Company registration number 11172424 (England and Wales)
NORTH CUMBRIA PRIMARY CARE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
NORTH CUMBRIA PRIMARY CARE LIMITED
COMPANY INFORMATION
Directors
Mrs K McAllister
Ms E Clark
(Appointed 1 April 2023)
Dr J E Daly
(Appointed 1 April 2023)
Company number
11172424
Registered office
Morton Surgery
Langrigg Road
Carlisle
CA2 6DT
Auditor
MHA
14 Mannin Way
Lancaster Business Park
Lancaster
LA1 3SW
NORTH CUMBRIA PRIMARY CARE LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 6
Directors' responsibilities statement
7
Independent auditor's report
8 - 10
Profit and loss account
11
Group statement of comprehensive income
12
Group balance sheet
13
Company balance sheet
14
Group statement of changes in equity
15
Company statement of changes in equity
16
Group statement of cash flows
17
Notes to the financial statements
18 - 34
NORTH CUMBRIA PRIMARY CARE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

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

Fair review of the business

North Cumbria Primary Care (NCPC) was initially set up in 2019 as a collaborative response to the local challenges of GP recruitment and sustainability of Primary Care services in North Cumbria. As a not for profit enterprise our aim is to create a network of great family practices by building a multidisciplinary and multispecialty model of primary care and creating a platform to support general practice at scale with the benefit of an umbrella structure to provide support. All income we receive in funding and from other business activities goes into supporting the organisation, our staff, and our services. Any surpluses that we make are committed to improving quality of care, supporting staff or reducing inequalities (we look after 60% of the most deprived patients in North Cumbria). No dividends are paid to shareholders. All clinical and non-clinical staff, including Directors and GPs, are employed by NCPC and receive a salary.

The first GP practice joined NCPC in August 2019 steadily increasing to eleven practices by July 2020. In early 2021 the five practices in Workington merged to form one town wide practice and in April 2023 two practices in Whitehaven merged.

Our six practices span rural and urban communities from Carlisle to Bootle, operating over sixteen sites and serving over 100,000 patients; one third of the population of North Cumbria. We employ more than 350 staff. Practices are grouped into three geography localities; Carlisle, Copeland and Workington. Clinical and operational Locality Leads work with practice managers to run our sites. The management support team provide advice and support in areas such as managing service contracts, HR, finance and business development. As NCPC develops, further back office at scale working is planned.

NCPC provides Lead GPs with dedicated development, leadership, and training time. We have GP training practices in each locality to “grow our own” GPs and encourage our students to stay with us, commit to North Cumbria, and join us on our journey to improve patient care. We are thinking creatively and working hard to attract GPs, including continuing our discretionary self-funded golden hello and GP trainer recognition schemes, attending local and national recruitment, skills and careers fairs, and linking with the new Pears Medical School in Carlisle (with whom one of our salaried GPs holds the Head of Primary Care role) and working in collaboration with partner organisations including Health Education England. We have also recruited in a wide range of other clinical areas including paramedics, mental health practitioners, advanced clinical practitioners, physician associates and pharmacists to supplement our GP resource. Integral to our model is the support, training and development of our multidisciplinary teams, this includes recruiting for trainee ACPs on the new Newcastle ACP training which is focussing on Primary Care ACPs. We have a number of apprentices, offering training and development in both clinical and non-clinical areas of the practices and tier 2 sponsorship is available for GPs wishing to join from overseas who require a visa to work. One practice has been accepted to provide placements for those GPs who are Returning to general practice. We are also developing joint GP roles with Cumbria Health On Call and a joint post with NCIC combining work in the Community Hospital and Primary Care. The role of GP Registrars and F2 doctors is now well embedded in the practices.

Primary Care is under huge pressure with rising demand and a steady decline in GPs per 1000 patients nationally since 2016 – this workforce crisis is felt most acutely in coastal areas of North Cumbria. We are the front door to our healthcare system and cover a huge range of services and increasing complexity of patient care. On a daily basis we can provide health advice, home visits, face to face consultations, prescriptions, minor illness and injuries services, ongoing care for chronic conditions, health screening, vaccinations, antenatal care, fit notes, referrals to secondary care, and much more.

