REGISTERED NUMBER: 03156031 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Audited Consolidated Financial Statements for the Year Ended 31st March 2024 |
for |
South East London Doctors Co Operative |
Limited |
REGISTERED NUMBER: 03156031 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Audited Consolidated Financial Statements for the Year Ended 31st March 2024 |
for |
South East London Doctors Co Operative |
Limited |
South East London Doctors Co Operative |
Limited (Registered number: 03156031) |
Contents of the Consolidated Financial Statements |
for the Year Ended 31st March 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Income Statement | 10 |
Consolidated Other Comprehensive Income | 11 |
Consolidated Balance Sheet | 12 |
Company Balance Sheet | 13 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Financial Statements | 18 |
South East London Doctors Co Operative |
Limited |
Company Information |
for the Year Ended 31st March 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
& Statutory Auditors |
1-3 Manor Road |
Chatham |
Kent |
ME4 6AE |
South East London Doctors Co Operative |
Limited (Registered number: 03156031) |
Group Strategic Report |
for the Year Ended 31st March 2024 |
The directors present their strategic report of the company and the group for the year ended 31st March 2024. |
REVIEW OF BUSINESS |
The SELDOC group, which is made up of SELDOC, its wholly owned subsidiary Seldoc Healthcare Limited and majority owned subsidiary Verve Healthcare Limited, delivers urgent care, primary care, out of hours healthcare, clinical assessment services, secondary care support and workplace wellness services, to local communities and customers. It is a clinically led organization ensuring that both robust clinical governance and patient requirements remain at the forefront of its approach. |
SELDOC is a patient-first healthcare provider with GP-led primary care. SELDOC delivers services in collaboration with partners across the NHS landscape, including Hospital Trusts, Ambulance Services, GP practices, Federations, Primary Care Networks, Commissioners, social enterprises and private sector organisations. Many of the services are integrated with 111, and a highly trained workforce triage patients to ensure they receive the appropriate clinical care. As well as treating patients face to face there are some remote appointments outside normal hours and, where clinically necessary, SELDOC see people in their own homes. SELDOC ensures every decision is focused on the best outcome for each patient. |
The cooperative benefits both service users and Practice members by providing a range of quality healthcare services which are set within a corporate structure to ensure compliance and good Governance and make a positive difference for patients. The commitment of GP practice members and SELDOC staff are the major factors in its ongoing success to provide cost efficient services to the membership. SELDOC invested in Verve Healthcare Limited as a new entity within the Group in 2023 to further expand and diversify in a challenging external economic landscape. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The Group operates in an industry sector, which is under continued pressure from increasing demand with funding constraints. The directors have been able to deal with these pressures, and the resultant uncertainties, due to the preservation of a strong balance sheet and diversified activities. This flexibility has been particularly evident in the creation of new and enhanced clinical activities. |
The delivery of service level requirements is the backbone to successful contract renewal and gains. The SELDOC group continues to work hand-in-glove with a multi-skilled clinical workforce to achieve and exceed these service level requirements. |
The Co Operative has made investment funds available to its subsidiary Verve Healthcare Ltd and its ability to continue to do so is dependent upon the continued success of the SELDOC model. |
KEY PERFORMANCE INDICATORS (KPI'S) |
The group's key financial performance indicators take into account the Co Operative nature of the organisation. Utilisation of accumulated funds by way of Charges Refunds facilitates a substantial investment in Primary Care by the members of the Co Operative acting as service providers. The Balance Sheet strength still underpins the stability of the Co Operative, which is sought by contract awarders, and quality provision, which is more difficult to measure within a KPI measure due to its diverse application, is of significant importance to the Co Operative. Retained earnings are detailed in the consolidated statement of changes in equity on page 14 and reflect the attention to financial detail when running the contracts. No further financial KPI analysis is considered necessary for an understanding of the financial development, performance, and position of the group. |
In all areas, SELDOC focuses on the achievement of target service levels to ensure that patient care is delivered in line with best practice. This focus on patient experience and quality care resulted in SELDOC maintaining its CQC Assessment of 'good' for all its services. |
South East London Doctors Co Operative |
Limited (Registered number: 03156031) |
Group Strategic Report |
for the Year Ended 31st March 2024 |
