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Registered number: 06789140










C L MEDICALL AID LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
C L MEDICALL AID LIMITED
 

COMPANY INFORMATION


Directors
J L Radford 
J M Parker 
S Gupta 
J Steele 
J D Goacher 




Company secretary
A M Sherriff



Registered number
06789140



Registered office
Unit 1
Carolina Court

Doncaster

South Yorkshire

DN4 5RA




Independent auditors
PKF Smith Cooper Audit Limited
Statutory Auditors

2 Lace Market Square

Nottingham

NG1 1PB





 
C L MEDICALL AID LIMITED
 

CONTENTS



Page
Strategic report
1
Directors' report
2 - 3
Independent auditors' report
4 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Analysis of net debt
12
Notes to the financial statements
13 - 23


 
C L MEDICALL AID LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present their strategic report for the year ended 31 December 2023.

Business review
 
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.

Principal risks and uncertainties
 
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.

Financial key performance indicators
 
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.



J D Goacher
Director

Page 1

 
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.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 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 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £942,698 (2022 - £2,809).

Directors

The directors who served during the year were:

J L Radford 
J M Parker 
S Gupta 
J Steele 
J D Goacher 

Future developments

The management remain confident that 2024 will remain profitable and enable the company to maintain and consolidate its current performance.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 2

 
C L MEDICALL AID LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsPKF Smith Cooper Audit Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 30 September 2024 and signed on its behalf.
 





J D Goacher
Director

Page 3

 
C L MEDICALL AID LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF C L MEDICALL AID LIMITED
 

Opinion


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 policiesThe 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).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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.


Conclusions relating to going concern


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.


Other information


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 ReportOur 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.


Page 4

 
C L MEDICALL AID LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF C L MEDICALL AID LIMITED (CONTINUED)


Opinion on other matters prescribed by the Companies Act 2006
 

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.


Matters on which we are required to report by exception
 

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.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
C L MEDICALL AID LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF C L MEDICALL AID LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

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.


Page 6

 
C L MEDICALL AID LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF C L MEDICALL AID LIMITED (CONTINUED)


Use of our report
 

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 2006Our 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.





James Bagley (Senior statutory auditor)
for and on behalf of
PKF Smith Cooper Audit Limited
Statutory Auditors
2 Lace Market Square
Nottingham
NG1 1PB

30 September 2024
Page 7

 
C L MEDICALL AID LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
9,694,693
8,931,306

Cost of sales
  
(5,342,616)
(5,151,114)

Gross profit
  
4,352,077
3,780,192

Administrative expenses
  
(4,305,648)
(4,273,835)

Other operating income
 5 
1,186,124
519,428

Operating profit
 6 
1,232,553
25,785

Interest receivable and similar income
 9 
8,274
-

Interest payable and similar expenses
 10 
(953)
(1,086)

Profit before tax
  
1,239,874
24,699

Tax on profit
 11 
(297,176)
(21,890)

Profit for the financial year
  
942,698
2,809

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 13 to 23 form part of these financial statements.

Page 8

 
C L MEDICALL AID LIMITED
REGISTERED NUMBER: 06789140

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 12 
412,989
972,525

Investment property
 13 
544,320
-

  
957,309
972,525

Current assets
  

Debtors: amounts falling due within one year
 14 
9,533,948
7,825,924

Cash at bank and in hand
 15 
751,359
-

  
10,285,307
7,825,924

Creditors: amounts falling due within one year
 16 
(4,734,502)
(3,233,033)

Net current assets
  
 
 
5,550,805
 
 
4,592,891

Total assets less current liabilities
  
6,508,114
5,565,416

  

Net assets
  
6,508,114
5,565,416


Capital and reserves
  

Called up share capital 
 18 
100
100

Profit and loss account
 19 
6,508,014
5,565,316

  
6,508,114
5,565,416


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 September 2024.




J D Goacher
Director

The notes on pages 13 to 23 form part of these financial statements.