Despite the ongoing recruitment challenges, we continue to provide increasing numbers of appointments each year by utilising our growing multidisciplinary teams and adapting our clinical delivery to include telephone and online options for patients, in additional to traditional face to face appointments. .

Over the last 12 months, the practices have handled the impact of industrial action in local hospitals, the ambulance service and doctors in training who are working within primary care, and the impact of secondary care backlogs on primary care demand.

NORTH CUMBRIA PRIMARY CARE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

NCPC work closely with local practice participation groups who are integral to supporting feedback and improvements for our patients

NCPC are members of three Primary Care Networks – Carlisle Network, Copeland and Workington. Primary Care Networks work with our practices to provide complimentary primary care services.

We regularly meet with local councillors, Members of Parliament, and other community leaders to work together to solve our community health challenges.

There have been some significant changes to the way primary care is commissioned with the abolition of Primary Care Clinical Commissioning Groups (CCGs) and the creation of a wider Integrated Care Board (ICB), covering North Cumbria and the North East. Whilst this is still being established and changes continue we have ongoing dialogue with our colleagues in the newly formed ICB in order to access any available support and funding for primary care services.

Principal risks and uncertainties

NCPC maintains a risk register covering both operational and clinical risks. Risks and uncertainties are reviewed at quarterly leadership and Board meetings. Risks are mitigated using a range of policies and standard operating procedures. All our practices were inspected by CQC during 2022 and 2023 with all achieving a “Good” rating.

Our key strategic risks are:

  1. Change of government, NHS Contractual Arrangements and financial sustainability

 

NCPC holds five NHS General Medical Services (GMS) contracts and one Alternative Medical Services (APMS) contract. The NHS Long term Plan provided some certainty of funding under these contracts for the five years from April 2019 to March 2024. For 12 months from 1 April 2024 the contracts have been rolled over; substantially the same contract as the previous five years. Whilst these contracts run in perpetuity the change of government and associated policy bring uncertainty around future funding arrangements, and routes of funding which bring challenges to financial planning.

 

In addition to the 2024 autumn budget announcements have brought additional budgetary pressures. Whilst we anticipate the some funding towards these additional costs, at

the date of signing these financial statements the government hasn’t published any details on contractual funding arrangements from 1 April 2025. It has therefore been necessary for financial forecasts to assume broadly similar funding continues to be received under the GMS and APMS contracts with an uplift to contribute to the additional costs derived from the budget announcements.

    

Provided future funding is broadly similar to historic arrangements with an uplift to reflect the additional costs derived from the autumn 2024 budget, and given the company’s significant cash reserves, the directors’ are confident of NCPC’s financial sustainability.

NORTH CUMBRIA PRIMARY CARE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

 

2. Workforce recruitment and retention

Recruitment of GPs in all practices, particularly those in West Cumbria, continues to be challenging and wider staff recruitment is hampered by competition for limited skills and inequality of pay between General Practice and other NHS providers through Agenda for Change arrangements. In addition, all practices have experienced challenges with recruitment in other clinical and administration roles too. Retention of nursing and ACPs is impacted by competitive pay from other local organisations, whilst administration teams are impacted by firms with a national presence improving their pay and terms to attract staff in response to inflationary pressures and where availability of staff is limited.

 

GP locum costs absorb a significant share our finances, which presents a financial risk to the business if costs escalate. In addition, the high locum earnings obtainable make it less attractive for GPs to join NCPC as a salaried GP. In 2024/25 NCPC has entered into a preferred supplier agreement with a locum agency for both temporary and permanent GP recruitment. To mitigate the cost risk to the sustainability of NCPC, limits continue to be placed on locum spend with monthly monitoring in place and approval required for breach of the limit. This represents a challenge for all our practices and our clinical models. PCN clinical roles help to support our workforce with a diverse range of multidisciplinary roles.

