Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31Tax 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 reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.56809Plastic Surgeryfalse104108falsefalsefalse2023-01-01 04127609 2023-01-01 2023-12-31 04127609 2022-01-01 2022-12-31 04127609 2023-12-31 04127609 2022-12-31 04127609 2022-01-01 04127609 1 2023-01-01 2023-12-31 04127609 1 2022-01-01 2022-12-31 04127609 4 2023-01-01 2023-12-31 04127609 4 2022-01-01 2022-12-31 04127609 5 2023-01-01 2023-12-31 04127609 5 2022-01-01 2022-12-31 04127609 6 2023-01-01 2023-12-31 04127609 6 2022-01-01 2022-12-31 04127609 d:Director2 2023-01-01 2023-12-31 04127609 d:Director3 2023-01-01 2023-12-31 04127609 d:Director4 2023-01-01 2023-12-31 04127609 d:RegisteredOffice 2023-01-01 2023-12-31 04127609 e:Buildings e:ShortLeaseholdAssets 2023-01-01 2023-12-31 04127609 e:Buildings e:ShortLeaseholdAssets 2023-12-31 04127609 e:Buildings e:ShortLeaseholdAssets 2022-12-31 04127609 e:PlantMachinery 2023-01-01 2023-12-31 04127609 e:PlantMachinery 2023-12-31 04127609 e:PlantMachinery 2022-12-31 04127609 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04127609 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 04127609 e:MotorVehicles 2023-01-01 2023-12-31 04127609 e:MotorVehicles 2023-12-31 04127609 e:MotorVehicles 2022-12-31 04127609 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04127609 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 04127609 e:FurnitureFittings 2023-01-01 2023-12-31 04127609 e:FurnitureFittings 2023-12-31 04127609 e:FurnitureFittings 2022-12-31 04127609 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04127609 e:FurnitureFittings e:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 04127609 e:ComputerEquipment 2023-01-01 2023-12-31 04127609 e:ComputerEquipment 2023-12-31 04127609 e:ComputerEquipment 2022-12-31 04127609 e:ComputerEquipment e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04127609 e:ComputerEquipment e:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 04127609 e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04127609 e:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 04127609 e:Goodwill 2023-12-31 04127609 e:Goodwill 2022-12-31 04127609 e:CurrentFinancialInstruments 2023-12-31 04127609 e:CurrentFinancialInstruments 2022-12-31 04127609 e:Non-currentFinancialInstruments 2023-12-31 04127609 e:Non-currentFinancialInstruments 2022-12-31 04127609 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 04127609 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 04127609 e:Non-currentFinancialInstruments e:AfterOneYear 2023-12-31 04127609 e:Non-currentFinancialInstruments e:AfterOneYear 2022-12-31 04127609 e:UKTax 2023-01-01 2023-12-31 04127609 e:UKTax 2022-01-01 2022-12-31 04127609 e:ShareCapital 2023-12-31 04127609 e:ShareCapital 2022-12-31 04127609 e:ShareCapital 2022-01-01 04127609 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 04127609 e:RetainedEarningsAccumulatedLosses 2023-12-31 04127609 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 04127609 e:RetainedEarningsAccumulatedLosses 2022-12-31 04127609 e:RetainedEarningsAccumulatedLosses 2022-01-01 04127609 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 04127609 e:AcceleratedTaxDepreciationDeferredTax 2022-12-31 04127609 d:OrdinaryShareClass1 2023-01-01 2023-12-31 04127609 d:OrdinaryShareClass1 2023-12-31 04127609 d:FRS102 2023-01-01 2023-12-31 04127609 d:Audited 2023-01-01 2023-12-31 04127609 d:FullAccounts 2023-01-01 2023-12-31 04127609 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04127609 e:Subsidiary1 2023-01-01 2023-12-31 04127609 e:Subsidiary1 1 2023-01-01 2023-12-31 04127609 e:WithinOneYear 2023-12-31 04127609 e:WithinOneYear 2022-12-31 04127609 e:BetweenOneFiveYears 2023-12-31 04127609 e:BetweenOneFiveYears 2022-12-31 04127609 e:MoreThanFiveYears 2023-12-31 04127609 e:MoreThanFiveYears 2022-12-31 04127609 e:HirePurchaseContracts e:WithinOneYear 2023-12-31 04127609 e:HirePurchaseContracts e:WithinOneYear 2022-12-31 04127609 2 2023-01-01 2023-12-31 04127609 6 2023-01-01 2023-12-31 04127609 e:Goodwill e:OwnedIntangibleAssets 2023-01-01 2023-12-31 04127609 f:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 04127609














