Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-01falseproperty rental43truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 06448215 2023-04-01 2024-03-31 06448215 2022-04-01 2023-03-31 06448215 2024-03-31 06448215 2023-03-31 06448215 2022-04-01 06448215 c:PriorPeriodIncreaseDecrease 2022-04-01 2023-03-31 06448215 2 2023-04-01 2024-03-31 06448215 2 2022-04-01 2023-03-31 06448215 e:Director5 2023-04-01 2024-03-31 06448215 c:LeaseholdInvestmentProperty 2024-03-31 06448215 c:LeaseholdInvestmentProperty 2023-03-31 06448215 c:LeaseholdInvestmentProperty 2 2023-04-01 2024-03-31 06448215 c:CurrentFinancialInstruments 2024-03-31 06448215 c:CurrentFinancialInstruments 2023-03-31 06448215 c:Non-currentFinancialInstruments 2024-03-31 06448215 c:Non-currentFinancialInstruments 2023-03-31 06448215 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 06448215 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 06448215 c:Non-currentFinancialInstruments c:AfterOneYear 2024-03-31 06448215 c:Non-currentFinancialInstruments c:AfterOneYear 2023-03-31 06448215 c:ShareCapital 2024-03-31 06448215 c:ShareCapital 2023-03-31 06448215 c:ShareCapital 2022-04-01 06448215 c:OtherMiscellaneousReserve 2023-04-01 2024-03-31 06448215 c:OtherMiscellaneousReserve 2024-03-31 06448215 c:OtherMiscellaneousReserve 2 2023-04-01 2024-03-31 06448215 c:OtherMiscellaneousReserve 2023-03-31 06448215 c:OtherMiscellaneousReserve c:PriorPeriodIncreaseDecrease 2022-04-01 2023-03-31 06448215 c:OtherMiscellaneousReserve 2022-04-01 06448215 c:OtherMiscellaneousReserve 2 2022-04-01 2023-03-31 06448215 c:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 06448215 c:RetainedEarningsAccumulatedLosses 2024-03-31 06448215 c:RetainedEarningsAccumulatedLosses 2 2023-04-01 2024-03-31 06448215 c:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 06448215 c:RetainedEarningsAccumulatedLosses 2023-03-31 06448215 c:RetainedEarningsAccumulatedLosses c:PriorPeriodIncreaseDecrease 2022-04-01 2023-03-31 06448215 c:RetainedEarningsAccumulatedLosses 2022-04-01 06448215 c:RetainedEarningsAccumulatedLosses 2 2022-04-01 2023-03-31 06448215 e:FRS102 2023-04-01 2024-03-31 06448215 e:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 06448215 e:FullAccounts 2023-04-01 2024-03-31 06448215 e:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06448215 2 2023-04-01 2024-03-31 06448215 f:PoundSterling 2023-04-01 2024-03-31 06448215 c:ShareCapital c:PriorPeriodErrorIncreaseDecrease 2022-04-01 2023-03-31 06448215 c:OtherMiscellaneousReserve c:PreviouslyStatedAmount 2022-04-01 06448215 c:PreviouslyStatedAmount 2022-04-01 iso4217:GBP xbrli:pure

Registered number: 06448215










KENTISH MEDICAL LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
KENTISH MEDICAL LIMITED
REGISTERED NUMBER: 06448215

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 5 
2,310,000
2,465,000

Current assets
  

Cash at bank and in hand
  
34,499
33,364

  
34,499
33,364

Creditors: amounts falling due within one year
 6 
(85,271)
(173,848)

Net current liabilities
  
 
 
(50,772)
 
 
(140,484)

Total assets less current liabilities
  
2,259,228
2,324,516

Creditors: amounts falling due after more than one year
 7 
(1,021,597)
(975,263)

Provisions for liabilities
  

Deferred tax
  
(146,548)
(185,298)

Net assets
  
 
 
1,091,083
 
 
1,163,955


Capital and reserves
  

Called up share capital 
  
100
100

Fair value reserve
 8 
439,642
555,892

Profit and loss account
 8 
651,341
607,963

  
1,091,083
1,163,955


Page 1

 
KENTISH MEDICAL LIMITED
REGISTERED NUMBER: 06448215
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

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

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

Ann Pasola
Director

Date: 25 November 2024

The notes on pages 4 to 11 form part of these financial statements.