 

NCPC must also fund any recruitment attraction incentives; the discretionary golden hello and GP trainer recognition schemes offered, as we are ineligible to access the national new to partnership (Golden Hello) scheme because we offer a salaried GP model (as opposed to the traditional partnership model).

 

Health and wellbeing of our workforce is a priority for NCPC, increasing demands for Primary Care services and shortages of some clinical staff have an impact on our workforce. We are currently working towards the Better Health at Work Award.

 

3. Estates

 

NCPC operates over sixteen sites, with a varied estate from purpose built health centres constructed in the 1970 and 1980, to more recent builds in the early 2000s and some surgeries created from former residential house conversions. Years of under-investment in estate by predecessor contract holders presents NCPC with a significant programme of planned improvement and maintenance work to ensure the condition of the estate does not deteriorate further, and where possible is brought up to CQC and DDA compliant standards.

 

 

NORTH CUMBRIA PRIMARY CARE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
Key performance indicators

In 2023/24 a surplus of £787,878 (2022/23 £136,107) has been generated, maintaining a strong balance sheet position with net assets of £3,158,590 (2022/23 £2,350,712).

 

2023/24 concluded in line with forecast performance. Turnover was forecast to be lower due to the minimal contractual uplift of 2.6% initially awarded by the government. However this was revised following the DDRB review with the government confirming a further £2.45 per weighted patient would be awarded backdated to 1 April 2023. This brought the total Global sum uplift to 5%, and along with non-recurring income and PCN surpluses gave rise to turnover of £2.1m greater than forecast. The vast majority of the additional funding received, excluding PCN surpluses, was spent on workforce costs during the year.

 

As with most businesses, NCPC has continued to be impacted by inflation and rising interest rates; with energy costs rising by just over 11% and an additional £71k in loan interest. Under-investment in estate by predecessor contract holders continues to give rise to significant repair bills at some sites. NCPC also continued with a programme of planned maintenance to improve the condition of the estate and facilities for patients and team members. These additional costs have been offset by savings achieved through re-procurement of some contracts.

 

Locum GP costs continue to drain the resources of primary care with 19% (2022/23 16%) of NCPCs total workforce costs spent on locums.

The future

Our focus is

  1. Workforce planning – a workforce fit for the future

 

2. Improving workflow and working at scale to create efficiencies

 

3. Improving patient experience

On behalf of the board

Mrs K McAllister
Director
14 November 2024
NORTH CUMBRIA PRIMARY CARE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -

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

Principal activities

The principal activity of the company and group continued to be that of general medical practice activities.

Results and dividends

The results for the year are set out on page 11.

The group operates as a social enterprise and it's Memorandum and Articles of Association do not permit the payment of dividends.

 

Directors

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

Mrs K McAllister
Ms E Clark
(Appointed 1 April 2023)
Dr J E Daly
(Appointed 1 April 2023)
Disabled persons

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

Employee involvement

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

 

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

 

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

Auditor

Following the merger of MHA Moore & Smalley with MHA, the company's independent auditor has now become MHA. A resolution to reappoint MHA as independent auditor will be proposed at the next Annual General Meeting.

Strategic report

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

NORTH CUMBRIA PRIMARY CARE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
Statement of disclosure to auditor

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

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mrs K McAllister
Director
14 November 2024
NORTH CUMBRIA PRIMARY CARE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

NORTH CUMBRIA PRIMARY CARE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NORTH CUMBRIA PRIMARY CARE LIMITED
- 8 -
Opinion

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

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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 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.

NORTH CUMBRIA PRIMARY CARE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NORTH CUMBRIA PRIMARY CARE LIMITED
- 9 -

Opinions on other matters prescribed by the Companies Act 2006

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

 

In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below:

 

