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Registered number: 04322086









MEDICSPRO LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
MEDICSPRO LIMITED
 
 
COMPANY INFORMATION


Directors
R Prince 
P Johnson 




Registered number
04322086



Registered office
111-115 North Street

Romford

England

RM1 1ES




Independent auditor
Barnes Roffe LLP
Chartered Accountants
Statutory Auditor

Leytonstone House

Leytonstone

London

E11 1GA





 
MEDICSPRO LIMITED
 

CONTENTS



Page
Strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditor's report
 
5 - 8
Statement of comprehensive income
 
9
Balance sheet
 
10
Statement of changes in equity
 
11
Notes to the financial statements
 
12 - 28


 
MEDICSPRO LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024

Introduction
 
The director presents the strategic report for the year ended 29 February 2024.

Business review
 
The business has had another strong year with turnover reaching almost £57.5m (2023: £60.6m).  Obtaining this level of turnover and consistency, is due to the business continuing to operate on multiple regulatory frameworks providing a steady stream of income across numerous trusts and healthcare settings.
NHS waiting lists were still high during the year due to the backlog of delayed and cancelled procedures which occurred during the pandemic, and the following few years.  The NHS are focussing on this backlog and trying to increase patient operations, which we have assisted with various medical staff and practitioners.
The company has seen a rise in demand in certain areas that we specialise in, which has supported our business activity. We are a primary framework supplier of temporary staff to some major NHS trusts and hospitals, as well as private sector organisations, in these areas of speciality.
During the year the company achieved Gross profits of £7.34m 
(2023: £7.87m), Gross profit margin of 12.78% (2023: 12.99%) and Operating profits of £1.2m (2023: £1.83m).

Principal risks and uncertainties
 
The market is heavily regulated and dependant on effective compliance and auditing is a key condition of the frameworks which we operate on. The Group has a Compliance team and is well placed to manage this risk with effective management controls in place. We have established a Governance and Audit team to ensure all policies and procedures are adhered to, and that any legislative changes are reflected in our terms of business and contracts.
Economic risk
The continuing steady business levels for year-ended 29th February 2024 shows that the company is well placed within the market and has built up a strong reputation and brand within the healthcare recruitment industry.  The GP margin rate of 12.78% (2023:12.99%), enabled the company to achieve Gross Profits of £7.34m for the year.  This level of business and profit has helped to mitigate cashflow pressures and associated risks. 
The company seeks to manage and minimise financial risk by ensuring that sufficient funding is available at all times to meet foreseeable needs.

Financial key performance indicators
 
The business considers the following to be its key performance indicators:
Net Turnover:
The Company achieved net Turnover of £57.4m, a 5.2% decrease from prior period (2023: £60.6m).
Gross Profit:
The Company achieved gross profit of £7.34m, a 6.7% decrease from prior period (2023: £7.87m).
Direct customer and account related KPI’s are completed throughout the business and are monitored monthly by the management accounts team. 

Page 1

 
MEDICSPRO LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024

Going concern
 
As discussed in the going concern accounting policy, the Directors consider that the group remains a going concern. Financial forecasts have been prepared by management and demonstrate that the group is expected to have sufficient cash to enable it to meet its liabilities as they become due.
Post period end, the monthly management accounts have continued to show positive results with the gross margin remaining strong throughout this period. As turnover continues to increase, cash-flow restrictions ease. Cash-flow projections for the 12 months post period-end do not indicate any further support will be needed from the group’s banking partners, or any cash injections from the directors will be required.

Future developments
 
The directors do not believe that the business will change significantly in the foreseeable future.


This report was approved by the board on 17 October 2024 and signed on its behalf.



R Prince
Director

Page 2

 
MEDICSPRO LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024

The directors present their report and the financial statements for the year ended 29 February 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments 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 transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Principal activity

The principal activity of the company continued to be that of the recruitment and placement of staff in the medical sector. 

Results and dividends

The profit for the year, after taxation, amounted to £745,926 (2023 - £1,602,755).

Ordinary dividends were paid amounting to £920,000 (2023 - £1,320,000). The directors do not recommend payment of a final dividend. 

Directors

The directors who served during the year were:

R Prince 
P Johnson 

Page 3

 
MEDICSPRO LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Auditor

The auditor, Barnes Roffe LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 17 October 2024 and signed on its behalf.
 





R Prince
Director

Page 4

 
MEDICSPRO LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MEDICSPRO LIMITED
 

Opinion


We have audited the financial statements of Medicspro Limited (the 'Company') for the year ended 29 February 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 Company's affairs as at 29 February 2024 and of its profit 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 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 United Kingdom, including the Financial Reporting Council'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.