PERSONAL HEALTH SERVICE LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED  31 DECEMBER 2023

 
PERSONAL HEALTH SERVICE LTD
 
 
COMPANY INFORMATION


Directors
T H Mayou 
G R Mayou 
B J Mayou 




Registered number
04127609



Registered office
3rd Floor
59 Markham Street

London

SW3 3NR




Independent auditors
Sopher + Co LLP
Chartered Accountants & Statutory Auditors

5 Elstree Gate

Elstree Way

Borehamwood

Hertfordshire

WD6 1JD





 
PERSONAL HEALTH SERVICE LTD
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditors' Report
 
5 - 8
Statement of Comprehensive Income
 
9
Statement of Financial Position
 
10
Statement of Changes in Equity
 
11
Statement of Cash Flows
 
12
Analysis of Net Debt
 
13
Notes to the Financial Statements
 
14 - 26


 
PERSONAL HEALTH SERVICE LTD
 
 
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 result for the year is shown on page 9.        
            
Gross profit has increased by £1,415K from £6,824K to £8,239K, an increase of 20.7%. The company's turnover has increased to £13,857K from £11,364K in the previous year.
  
As shown in the Statement of Comprehensive Income, the operating profit for the year was £68K (2022 - £82K).  
           
The company has net assets of £2,584K (2022 - £2,406K) at the end of the year, with a positive cash position of £4,006K (2022 - £2,925K).

Principal risks and uncertainties
 
The company's operations expose it to a variety of financial risks that include cash liquidity.
  
The company has in place a risk management programme that seeks to limit the adverse effects of business risks on financial performance. Given the size of the company, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The risk mitigations set by the board of directors in their Corporate Risk Register are implemented by the Senior Management team comprising of heads of departments.
            
Price risk            
The company is exposed to price risk due to normal inflationary increases in the purchase price of consumables used. The company has no exposure to equity securities price risk as it holds no listed or other equity investments except Cadogan Clinic Ltd which is entirely owned by the company
            
Liquidity risk           
The company's liquidity policy is to maintain sufficient liquid resources to cover cash flow imbalances and fluctuations. The company maintains sufficient cash balance to cover liquidity risk. Furthermore, the company continuously monitors income and expenditure levels and adjusts plans accordingly.
                 
Corporate Social Responsibility
  
Health and Safety policy and performance is monitored and updated on an annual basis. Other examples of polices implemented by the company to comply with the spirit of the law and maintain ethical standards are equal opportunities, harassment, training and career development.    
            
Going concern review
We are confident that the company has adequate resources to remain in operation for the foreseeable future and has therefore continued to adopt the going concern basis in preparing the financial statements. 

Page 1

 
PERSONAL HEALTH SERVICE LTD
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Financial key performance indicators
 
Gross Profit margin - The margin has remained consistent.  
            