NORTH CUMBRIA PRIMARY CARE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NORTH CUMBRIA PRIMARY CARE LIMITED
- 10 -

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 is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Jenny McCabe FCA
Senior Statutory Auditor
For and on behalf of MHA, Statutory Auditor
Lancaster, United Kingdom
18 November 2024
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)
NORTH CUMBRIA PRIMARY CARE LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
2024
2023
Notes
£
£
Turnover
3
19,886,757
18,525,464
Cost of sales
(1,020,195)
(1,206,122)
Gross profit
18,866,562
17,319,342
Administrative expenses
(17,581,190)
(17,007,075)
Operating profit
4
1,285,372
312,267
Interest receivable and similar income
7
222
-
0
Interest payable and similar expenses
8
(208,473)
(136,854)
Profit before taxation
1,077,121
175,413
Tax on profit
9
(289,243)
(39,306)
Profit for the financial year
787,878
136,107
Profit for the financial year is all attributable to the owners of the parent company.
NORTH CUMBRIA PRIMARY CARE LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
2024
2023
£
£
Profit for the year
787,878
136,107
Other comprehensive income
-
-
Total comprehensive income for the year
787,878
136,107
Total comprehensive income for the year is all attributable to the owners of the parent company.
NORTH CUMBRIA PRIMARY CARE LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 13 -
2024
2023
Notes
£
£
£
£
Fixed assets
Negative goodwill
10
(290,975)
-
0
Tangible assets
11
3,412,623
3,474,536
Current assets
Stocks
14
101,546
117,721
Debtors
15
3,508,417
3,077,461
Cash at bank and in hand
2,397,317
1,796,694
6,007,280
4,991,876
Creditors: amounts falling due within one year
16
(5,620,183)
(3,123,333)
Net current assets
387,097
1,868,543
Total assets less current liabilities
3,508,745
5,343,079
Creditors: amounts falling due after more than one year
17
(370,155)
(2,992,367)
Net assets
3,138,590
2,350,712
Capital and reserves
Called up share capital
21
200
200
Profit and loss reserves
3,138,390
2,350,512
Total equity
3,138,590
2,350,712

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 14 November 2024 and are signed on its behalf by:
14 November 2024
Mrs K McAllister
Director
Company registration number 11172424 (England and Wales)
NORTH CUMBRIA PRIMARY CARE LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 14 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
3,408,112
3,474,536
Investments
12
5
-
0
3,408,117
3,474,536
Current assets
Stocks
14
97,742
117,721
Debtors
15
3,510,314
3,077,461
Cash at bank and in hand
2,019,569
1,796,694
5,627,625
4,991,876
Creditors: amounts falling due within one year
16
(5,527,162)
(3,123,333)
Net current assets
100,463
1,868,543
Total assets less current liabilities
3,508,580
5,343,079
Creditors: amounts falling due after more than one year
17
(370,155)
(2,992,367)
Net assets
3,138,425
2,350,712
Capital and reserves
Called up share capital
21
200
200
Profit and loss reserves
3,138,225
2,350,512
Total equity
3,138,425
2,350,712

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £787,713 (2023 - £136,107 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 14 November 2024 and are signed on its behalf by:
14 November 2024
Mrs K McAllister
Director
Company registration number 11172424 (England and Wales)
NORTH CUMBRIA PRIMARY CARE LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2022
200
2,214,405
2,214,605
Year ended 31 March 2023:
Profit and total comprehensive income
-
136,107
136,107
Balance at 31 March 2023
200
2,350,512
2,350,712
Year ended 31 March 2024:
Profit and total comprehensive income
-
787,878
787,878
Balance at 31 March 2024
200
3,138,390
3,138,590
NORTH CUMBRIA PRIMARY CARE LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 16 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2022
200
2,214,405
2,214,605
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
136,107
136,107
Balance at 31 March 2023
200
2,350,512
2,350,712
Year ended 31 March 2024:
Profit and total comprehensive income
-
787,713
787,713
Balance at 31 March 2024
200
3,138,225
3,138,425
NORTH CUMBRIA PRIMARY CARE LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 17 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
694,696
765,736
Interest paid
(208,473)
(136,854)
Income taxes paid
(44,376)
(311,324)
Net cash inflow from operating activities
441,847
317,558
Investing activities
Cash acquired on business combination
312,913
-
Purchase of tangible fixed assets
(27,159)
(55,433)
Proceeds from disposal of tangible fixed assets
-
37,865
Interest received
222
-
0
Net cash generated from/(used in) investing activities
285,976
(17,568)
Financing activities
Repayment of borrowings
14,363
6,904
Repayment of bank loans
(141,563)
(137,614)
Net cash used in financing activities
(127,200)
(130,710)
Net increase in cash and cash equivalents
600,623
169,280
Cash and cash equivalents at beginning of year
1,796,694
1,627,414
Cash and cash equivalents at end of year
2,397,317
1,796,694
NORTH CUMBRIA PRIMARY CARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 18 -
1
Accounting policies
Company information

