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REGISTERED NUMBER: 06144506 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

MATRIX PRIMARY HEALTHCARE LTD

MATRIX PRIMARY HEALTHCARE LTD (REGISTERED NUMBER: 06144506)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MATRIX PRIMARY HEALTHCARE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: P Hargun
A Singh



SECRETARY: P Hargun



REGISTERED OFFICE: 12 Beacon Road
Walsall
West Midlands
WS5 3LF



REGISTERED NUMBER: 06144506 (England and Wales)



ACCOUNTANTS: Ashcrofts Accountants Limited
2 Cedargrove
Hagley
Stourbridge
West Midlands
DY9 0DR



BANKERS: Lloyds Bank plc
293 High Street
West Bromwich
West Midlands
B70 8NA

MATRIX PRIMARY HEALTHCARE LTD (REGISTERED NUMBER: 06144506)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 4 573,132 654,239
Tangible assets 5 164,476 122,588
737,608 776,827

CURRENT ASSETS
Stocks 6 511,202 502,875
Debtors 7 890,613 875,029
Cash at bank and in hand 461,508 594,627
1,863,323 1,972,531
CREDITORS
Amounts falling due within one year 8 (1,056,544 ) (1,048,114 )
NET CURRENT ASSETS 806,779 924,417
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,544,387

1,701,244

CREDITORS
Amounts falling due after more than one
year

9

(738,577

)

(832,343

)

PROVISIONS FOR LIABILITIES 13 (41,119 ) (23,292 )
NET ASSETS 764,691 845,609

CAPITAL AND RESERVES
Called up share capital 14 100 100
Retained earnings 15 764,591 845,509
SHAREHOLDERS' FUNDS 764,691 845,609

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MATRIX PRIMARY HEALTHCARE LTD (REGISTERED NUMBER: 06144506)

BALANCE SHEET - continued
31 MARCH 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 November 2024 and were signed on its behalf by:




P Hargun - Director



A Singh - Director


MATRIX PRIMARY HEALTHCARE LTD (REGISTERED NUMBER: 06144506)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Matrix Primary Healthcare Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 15 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures, fittings & equipment - 20% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

MATRIX PRIMARY HEALTHCARE LTD (REGISTERED NUMBER: 06144506)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 64 (2023 - 61 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 1,339,992
AMORTISATION
At 1 April 2023 685,753
Amortisation for year 81,107
At 31 March 2024 766,860
NET BOOK VALUE
At 31 March 2024 573,132
At 31 March 2023 654,239

5. TANGIBLE FIXED ASSETS
Fixtures,
fittings Motor
& equipment vehicles Totals
£    £    £   
COST
At 1 April 2023 262,971 85,624 348,595
Additions 68,939 4,874 73,813
At 31 March 2024 331,910 90,498 422,408
DEPRECIATION
At 1 April 2023 180,094 45,913 226,007
Charge for year 20,982 10,943 31,925
At 31 March 2024 201,076 56,856 257,932
NET BOOK VALUE
At 31 March 2024 130,834 33,642 164,476
At 31 March 2023 82,877 39,711 122,588

MATRIX PRIMARY HEALTHCARE LTD (REGISTERED NUMBER: 06144506)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


6. STOCKS
2024 2023
£    £   
Stocks 511,202 502,875

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 526,109 488,193
Other debtors 193,942 208,249
VAT 137,671 111,068
Prepayments and accrued income 32,891 67,519
890,613 875,029

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 10) 103,853 106,035
Trade creditors 885,168 886,243
Corporation tax 12,984 37,876
Social security and other taxes 16,020 10,557
Other creditors 31,306 509
Accruals and deferred income 7,213 6,894
1,056,544 1,048,114

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 10) 738,577 832,343

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 333,872 395,603

10. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 103,853 106,035

Amounts falling due between one and two years:
Bank loans - 1-2 years 105,653 107,835

MATRIX PRIMARY HEALTHCARE LTD (REGISTERED NUMBER: 06144506)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


10. LOANS - continued
2024 2023
£    £   
Amounts falling due between two and five years:
Bank loans - 2-5 years 299,052 328,905

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 333,872 395,603

11. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
In more than five years 198,661 170,389

12. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 842,430 938,378

13. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 41,119 23,292

Deferred
tax
£   
Balance at 1 April 2023 23,292
Charged during the year 17,827
Balance at 31 March 2024 41,119

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

MATRIX PRIMARY HEALTHCARE LTD (REGISTERED NUMBER: 06144506)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


15. RESERVES
Retained
earnings
£   

At 1 April 2023 845,509
Deficit for the year (80,918 )
At 31 March 2024 764,591

16. RELATED PARTY DISCLOSURES

At 31 March 2024, there was a loan from Matrix Pharmacy Limited of £30,329 (2023: £Nil), a company in which Mr P Hargun and Mr A Singh are directors. This unsecured loan is interest free and repayable on demand.

At 31 March 2024, there was a loan to Matrix Pharmacy Limited of £Nil (2023: £34,827), a company in which Mr P Hargun and Mr A Singh are directors. This unsecured loan is interest free and repayable on demand.

At 31 March 2024, there was a loan to Matrix Propco Limited of £183,042 (2023: £162,522), a company in which Mr P Hargun and Mr A Singh are directors. This unsecured loan is interest free and repayable on demand.