            
                  2023                     2022            Measure    
Gross Profit Margin  59.46%         60.05%            Gross Profit/Turnover   
            
Creditor days - The policy is to pay creditors as amounts fall due.       
       2023     2022                        
Creditors days   51 days  66 days   Trade Creditors/Cost of sales x 365 
            
Other key performance indicators
Customer satisfaction and retention
 - The company sees large number of customers returning. There are established relationships with consultant doctors and surgeons.
Employee Satisfaction - High numbers of full-time permanent staff are employed with the majority retained from the previous year and good outcomes from annual staff surveys.
Employees
           
The company operates an equal opportunities policy. The aim of this policy is to ensure that there should be equal opportunity for all and this applies to external recruitment, internal appointments, terms of employment, conditions of service and opportunity for training and promotion regardless of gender, ethnic origin or disability. 
Disabled persons are given full and fair consideration for all types of vacancy in as much as the opportunities available are constrained by the practical limitations of the disability. Should, for whatever reason, an employee of the company become disabled whilst in our employment, every step, where appropriate, will be taken to assist with rehabilitation and suitable re-training. 
            
The company maintains its own health, safety and environmental policies covering all aspect of its operations. Regular meetings and inspections take place to ensure all legal requirements are adhered to and that the company is responsive to the needs of the employees and the environment.

Future developments
 
Following expansion to our medical facilities, the company focused on expansion of its senior management team. On an operational level we recruited more permanent clinical staff, and for patient acquisition we enhanced our marketing activities and invested in our patient advisor team. The Board is confident of delivering sustainable future growth for the company.     


This report was approved by the board on 3 October 2024 and signed on its behalf.



B J Mayou
Director

Page 2

 
PERSONAL HEALTH SERVICE LTD
 
 
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

The directors who served during the year were:

T H Mayou 
G R Mayou 
B J Mayou 

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 judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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 £177,690 (2022 - £28,213).

No dividends were distributed in the year (2022 - £nil).

Qualifying third party indemnity provisions

The company has granted an indemnity to two directors against liability in respect of proceedings brought by
third parties, subject to the conditions set out in the Companies Act 2006. Such qualifying third party indemnity
provision remains in force as at the date of approving the directors' report.

Page 3

 
PERSONAL HEALTH SERVICE LTD
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

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.

Post balance sheet events

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

Auditors

Under section 487(2) of the Companies Act 2006Sopher + Co LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 3 October 2024 and signed on its behalf.
 





B J Mayou
Director

Page 4

 
PERSONAL HEALTH SERVICE LTD
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PERSONAL HEALTH SERVICE LTD
 

Opinion


We have audited the financial statements of Personal Health Service Ltd (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, 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.


Page 5

 
PERSONAL HEALTH SERVICE LTD
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PERSONAL HEALTH SERVICE LTD (CONTINUED)

Other information


The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. 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.


In connection with our audit of the financial statementsour 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.


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 3, 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 6

 
PERSONAL HEALTH SERVICE LTD
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PERSONAL HEALTH SERVICE LTD (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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: 
 
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; 
we identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge and experience of the cosmetic surgery sector; 
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and 
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 

We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: 
 
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; 
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and 
understanding the design of the Company’s remuneration policies. 

To address the risk of fraud through management bias and override of controls, we: 
 
performed analytical procedures to identify any unusual or unexpected relationships; 
tested journal entries to identify unusual transactions; 
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and 
investigated the rationale behind significant or unusual transactions. 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 
 
agreeing financial statement disclosures to underlying supporting documentation;  
enquiring of management as to actual and potential litigation and claims; and 
reviewing correspondence with HMRC, relevant regulators and the Company’s legal advisors. 
 
Page 7

 
PERSONAL HEALTH SERVICE LTD
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PERSONAL HEALTH SERVICE LTD (CONTINUED)


There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. 
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


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.


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.





Martyn Atkinson FCA (Senior Statutory Auditor)
  
for and on behalf of
Sopher + Co LLP
 
Chartered Accountants
Statutory Auditors
  
5 Elstree Gate
Elstree Way
Borehamwood
Hertfordshire
WD6 1JD

3 October 2024
Page 8

 
PERSONAL HEALTH SERVICE LTD
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
13,856,780
11,364,011

Cost of sales
  
(5,617,346)
(4,539,685)

Gross profit
  
8,239,434
6,824,326

Administrative expenses
  
(8,171,357)
(6,742,692)

Operating profit
 5 
68,077
81,634

Interest receivable and similar income
 9 
88,410
4,971

Interest payable and similar expenses
 10 
(6,134)
(41,858)

Profit before tax
  
150,353
44,747

Tax on profit
 11 
27,337
(16,534)

Profit for the financial year
  
177,690
28,213

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

The notes on pages 14 to 26 form part of these financial statements.