North Cumbria Primary Care Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Morton Surgery, Langrigg Road, Carlisle, CA2 6DT.

 

The group consists of North Cumbria Primary Care Limited and all of its subsidiaries.

1.1
Accounting convention

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

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

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

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

NORTH CUMBRIA PRIMARY CARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company North Cumbria Primary Care Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

The parent company and consolidated financial statements are made up to 31 March 2024. The subsidiary financial statements are made up to 31 July 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover represents monies receivable from the National Health Service to provide day time and other medical services. Turnover is shown net of sales/​value added tax, returns, rebates and discounts.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business 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 12 months from 31 March 2024.

1.7
Tangible fixed assets

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

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

Freehold land and buildings
2% straight line
Fixtures and fittings
3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.8
Fixed asset investments

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

NORTH CUMBRIA PRIMARY CARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 20 -

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

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

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

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

1.10
Stocks

Stocks represents purchased goods stated at cost (including taxes, transport and handling) net of trade discounts received. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to sell. The impairment loss is recognised immediately in profit or loss.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

NORTH CUMBRIA PRIMARY CARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 21 -
1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.12
Financial instruments

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

 

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

 

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

Basic financial assets

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

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

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

 

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

Derecognition of financial assets

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

Classification of financial liabilities

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

NORTH CUMBRIA PRIMARY CARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 22 -
Basic financial liabilities

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

 

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

 

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

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. The group is not permitted to pay dividends in accordance with its Memorandum and Articles of Association.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

NORTH CUMBRIA PRIMARY CARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 23 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

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

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

Rentals payable under operating leases, including any lease incentives received, 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 leased asset are consumed.

1.18

Retirement benefits

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

 

The company also operates a defined contribution scheme under NEST for those employees not eligible for the NHS Pension Scheme.

NORTH CUMBRIA PRIMARY CARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 24 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
19,886,757
18,525,464
2024
2023
£
£
Turnover analysed by geographical market
19,886,757
18,525,464
2024
2023
£
£
Other revenue
Interest income
222
-
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Fees payable to the group's auditor for the audit of the group's financial statements
29,010
23,640
Depreciation of owned tangible fixed assets
93,697
129,647
Profit on disposal of tangible fixed assets
-
(414)
Operating lease charges
693,160
616,632
NORTH CUMBRIA PRIMARY CARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 25 -
5
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Directors
3
2
3
2
GPs
38
42
38
42
Nursing, dispensary and other health care
110
99
109
99
Management
21
19
20
19
Administrative
175
196
175
196
Total
347
358
345
358

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
9,808,750
9,825,546
9,756,609
9,825,546
Social security costs
917,162
952,897
900,185
952,897
Pension costs
1,284,693
1,240,556
1,271,082
1,240,556
12,010,605
12,018,999
11,927,876
12,018,999
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
284,058
246,764

The number of directors for whom retirement benefits are accruing under defined benefit schemes amounted to 3 (2023 - 1).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
114,581
137,378
Accrued pension at the end of the year
16,477
881
NORTH CUMBRIA PRIMARY CARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
222
-
8
Interest payable and similar expenses
2024
2023
£
£
Other interest
208,473
136,854
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
273,314
69,388
Adjustments in respect of prior periods
-
0
(335)
Total current tax
273,314
69,053
Deferred tax
Origination and reversal of timing differences
15,929
(29,747)
Total tax charge
289,243
39,306

