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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: S J Pink
R Rastogi
K Westcott
J Patel
C John
S Braysher
I L Ayres





REGISTERED OFFICE: Hanover House
76 Coombe Road
Kingston upon Thames
KT2 7AZ





REGISTERED NUMBER: 03156031 (England and Wales)





AUDITORS: Beak Kemmenoe
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:





S J Pink - Director


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.

S J Pink
R Rastogi
K Westcott
J Patel
C John
S Braysher
I L Ayres

Other changes in directors holding office are as follows:

R H Jetha - resigned 31st December 2023

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:





K Westcott - Director


13th August 2024

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.




Ronald Price FCA (Senior Statutory Auditor)
for and on behalf of Beak Kemmenoe
Chartered Accountants
& Statutory Auditors
1-3 Manor Road
Chatham
Kent
ME4 6AE

13th August 2024

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 210,650 490,947
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 9 168,834 249,346
Investments 10 76 76
168,910 249,422

CURRENT ASSETS
Debtors 11 2,560,877 2,224,688
Cash at bank 3,965,152 3,448,275
6,526,029 5,672,963
CREDITORS
Amounts falling due within one year 12 1,537,489 1,808,623
NET CURRENT ASSETS 4,988,540 3,864,340
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,157,450

4,113,762

RESERVES
Income and expenditure account 14 5,157,450 4,113,762
5,157,450 4,113,762

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 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)

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 3,437,801 3,437,801

Changes in equity
Total comprehensive income 675,961 675,961
Balance at 31st March 2023 4,113,762 4,113,762

Changes in equity
Total comprehensive income 1,043,688 1,043,688
Balance at 31st March 2024 5,157,450 5,157,450

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 private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

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
The financial statements have been prepared under the historical cost convention.

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.

Development costs are being amortised evenly over their estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - over the period of life of the lease
Plant and machinery - 33% on cost, 15% on reducing balance, 20 - 33.3% on cost & 15 - 25% on wdv and over the period of life of the lease

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
93 146

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 279,450 101,997 381,447
Disposals - (67,195 ) (67,195 )
At 31st March 2024 279,450 34,802 314,252
DEPRECIATION
At 1st April 2023 40,753 91,348 132,101
Charge for year 69,863 6,801 76,664
Eliminated on disposal - (63,347 ) (63,347 )
At 31st March 2024 110,616 34,802 145,418
NET BOOK VALUE
At 31st March 2024 168,834 - 168,834
At 31st March 2023 238,697 10,649 249,346

10. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1st April 2023
and 31st March 2024 76
NET BOOK VALUE
At 31st March 2024 76
At 31st March 2023 76

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

SELDOC Healthcare Limited
Registered office: Hanover House, 76 Coombe Road, Kingston upon Thames, KT2 7AZ
Nature of business: Out of hours medical cover
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 551,062 528,648
Profit for the year 22,414 182,678

Verve Healthcare Limited
Registered office: Hanover House, 76 Coombe Road, Kingston upon Thames, KT 7AZ
Nature of business: Health and wellbeing
%
Class of shares: holding
A;B Ordinary & Growth Shares 84.00
2024 2023
£    £   
Aggregate capital and reserves (1,223,053 ) (367,605 )
Loss for the year (855,452 ) (367,690 )


11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 942,915 1,481,568 942,841 1,481,568
Other debtors 6,146 31,164 1,436,521 523,763
Corporation tax 35,255 48,261 - -
Prepayments and accrued income 247,695 255,250 181,515 219,357
1,232,011 1,816,243 2,560,877 2,224,688

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 615,229 742,783 583,538 1,013,731
Social security and other taxes 52 143,785 52 87,680
Other creditors 85,592 83,219 677,252 312,694
Accruals and deferred income 286,999 408,270 276,647 394,518
987,872 1,378,057 1,537,489 1,808,623

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 16,673 14,374
Between one and five years 114,225 211,510
130,898 225,884

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 4,113,762
Surplus for the year 1,043,688
At 31st March 2024 5,157,450


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.