Company No:
Contents
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) |
Note | 2023 | 2022 | ||
£ | £ | |||
Restated | ||||
Fixed assets | ||||
Tangible assets | 3 |
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Investments | 4 |
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1,542,971 | 2,809 | |||
Current assets | ||||
Debtors | ||||
- due within one year | 5 |
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- due after more than one year | 5 |
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Cash at bank and in hand |
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206,510 | 2,038,989 | |||
Prepayments and accrued income |
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Creditors: amounts falling due within one year | 6 | (
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Net current (liabilities)/assets | (477,694) | 1,717,507 | ||
Total assets less current liabilities | 1,065,277 | 1,720,316 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Capital redemption reserve |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Prospekt Medical Limited (registered number:
Mr R B Gray
Director |
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.
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 s399
As the company is subject to the small companies regime, group accounts have not been prepared.
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).
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.
Office equipment |
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The investments in subsidiaries are measured at cost less impairment.
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments.
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.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Office equipment | Total | ||
£ | £ | ||
Cost | |||
At 01 January 2023 |
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At 31 December 2023 |
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Accumulated depreciation | |||
At 01 January 2023 |
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Charge for the financial year |
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At 31 December 2023 |
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Net book value | |||
At 31 December 2023 |
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At 31 December 2022 |
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Investments in subsidiaries
2023 | |
£ | |
Cost | |
At 01 January 2023 |
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Additions |
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At 31 December 2023 |
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Carrying value at 31 December 2023 |
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Carrying value at 31 December 2022 |
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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.
2023 | 2022 | ||
£ | £ | ||
Debtors: amounts falling due within one year | |||
Amounts owed by Group undertakings (note 7) |
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Deferred tax asset |
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Corporation tax |
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Other debtors |
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Debtors: amounts falling due after more than one year | |||
Amounts owed by Group undertakings (note 7) |
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2023 | 2022 | ||
£ | £ | ||
Amounts owed to Group undertakings (note 7) |
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Amounts owed to directors (note 7) |
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Taxation and social security |
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Other creditors |
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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.