Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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C L MEDICALL AID LIMITED
COMPANY INFORMATION
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C L MEDICALL AID LIMITED
CONTENTS
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C L MEDICALL AID LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present their strategic report for the year ended 31 December 2023.
The principal activity of the company during the year was the provision of medical reports and rehabilitation services.
The results for the period and financial position of the company are shown in the financial statements. The company had a year of strong performance with turnover growth of 9% resulting in total turnover of £9,694,693 (2022: £8,931,306). As a result of maintaining sales targets profit before tax was £1,239,874 (2022: £24,699). The directors are satisfied with the performance of the business. The company maintained a strong position with retained earnings of £6,508,114 (2022: £5,565,316). Given the straightforward nature of the business, the company’s directors are of the opinion that analysis of key performance indicators below gives an understanding of the development, performance and position of the business.
A continuing risk for the company is the level of working capital. The introduction of the Medco system means that turnover is distributed between higher numbers of referral sources which is beneficial in reducing the risk.
The company's largest asset is its trade debtors, currently valued at £8.5m. Credit risk is managed by setting credit limits for customers based on credit references and payment history. The Medco system aids in managing this risk by increasing the number of referral sources and reducing an individual customers credit risk.
Profit and loss analysis (expressed as a percentage of sales):
2023 2022 Cost of sales 55% 58% Gross profit 45% 42% Administrative expenses 44% 48% Profit before tax 13% 0% Balance sheet analysis: Current ratio 2.2 2.4 Return on capital employed 19% 0%
This report was approved by the board on 30 September 2024 and signed on its behalf.
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C L MEDICALL AID LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present their report and the financial statements for the year ended 31 December 2023.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £942,698 (2022 - £2,809).
The directors who served during the year were:
The management remain confident that 2024 will remain profitable and enable the company to maintain and consolidate its current performance.
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C L MEDICALL AID LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
There have been no significant events affecting the Company since the year end.
The auditors, PKF Smith Cooper Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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C L MEDICALL AID LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF C L MEDICALL AID LIMITED
We have audited the financial statements of C L Medicall Aid Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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C L MEDICALL AID LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF C L MEDICALL AID LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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C L MEDICALL AID LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF C L MEDICALL AID LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the company and industry, we identify the key laws and regulations affecting the company. We identified that the principal risk of fraud or non-compliance with laws and regulations related to: • management bias in respect of accounting estimates and judgements made; • management override of control; • posting of unusual journals or transactions. We focussed on those areas that could give rise to a material misstatement in the company financial statements. Our procedures included, but were not limited to: • Enquiry of management and those charged with governance around actual and potential litigation and claims, including instances of non-compliance with laws and regulations and fraud; • Reviewing minutes of meetings of those charged with governance where available; • Reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations and fraud; • Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; • Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias, in particular the valuation of claim debtors.. It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud. capable of detecting irregularities, including fraud.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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C L MEDICALL AID LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF C L MEDICALL AID LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditors
2 Lace Market Square
NG1 1PB
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C L MEDICALL AID LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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C L MEDICALL AID LIMITED
REGISTERED NUMBER: 06789140
BALANCE SHEET
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 13 to 23 form part of these financial statements.
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C L MEDICALL AID LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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C L MEDICALL AID LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
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C L MEDICALL AID LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023
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C L MEDICALL AID LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
C L Medicall Aid Limited is a private company, limited by shares, registered in England and 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 Pounds Sterling (£). The financial statements are rounded to the nearest £1.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
Turnover is recognised when the outcome of the transaction can be measured reliably. This is dictated by the terms of the agreement and is either on completion of the work or once the cash has been settled. Revenue not recognised upon completion of work is classified as a contingent asset and not included within the debtors or income until its receipt is virtually certain once cash has been settled.
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C L MEDICALL AID LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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C L MEDICALL AID LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Liquid resources comprise assets held as a readily disposable store of value. They include term deposits with a term of up to one year.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
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C L MEDICALL AID LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Preparation of financial statements requires management to make significant judgements and estimates. In preparing these financial statements, management have made the following judgements: - To determine whether there are indications of impairment of the company's tangible fixed assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future performance of the asset. - To determine the length of time over which a deferred payment will be received. Critical accounting estimates and assumptions Debtors: bad debt The company operates in the personal injury market in which terms of payment of up to two years are typical. For this reason, there are a number of old debtor balances and the risk of bad debt is heightened. The company provides for bad debts based on the following objective criteria set by the board:- - Payment exceeding terms in the financial period. - Customers in administration or with a seriously adverse credit rating. Debtors: fair value of consideration Due to the delay between work performed and accounts being settled, management are of the view that the deferred payments will be received under the terms of settlement. Management consider that, in absence of terms to the contrary, debts will not be received after two years.
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C L MEDICALL AID LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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C L MEDICALL AID LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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C L MEDICALL AID LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
11.Taxation (continued)
There were no factors that may affect future tax charges.
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C L MEDICALL AID LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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C L MEDICALL AID LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
14.Debtors (continued)
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C L MEDICALL AID LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Profit and loss account
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £27,095 (2022: £21,150).
No contributions were payable to the fund at the balance sheet date (2022: £nil).
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C L MEDICALL AID LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
21.Amounts receivable under operating leases (continued)
The parent company as of 31 December 2023 is RSCPBR B Ltd, a company incorporated in England and Wales and with a registered office address of Saturn Firstpoint, Balby Carr Bank, Doncaster, England, DN4 5JQ. Consolidated accounts are not available for the current period, with the first period of consolidation to be prepared for the period ended 31 December 2024.
The controlling party is Mr J L Radford.
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C L MEDICALL AID LIMITED
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