Company registration number 05085990 (England and Wales)
FCMS (NW) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
FCMS (NW) LIMITED
COMPANY INFORMATION
Directors
Dr A R Gaw
Dr P C Smith
Mrs K Mason
Mr L McGlynn
Ms S J Marsh
Ms S J Hart
Mr P J Smyth
Mrs S J B Layton
Mr A S Barrow
Dr K E Knight
(Appointed 20 September 2023)
Company number
05085990
Registered office
Newfield House
Vicarage Lane
Blackpool
FY4 4EW
Auditor
MHA
Richard House
9 Winckley Square
Preston
PR1 3HP
FCMS (NW) LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 7
Directors' responsibilities statement
8
Independent auditor's report
9 - 11
Statement of comprehensive income
12
Balance sheet
13
Statement of changes in equity
14
Statement of cash flows
15
Notes to the financial statements
16 - 30
FCMS (NW) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present the strategic report for the year ended 31 March 2024.

Business Review

FCMS (NW) Limited is a Social Enterprise with a strategic objective to nurture an environment of innovation, inspiration, and disruption so that the people within our world receive exceptional care for this generation and the next. We provide a range of services throughout urgent and emergency care, call handling, urgent dentistry, diagnostics, supporting patients with complex lives and supporting Primary care and Public Health. We are passionate about improving patient experience, engaging with our customers to collaborate on innovative new services as well as targeting the efficiency and effectiveness of on-going services with the patients always at the heart of decisions that we make. There were no changes to any major contracts in 2024 and as such FCMS remains a key contributor to the healthcare economy in both Lancashire and South Cumbria and Doncaster.

 

We are delighted to have once again been able to further support our social enterprise objectives by making charitable donations in FY24. This is in line with our strategy of supporting organisations within our geographies who are similarly committed to tackling issues contributing to health inequalities and the wider determinants of health.

 

Whilst we are a social enterprise it is important in our medium term planning to generate sufficient reserves for reinvestment in the business and innovation to ensure sustainability. FCMS (NW) Ltd Operating profit this year was £187k and profit before tax was £449k. Although operating profit dropped year on year, this was due to significant investments in technology to improve efficiency and making charitable donations.

 

The business continues to maintain a strong balance sheet and to finance its activities through cash generation with cash of £6.3M as at 31 March 2024. A substantial amount of the cash held is prepayment for services yet to be delivered. As an organisation our cash flow is highly dependent on NHS payments, therefore a balanced approach to cash is maintained with a mixture of instant access cash, accessible investments, Fixed Term Deposits and Notice accounts to balance maximising interest whilst maintaining a level of operating capital to cover commitments should there be a temporary delay in NHS payments.

Principal risks and uncertainties

The business has a dedicated risk and assurance team which leads our governance process. We review our thinking around key risks through regular discussions including Board meetings, Senior Management meetings and clinical governance meetings.

 

Our key strategic risks are:

 

Economic Environment

 

A key risk of the organisation in 2024 continues to be the current economic environment in the UK. Although inflation in general is returning to pre-crisis levels, the rising pay inflation threatens our ability to recruit and retain staff as we look to balance sustainability of the organisation with remaining an employer of choice in the areas we work in. We were able to award a pay increase in 2023 which was higher than originally budgeted for all our colleagues, with lower earners within our workforce receiving the highest percentage increases to support our colleagues as much as possible. We aspire to be Real Living Wage employers, however due to the unsocial hours payments that we offer, along with the restricted cost uplift factors on our contracts, this is not currently achievable. Once again, the increase of National Living Wage in April 2024 and the NHS pay increase of 5.5% has not been matched with funding for non-NHS bodies (at time of writing) which threatens our ability to remain competitive within the market as annual contract uplifts fall below the rates of cost increases.

FCMS (NW) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

Political environment

 

A significant proportion of our revenue is generated through contracts with the NHS. The austerity measures imposed on the NHS since 2018 continue to put pressure on the finances of the NHS and therefore associated providers with increased efficiency expectations within the NHS being driven by central government. The DHSC (Department of Health and Social Care) have committed to raising day to day health funding through to 2025, an extension by one year to previous commitments, however this has not risen in line with inflation which has been at an exceptional rate in recent years. With a new government elected in 2024 it remains to be seen what the spending plans for the NHS will be, but we are hopeful that the necessary investments will be delivered.