Page 9

 
PERSONAL HEALTH SERVICE LTD
REGISTERED NUMBER:04127609

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 12 
-
45,500

Tangible assets
 13 
760,946
973,285

Investments
 14 
15,000
15,000

  
775,946
1,033,785

Current assets
  

Stocks
 15 
75,955
84,223

Debtors
 16 
969,911
1,361,428

Cash at bank and in hand
  
4,005,523
2,924,820

  
5,051,389
4,370,471

Current liabilities
  

Creditors: amounts falling due within one year
 17 
(3,048,838)
(2,849,667)

Net current assets
  
 
 
2,002,551
 
 
1,520,804

Total assets less current liabilities
  
2,778,497
2,554,589

Creditors: amounts falling due after more than one year
 18 
(83,333)
-

Provisions for liabilities
  

Deferred tax
 20 
(111,497)
(148,612)

Net assets
  
2,583,667
2,405,977


Capital and reserves
  

Called up share capital 
 21 
1,000
1,000

Profit and loss account
  
2,582,667
2,404,977

  
2,583,667
2,405,977


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 October 2024.




B J Mayou
Director

The notes on pages 14 to 26 form part of these financial statements.

Page 10

 
PERSONAL HEALTH SERVICE LTD
 

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
1,000
2,376,764
2,377,764



Profit for the year
-
28,213
28,213



At 1 January 2023
1,000
2,404,977
2,405,977



Profit for the year
-
177,690
177,690


At 31 December 2023
1,000
2,582,667
2,583,667


The notes on pages 14 to 26 form part of these financial statements.

Page 11

 
PERSONAL HEALTH SERVICE LTD
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
177,690
28,213

Adjustments for:

Amortisation of intangible assets
45,500
45,500

Depreciation of tangible assets
285,096
395,723

Interest paid
6,134
41,858

Interest received
(88,410)
(4,971)

Taxation charge
(27,337)
16,534

Decrease/(increase) in stocks
8,268
(5,240)

Decrease/(increase) in debtors
374,720
(95,010)

Decrease in amounts owed by group undertakings
16,796
-

Increase in creditors
654,320
629,025

Increase in amounts owed to group undertakings
-
36,984

Corporation tax (paid)/refunded
(359,971)
20,769

Net cash generated from operating activities

1,092,806
1,109,385


Cash flows from investing activities

Purchase of tangible fixed assets
(72,757)
(114,540)

Interest received
88,410
4,971

Net cash from investing activities

15,653
(109,569)

Cash flows from financing activities

Repayment of loans
-
(925,000)

Repayment of other loans
-
(175,000)

Repayment of finance leases
(21,622)
(26,908)

Bank and other interest paid
-
(37,808)

HP interest paid
(6,134)
(4,050)

Net cash used in financing activities
(27,756)
(1,168,766)

Net increase/(decrease) in cash and cash equivalents
1,080,703
(168,950)

Cash and cash equivalents at beginning of year
2,924,820
3,093,770


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
4,005,523
2,924,820


The notes on pages 14 to 26 form part of these financial statements.

Page 12

 
PERSONAL HEALTH SERVICE LTD
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023





At 1 January 2023
Cash flows
Finance lease repayments
At 31 December 2023
£

£

£

£

Cash at bank and in hand

2,924,820

1,080,703

-

4,005,523

Finance leases

(21,622)

-

21,622

-


2,903,198
1,080,703
21,622
4,005,523

The notes on pages 14 to 26 form part of these financial statements.

Page 13

 
PERSONAL HEALTH SERVICE LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Personal Health Service Limited is a private limited liability company registered in England and Wales. The company's registered office address and principal place of business is Third Floor 59 Markham Street, Chelsea, London, SW3 3NR.
The principal activity of the company is that of plastic surgery.

