Company Registration No. 08892304 (England and Wales)
P & S MEDICAL EDUCATION LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
P & S MEDICAL EDUCATION LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 12
P & S MEDICAL EDUCATION LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
5
22,662
11,125
Tangible assets
6
37,784
15,634
Investments
7
54
130
60,500
26,889
Current assets
Debtors
9
1,249,543
1,343,154
Cash at bank and in hand
4,116,081
2,978,287
5,365,624
4,321,441
Creditors: amounts falling due within one year
10
(2,412,377)
(2,606,200)
Net current assets
2,953,247
1,715,241
Total assets less current liabilities
3,013,747
1,742,130
Provisions for liabilities
-
0
(3,734)
Net assets
3,013,747
1,738,396
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
3,013,647
1,738,296
Total equity
3,013,747
1,738,396
P & S MEDICAL EDUCATION LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 2 -

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

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 24 October 2024 and are signed on its behalf by:
Mr R S Ruiz
Director
Company registration number 08892304 (England and Wales)
P & S MEDICAL EDUCATION LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
As restated for the period ended 31 March 2023:
Balance at 1 April 2022
100
836,434
836,534
Effect of change in accounting policy
-
11,688
11,688
As restated
100
848,122
848,222
Year ended 31 March 2023:
Profit and total comprehensive income
-
1,590,174
1,590,174
Dividends
-
(700,000)
(700,000)
Balance at 31 March 2023
100
1,738,296
1,738,396
Year ended 31 March 2024:
Profit and total comprehensive income
-
1,275,351
1,275,351
Balance at 31 March 2024
100
3,013,647
3,013,747
P & S MEDICAL EDUCATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information

P & S Medical Education Limited is a private company limited by shares incorporated in England and Wales (Company no: 08892304).The Company's principal place of business is Unit 1, Witney Way, Boldon Business Park, Boldon, Tyne & Wear, NE35 9PE. The registered office is 32 Portland Terrace, Jesmond, Newcastle upon Tyne, NE2 1QP.

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 as applicable to companies subject to the small companies regime. 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 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 has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

The directors have considered the company's current and future prospects and it's availability of financing. The company continues to receive the support of trueit's holding company. The directors are therefore satisfied that the company can continue to pay it's liabilities as they fall due and continue in existence. For this reason the directors continue to adopt the going concern basis of preparation for these financial statements.

1.3
Turnover

Turnover represents amounts receivable for medical training provided net of VAT and trade discounts.

When income is received for medical training which does not take place in the current financial period the income is included within deferred income within the balance sheet and is only recognised in the profit and loss account once the relevant course has taken place.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Intangible fixed assets - goodwill

Acquired goodwill is written off over 10 years from the original date of purchase.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

P & S MEDICAL EDUCATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -

Amortisation 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:

Development Costs
4 years straight line
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:

Computer equipment
25%/33% 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 credited or charged to profit or loss.

1.8
Fixed asset investments

Interests in subsidiaries and joint ventures are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

A joint venture is an entity jointly controlled by the company and one or more other parties. Joint control is the contractually agreed sharing of control and exists only when the strategic, financial and operating decisions relating to the entity require the unanimous consent of the parties sharing control.

1.9
Cash at bank and in hand

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

1.10
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

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

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

P & S MEDICAL EDUCATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price. 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. Trade creditors are recognised initially at transaction price.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

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

1.14
Retirement benefits

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

P & S MEDICAL EDUCATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 7 -
1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Change in accounting policy

During the year the Company has amended it's accounting policy on course development costs. Costs are now to be recognised as intangibles assets and amortised over a period of 4 years.

3
Judgements and key sources of estimation uncertainty

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

 

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.

4
Employees

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

2024
2023
Number
Number
Total
14
13
P & S MEDICAL EDUCATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
5
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 April 2023
38,500
22,250
60,750
Additions
-
0
22,800
22,800
At 31 March 2024
38,500
45,050
83,550
Amortisation and impairment
At 1 April 2023
38,500
11,125
49,625
Amortisation charged for the year
-
0
11,263
11,263
At 31 March 2024
38,500
22,388
60,888
Carrying amount
At 31 March 2024
-
0
22,662
22,662
At 31 March 2023
-
0
11,125
11,125
6
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
53,077
Additions
47,989
At 31 March 2024
101,066
Depreciation and impairment
At 1 April 2023
37,443
Depreciation charged in the year
25,839
At 31 March 2024
63,282
Carrying amount
At 31 March 2024
37,784
At 31 March 2023
15,634
7
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
54
130
P & S MEDICAL EDUCATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
7
Fixed asset investments
(Continued)
- 9 -
Movements in fixed asset investments
Shares in subsidiaries and joint ventures
£
Cost or valuation
At 1 April 2023
130
Disposals
(76)
At 31 March 2024
54
Carrying amount
At 31 March 2024
54
At 31 March 2023
130
8
Subsidiaries and joint ventures

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

Name of undertaking
Address
Class of
% Held
shares held
Direct
NBMed Medical Education PTY Limited
Australia
Ordinary
50.00

Registered office addresses (all UK unless otherwise indicated):

1
Level 12, 92 Pitt Street, Sydney, NSW 2000, Australia
9
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
224,600
364,651
Amounts owed by group undertakings
-
0
137,256
Other debtors
968,818
841,247
1,193,418
1,343,154
Deferred tax asset
56,125
-
0
1,249,543
1,343,154
P & S MEDICAL EDUCATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
10
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
-
0
350,000
Trade creditors
118,609
142,287
Corporation tax
225,939
203,109
Other taxation and social security
410,026
334,574
Other creditors
1,657,803
1,576,230
2,412,377
2,606,200
11
Events after the reporting date

On 8 April 2024 the Company was acquired by Healthcademia UK Limited (Company no: 15556067), with the Company's ultimate parent becoming Agora Bidco SAS, a company registered in France.