Page 9

 
C L MEDICALL AID LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
100
5,562,507
5,562,607


Comprehensive income for the year

Profit for the year
-
2,809
2,809



At 1 January 2023
100
5,565,316
5,565,416


Comprehensive income for the year

Profit for the year
-
942,698
942,698


At 31 December 2023
100
6,508,014
6,508,114


The notes on pages 13 to 23 form part of these financial statements.

Page 10

 
C L MEDICALL AID LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
942,698
2,809

Adjustments for:

Depreciation of tangible assets
30,058
31,652

Interest paid
953
1,086

Interest received
(8,274)
-

Taxation charge
297,176
21,890

(Increase) in debtors
(1,929,103)
(18,423)

(Increase)/decrease in amounts owed by joint ventures
(427)
-

Increase in creditors
283,045
43,793

(Decrease) in amounts owed to groups
(708,361)
(58,437)

Increase in amounts owed to join ventures
1,648,199
-

Corporation tax received/(paid)
221,506
(141,947)

Net cash generated from operating activities

777,470
(117,577)


Cash flows from investing activities

Purchase of tangible fixed assets
(14,842)
(9,640)

Interest received
8,274
-

Net cash from investing activities

(6,568)
(9,640)

Cash flows from financing activities

Interest paid
(953)
(1,086)

Net cash used in financing activities
(953)
(1,086)

Net increase/(decrease) in cash and cash equivalents
769,949
(128,303)

Cash and cash equivalents at beginning of year
(18,590)
109,713

Cash and cash equivalents at the end of year
751,359
(18,590)


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
751,359
-

Bank overdrafts
-
(18,590)

751,359
(18,590)


The notes on pages 13 to 23 form part of these financial statements.

Page 11

 
C L MEDICALL AID LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

-

751,359

751,359

Bank overdrafts

(18,590)

18,590

-


(18,590)
769,949
751,359

The notes on pages 13 to 23 form part of these financial statements.

Page 12

 
C L MEDICALL AID LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

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

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Revenue

Turnover is derived from the rendering of services. Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
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.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 13

 
C L MEDICALL AID LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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:

Freehold property
-
2%
straight line
Fixtures and fittings
-
10%
straight line
Computer equipment
-
20%
straight line

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.

 
2.9

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 14

 
C L MEDICALL AID LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash flows comprise increases or decreases in cash. Cash includes cash in hand, deposits repayable on demand and overdrafts. No investments, however liquid, are included as cash.
Liquid resources comprise assets held as a readily disposable store of value. They include term deposits with a term of up to one year.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Page 15

 
C L MEDICALL AID LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The directors make estimates and assumptions concerning the future. The directors are also required to exercise judgement in the process of applying the company’s accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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.


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Sales
9,694,693
8,931,306

9,694,693
8,931,306


All turnover arose within the United Kingdom.

Page 16

 
C L MEDICALL AID LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Other operating income

2023
2022
£
£

Imputed interest on deferred consideration
558,667
425,428

Net rents receivable
94,000
94,000

Insurance claims receivable
533,457
-

1,186,124
519,428



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation
30,058
31,652

Auditors remuneration
17,000
15,600


7.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
1,464,396
1,134,059

Social security costs
114,254
90,773

Cost of defined contribution scheme
27,095
21,150

1,605,745
1,245,982


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Administration
19
15



Sales and customer service
54
46

73
61

Page 17

 
C L MEDICALL AID LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
20,240
20,000

20,240
20,000



9.


Interest receivable

2023
2022
£
£


Other interest receivable
8,274
-

8,274
-


10.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
953
1,086

953
1,086


11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
297,176
21,890


Total current tax
297,176
21,890

Deferred tax

Total deferred tax
-
-


Tax on profit
297,176
21,890
Page 18

 
C L MEDICALL AID LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,239,874
24,699


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
291,618
4,693

Effects of:


Expenses not deductible for tax purposes
2,338
13,918

Depreciation for year in excess of capital allowances
3,220
3,279

Total tax charge for the year
297,176
21,890


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 19

 
C L MEDICALL AID LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Tangible fixed assets





Freehold property
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost


At 1 January 2023
1,075,628
35,313
51,658
1,162,599


Additions
-
7,642
7,200
14,842


Transfer to investment property
(544,320)
-
-
(544,320)



At 31 December 2023

531,308
42,955
58,858
633,121



Depreciation


At 1 January 2023
131,539
25,904
32,631
190,074


Charge for the year on owned assets
21,513
3,230
5,315
30,058



At 31 December 2023

153,052
29,134
37,946
220,132



Net book value



At 31 December 2023
378,256
13,821
20,912
412,989



At 31 December 2022
944,089
9,409
19,027
972,525




13.