 

Resources

 

The workforce crisis in health and care is an increasing risk with the shortage in predominantly clinical roles leading to high levels of vacancies within the NHS and associated healthcare providers such as us. This is particularly affecting our ability to recruit and retain Nursing staff. We have, however, seen a higher availability of sessional GPs which has resulted in a welcome reduction in agency use for GPs, however we are aware that the market for this could shift in 24/25 due to a change in the ARRS funding regulations.

 

We are continually looking for innovative solutions to ensure services can remain effective and efficient as well as maintaining a strong focus on our workforce strategy.

 

Reliance on and retention of key personnel

 

By fortifying our support teams and evolving our practices we have reduced over-reliance on individuals to support sustainability. A key focus now is of pipeline development for key roles to ensure talent is retained within the organisation and we are pleased to launch a Leadership Development programme in 2024 to support this.

The future

 

New business

 

We continue to invest in the ability to respond to new opportunities as and when they arise. We are still currently largely dependent on the tender processes within other organisations to determine the timing of new opportunities, however we review each opportunity strategically and focus on those which complement the established services we already deliver and the resources at our disposal.

 

The introduction of the Integrated Care System (ICS) brought a notable change to the way in which services we provide are now commissioned. We are already successfully working with other providers in collaboration, and although we recognise the change in commissioning as a potential risk, we believe that social enterprises such as FCMS (NW) Ltd are integral to providing a diversity of providers. We are proud of our proven track record of providing patient centred services and are excited at the opportunity to continue this within the new framework.

 

Research and development

 

We continue to work with our operational teams on innovative new services and ways of working to improve the patient experience and the efficiency of services to tackle head on the challenges faced by the sector. We are also extremely keen to understand the impacts of current healthcare systems on inequalities of health and have commissioned a study by the Institute for Health Equality to explore this further to allow us to adapt our provision and influence our commissioners.

FCMS (NW) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Key performance indicators

The business monitors key performance indicators in relation to profitability, contract performance, quality, and workforce. Key financial metrics used are operating profit margin, labour cost percentage and agency/sessional to total labour percentage. Many of our services have contract specific KPIs which are proactively monitored and subsequently reported to commissioners such as wait times, breaches, average call handling times and patient satisfaction scores. As a people centred organisation, we also closely monitor KPIs relating to staff for example staff engagement and sickness metrics.

Duty to promote the success of the company

The Directors of the Company have a legal responsibility under Section 172 of the Companies Act 2006 to conduct ourselves in the most effective manner to promote the group’s success for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:

(a) The likely consequences of any decision in the long term

(b) The interests of the company’s employees

(c) The need to foster the company’s business relationships with suppliers, customers and others

(d) The impact of the company’s operations on the community and the environment,

(e) The desirability of the company maintaining a reputation for high standards of business conduct, and

(f) The need to act fairly between members of the company.

 

The Directors consider we have acted in good faith with regards to all of the above as outlined throughout the strategic report.

Engagement with key stakeholder groups

 

A key success of FCMS (NW) Ltd is our relationships and how hard we work to foster strong, mutually respectful relationships with all of our stakeholders, who are all important to us

 

 

 

 

 

In conjunction with local champions, we have developed an Environmental Framework which will inform and guide our strategy and delivery over the coming years.

FCMS (NW) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -

Our business is heavily dependent on the dedication, hard work, and professionalism of our teams. We are proud of our corporate values which our teams demonstrate consistently through their work. The pressures on the healthcare system remain post-pandemic and our teams continue to strive to provide exceptional healthcare to our communities in often difficult circumstances and everyone who works for FCMS has a unique and important part to play in that. The directors would like to thank our colleagues for their continued commitment, perseverance, dedication, and humility in these continually challenging times.