Page 5

 
MEDICSPRO LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MEDICSPRO LIMITED (CONTINUED)


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.


Opinion 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 Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

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.


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:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the 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 Directors' responsibilities statement set out on page 3, 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.


Page 6

 
MEDICSPRO LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MEDICSPRO LIMITED (CONTINUED)


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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

ensuring that the engagement team collectively had the appropriate competence, capabilities and skills to identify non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the Company through discussions with directors, and from our commercial knowledge and experience of the relevant sector, including Companies Act 2006;
we assessed the extent of the compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
laws and regulations were communicated within the audit team at the planning meeting, and the audit 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 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;
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;
reviewing the financial statements and testing the disclosures against supporting documentation;
performing analytical procedures to identify any unusual or unexpected trends or anomalies;
inspecting and testing journal entries to identify unusual or unexpected transactions; and
assessing whether judgement and assumptions made in determining significant accounting estimates were indicative of management bias.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditor's report.


Page 7

 
MEDICSPRO LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MEDICSPRO LIMITED (CONTINUED)


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 2006Our 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.





Andrew May ACCA (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants
Statutory Auditor
Leytonstone House
Leytonstone
London
E11 1GA

18 October 2024
Page 8

 
MEDICSPRO LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 FEBRUARY 2024

2024
2023
Note
£
£

  

Turnover
 4 
57,447,776
60,578,949

Cost of sales
  
(50,104,855)
(52,710,547)

Gross profit
  
7,342,921
7,868,402

Administrative expenses
  
(6,145,031)
(6,039,981)

Operating profit
 5 
1,197,890
1,828,421

Income from fixed asset investments
  
400,000
400,000

Loss on disposal of investment
  
(266,494)
-

Interest payable and similar expenses
 9 
(365,599)
(316,536)

Profit before tax
  
965,797
1,911,885

Tax on profit
 10 
(219,871)
(309,130)

Profit for the financial year
  
745,926
1,602,755

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 12 to 28 form part of these financial statements.

Page 9

 
MEDICSPRO LIMITED
REGISTERED NUMBER: 04322086

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
20,274
40,730

Tangible assets
 13 
192,157
243,149

Investments
 14 
1
596,495

  
212,432
880,374

Current assets
  

Debtors: amounts falling due within one year
 15 
6,479,341
7,581,491

Cash at bank and in hand
  
859,363
18,653

  
7,338,704
7,600,144

Creditors: amounts falling due within one year
 16 
(6,226,918)
(7,002,221)

Net current assets
  
 
 
1,111,786
 
 
597,923

Total assets less current liabilities
  
1,324,218
1,478,297

Provisions for liabilities
  

Deferred tax
 17 
(28,287)
(39,309)

Net assets
  
1,295,931
1,438,988


Capital and reserves
  

Called up share capital 
 18 
250,000
250,000

Profit and loss account
 19 
1,045,931
1,188,988

  
1,295,931
1,438,988


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 12 to 28 form part of these financial statements.

Page 10

 
MEDICSPRO LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 March 2022
250,000
875,216
1,125,216


Comprehensive income for the year

Profit and total comprehensive invome for the period
-
1,602,755
1,602,755

Dividends
-
(1,320,000)
(1,320,000)

Share-based payment charge
-
31,017
31,017



At 1 March 2023
250,000
1,188,988
1,438,988


Comprehensive income for the year

Profit and total comprehensive income for the year
-
745,926
745,926

Dividends: Equity capital
-
(920,000)
(920,000)

Share-based payment charge
-
31,017
31,017


At 29 February 2024
250,000
1,045,931
1,295,931


The notes on pages 12 to 28 form part of these financial statements.

Page 11

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

1.


General information

Medicspro Limited ("the Company") is a private company limited by shares and is registered and incorporated in England and Wales. The registered office is 111-115 North Street, Romford, Essex, RM1 1ES.  
The Company's principal activities and nature of its operations are disclosed in the Director's report.  

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

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

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Urban Recruitment Group Limited as at 29 February 2024 and these financial statements may be obtained from 111-115 North Street, Romford, Essex, RM1 1ES.

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

Page 12

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

2.Accounting policies (continued)

 
2.4

Going concern

The financial statements have been prepared on a going concern basis as the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future.
In arriving at this conclusion, the Directors have taken into consideration the results for the year ended 29 February 2024 together with the current results and 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 Group 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. 

  
2.5

Foreign currency translation

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date.
All translation differences are taken to profit or loss.

  
2.6

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts.
Income relating to temporary staff is recognised in the period to which it relates when billed for each month.
Income relating to placement of permanent candidates is recognised at the point candidates commence their placements.

  
2.7

Operating Leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 13

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

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

  
2.10

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.

