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REGISTRAR OF COMPANIES

Registration number: 10940022

Lancaster Medical Group Limited

Unaudited Financial Statements

31 March 2024

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Lancaster Medical Group Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Lancaster Medical Group Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Lancaster Medical Group Limited for the year ended 31 March 2024 as set out on pages 2 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Lancaster Medical Group Limited, as a body, in accordance with the terms of our engagement letter dated 14 April 2022. Our work has been undertaken solely to prepare for your approval the accounts of Lancaster Medical Group Limited and state those matters that we have agreed to state to the Board of Directors of Lancaster Medical Group Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lancaster Medical Group Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Lancaster Medical Group Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Lancaster Medical Group Limited. You consider that Lancaster Medical Group Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Lancaster Medical Group Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
Clint Mill
Cornmarket
PENRITH
CA11 7HW

9 September 2024

 

Lancaster Medical Group Limited

(Registration number: 10940022)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

230,782

288,477

Tangible assets

5

6,875

5,906

Investments

6

-

102

 

237,657

294,485

Current assets

 

Stocks

26,675

24,065

Debtors

7

114,935

79,099

Cash at bank and in hand

 

3,387

58,972

 

144,997

162,136

Creditors: Amounts falling due within one year

8

(710,822)

(745,652)

Net current liabilities

 

(565,825)

(583,516)

Net liabilities

 

(328,168)

(289,031)

Capital and reserves

 

Profit and loss account

(328,168)

(289,031)

Total equity

 

(328,168)

(289,031)

 

Lancaster Medical Group Limited

(Registration number: 10940022)
Balance Sheet as at 31 March 2024 (continued)

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 9 September 2024 and signed on its behalf by:
 

.........................................
A Williams
Director

.........................................
Dr G B Torr
Director

.........................................
Dr A Dickinson
Director

.........................................
Dr M Price
Director

.........................................
Dr R A Carruthers
Director

     
 

Lancaster Medical Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
8 Dalton Square
LANCASTER
LA1 1PN

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company has net liabilities at 31 March 2024 and meets its day to day working capital requirements through normal trading activities and financing provided by Lancaster Medical Practice.The directors consider it appropriate to prepare the financial statements on the going concern basis.

However, should the financing from Lancaster Medical Practice cease, the company may be unable to continue trading, and adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for any further liabilities which might arise, and to reclassify fixed assets and long term liabilities as current assets and current liabilities.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Lancaster Medical Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and equipment

20% reducing balance

Motor vehicles

20% reducing balance

Fixtures, fittings and office equipment

20% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line over 10 years

Investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Lancaster Medical Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. 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 complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Lancaster Medical Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2023 - 8).

 

Lancaster Medical Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

576,953

576,953

At 31 March 2024

576,953

576,953

Amortisation

At 1 April 2023

288,476

288,476

Amortisation charge

57,695

57,695

At 31 March 2024

346,171

346,171

Carrying amount

At 31 March 2024

230,782

230,782

At 31 March 2023

288,477

288,477

5

Tangible assets

Plant and equipment
 £

Motor vehicles
 £

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 1 April 2023

-

7,766

611

8,377

Additions

307

-

1,923

2,230

At 31 March 2024

307

7,766

2,534

10,607

Depreciation

At 1 April 2023

-

2,278

193

2,471

Charge for the year

9

1,098

154

1,261

At 31 March 2024

9

3,376

347

3,732

Carrying amount

At 31 March 2024

298

4,390

2,187

6,875

At 31 March 2023

-

5,488

418

5,906

 

Lancaster Medical Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

6

Investments

2024
£

2023
£

Investments in subsidiaries

-

102

Subsidiaries

£

Cost or valuation

At 1 April 2023

102

Disposals

(102)

At 31 March 2024

-

Provision

Carrying amount

At 31 March 2024

-

At 31 March 2023

102

7

Debtors

2024
£

2023
£

Trade debtors

17,999

1,671

Other debtors

96,936

77,428

114,935

79,099

8

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

617,280

644,941

Trade creditors

 

87,367

94,843

Other creditors

 

6,175

5,868

 

710,822

745,652

 

Lancaster Medical Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

9

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Other borrowings

617,280

644,941

10

Transition to FRS 102

For the year ended 31 March 2024 the company is no longer eligible to prepare financial statements in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'. As such the financial statements have been prepared in accordance with FRS 102 1A, involving a full retrospective restatement of assets and liabiliites from the transition date, 1 April 2022. The only transition adjustment that has arisen is the inclusion of a deferred tax asset as follows:

 

Lancaster Medical Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

Balance Sheet at 1 April 2022
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Fixed assets

Intangible assets

346,172

-

-

346,172

Tangible assets

7,400

-

-

7,400

Investments

102

-

-

102

353,674

-

-

353,674

Current assets

Stocks

21,454

-

-

21,454

Debtors

94,611

-

11,151

105,762

Cash at bank and in hand

87,998

-

-

87,998

204,063

-

11,151

215,214

Creditors: Amounts falling due within one year

(253,044)

-

-

(253,044)

Net current (liabilities)/assets

(48,981)

-

11,151

(37,830)

Total assets less current liabilities

304,693

-

11,151

315,844

Creditors: Amounts falling due after more than one year

(546,473)

-

-

(546,473)

Net (liabilities)/assets

(241,780)

-

11,151

(230,629)

Capital and reserves

Profit and loss account

(241,780)

-

11,151

(230,629)

Total equity

(241,780)

-

11,151

(230,629)

 

Lancaster Medical Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

Balance Sheet at 31 March 2023
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Fixed assets

Intangible assets

288,477

-

-

288,477

Tangible assets

5,906

-

-

5,906

Investments

102

-

-

102

294,485

-

-

294,485

Current assets

Stocks

24,065

-

-

24,065

Debtors

68,955

-

10,144

79,099

Cash at bank and in hand

58,972

-

-

58,972

151,992

-

10,144

162,136

Creditors: Amounts falling due within one year

(159,474)

-

-

(159,474)

Net current (liabilities)/assets

(7,482)

-

10,144

2,662

Total assets less current liabilities

287,003

-

10,144

297,147

Creditors: Amounts falling due after more than one year

(586,178)

-

-

(586,178)

Net (liabilities)/assets

(299,175)

-

10,144

(289,031)

Capital and reserves

Profit and loss account

(299,175)

-

10,144

(289,031)

Total equity

(299,175)

-

10,144

(289,031)