On behalf of the board

Dr P C Smith
Director
25 September 2024
FCMS (NW) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Principal activities

The principal activity of the company continued to be that of the provision of medical services.

Results and dividends

The results for the year are set out on page 12. FCMS is a social enterprise and does not pay dividends.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Dr A R Gaw
Dr P C Smith
Dr M Spencer
(Resigned 2 March 2024)
Dr J V Miles
(Resigned 20 September 2023)
Mrs K Mason
Mr L McGlynn
Ms S J Marsh
Ms S J Hart
Mr P J Smyth
Mrs S J B Layton
Mr A S Barrow
Dr K E Knight
(Appointed 20 September 2023)
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

 

Information of matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.

Auditor

Following the merger of MHA Moore & Smalley with MHA, the group's independent auditor has now become MHA. The auditor, MHA, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

FCMS (NW) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
Energy and carbon report

FCMS (NW) Ltd is committed to managing its environmental impact and is fully aware that by considering the environment in our decision making we can have a beneficial impact on the company’s performance. Our key environmental impacts arise from:

 

Energy consumption in our sites

Transportation of goods

Use of our vehicle fleet

 

For the purpose of this report we disclose our consumption and emissions in accordance with the Environmental Reporting Guidelines as issued by the Department of Environment, Food & Rural Affairs (DEFRA), the Department for Business, Energy & Industrial Strategy (BEIS) and the Department for Energy Security and Net Zero (DESNZ).

 

To ensure there is no double counting of consumption, we have not included charging of Electric vehicles at one of our on site charging points within fuel consumed for transport as that will already have been included within electricity purchased.

 

Our reporting for Gas consumption is only based on the building we own – 88 Whitegate Drive, where some of our call handlers and support staff are based. We currently lease another building -Newfield House where we have no financial control over the Gas consumption as this is paid within our agreement therefore it is not included currently, however we are in discussion with the landlord to have full control of this.

 

Electricity purchased includes both buildings 88 Whitegate Drive and Newfield House.

 

2024
Energy consumption
kWh
Aggregate of energy consumption in the year
- Gas combustion
54,691
- Electricity purchased
102,624
- Fuel consumed for transport
371,752
529,067
2024
Emissions of CO2 equivalent
metric tonnes
Scope 1 - direct emissions
- Gas combustion
9.80
- Fuel consumed for owned transport
89.70
99.50
Scope 2 - indirect emissions
- Electricity purchased
21.30
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the company
-
Total gross emissions
120.80
Intensity ratio
Tonnes CO2e per full time equivalent
0.28
FCMS (NW) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
Quantification and reporting methodology

We have calculated the carbon emissions and kWh figures using the UK Government’s 2023 version 2.0 Conversion Factors for Company Reporting. All emissions are included where stated and include Scope 1 (direct emissions from owned road vehicles and transport where we are responsible for purchasing the fuel i.e fuel used for Fleet vehicles, Company Cars on business use and Fuel used in personal cars on business use) and Scope 2 (indirect emissions from purchased electricity).

Intensity measurement

Total carbon emissions per Whole Time Equivalent in the year to 31 March 2024 were 0.28 tCO2. As comparatives are not a statutory requirement in the first year of reporting we have opted to disclose accordingly. This is based on a full time equivalent staff number 427.1 .

Measures taken to improve energy efficiency

All lighting changed to LED from fluorescent.

 

All company vehicles have trackers installed to assist in our monitoring of mileage and driving standards. We are transitioning our fleet to electric/hybrid powered vehicles and 12.5 percent of our fleet are now fully electric.

 

Our expense policy has been reviewed and relaunched to staff highlighting the enhancements for car sharing.

 

We have had a larger more fit for purpose bike shed fitted at one of our sites to encourage the cycle to work scheme.

 

Lighting sensors have be fitted in communal areas at one site to help reduce energy comsunption.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of financial instruments and future developments.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Dr P C Smith
Director
25 September 2024
FCMS (NW) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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:

 

 

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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

FCMS (NW) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FCMS (NW) LIMITED
- 9 -
Opinion

We have audited the financial statements of FCMS (NW) Limited (the 'company') for the year ended 31 March 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 Auditor's 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 UK, including the FRC’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 auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

FCMS (NW) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FCMS (NW) LIMITED (CONTINUED)
- 10 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

 

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.