Page 2

 
KENTISH MEDICAL LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Fair value reserve
Profit and loss account
Total equity

£
£
£
£


At 1 April 2022 (as previously stated)
100
-
524,890
524,990

Prior year adjustment - correction of error
-
600,364
-
600,364


At 1 April 2022 (as restated)
100
600,364
524,890
1,125,354


Comprehensive income for the year

Profit for the year
-
-
38,601
38,601

Fair value transfer
-
(44,472)
44,472
-



At 1 April 2023
100
555,892
607,963
1,163,955


Comprehensive income for the year

Loss for the year
-
-
(72,872)
(72,872)

Fair value transfer
-
(116,250)
116,250
-


At 31 March 2024
100
439,642
651,341
1,091,083


The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
KENTISH MEDICAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Kentish Medical Limited 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.
The financial statements are presented in sterling, which is the functional currency of the company, and rounded to the nearest £1.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

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 4

 
KENTISH MEDICAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

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.

 
2.7

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
KENTISH MEDICAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.10

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.

 
2.11

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.

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.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Page 6

 
KENTISH MEDICAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.11
Financial instruments (continued)

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 receipts 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.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

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


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The investment property is valued on a market value basis. 


4.


Employees




The average monthly number of employees, including directors, during the year was 4 (2023 - 3).

Page 7

 
KENTISH MEDICAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Investment property


Long term leasehold investment property

£



Valuation


At 1 April 2023
2,465,000


Surplus on revaluation
(155,000)



At 31 March 2024
2,310,000

The 2024 valuations were made by Invicta Chartered Surveyors in August 2023. The valuation assumes lease renewals equivalent to the existing length.

The investment property represents a 999 year lease in The Meads Medical Centre in Sittingbourne, Kent.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
1,723,810
1,723,810

1,723,810
1,723,810

Page 8

 
KENTISH MEDICAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
52,348
96,216

Other loans
18,000
-

Trade creditors
588
-

Corporation tax
10,750
19,486

Other creditors
-
54,886

Accruals and deferred income
3,585
3,260

85,271
173,848


The following liabilities were secured:

2024
2023
£
£



Bank loans
52,348
96,216

52,348
96,216

Details of security provided:

The company's bank loan is secured by a fixed and floating charge over all assets held by the company. This charge was registered in favour of HSBC Bank PLC on 28 January 2015.

Page 9

 
KENTISH MEDICAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
889,097
975,263

Other loans
132,500
-

1,021,597
975,263


The following liabilities were secured:

2024
2023
£
£



Bank loans
889,097
975,263

889,097
975,263

Details of security provided:

The company's bank loan is secured by a fixed and floating charge over all assets held by the company. This charge was registered in favour of HSBC Bank PLC on 28 January 2015.

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2024
2023
£
£


Repayable by instalments
737,700
629,797

737,700
629,797



Page 10

 
KENTISH MEDICAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Reserves

Fair value reserve

The fair value reserve represents accumulated revaluations on investment property less deferred tax.

Profit and loss account

The profit and loss reserve represents accumulated profits and losses net of dividends and other adjustments.


9.


Related party transactions

Dr Mark Pasola (deceased) traded as The Meads Medical Centre, which paid rent to the company.  On 1 July 2019, the sole trade sold its business to The Meads Medical Practice Limited which continued to pay rent to the company.  During the year, £159,000 rent was received from the Meads (2023 - £157,300).  At the balance sheet date, The Meads Medical Practice Limited was owed £- by the company and the balance is included within other creditors (2023 - £2,886).  The loan was repaid with an interest rate of 2.75%. From 18 March 2024, the company and The Meads Medical Practice ceased being related parties for the purposes of disclosing transactions.


10.


Controlling party

The ultimate controlling party was Dr Mark Pasola's Estate, by way of majority shareholding.

 
Page 11