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Registered number: 06769276









MEDICSPRO HEALTHCARE LIMITED









FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
MEDICSPRO HEALTHCARE LIMITED
REGISTERED NUMBER: 06769276

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
                                                                    Note
£
£

  

Intangible assets
 4 
-
-

Tangible assets
 5 
-
-

  
-
-

Current assets
  

Debtors: amounts falling due within one year
 6 
1,699,509
1,136,972

Cash at bank and in hand
  
77,070
12,475

  
1,776,579
1,149,447

Creditors: amounts falling due within one year
 7 
(1,675,710)
(1,074,003)

Net current assets
  
 
 
100,869
 
 
75,444

Total assets less current liabilities
  
100,869
75,444

  

Net assets
  
100,869
75,444


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
100,868
75,443

  
100,869
75,444


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 October 2024.



R Prince
Director

The notes on pages 2 to 8 form part of these financial statements.

Page 1

 
MEDICSPRO HEALTHCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Medicspro Healthcare Limited is a private company limited by shares and is registered, domiciled and incorporated in England and Wales. The registered office is 111-115 North Street, Romford, Essex, RM1 1ES.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the Company.
Monetary amounts in these financial statements are rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis as the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future.
In arriving at this conclusion, the directors have taken into consideration the group results for the year ended 29 February 2024 together with the current results and group cashflow forecasts for 12 months from the date of signing of the financial statements.
Based on the forecasts prepared the directors are satisfied that the Company is in a position to meet its liabilities as they fall due over the next 12 months from the date of signing of these financial statements.

 
2.3

Revenue

Revenue is recognised by the company in respect of services supplied during the year, exclusive of Value Added Tax and trade discounts.
Income relating to temporary staff is recognised in the period to which it relates when billed for each month.

Page 2

 
MEDICSPRO HEALTHCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.5

Intangible assets

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 1 year.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25 % straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 3

 
MEDICSPRO HEALTHCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. 

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary
Page 4

 
MEDICSPRO HEALTHCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)


2.10
Financial instruments (continued)

course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

  
2.11

Invoice discounting

Trade debtors are subject to a financing agreement whereby an advance is received based upon and secured against trade receivables.
Where the company has retained significant benefits and risks relating to the factored debts, separate presentation is adopted whereby the gross debts and a corresponding liability in respect of the advance received are shown separately on the balance sheet. The interest element of the factor's charges is recognised as it accrues and is included in profit or loss with other interest charges.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

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


        2024
        2023
            No.
            No.







Director
2
2



Temporary locums
21
19

23
21

Page 5

 
MEDICSPRO HEALTHCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

4.


Intangible assets






Goodwill

£



Cost


At 1 March 2023
90,000



At 29 February 2024

90,000



Amortisation


At 1 March 2023
90,000



At 29 February 2024

90,000



Net book value



At 29 February 2024
-



At 28 February 2023
-



Page 6

 
MEDICSPRO HEALTHCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


Tangible fixed assets







Fixtures and fittings

£



Cost or valuation


At 1 March 2023
12,000



At 29 February 2024

12,000



Depreciation


At 1 March 2023
12,000



At 29 February 2024

12,000



Net book value



At 29 February 2024
-



At 28 February 2023
-


6.


Debtors

29 February
28 February
2024
2023
£
£


Trade debtors
523,399
349,075

Amounts owed by group undertakings
928,694
704,036

Other debtors
9,525
4,014

Prepayments and accrued income
237,891
79,847

1,699,509
1,136,972


Trade debtors have been pledged as security against amounts due in respect of financed trade receivables.

Page 7

 
MEDICSPRO HEALTHCARE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

7.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Trade creditors
7,903
15,658

Amounts owed to group undertakings
958,886
833,812

Corporation tax
116,094
87,061

Other taxation and social security
14,431
4,011

Invoice discounting
405,234
57,812

Other creditors
7,008
913

Accruals and deferred income
166,154
74,736

1,675,710
1,074,003


The invoice discounting facility of £405,234 (2023 - £57,812) is secured by way of fixed and floating charges over the assets of the company, including the trade debtors of the company.


8.


Related party transactions

The Company has taken the exemption from disclosing related party transactions with wholly owned subsidiaries within the Group under FRS 102 Section 33.1A.


9.


Controlling party

The immediate parent undertaking is Medicspro Limited, a Company incorporated in the United Kingdom and registered in England and Wales. 
The smallest and largest group in which the results of the company are consolidated is that headed by Urban Recruitment Group Limited. The consolidated accounts of Urban Recruitment Group Limited are available from its registered office, 111-115 North Street, Romford, Essex, RM1 1ES.


10.


Auditors' information

The auditors' report on the financial statements for the year ended 29 February 2024 was unqualified.

The audit report was signed on 18 October 2024 by Andrew May ACCA (Senior statutory auditor) on behalf of Barnes Roffe LLP.

 
Page 8