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 judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company is exempt from the requirement to prepare consolidated financial statements as its only subsidiary is excluded from consolidation by section 405 of the Companies Act 2006, which allows a subsidiary undertaking to be excluded from consolidation if its inclusion is not material for the purposes of giving a true and fair view. 

 
2.3

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover earned in respect of cosmetic treatment is recognised on the date the surgery takes place.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 14

 
PERSONAL HEALTH SERVICE LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.6

Interest income

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

 
2.7

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. 

 
2.8

Pensions

The Company contributes to 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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred 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 reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 15

 
PERSONAL HEALTH SERVICE LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Intangible assets

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life of 5 years.

 
2.11

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis:

Short-term leasehold property
-
18%
reducing balance
Plant and machinery
-
33%
reducing balance
Motor vehicles
-
20%
straight line
Fixtures and fittings
-
25%
reducing balance
Computer equipment
-
33%
reducing balance

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.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 16

 
PERSONAL HEALTH SERVICE LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.14

Basic financial instruments

The company only enters into transactions that result in basic financial instruments such as trade and other debtors, trade and other creditors, cash at bank and in hand and loans with related parties. 
Trade debtors, other debtors and loans to related parties are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors, and loans to related parties.
Cash is represented by cash in hand and deposits with financial institutions.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the Company’s accounting policies described above, management are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may be different. These estimates are reviewed on an ongoing basis. Revisions to these estimates are recognised in the period in which the estimate is revised if the revision only affects that period, or in the period of revision and future periods if the revision affects both future and current periods.
In preparing the financial statements, the directors have made the following judgements and considered the following key sources of estimation uncertainties:
a) determining whether there are indicators of impairment of the company's tangible assets.
b) determining whether at the balance sheet date the provision for slow moving stock is adequate. 
c) determining whether at the balance sheet date the provision for doubtful debts is adequate. 


4.


Turnover

All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation and amortisation
330,596
441,223

Other operating lease rentals
579,521
513,653

Page 17

 
PERSONAL HEALTH SERVICE LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
14,500
16,800


7.


Employees

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


2023
2022
£
£

Wages and salaries
3,867,160
3,322,434

Social security costs
430,692
372,914

Cost of defined contribution scheme
286,344
53,954

4,584,196
3,749,302


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


        2023
        2022
            No.
            No.







Clinical staff
56
61



Administrative staff
48
47

104
108


8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
923,600
823,600

Company contributions to defined contribution pension schemes
234,768
9,708

1,158,368
833,308


The highest paid director received remuneration of £411,800 (2022 - £444,975).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £117,384 (2022 - £4,854).

Page 18

 
PERSONAL HEALTH SERVICE LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Interest receivable

2023
2022
£
£


Other interest receivable
88,410
4,971


10.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
-
16,879

Other loan interest payable
-
9,757

Finance lease charges payable
6,134
4,050

Other interest payable
-
11,172

6,134
41,858


11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
88,832
82,267

Adjustments in respect of previous periods
(79,054)
-


Total current tax
9,778
82,267

Deferred tax


Origination and reversal of timing differences
(37,115)
(65,733)


Taxation on (loss)/profit on ordinary activities
(27,337)
16,534
Page 19

 
PERSONAL HEALTH SERVICE LTD
 
 
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 lower than (2022 - higher than) the effective 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
150,353
44,747


Profit on ordinary activities multiplied by effective rate of corporation tax in the UK of 23.52% (2022 - 19%)
35,363
8,502

Effects of:


Non-tax deductible amortisation of goodwill
10,702
8,645

Expenses not deductible for tax purposes
75,178
6,252

Capital allowances for year in excess of depreciation
46,639
58,868

Adjustments to tax charge in respect of prior periods
(79,054)
-

R&D claim
(79,050)
-

Deferred tax
(37,115)
(65,733)