  
2.11

Share based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.
Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

Page 14

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

2.Accounting policies (continued)

 
2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

 
2.13

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Software
-
5 and a half years

 
2.14

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 15

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

2.Accounting policies (continued)


2.14
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful live on the following bases:

Leasehold improvements
-
over the life of the lease
Fixtures and fittings
-
20 - 25% straight line
Computers
-
10 - 33% 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.

 
2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

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. 

  
2.16

Debtors

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

  
2.17

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.

  
2.18

Creditors

Short term creditors are measured at the transaction price.

 
2.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.20

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.
Page 16

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

2.Accounting policies (continued)


2.20
Financial instruments (continued)


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.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

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 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.

Page 17

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

2.Accounting policies (continued)

  
2.21

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 the profit and loss account with other interest charges.

 
2.22

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.


Judgments in applying accounting policies 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.
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical judgments in applying the entity's accounting policies
No significant judgments have had to be made by management in preparing these financial statements.  
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows: 
Share based payments
The assumptions underpinning the fair value of the share options and likelihood of share options being exercisable are key sources of estimation uncertainty. In particular, these include the valuation of the Company, vesting period, volatility and risk free rate.
 

Page 18

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

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Recruitment and placement of staff
57,447,776
60,578,949


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
57,447,776
60,578,949



5.


Operating profit/(loss)

The operating profit/(loss) is stated after charging:

2024
2023
£
£

Operating lease charges
189,332
208,574

Fees payable to the company's auditor for the audit of the Company's financial statements
12,600
12,600

Fees payable to the company's auditor for all other non-audit services of the Company's financial statements
45,685
6,100

Depreciation of owned tangible fixed assets
52,715
69,417

Amortisation of intangible assets
20,456
20,456

Page 19

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

6.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
4,240,125
4,436,725

Social security costs
426,214
467,931

Cost of defined contribution scheme
82,977
82,876

4,749,316
4,987,532


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


        2024
        2023
            No.
            No.







Management
8
8



Administration and sales
111
111



Temporary locums
90
104

209
223


7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
196,979
194,223

Company contributions to defined contribution pension schemes
1,321
1,321

198,300
195,544



8.


Income from fixed asset investments

29 February
28 February
2024
2023
£
£
Income from fixed asset investments

400,000

400,000
 

Page 20

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

9.


Interest payable and similar expenses

2024
2023
£
£


Other interest
180,000
180,000

Interest on invoice financing arrangements
185,599
136,536

365,599
316,536


10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
230,893
306,653


Deferred tax


Origination and reversal of timing differences
(11,022)
2,477


Taxation on profit on ordinary activities
219,871
309,130

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 24.49% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
965,797
1,911,885


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 24.49% (2023 - 19%)
236,524
363,258

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
83,523
10,108

Movement in deferred tax
-
2,477

Other adjustments leading to a change in the tax charge
-
9,287

Non-taxable income
(97,967)
(76,000)

Adjustment from previous periods
(2,026)
-

Tax rate changes
(183)
-

Total tax charge for the year
219,871
309,130

Page 21

 
MEDICSPRO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
 
10.Taxation (continued)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.




11.


Dividends

29 February
28 February
2024
2023
£
£


Dividends declared and paid
920,000
1,320,000

Post year end and prior to the approval of the accounts, dividends of £165,000 were declared. 


12.


Intangible assets






Software

£



Cost


At 1 March 2023
227,947



At 29 February 2024

227,947



Amortisation


At 1 March 2023
187,217


Charge for the year on owned assets
20,456



At 29 February 2024

207,673



Net book value



At 29 February 2024
20,274



At 28 February 2023
40,730



Page 22

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

13.


Tangible fixed assets







Fixtures and fittings
Computers
Leasehold Improvements
Total

£
£
£
£



Cost or valuation


At 1 March 2023
283,922
538,078
369,220
1,191,220


Additions
1,103
620
-
1,723



At 29 February 2024

285,025
538,698
369,220
1,192,943



Depreciation


At 1 March 2023
237,928
529,972
180,171
948,071


Charge for the year on owned assets
16,965
5,841
29,909
52,715



At 29 February 2024

254,893
535,813
210,080
1,000,786



Net book value



At 29 February 2024
30,132
2,885
159,140
192,157



At 28 February 2023
45,994
8,106
189,049
243,149

Page 23

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

14.


Fixed asset investments








Shares in group undertakings

£



Cost


At 1 March 2023
796,495


Disposals
(796,494)



At 29 February 2024

1





At 1 March 2023
200,000


Impairment on disposals
(200,000)



At 29 February 2024

-



Net book value



At 29 February 2024
1



At 28 February 2023
596,495


Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Medicspro Healthcare Limited
1)
Recruitment and placement of medical staff
Ordinary
100%

Registered Office address: 
1) 111-115 North Street, Romford, Essex, RM1 1ES. 