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

2024
2023
£
£
Profit before taxation
1,077,121
175,413
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
269,280
33,328
Tax effect of expenses that are not deductible in determining taxable profit
19,963
15,763
Tax effect of income not taxable in determining taxable profit
-
0
(2,310)
Effect of change in corporation tax rate
-
(7,139)
Under/(over) provided in prior years
-
0
(336)
Taxation charge
289,243
39,306
NORTH CUMBRIA PRIMARY CARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
9
Taxation
(Continued)
- 27 -

Factors affecting future tax charges

 

The standard rate of tax applied to the profit on ordinary activities is 25% (2023: 19%). The Finance Act 2021, which was substantially enacted on 24 May 2021, created a 25% main rate, 19% small profits rate and a marginal rate which is effective from 1 April 2023. Deferred tax has been calculated at 25% (2023: 25%) which is the rate that the deferred tax assets and liabilities are expected to crystalise.

10
Intangible fixed assets
Group
Negative goodwill
£
Cost
At 1 April 2023
-
0
Additions - business combinations
(290,975)
At 31 March 2024
(290,975)
Amortisation and impairment
At 1 April 2023 and 31 March 2024
-
0
Carrying amount
At 31 March 2024
(290,975)
At 31 March 2023
-
0
The company had no intangible fixed assets at 31 March 2024 or 31 March 2023.
NORTH CUMBRIA PRIMARY CARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 28 -
11
Tangible fixed assets
Group
Freehold land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2023
3,652,085
194,682
3,846,767
Additions
-
0
27,159
27,159
Business combinations
-
0
9,409
9,409
At 31 March 2024
3,652,085
231,250
3,883,335
Depreciation and impairment
At 1 April 2023
212,174
160,057
372,231
Depreciation charged in the year
73,042
20,655
93,697
Business combinations
-
0
4,784
4,784
At 31 March 2024
285,216
185,496
470,712
Carrying amount
At 31 March 2024
3,366,869
45,754
3,412,623
At 31 March 2023
3,439,911
34,625
3,474,536
Company
Freehold land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2023
3,652,085
194,682
3,846,767
Additions
-
0
27,159
27,159
At 31 March 2024
3,652,085
221,841
3,873,926
Depreciation and impairment
At 1 April 2023
212,174
160,057
372,231
Depreciation charged in the year
73,042
20,541
93,583
At 31 March 2024
285,216
180,598
465,814
Carrying amount
At 31 March 2024
3,366,869
41,243
3,408,112
At 31 March 2023
3,439,911
34,625
3,474,536

Freehold land and buildings with a carrying amount of £3,366,869 (2023 - £3,439,911) have been pledged to secure borrowings of the company.

NORTH CUMBRIA PRIMARY CARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 29 -
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
5
-
0
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023
-
Additions
5
At 31 March 2024
5
Carrying amount
At 31 March 2024
5
At 31 March 2023
-
13
Subsidiaries

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

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Workington Health Lmited
England & Wales
Trading company
Ordinary
100.00
14
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Purchased goods
101,546
117,721
97,742
117,721
NORTH CUMBRIA PRIMARY CARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 30 -
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
564,788
1,143,476
611,244
1,143,476
Other debtors
2,801,436
1,764,284
2,771,436
1,764,284
Prepayments and accrued income
130,212
141,791
115,653
141,791
3,496,436
3,049,551
3,498,333
3,049,551
Amounts falling due after more than one year:
Deferred tax asset (note 19)
11,981
27,910
11,981
27,910
Total debtors
3,508,417
3,077,461
3,510,314
3,077,461
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
18
2,474,586
139,574
2,474,586
139,574
Other borrowings
18
160,000
-
0
160,000
-
0
Trade creditors
875,607
944,013
826,781
944,013
Corporation tax payable
298,357
69,419
273,314
69,419
Other taxation and social security
244,884
249,085
244,884
249,085
Deferred income
20
676,318
588,393
676,318
588,393
Other creditors
426,218
656,968
426,218
656,968
Accruals and deferred income
464,213
475,881
445,061
475,881
5,620,183
3,123,333
5,527,162
3,123,333

Bank loans totalling £2,474,586 (2023: £139,574) are secured by the group as detailed in note 18.