FUTURE DEVELOPMENTS |
SELDOC will continue to expand its role in delivering healthcare services and assisting the wider NHS. The Directors appreciate that only a dynamic organization can have a secure future and therefore intend to preserve the strengths whilst building diverse structures into the business model. In so doing, it will extend its reach to a broader range of communities and will be able to develop new partnerships with complimentary organisations. The directors will optimise the use of both the human and capital resources available within the group. Verve Healthcare Ltd is fulfilling some of these aspirations as a new start up with careful investment which is reflected in a slower pace of growth. Seldoc Healthcare Ltd has been subsumed within the SELDOC delivery rather than a distinct organisation as this improves clarity around the range of health services provided. |
ON BEHALF OF THE BOARD: |
13th August 2024 |
South East London Doctors Co Operative |
Limited (Registered number: 03156031) |
Report of the Directors |
for the Year Ended 31st March 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31st March 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of the provision of unscheduled primary medical care services. |
DIVIDENDS |
No dividends have been or will be distributed for the year ended 31st March 2023. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1st April 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
DISCLOSURE IN THE STRATEGIC REPORT |
Certain matters required by regulation to be dealt with in the annual report have been dealt with in the strategic report, rather than the Directors' report. These include the review of the business, the principal risks and uncertainties, key performance indicators and future developments commentaries. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group and of the surplus or deficit of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
South East London Doctors Co Operative |
Limited (Registered number: 03156031) |
Report of the Directors |
for the Year Ended 31st March 2024 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Beak Kemmenoe, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
South East London Doctors Co Operative |
Limited |
Opinion |
We have audited the financial statements of South East London Doctors Co Operative Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st March 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31st March 2024 and of the group's surplus 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 group 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 group's and the parent 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 statements, 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 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. |
Opinions 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
South East London Doctors Co Operative |
Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company 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 Statement of Directors' Responsibilities set out on page four, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
South East London Doctors Co Operative |
Limited |
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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- 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 business 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, employment 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; and |
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
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 set out in note 3 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; |
- reading the minutes of meetings of those charged with governance; |
- enquiring of management as to actual and potential litigation and claims; and |
- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors. |
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 Report of the Auditors. |
Report of the Independent Auditors to the Members of |
South East London Doctors Co Operative |
Limited |
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 a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
& Statutory Auditors |
1-3 Manor Road |
Chatham |
Kent |
ME4 6AE |
South East London Doctors Co Operative |
Limited (Registered number: 03156031) |
Consolidated |
Income Statement |
for the Year Ended 31st March 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 10,794,305 | 11,337,841 |
Cost of sales | 7,138,311 | 7,431,951 |
GROSS SURPLUS | 3,655,994 | 3,905,890 |
Administrative expenses | 3,460,863 | 3,458,219 |
OPERATING SURPLUS | 5 | 195,131 | 447,671 |
Interest receivable and similar income | 15,519 | 6,815 |
SURPLUS BEFORE TAXATION | 210,650 | 454,486 |
Tax on surplus | 6 | - | (36,461 | ) |
SURPLUS FOR THE FINANCIAL YEAR |
Surplus attributable to: |
Owners of the parent | 366,267 | 535,070 |
Non-controlling interests | (155,617 | ) | (44,123 | ) |
210,650 | 490,947 |
South East London Doctors Co Operative |
Limited (Registered number: 03156031) |
Consolidated |
Other Comprehensive Income |
for the Year Ended 31st March 2024 |
2024 | 2023 |
Notes | £ | £ |
SURPLUS FOR THE YEAR | 210,650 | 490,947 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
210,650 |
490,947 |
Total comprehensive income attributable to: |
Owners of the parent | 366,253 | 535,070 |