Matters on which we are required to report by exception

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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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.

Auditor's 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 auditor's 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 specific procedures for this audit and the extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

FCMS (NW) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FCMS (NW) LIMITED (CONTINUED)
- 11 -

 

 

 

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's 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.

Jenny McCabe FCA
Senior Statutory Auditor
For and on behalf of MHA, Statutory Auditor
Preston, United Kingdom
15 October 2024
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)
FCMS (NW) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
2024
2023
Notes
£
£
Turnover
3
43,595,848
42,378,258
Cost of sales
(37,447,044)
(36,234,477)
Gross profit
6,148,804
6,143,781
Administrative expenses
(6,191,677)
(6,000,969)
Other operating income
229,545
162,497
Operating profit
4
186,672
305,309
Other interest receivable and similar income
8
175,259
41,055
Fair value gains and losses on financial instruments
9
87,211
4,750
Profit before taxation
449,142
351,114
Tax on profit
10
(111,932)
(69,921)
Profit for the financial year
337,210
281,193

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

FCMS (NW) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 13 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
12
20,079
22,694
Tangible assets
13
1,432,416
1,418,957
Investments
14
311
311
1,452,806
1,441,962
Current assets
Stocks
16
60,810
64,816
Debtors
17
2,976,528
2,911,985
Cash at bank and in hand
6,276,168
6,822,002
9,313,506
9,798,803
Creditors: amounts falling due within one year
18
(6,626,471)
(7,440,347)
Net current assets
2,687,035
2,358,456
Total assets less current liabilities
4,139,841
3,800,418
Provisions for liabilities
Deferred tax liability
19
8,911
-
0
(8,911)
-
Government grants
21
(171,014)
(177,712)
Net assets
3,959,916
3,622,706
Capital and reserves
Called up share capital
22
-
0
-
0
Profit and loss reserves
3,959,916
3,622,706
Total equity
3,959,916
3,622,706
The financial statements were approved by the board of directors and authorised for issue on 25 September 2024 and are signed on its behalf by:
Dr P C Smith
Mrs K  Mason
Director
Director
Company registration number 05085990 (England and Wales)
FCMS (NW) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2022
-
0
3,341,513
3,341,513
Year ended 31 March 2023:
Profit and total comprehensive income
-
281,193
281,193
Balance at 31 March 2023
-
0
3,622,706
3,622,706
Year ended 31 March 2024:
Profit and total comprehensive income
-
337,210
337,210
Balance at 31 March 2024
-
0
3,959,916
3,959,916
FCMS (NW) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
26
(478,541)
333,720
Income taxes refunded/(paid)
98,270
(94,327)
Net cash (outflow)/inflow from operating activities
(380,271)
239,393
Investing activities
Purchase of intangible assets
(4,950)
-
0
Purchase of tangible fixed assets
(426,385)
(554,495)
Proceeds from disposal of tangible fixed assets
3,302
8,353
Interest received
150,183
27,700
Dividends received
25,076
13,355
Other income received from investments
87,211
4,750
Net cash used in investing activities
(165,563)
(500,337)
Net decrease in cash and cash equivalents
(545,834)
(260,944)
Cash and cash equivalents at beginning of year
6,822,002
7,082,946
Cash and cash equivalents at end of year
6,276,168
6,822,002
FCMS (NW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 16 -
1
Accounting policies
Company information

FCMS (NW) Limited is a company limited by guarantee, incorporated in England and Wales. Any surplus on a wind up will be given or transferred to some other institution or institutions with similar objectives to FCMS (NW) Limited. The registered office is Newfield House, Vicarage Lane, Blackpool, FY4 4EW.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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 pound.

The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken the section 402 exemption from the requirement to prepare group accounts as under section 405 all of its subsidiary undertakings could be excluded from consolidation in Companies Act group accounts. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for at least the 12 month period following approval of the accounts.