17
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
18
303,297
2,779,872
303,297
2,779,872
Other borrowings
18
66,858
212,495
66,858
212,495
370,155
2,992,367
370,155
2,992,367
NORTH CUMBRIA PRIMARY CARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
17
Creditors: amounts falling due after more than one year
(Continued)
- 31 -

Bank loans totalling £303,297 (2023: £2,779,872) are secured by the group as detailed in note 18.

18
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
2,777,883
2,919,446
2,777,883
2,919,446
Other loans
226,858
212,495
226,858
212,495
3,004,741
3,131,941
3,004,741
3,131,941
Payable within one year
2,634,586
139,574
2,634,586
139,574
Payable after one year
370,155
2,992,367
370,155
2,992,367

Two bank loans totalling £2,777,883 (2023: £2,919,446) are secured by way of National Westminster Bank Plc holding a legal charge over the land and buildings of the group and a debenture over all the assets of the group.

One of the bank loans is due to end within the next year and one in the next 9 years. Credit approval has been obtained from NatWest for the renewal of the loan due to expire within the next year therefore, the majority of this loan will revert to falling due after more than one year in the next financial statements. Interest on these loans is being charged at 2.45% over base rate per annum and 3.6% per annum respectively.

 

The other loan of £226,858 (2023: £212,495), is unsecured and due to end within the next year, with interest being charged at 1% over base rate per annum.

19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Assets
Assets
2024
2023
Group
£
£
Accelerated capital allowances
(11,315)
(9,603)
Retirement benefit obligations
23,296
37,513
11,981
27,910
NORTH CUMBRIA PRIMARY CARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
19
Deferred taxation
(Continued)
- 32 -
Assets
Assets
2024
2023
Company
£
£
Accelerated capital allowances
(11,315)
(9,603)
Retirement benefit obligations
23,296
37,513
11,981
27,910
Group
Company
2024
2024
Movements in the year:
£
£
Asset at 1 April 2023
(27,910)
(27,910)
Charge to profit or loss
15,929
15,929
Asset at 31 March 2024
(11,981)
(11,981)

The directors do not expect a material movement in the deferred tax provision within the next 12 months.

20
Deferred income
Group
Company
2024
2023
2024
2023
£
£
£
£
Other deferred income
676,318
588,393
676,318
588,393
21
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
200
200
200
200
NORTH CUMBRIA PRIMARY CARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 33 -
22
Operating lease commitments
Lessee

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
457,785
445,587
457,785
445,587
Between two and five years
1,030,029
1,239,909
1,030,029
1,239,909
In over five years
1,545,114
1,686,607
1,545,114
1,686,607
3,032,928
3,372,103
3,032,928
3,372,103
23
Related party transactions

During the financial year, remuneration of £667 (2023: £45,422) was paid to close family members of directors of the group.

24
Controlling party

There was no single ultimate controlling party of North Cumbria Primary Care Limited during the current or the prior year.