Investment property


Freehold investment property

£



Valuation


Transfer from freehold property
544,320



At 31 December 2023
544,320

The investment property was valued by the directors using available market data at 31 December 2023.





14.


Debtors

2023
2022
£
£


Trade debtors
8,459,263
7,050,797
Page 20

 
C L MEDICALL AID LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.Debtors (continued)


Amounts owed by associated undertakings
427
-

Other debtors
308,475
573,369

Prepayments and accrued income
765,783
201,758

9,533,948
7,825,924


Contingent assets
As described in the accounting policies, in the event that receipt of an invoiced sale is not virtually certain (for example due to the contractual relationships with the company's clients), these sales are not recorded in the company's financial statements until receipt of payment is agreed. At the year end the balance of these contingent assets totalled £3,600,469 (2022: £3,732,965).


15.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
751,359
-

Less: bank overdrafts
-
(18,590)

751,359
(18,590)



16.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
18,590

Trade creditors
1,011,220
951,485

Amounts owed to group undertakings
66,249
774,610

Amounts owed to associated undertakings
1,648,199
-

Corporation tax
297,176
-

Other taxation and social security
1,318,659
1,117,311

Other creditors
66,157
-

Accruals and deferred income
326,842
371,037

4,734,502
3,233,033


Page 21

 
C L MEDICALL AID LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets that are debt instruments measured at amortised cost
8,459,690
7,050,797


Financial liabilities


Financial liabilities measured at amortised cost
(2,725,668)
(1,726,095)


Financial assets that are debt instruments measured at amortised cost comprise trade debtors and amounts owed by associated undertakings.
Financial liabilities measured at amortised cost comprise trade creditors, amounts owed to group undertakings and amounts owed to associated undertakings.


18.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



19.


Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.


20.


Pension commitments

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).


21.


Amounts receivable under operating leases

At 31 December 2023 the Company is due to receive payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
112,800
112,800

Later than 1 year and not later than 5 years
451,200
451,200
Page 22

 
C L MEDICALL AID LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.Amounts receivable under operating leases (continued)


Later than 5 years
451,200
564,000

1,015,200
1,128,000


22.


Related party transactions

A company with directors in common
Sales and recharges to the related company totalled £90,712 (2022: £76,748). There is a debtor within other debtors of £208,475 (2022: £251,863). There were also sales invoices of £1,265,000 (2022: £1,142,048) raised in the year and trade debtors totalling £1,459,739 (2022: £1,123,406).
                                                                                                             
A company with directors in common
There were sales invoices of £59,140 (2022: £5,058) raised in the year and included within trade debtors totalling £4,830 (2022: £6,260).
 
A company with directors in common
Purchases from the related company totalled £24,164 (2022: £39,568). 
A company with directors in common
Purchases from the related company totalled £20,000 (2022: £20,000).
A company with directors in common
Sponsorship costs totalled £90,000 (2022: £101,667).
A company under common control 
Sales and recharges to the related company totalled £90,010. There is a debtor within other debtors of £427. There were also purchase invoices of £1,605,989 raised in the year and creditors totalling £1,319,900. 
A company under common control 
There were also purchase invoices of £89,883 raised in the year and creditors totalling £328,299. 
The company has taken advantage of the exemption under FRS 102 Section 33.1A Related Party Disclosures from disclosing transactions with other members of the group.
The company has taken advantage of the exemption under FRS 102 Section 1.12 Reduced Disclosures For Subsidiaries from disclosing key management personnel compensation in total.


23.


Controlling party

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.

Page 23

 
C L MEDICALL AID LIMITED
 

Page 24