 

The directors have prepared forecasts which demonstrate the company has sufficient cash resource to pay its liabilities as they fall due for the 12 month period following approval of the accounts. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents amounts invoiced net of VAT for services provided to public sector and charitable organisations. Sales are recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the service, have been transferred to the customer.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Software
33.3% reducing balance
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

FCMS (NW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% straight line
Computer and office equipment
20 - 33.3% reducing balance
Leasehold fixtures & fittings
10% straight line
Motor vehicles
33% reducing balance
Medical equipment
25% reducing balance
Diagnostics medical equipment
20% straight line

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 recognised in the profit and loss account.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

FCMS (NW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost price is based on the latest purchase invoice price.

1.9
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.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

The company has no non-basic financial assets.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

FCMS (NW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

The company has no non-basic financial liabilities.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

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. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

FCMS (NW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 20 -
1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Certain employees are covered by the provisions of the NHS Pension Scheme. The scheme is an unfunded, defined benefit scheme that covers NHS employees, General Practices and other bodies, allowed under the direction of the Secretary of State, in England and Wales. The scheme is not designed to be run in a way that would enable FCMS (NW) Limited to identify its share of underlying scheme assets and liabilities. Therefore, the scheme is accounted for as if it were a defined contribution scheme: the cost of participating in the scheme is taken as equal to the contribution payable to the scheme for the accounting period. Surpluses and deficits on the pension scheme are the responsibility of the government.

 

In addition, some of the company's employees are members of a private defined contribution pension scheme, the assets of which are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

1.14
Government grants

Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets.

 

Grants and other contract income towards revenue expenditure which specify performance conditions are recognised in income when the performance conditions are met. Where such funding does not specify performance conditions it is recognised in income when the proceeds are received or receivable. Grant and other contract income received before the recognition criteria are satisfied is recognised as a liability.

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.

The directors do not believe there are any significant estimates or assumptions within the accounts for the year ended 31 March 2024.

FCMS (NW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 21 -
3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Turnover generated from principal activity
43,595,848
42,378,258
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
43,595,848
42,378,258
2024
2023
£
£
Other revenue
Interest income
150,183
27,700
Dividends received
25,076
13,355
Grants received
6,698
6,767
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
(6,698)
(6,767)
Depreciation of owned tangible fixed assets
371,945
309,580
Impairment of owned tangible fixed assets
29,222
-
0
Loss on disposal of tangible fixed assets
8,457
1,422
Amortisation of intangible assets
7,565
11,347
Operating lease charges
750,060
797,584
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
13,750
12,500
For other services
Taxation compliance services
2,145
1,950
Other taxation services
540
1,120
All other non-audit services
4,569
5,141
7,254
8,211
FCMS (NW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Management and administration
47
48
Direct service provision
702
761
Total
749
809

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
15,587,575
14,259,484
Social security costs
1,348,845
1,268,421
Pension costs
1,541,504
1,318,925
18,477,924
16,846,830
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
689,099
607,147
Company pension contributions to defined contribution schemes
51,556
44,446
740,655
651,593

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2023 - 3).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
134,200
130,550
Company pension contributions to defined contribution schemes
17,989
18,694
FCMS (NW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 23 -
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
150,183
27,700
Other income from investments
Dividends received
25,076
13,355
Total income
175,259
41,055
Disclosed on the profit and loss account as follows:
Other interest receivable and similar income
175,259
41,055
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
150,183
27,700
Dividends from financial assets measured at fair value through profit or loss
25,076
13,355
9
Exceptional item
2024
2023
£
£
Fair value gains/(losses) on financial instruments
Change in value of financial assets held at fair value through profit or loss
87,211
4,750
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
101,912
83,986
Adjustments in respect of prior periods
(2,256)
-
0
Total current tax
99,656
83,986
Deferred tax
Origination and reversal of timing differences
12,276
(13,564)
Adjustment in respect of prior periods
-
0
(501)
Total deferred tax
12,276
(14,065)
Total tax charge
111,932
69,921
FCMS (NW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
10
Taxation
(Continued)
- 24 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
449,142
351,114
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
112,286
66,712
Tax effect of expenses that are not deductible in determining taxable profit
31,388
38,294
Tax effect of income not taxable in determining taxable profit
(29,486)
(3,325)
Adjustments in respect of prior years
(2,256)
-
0
Effect of change in corporation tax rate
-
0
(3,255)
Deferred tax adjustments in respect of prior years
-
0
(501)
Superdeduction enhanced relief
-
0
(28,004)
Taxation charge for the year
111,932
69,921
11
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2024
2023
Notes
£
£
In respect of:
Property, plant and equipment
13
29,222
-
0
Recognised in:
Administrative expenses
29,222
-