25
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
787,878
136,107
Adjustments for:
Taxation charged
289,243
39,306
Finance costs
208,473
136,854
Investment income
(222)
-
0
Gain on disposal of tangible fixed assets
-
(414)
Depreciation and impairment of tangible fixed assets
93,697
129,647
Movements in working capital:
Decrease/(increase) in stocks
19,979
(10,122)
(Increase)/decrease in debtors
(296,375)
299,771
Decrease in creditors
(495,902)
(28,430)
Increase in deferred income
87,925
63,017
Cash generated from operations
694,696
765,736
NORTH CUMBRIA PRIMARY CARE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 34 -
26
Analysis of changes in net debt - group
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
1,796,694
600,623
2,397,317
Borrowings excluding overdrafts
(3,131,941)
127,200
(3,004,741)
(1,335,247)
727,823
(607,424)
2024-03-312023-04-01falseCCH SoftwareCCH Accounts Production 2024.200Mrs K McAllisterMs E ClarkDr J E Dalyfalsefalse11172424bus:Consolidated2023-04-012024-03-31111724242023-04-012024-03-3111172424bus:Director12023-04-012024-03-3111172424bus:Director22023-04-012024-03-3111172424bus:Director32023-04-012024-03-3111172424bus:RegisteredOffice2023-04-012024-03-31111724242024-03-3111172424bus:Consolidated2024-03-3111172424bus:Consolidated2022-04-012023-03-31111724242022-04-012023-03-3111172424core:NegativeGoodwillbus:Consolidated2024-03-3111172424core:NegativeGoodwillbus:Consolidated2023-03-3111172424bus:Consolidated2023-03-31111724242023-03-3111172424core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2024-03-3111172424core:FurnitureFittingsbus:Consolidated2024-03-3111172424core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-03-3111172424core:FurnitureFittingsbus:Consolidated2023-03-3111172424core:LandBuildingscore:OwnedOrFreeholdAssets2024-03-3111172424core:FurnitureFittings2024-03-3111172424core:LandBuildingscore:OwnedOrFreeholdAssets2023-03-3111172424core:FurnitureFittings2023-03-3111172424core:ShareCapitalbus:Consolidated2024-03-3111172424core:ShareCapitalbus:Consolidated2023-03-3111172424core:ShareCapital2024-03-3111172424core:ShareCapital2023-03-3111172424core:RetainedEarningsAccumulatedLosses2024-03-3111172424core:ShareCapitalbus:Consolidated2022-03-31111724242022-03-3111172424core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-03-3111172424core:RetainedEarningsAccumulatedLossesbus:Consolidated2024-03-3111172424core:ShareCapital2022-03-3111172424core:RetainedEarningsAccumulatedLosses2022-03-3111172424core:RetainedEarningsAccumulatedLosses2023-03-3111172424bus:Consolidated2022-03-3111172424core:Goodwill2023-04-012024-03-3111172424core:LandBuildingscore:OwnedOrFreeholdAssets2023-04-012024-03-3111172424core:FurnitureFittings2023-04-012024-03-3111172424core:UKTaxbus:Consolidated2023-04-012024-03-3111172424core:UKTaxbus:Consolidated2022-04-012023-03-3111172424bus:Consolidated12023-04-012024-03-3111172424bus:Consolidated12022-04-012023-03-3111172424core:NegativeGoodwillbus:Consolidated2023-03-3111172424core:NegativeGoodwillbus:Consolidated2023-04-012024-03-3111172424core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-03-3111172424core:FurnitureFittingsbus:Consolidated2023-03-3111172424bus:Consolidated2023-03-3111172424core:LandBuildingscore:OwnedOrFreeholdAssets2023-03-3111172424core:FurnitureFittings2023-03-31111724242023-03-3111172424core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-04-012024-03-3111172424core:FurnitureFittingsbus:Consolidated2023-04-012024-03-3111172424core:CurrentFinancialInstruments2024-03-3111172424core:CurrentFinancialInstruments2023-03-3111172424core:CurrentFinancialInstrumentsbus:Consolidated2024-03-3111172424core:CurrentFinancialInstrumentsbus:Consolidated2023-03-3111172424core:Non-currentFinancialInstrumentsbus:Consolidated2024-03-3111172424core:Non-currentFinancialInstrumentsbus:Consolidated2023-03-3111172424core:Non-currentFinancialInstruments2024-03-3111172424core:Non-currentFinancialInstruments2023-03-3111172424core:WithinOneYearbus:Consolidated2024-03-3111172424core:WithinOneYearbus:Consolidated2023-03-3111172424core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3111172424core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3111172424core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2024-03-3111172424core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2023-03-3111172424core:Non-currentFinancialInstrumentscore:AfterOneYear2024-03-3111172424core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3111172424core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2024-03-3111172424core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-03-3111172424bus:PrivateLimitedCompanyLtd2023-04-012024-03-3111172424bus:FRS1022023-04-012024-03-3111172424bus:Audited2023-04-012024-03-3111172424bus:ConsolidatedGroupCompanyAccounts2023-04-012024-03-3111172424bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP