise income relating to the previous periods. This has decreased turnover by £58,423 to £1,915,575 (previously reported - £1,973,998), increased brought forward retained earnings by £179,389 to £1,589,107 (previously reported - £1,409,718) and has increased other debtors by £133,383 to £133,383 (previously reported - £nil).

As a result of these adjustments, an additional corporation tax liability should have been recognised of £14,125, which has increased the tax expense to £280,476 (previously reported - £266,351) and increased creditors by £14,125, resulting in the restated amount for other creditors increasing to £119,936 (previously reported - £105,810).

Foreign currency

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates. Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Turnover

Turnover comprises income for the provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/ value added tax. The company recognises turnover when the services have been supplied to the customer.

Taxation

Current tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company.

Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible assets are held under the cost model

Office equipment 5 years straight line

Tangible assets are depreciated on a straight line basis for their respective useful economic life.

Fixed asset investments

The investments in subsidiaries are measured at cost less impairment.

Financial instruments

Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments.

Ordinary share capital

Ordinary shares are classified as equity.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due.

If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Office equipment Total
£ £
Cost
At 01 January 2023 9,750 9,750
At 31 December 2023 9,750 9,750
Accumulated depreciation
At 01 January 2023 7,387 7,387
Charge for the financial year 1,300 1,300
At 31 December 2023 8,687 8,687
Net book value
At 31 December 2023 1,063 1,063
At 31 December 2022 2,363 2,363

4. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 January 2023 446
Additions 1,541,462
At 31 December 2023 1,541,908
Carrying value at 31 December 2023 1,541,908
Carrying value at 31 December 2022 446

Investments in group undertakings represents a 100% interest in Prospekt Medical Caspian LLP, a partnership incorporated in Kazakhstan and an 80% interest in International SOS (Baku) Limited, a company incorporated in Azerbaijan.

5. Debtors

2023 2022
£ £
Debtors: amounts falling due within one year
Amounts owed by Group undertakings (note 7) 0 287,477
Deferred tax asset 7,031 0
Corporation tax 4,506 0
Other debtors 0 133,383
11,537 420,860
Debtors: amounts falling due after more than one year
Amounts owed by Group undertakings (note 7) 102,247 0

6. Creditors: amounts falling due within one year

2023 2022
£ £
Amounts owed to Group undertakings (note 7) 377,293 0
Amounts owed to directors (note 7) 174,320 226,456
Taxation and social security 0 88,525
Other creditors 134,792 6,501
686,405 321,482

7. Related party transactions

During the year, £52,136 of the Director's loan was repaid. At the balance sheet date, the amount due to the Director was £174,320 (2022 - £226,456).

During the year, the company purchased an 80% interest in the share capital of International SOS (Baku) Limited, as well as a loan owed to International SOS (Baku) Limited from its subsidiary. At the balance sheet date, the amount owed to the company by the subsidiary of International SOS (Baku) Limited was £102,247 (2022 - £nil).

The exemption is taken under FRS 102 paragraph 1AC.35 not to disclose transactions with other undertakings wholly owned within the group.