£29,222 (2023 - £-) of impairment losses are recognised in administration expenses in the profit and loss account.

FCMS (NW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 25 -
12
Intangible fixed assets
Software
£
Cost
At 1 April 2023
116,794
Additions
4,950
At 31 March 2024
121,744
Amortisation and impairment
At 1 April 2023
94,100
Amortisation charged for the year
7,565
At 31 March 2024
101,665
Carrying amount
At 31 March 2024
20,079
At 31 March 2023
22,694

 

13
Tangible fixed assets
Freehold land and buildings
Computer and office equipment
Leasehold fixtures & fittings
Motor vehicles
Medical equipment
Total
£
£
£
£
£
£
Cost
At 1 April 2023
529,062
864,056
539,854
50,892
546,463
2,530,327
Additions
-
0
220,127
1,499
23,500
181,259
426,385
Disposals
-
0
(336)
-
0
-
0
(32,421)
(32,757)
At 31 March 2024
529,062
1,083,847
541,353
74,392
695,301
2,923,955
Depreciation and impairment
At 1 April 2023
171,459
370,200
359,568
22,599
187,544
1,111,370
Depreciation charged in the year
10,581
183,278
78,737
10,074
89,275
371,945
Impairment losses
-
0
-
0
-
0
16,871
12,351
29,222
Eliminated in respect of disposals
-
0
(322)
-
0
-
0
(20,676)
(20,998)
At 31 March 2024
182,040
553,156
438,305
49,544
268,494
1,491,539
Carrying amount
At 31 March 2024
347,022
530,691
103,048
24,848
426,807
1,432,416
At 31 March 2023
357,603
493,856
180,286
28,293
358,919
1,418,957
FCMS (NW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
13
Tangible fixed assets
(Continued)
- 26 -

More information on impairment movements in the year is given in note 11.

14
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
15
311
311
15
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
FCMS Dental Limited
England & Wales
Dormant
Ordinary
49.00
51.00
Fylde Coast Medical Services Limited
England & Wales
Dormant
Ordinary
98.00
-
Urgent Dental Services (NW) Limited
England & Wales
Dormant
Ordinary
100.00
-
PDS (Medical) Limited
England & Wales
Dormant
Ordinary
100.00
-

The registered office for all subsidiaries is Newfield House, Vicarage Lane, Blackpool, FY4 4EW.

FCMS Dental Limited has not traded during the year ended 31 March 2024. Its capital and reserves at 31 March 2024 was £51.

Fylde Coast Medical Services Limited has not traded during the year ended 31 March 2024. Its capital and reserves at 31 March 2024 was £153.

Urgent Dental Services (NW) Limited has not traded during the year ended 31 March 2024. Its capital and reserves at 31 March 2024 was £100.

PDS (Medical) Limited has not traded during the year ended 31 March 2024. Its capital and reserves at 31 March 2024 was £100.