Total tax charge for the year
(27,337)
16,534


Factors that may affect future tax charges

From 1 April 2023 the rate of corporation tax will remain at 19% for companies with an annual profit of £50,000 or less, increase to 25% for companies with an annual profit of £250,000 or more, and increase to a marginal rate for companies with profits between £50,000 and £250,000. These thresholds are divided by the number of associated companies

Page 20

 
PERSONAL HEALTH SERVICE LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Intangible assets




Goodwill

£



Cost


At 1 January 2023
227,500



At 31 December 2023

227,500



Amortisation


At 1 January 2023
182,000


Charge for the year on owned assets
45,500



At 31 December 2023

227,500



Net book value



At 31 December 2023
-



At 31 December 2022
45,500

The goodwill arose on the 6th April 2018 when the company acquired the private business of Mr. Bryan Jonathan Mayou who was trading as a sole practioner under the name of BJ Skin Practice.



Page 21

 
PERSONAL HEALTH SERVICE LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2023
1,815,353
1,322,784
41,490
114,096
740,003
4,033,726


Additions
4,741
33,006
-
-
35,010
72,757



At 31 December 2023

1,820,094
1,355,790
41,490
114,096
775,013
4,106,483



Depreciation


At 1 January 2023
1,502,131
746,245
26,429
108,108
677,528
3,060,441


Charge for the year on owned assets
56,809
192,932
-
1,497
22,556
273,794


Charge for the year on financed assets
-
3,004
8,298
-
-
11,302



At 31 December 2023

1,558,940
942,181
34,727
109,605
700,084
3,345,537



Net book value



At 31 December 2023
261,154
413,609
6,763
4,491
74,929
760,946



At 31 December 2022
313,222
576,539
15,061
5,988
62,475
973,285


14.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
15,000



At 31 December 2023
15,000




Page 22

 
PERSONAL HEALTH SERVICE LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Cadogan Clinic Limited
Third Floor, 59 Markham Street, Chelsea, London, England, SW3 3NR
Ordinary
100%

The aggregate of the share capital and reserves as at 31 December 2023 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

Cadogan Clinic Limited
(153,110)
-


15.


Stocks

2023
2022
£
£

Finished goods
75,955
84,223


Page 23

 
PERSONAL HEALTH SERVICE LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Debtors

2023
2022
£
£


Trade debtors
250,030
155,468

Amounts owed by group undertakings
-
16,796

Other debtors
382,849
906,616

Prepayments and accrued income
337,032
282,548

969,911
1,361,428



17.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
786,247
820,313

Corporation tax
101,197
451,390

Other taxation and social security
117,761
95,037

Obligations under finance lease and hire purchase contracts
-
21,622

Other creditors
61,949
32,979

Accruals and deferred income
1,981,684
1,428,326

3,048,838
2,849,667



18.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Accruals and deferred income
83,333
-



19.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
-
21,622

Page 24

 
PERSONAL HEALTH SERVICE LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Deferred taxation




2023


£






At beginning of year
148,612


Charged to profit or loss
(37,115)



At end of year
111,497

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
111,497
148,612


21.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000 Ordinary shares of £1.00 each
1,000
1,000



22.


Pension commitments

The company contributed to a defined contributions 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 £286,344 (2022 - £53,954). At the Statement of Financial Position date the company owed £14,750 (2022 - £14,117) to the pension fund.

Page 25

 
PERSONAL HEALTH SERVICE LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

23.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
584,107
557,012

Later than 1 year and not later than 5 years
1,926,148
1,956,629

Later than 5 years
2,166,917
2,565,965

4,677,172
5,079,606


24.


Related party transactions

The company has taken advantage of the exemption under Financial Reporting Standard 102 paragraph 33.1A not to disclose related party transactions with its subsidiary undertaking.
The total remuneration, including employer pension contributions, paid to key management personnel during the year was £1,499,907 (2022 - £1,062,172).


25.


Controlling party

The immediate and ultimate controlling party in B J Mayou.

 
Page 26