Non-controlling interests | (155,603 | ) | (44,123 | ) |
210,650 | 490,947 |
South East London Doctors Co Operative |
Limited (Registered number: 03156031) |
Consolidated Balance Sheet |
31st March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 | 73,346 | 88,995 |
Tangible assets | 9 | 168,834 | 249,346 |
Investments | 10 | - | - |
242,180 | 338,341 |
CURRENT ASSETS |
Debtors | 11 | 1,232,011 | 1,816,243 |
Cash at bank and in hand | 3,999,064 | 3,498,192 |
5,231,075 | 5,314,435 |
CREDITORS |
Amounts falling due within one year | 12 | 987,872 | 1,378,057 |
NET CURRENT ASSETS | 4,243,203 | 3,936,378 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
4,485,383 |
4,274,719 |
RESERVES |
Income and expenditure account | 14 | 4,685,109 | 4,318,842 |
4,685,109 | 4,318,842 |
NON-CONTROLLING INTERESTS | (199,726 | ) | (44,123 | ) |
TOTAL EQUITY | 4,485,383 | 4,274,719 |
The financial statements were approved by the Board of Directors and authorised for issue on 13th August 2024 and were signed on its behalf by: |
K Westcott - Director |
S J Pink - Director |
South East London Doctors Co Operative |
Limited (Registered number: 03156031) |
Company Balance Sheet |
31st March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
Investments | 10 |
CURRENT ASSETS |
Debtors | 11 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
RESERVES |
Income and expenditure account | 14 |
Company's profit for the financial year | 1,043,688 | 675,961 |
The financial statements were approved by the Board of Directors and authorised for issue on |
South East London Doctors Co Operative |
Limited (Registered number: 03156031) |
Consolidated Statement of Changes in Equity |
for the Year Ended 31st March 2024 |
Retained | Non-controlling | Total |
earnings | Total | interests | equity |
£ | £ | £ | £ |
Balance at 1st April 2022 | 3,783,772 | 3,783,772 | - | 3,783,772 |
Changes in equity |
Total comprehensive income | 535,070 | 535,070 | (44,123 | ) | 490,947 |
Balance at 31st March 2023 | 4,318,842 | 4,318,842 | (44,123 | ) | 4,274,719 |
Changes in equity |
Total comprehensive income | 366,267 | 366,267 | (155,603 | ) | 210,664 |
Balance at 31st March 2024 | 4,685,109 | 4,685,109 | (199,726 | ) | 4,485,383 |
South East London Doctors Co Operative |
Limited (Registered number: 03156031) |
Company Statement of Changes in Equity |
for the Year Ended 31st March 2024 |
Retained | Total |
earnings | equity |
£ | £ |
Balance at 1st April 2022 |
Changes in equity |
Total comprehensive income |
Balance at 31st March 2023 |
Changes in equity |
Total comprehensive income |
Balance at 31st March 2024 |
South East London Doctors Co Operative |
Limited (Registered number: 03156031) |
Consolidated Cash Flow Statement |
for the Year Ended 31st March 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 479,147 | 260,077 |
Tax paid | 13,006 | (110,909 | ) |
Net cash from operating activities | 492,153 | 149,168 |
Cash flows from investing activities |
Purchase of intangible fixed assets | (6,800 | ) | (88,995 | ) |
Purchase of tangible fixed assets | - | (279,450 | ) |
Sale of tangible fixed assets | - | 20,390 |
Interest received | 15,519 | 6,815 |
Net cash from investing activities | 8,719 | (341,240 | ) |
Increase/(decrease) in cash and cash equivalents | 500,872 | (192,072 | ) |
Cash and cash equivalents at beginning of year |
2 |
3,498,192 |
3,690,264 |
Cash and cash equivalents at end of year | 2 | 3,999,064 | 3,498,192 |
South East London Doctors Co Operative |
Limited (Registered number: 03156031) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 31st March 2024 |
1. | RECONCILIATION OF SURPLUS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Surplus before taxation | 210,650 | 454,486 |
Depreciation charges | 99,113 | 77,078 |
Loss on disposal of fixed assets | 3,848 | 14,024 |
Minority interest equity | 14 | - |
Finance income | (15,519 | ) | (6,815 | ) |
298,106 | 538,773 |
Decrease in trade and other debtors | 571,226 | 872,017 |
Decrease in trade and other creditors | (390,185 | ) | (1,150,713 | ) |
Cash generated from operations | 479,147 | 260,077 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31st March 2024 |
31.3.24 | 1.4.23 |
£ | £ |
Cash and cash equivalents | 3,999,064 | 3,498,192 |
Year ended 31st March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 3,498,192 | 3,690,264 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.4.23 | Cash flow | At 31.3.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 3,498,192 | 500,872 | 3,999,064 |
3,498,192 | 500,872 | 3,999,064 |
Total | 3,498,192 | 500,872 | 3,999,064 |
South East London Doctors Co Operative |
Limited (Registered number: 03156031) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31st March 2024 |
1. | STATUTORY INFORMATION |
South East London Doctors Co Operative Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The consolidated financial statements present the results of the group and its subsidiary as if they form a single entity. Intercompany transactions and balances between the group companies are therefore eliminated in full. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
South East London Doctors Co Operative |
Limited (Registered number: 03156031) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31st March 2024 |
3. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 2,824,246 | 2,811,489 |