During the year, and up to 8 April 2024, the Company was controlled by Dr P P Nichols and Dr S P Curtis.

P & S MEDICAL EDUCATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
12
Related party transactions
Transactions with related parties

Included within other debtors is an amount due to P&S LLP of £Nil (2023 - £8,583). P&S LLP is a limited liability partnership controlled by Dr P P Nichols and Dr S P Curtis.

Included within other debtors is £8,558 (2023 - £8,558) due from Hector The Dog Limited which is controlled by Dr P P Nichols.

 

Included within other debtors is £89,946 (2023 - £58,344) due from GP Forum Solutions Limited, a company controlled by Dr P P Nichols and Dr S P Curtis..

 

Included within other debtors is £532,534 (2023 - £531,295) due from P&S Medical Professionals Limited, a company controlled by Dr P P Nichols and Dr S P Curtis. On 20 March 2024 P&S Medical Professionals Limited acquired the Company's entire shareholding in The Medical Chambers Limited at cost.

 

Included within other debtors is £83,684 (2023 - £83,684) due from P&S Education Holdings Limited, a company controlled by Dr P P Nichols and Dr S P Curtis.


Included within other debtors is £139,837 (2023 - £137,256) due from The Medical Chambers Limited, a company controlled by Dr P P Nichols and Dr S P Curtis.

Included within other debtors is £2,000 (2023 - £5,000) due from NBMed Medical Education PTY Limited, a joint venture of the Company.

13
Prior period adjustment
Changes to the balance sheet
As previously reported
Adjustment at 1 Apr 2022
Adjustment at 31 Mar 2023
As restated at 31 Mar 2023
£
£
£
£
Fixed assets
Other intangibles
-
11,688
(563)
11,125
Capital and reserves
Profit and loss reserves
1,727,171
11,688
(563)
1,738,296
Reconciliation of changes in equity
1 April
31 March
2022
2023
£
£
Adjustments to prior year
Capitalisation of intangibles
11,688
11,125
Equity as previously reported
836,534
1,727,271
Equity as adjusted
848,222
1,738,396
Analysis of the effect upon equity
Profit and loss reserves
11,688
11,125
Notes to reconciliation
P & S MEDICAL EDUCATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
13
Prior period adjustment
(Continued)
- 12 -

During the year the Company has amended it's accounting policy on course development cost. Costs are now to be recognised as intangible assets and amortised over a period of 4 years.

2024-03-312023-04-01falsefalsefalse24 October 2024CCH SoftwareCCH Accounts Production 2024.310No description of principal activityDr S P CurtisDr P P NicholsMr R S RuizMr D L Brown088923042023-04-012024-03-31088923042024-03-31088923042023-03-3108892304core:NetGoodwill2024-03-3108892304core:IntangibleAssetsOtherThanGoodwill2024-03-3108892304core:NetGoodwill2023-03-3108892304core:IntangibleAssetsOtherThanGoodwill2023-03-3108892304core:OtherPropertyPlantEquipment2024-03-3108892304core:OtherPropertyPlantEquipment2023-03-3108892304core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3108892304core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3108892304core:CurrentFinancialInstruments2024-03-3108892304core:CurrentFinancialInstruments2023-03-3108892304core:ShareCapital2024-03-3108892304core:ShareCapital2023-03-3108892304core:RetainedEarningsAccumulatedLosses2024-03-3108892304core:RetainedEarningsAccumulatedLosses2023-03-3108892304core:RetainedEarningsAccumulatedLossescore:PriorPeriodIncreaseDecrease2022-03-3108892304core:ShareCapital2022-03-3108892304core:RetainedEarningsAccumulatedLosses2022-03-3108892304bus:Director32023-04-012024-03-3108892304core:RetainedEarningsAccumulatedLosses2022-04-012023-03-31088923042022-04-012023-03-3108892304core:RetainedEarningsAccumulatedLosses2023-04-012024-03-3108892304core:Goodwill2023-04-012024-03-3108892304core:IntangibleAssetsOtherThanGoodwill2023-04-012024-03-3108892304core:ComputerEquipment2023-04-012024-03-3108892304core:NetGoodwill2023-03-3108892304core:IntangibleAssetsOtherThanGoodwill2023-03-31088923042023-03-3108892304core:NetGoodwill2023-04-012024-03-3108892304core:OtherPropertyPlantEquipment2023-03-3108892304core:OtherPropertyPlantEquipment2023-04-012024-03-3108892304core:WithinOneYear2024-03-3108892304core:WithinOneYear2023-03-3108892304bus:PrivateLimitedCompanyLtd2023-04-012024-03-3108892304bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3108892304bus:FRS1022023-04-012024-03-3108892304bus:AuditExemptWithAccountantsReport2023-04-012024-03-3108892304bus:Director12023-04-012024-03-3108892304bus:Director22023-04-012024-03-3108892304bus:Director42023-04-012024-03-3108892304bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP