Company registration number 09086757 (England and Wales)
HINCKLEY & BOSWORTH MEDICAL ALLIANCE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
HINCKLEY & BOSWORTH MEDICAL ALLIANCE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
HINCKLEY & BOSWORTH MEDICAL ALLIANCE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
26,514
32,712
Investments
5
1
1
26,515
32,713
Current assets
Debtors
6
888,811
838,908
Cash at bank and in hand
678,480
450,462
1,567,291
1,289,370
Creditors: amounts falling due within one year
7
(981,540)
(808,191)
Net current assets
585,751
481,179
Total assets less current liabilities
612,266
513,892
Provisions for liabilities
(6,535)
(6,215)
Net assets
605,731
507,677
Capital and reserves
Called up share capital
8
113
113
Share premium account
11,088
11,088
Capital redemption reserve
9
9
Profit and loss reserves
9
594,521
496,467
Total equity
605,731
507,677
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
HINCKLEY & BOSWORTH MEDICAL ALLIANCE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 26 September 2024 and are signed on its behalf by:
Dr W S Priestman
Director
Company registration number 09086757 (England and Wales)
HINCKLEY & BOSWORTH MEDICAL ALLIANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Hinckley & Bosworth Medical Alliance Limited is a private company limited by shares incorporated in England and Wales, registration number 09086757. The registered office is Willow View Field Farm Business Centre, Hinckley Road, Sapcote, Leicestershire, LE9 4LH.
1.1
Accounting convention
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A small entities.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts. When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% on reducing balance
Computers
33% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Fixed asset investments
Investments in associate undertakings are included at fair value.
HINCKLEY & BOSWORTH MEDICAL ALLIANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with chages recognised in profit or loss.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
1.9
Employee benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when they fall due.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.
1.11
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
HINCKLEY & BOSWORTH MEDICAL ALLIANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
98
81
HINCKLEY & BOSWORTH MEDICAL ALLIANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
4
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 April 2023
31,924
50,141
82,065
Additions
1,430
6,673
8,103
Disposals
(148)
(148)
At 31 March 2024
33,206
56,814
90,020
Depreciation and impairment
At 1 April 2023
18,620
30,733
49,353
Depreciation charged in the year
3,521
10,752
14,273
Eliminated in respect of disposals
(120)
(120)
At 31 March 2024
22,021
41,485
63,506
Carrying amount
At 31 March 2024
11,185
15,329
26,514
At 31 March 2023
13,304
19,408
32,712
5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
1
1
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
424,236
207,730
Other debtors
48,749
81,877
Prepayments and accrued income
415,826
549,301
888,811
838,908
HINCKLEY & BOSWORTH MEDICAL ALLIANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
343,194
301,102
Corporation tax
32,601
25,948
Other taxation and social security
94,874
65,994
Deferred income
498,862
375,587
Accruals and deferred income
12,009
39,560
981,540
808,191
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
112
112
112
112
Ordinary B of £1 each
1
1
1
1
113
113
113
113
9
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
496,467
357,642
Profit for the year
98,054
138,825
At the end of the year
594,521
496,467
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
158,578
80,800
11
Guarantees and other financial commitments
The company had total pension commitments at the balance sheet date of £36,593 (2023 - £32,267).
HINCKLEY & BOSWORTH MEDICAL ALLIANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
12
Related party transactions
Income is received on a commercial basis and paid during the normal course of operations from any related party. There was £13,286 of outstanding sales ledger balances with related parties at the year-end, which were received after-date in the normal course of operations.
The company also had purchase ledger balances with related parties which again was operated on normal commercial terms and balances of £289,063 at the year-end were paid after date, on the appropriate terms.
The company does not consider it necessary to remove the related party balances from the ledgers and has no related party loan accounts. All transactions with related parties are part of the sales and purchase ledger.