Page 24

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

15.


Debtors

29 February
28 February
2024
2023
£
£


Trade debtors
4,311,641
4,999,082

Amounts owed by group undertakings
958,886
798,677

Other debtors
83,916
82,748

Prepayments and accrued income
1,124,898
1,700,984

6,479,341
7,581,491


Trade debtors have been pledged as security against amounts due in respect of financed trade receivables (note 16).


16.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Trade creditors
377,532
542,329

Amounts owed to group undertakings
839,262
878,586

Corporation tax
147,554
307,163

Other taxation and social security
144,337
494,904

Invoice discounting
2,609,704
2,825,699

Other creditors
50,458
18,722

Accruals and deferred income
2,058,071
1,934,818

6,226,918
7,002,221


The invoice discounting facilities of £2,609,704 (2023 - £2,825,699) are secured by fixed and floating charges over all assets of the Company, including the trade debtors of the Company (note 15). 

Page 25

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

17.


Deferred taxation






2024
2023


£

£






At beginning of year
(39,309)
(36,832)


Utilised in year
11,022
(2,477)



At end of year
(28,287)
(39,309)

The deferred tax balance is made up as follows:

29 February
28 February
2024
2023
£
£


Accelerated capital allowances
(28,287)
(39,309)

Comprising:

Deferred tax liability
(28,287)
(39,309)



18.


Share capital

29 February
28 February
2024
2023
£
£
Allotted, called up and fully paid



250,000 (2023 - 250,000) Ordinary shares of £1.00 each
250,000
250,000

The Company‘s ordinary shares, which carry no right to fixed income, each carry the right to one vote at general meetings of the Company.



19.


Reserves

Profit and loss account

Cumulative profit and loss net of distributions to owners.

Page 26

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

20.


Share-based payments

Weighted average exercise price (pence)
2024
Number
2024
Weighted average exercise price
(pence)
2023
Number
2023

Outstanding at the beginning of the year

0.046

719,790

0.059
 
317,490
 
Granted during the year


-

0.036
 
409,800
 
Lapsed during the year

0.040

(3,200)

0.059
 
(7,500)
 
Outstanding at the end of the year
0.046

716,590

0.046
 
719,790
 

29 February
28 February
2024
2023

Weighted average share price (pence)


27

27
 
Weighted average exercise (pence)


4

4
 
Expected volatility


10

10
 
Risk-free interest rate


5

5
 

At the year end, there were 316,990 options with exercise price of £0.059 outstanding with the remaining term ranging between 2 to 6 years. In addition, 399,600 options with exercise price of £0.036 were outstanding and had a remaining term of 10 years.
The weighted average fair value of options granted in the year was determined using the Black-Scholes option pricing model. The Black-Scholes model is considered to apply the most appropriate valuation method due to the relatively short contractual lives of the options and the requirement to exercise within a short period after the employee becomes entitled to the shares (the “vesting date”).
The expected life used in the model has been adjusted, based on management’s best estimate, for the effect of non-transferability, exercise restrictions, and behavioural considerations.
Non-vesting conditions and market conditions are taken into account when estimating the fair value of the option at grant date. Service conditions and non-market performance conditions are taken into account by adjusting the number of options expected to vest at each reporting date.
Inputs were as per the above. 

29 February
28 February
2024
2023
£
£


Share based payment charge
31,017
31,017

Page 27

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

21.


Contingent liabilities

At the period end date, the Company has provided a guarantee in respect of the liabilities of a subsidiary. It is impractical to estimate the financial effect of this commitment. 


22.


Pension commitments

The Company operates a defined contributions pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £82,977 (2023 - £82,876). Contributions totalling £19,424 (2023 - £18,056) were payable to the fund at the balance sheet date and are included within Other creditors. 


23.


Commitments under operating leases

At 29 February 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

29 February
28 February
2024
2023
£
£


Not later than 1 year
176,352
176,352

Later than 1 year and not later than 5 years
705,408
705,408

Later than 5 years
44,088
220,440

925,848
1,102,200


24.


Related party transactions

The Company discloses transactions with related parties which are not wholly owned within the same Group. It does not disclose transactions with members of the same group that are wholly owned.
Transactions with group companies are not disclosed by virtue of the exemption claimed under FRS102 paragraph 33.1A. The group publishes consolidated accounts. 


25.


Ultimate controlling party

The Company's immediate and ultimate parent company is Urban Recruitment Group Limited, a company incorporated 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.

 
Page 28