Social security costs | 224,248 | 278,365 |
Other pension costs | 62,521 | 78,664 |
3,111,015 | 3,168,518 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Operational | 58 | 109 |
Administrative | 27 | 26 |
Directors | 8 | 11 |
2024 | 2023 |
£ | £ |
Directors' remuneration | 260,848 | 390,009 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 1 | 1 |
Information regarding the highest paid director is as follows: |
2024 | 2023 |
£ | £ |
Emoluments etc | 159,999 | 182,561 |
South East London Doctors Co Operative |
Limited (Registered number: 03156031) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31st March 2024 |
5. | OPERATING SURPLUS |
The operating surplus is stated after charging: |
2024 | 2023 |
£ | £ |
Depreciation - owned assets | 76,664 | 77,078 |
Loss on disposal of fixed assets | 3,848 | 14,024 |
Development costs amortisation | 22,449 | - |
Auditors' remuneration | 18,600 | 21,000 |
Auditors' remuneration for non audit work | 2,700 | 1,140 |
6. | TAXATION |
Analysis of the tax credit |
The tax credit on the surplus for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax | - | (35,255 | ) |
Deferred tax | - | (1,206 | ) |
Tax on surplus | - | (36,461 | ) |
Reconciliation of total tax credit included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Surplus before tax | 210,650 | 454,486 |
Surplus multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19 %) |
52,663 |
86,352 |
Effects of: |
Depreciation in excess of capital allowances | - | 1,206 |
Income / expenditure not subject to corporation tax due to mutual status | (52,663 | ) | (122,813 | ) |
Deferred tax charge | - | (1,206 | ) |
Total tax credit | - | (36,461 | ) |
7. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
South East London Doctors Co Operative |
Limited (Registered number: 03156031) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31st March 2024 |
8. | INTANGIBLE FIXED ASSETS |
Group |
Development |
costs |
£ |
COST |
At 1st April 2023 | 88,995 |
Additions | 6,800 |
At 31st March 2024 | 95,795 |
AMORTISATION |
Amortisation for year | 22,449 |
At 31st March 2024 | 22,449 |
NET BOOK VALUE |
At 31st March 2024 | 73,346 |
At 31st March 2023 | 88,995 |
9. | TANGIBLE FIXED ASSETS |
Group |
Improvements |
to | Plant and |
property | machinery | Totals |
£ | £ | £ |
COST |
At 1st April 2023 | 279,450 | 101,998 | 381,448 |
Disposals | - | (67,195 | ) | (67,195 | ) |
At 31st March 2024 | 279,450 | 34,803 | 314,253 |
DEPRECIATION |
At 1st April 2023 | 40,753 | 91,349 | 132,102 |
Charge for year | 69,863 | 6,801 | 76,664 |
Eliminated on disposal | - | (63,347 | ) | (63,347 | ) |
At 31st March 2024 | 110,616 | 34,803 | 145,419 |
NET BOOK VALUE |
At 31st March 2024 | 168,834 | - | 168,834 |
At 31st March 2023 | 238,697 | 10,649 | 249,346 |
South East London Doctors Co Operative |
Limited (Registered number: 03156031) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31st March 2024 |
9. | TANGIBLE FIXED ASSETS - continued |
Company |
Improvements |
to | Plant and |
property | machinery | Totals |
£ | £ | £ |
COST |
At 1st April 2023 |
Disposals | ( |
) | ( |
) |
At 31st March 2024 |
DEPRECIATION |
At 1st April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
10. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1st April 2023 |
and 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
South East London Doctors Co Operative |
Limited (Registered number: 03156031) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31st March 2024 |
10. | FIXED ASSET INVESTMENTS - continued |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Hanover House, 76 Coombe Road, Kingston upon Thames, KT2 7AZ |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: Hanover House, 76 Coombe Road, Kingston upon Thames, KT 7AZ |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Loss for the year | ( |
) | ( |
) |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 942,915 | 1,481,568 |
Other debtors | 6,146 | 31,164 |
Corporation tax | 35,255 | 48,261 |
Prepayments and accrued income | 247,695 | 255,250 |
1,232,011 | 1,816,243 |
South East London Doctors Co Operative |
Limited (Registered number: 03156031) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31st March 2024 |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade creditors | 615,229 | 742,783 |
Social security and other taxes | 52 | 143,785 |
Other creditors | 85,592 | 83,219 |
Accruals and deferred income | 286,999 | 408,270 |
987,872 | 1,378,057 |
13. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year | 16,673 | 14,374 |
Between one and five years | 114,225 | 211,510 |
130,898 | 225,884 |
Company |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
14. | RESERVES |
Group |
Income |
and |
expenditure |
account |
£ |
At 1st April 2023 | 4,318,842 |
Surplus for the year | 366,267 |
At 31st March 2024 | 4,685,109 |
South East London Doctors Co Operative |
Limited (Registered number: 03156031) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31st March 2024 |
14. | RESERVES - continued |
Company |
Income |
and |
expenditure |
account |
£ |
At 1st April 2023 |
Surplus for the year |
At 31st March 2024 |
15. | LIMITED BY GUARANTEE |
The Group is limited by the guarantee of its Members, who undertake to pay a maximum of £1 each in the event of the Group being wound up. There is, therefore, no ultimate controlling party. |