16
Stocks
2024
2023
£
£
Consumables
60,810
64,816
FCMS (NW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 27 -
17
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,399,407
2,015,051
Corporation tax recoverable
-
0
96,014
Other debtors
4,442
-
0
Prepayments and accrued income
572,679
797,555
2,976,528
2,908,620
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 19)
-
0
3,365
Total debtors
2,976,528
2,911,985
18
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
173,194
204,316
Amounts owed to group undertakings
1,815
1,815
Corporation tax
101,912
-
0
Other taxation and social security
398,703
384,860
Other creditors
243,302
159,363
Accruals and deferred income
5,707,545
6,689,993
6,626,471
7,440,347
19
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Balances:
£
£
£
£
Accelerated capital allowances
284,751
-
-
(264,504)
Short term timing differences
(275,840)
-
-
267,869
8,911
-
-
3,365
FCMS (NW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
19
Deferred taxation
(Continued)
- 28 -
2024
Movements in the year:
£
Asset at 1 April 2023
(3,365)
Charge to profit or loss
12,276
Liability at 31 March 2024
8,911

The deferred tax asset set out above relating to short term timing differences on retirement benefits, holiday pay and charity donations is expected to reverse in all material respects within twelve months of the balance sheet date.

 

At the signing of these financial statements the company has not finalised its capital expenditure programme for the forthcoming year and therefore an assessment as to the likely movement of fixed asset timing differences cannot be made.

20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to Statement of Comprehensive Income in respect of defined contribution schemes
1,541,504
1,318,925

Certain employees are covered by the provisions of the NHS Pension Scheme. The scheme is an unfunded, defined benefit scheme that covers NHS employees, General Practices and other bodies, allowed under the direction of the Secretary of State, in England and Wales. As detailed in accounting policy 1.15, the scheme is accounted for as if it were a defined contribution scheme.

 

In addition some of the company's employees are members of a private defined contribution pension scheme.

 

At the year end an amount of £231,870 was payable to the pension schemes (2023: £162,846).

21
Deferred income
2024
2023
£
£
Deferred government capital grants
171,014
177,712
22
Share capital

The company has no share capital but is limited by guarantee. In the event of a wind up each members' liability is limited to £1.

 

Any surplus on a wind up will be given to a charitable institution with similar objectives to FCMS (NW) Limited.

FCMS (NW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 29 -
23
Financial commitments, guarantees and contingent liabilities

In the event of the business ceasing and the property on Whitegate Drive being sold a payment equal to the original grant of £157,437 will be payable to the local Primary Care Trust, or its successor body, who helped fund the original investment. A legal charge over the property was taken out which is still in place. The directors currently have no intentions of ceasing the trade and selling the property and do not therefore believe that any potential liability under this agreement will crystallise in the foreseeable future.

24
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
170,475
189,621
Between two and five years
90,355
210,516
In over five years
237,870
-
0
498,700
400,137
25
Related party transactions
Remuneration of key management personnel

The key management personnel are considered to be the directors of the company has taken advantage of the exemption permitted under Section 33 'Related Party Disclosures' paragraph 33.7A from disclosing key management personnel remuneration.

Transactions with related parties

During the year the company entered into the following transactions with related parties:

Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Other related parties
323,173
223,773
5,267,150
5,172,221

During the year the company employed close family members of directors and key management personnel. Total remuneration, including employer's national insurance and employer's pension contributions, paid to these employees in the year was £138,502 (2023: £114,905).

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
153
153
FCMS (NW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
25
Related party transactions
(Continued)
- 30 -

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Other related parties
1,416
-
Other information

The company has taken advantage of the exemption permitted under Section 33 'Related Party Disclosures' paragraph 33.1A from disclosing transactions with wholly owned subsidiary companies. The disclosures stated above therefore exclude transactions with such parties.

26
Cash (absorbed by)/generated from operations
2024
2023
£
£
Profit for the year after tax
337,210
281,193
Adjustments for:
Taxation charged
111,932
69,921
Investment income
(175,259)
(41,055)
Loss on disposal of tangible fixed assets
8,457
1,422
Amortisation and impairment of intangible assets
7,565
11,347
Depreciation and impairment of tangible fixed assets
401,167
309,580
Other gains and losses
(87,211)
(4,750)
Decrease in deferred income
(6,698)
(6,767)
Movements in working capital:
Decrease/(increase) in stocks
4,006
(11,035)
Increase in debtors
(163,922)
(442,744)
(Decrease)/increase in creditors
(915,788)
166,608
Cash (absorbed by)/generated from operations
(478,541)
333,720
27
Analysis of changes in net funds
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
6,822,002
(545,834)
6,276,168
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