Company registration number 07390312 (England and Wales)
BLOOMFIELD MEDICAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
BLOOMFIELD MEDICAL LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
4 - 7
BLOOMFIELD MEDICAL LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BLOOMFIELD MEDICAL LIMITED FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Bloomfield Medical Limited for the year ended 31 March 2024 which comprise, the balance sheet, the statement of changes in equity and the related notes 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 https://www.icaew.com/regulation.
This report is made solely to the board of directors of Bloomfield Medical Limited, as a body, in accordance with the terms of our engagement letter dated 16 November 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Bloomfield Medical Limited and state those matters that we have agreed to state to the board of directors of Bloomfield Medical 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 Bloomfield Medical Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Bloomfield Medical Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Bloomfield Medical Limited. You consider that Bloomfield Medical 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 financial statements of Bloomfield Medical 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 financial statements.
MHA
Chartered Accountants
Richard House
9 Winckley Square
Preston
PR1 3HP
24 December 2024
BLOOMFIELD MEDICAL LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
29,134
25,705
Current assets
Stocks
8,350
7,950
Debtors
6
911,968
1,412,752
Cash at bank and in hand
879,957
1,143,621
1,800,275
2,564,323
Creditors: amounts falling due within one year
7
(550,827)
(567,146)
Net current assets
1,249,448
1,997,177
Net assets
1,278,582
2,022,882
Capital and reserves
Called up share capital
1,200
1,200
Profit and loss reserves
1,277,382
2,021,682
Total equity
1,278,582
2,022,882
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 24 December 2024 and are signed on its behalf by:
Dr N Hartley-Smith
Director
Company Registration No. 07390312
BLOOMFIELD MEDICAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
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Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2022
1,200
1,669,468
1,670,668
Period ended 31 March 2023:
Profit and total comprehensive income for the period
-
504,464
504,464
Dividends
-
(152,250)
(152,250)
Balance at 31 March 2023
1,200
2,021,682
2,022,882
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
427,170
427,170
Dividends
-
(1,171,470)
(1,171,470)
Balance at 31 March 2024
1,200
1,277,382
1,278,582
BLOOMFIELD MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information
Bloomfield Medical Limited is a private company limited by shares incorporated in England and Wales. The registered office is Richard House, 9 Winckley Square, Preston, PR1 3HP.
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.
1.2
Turnover
The income and expenditure account is prepared on an accruals basis so as to reflect actual income earned and expenditure incurred during the year. The financial statements are prepared taking into account principles outlined in the Independent Provider Organisation contract.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses 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 5 years, to the end of the APMS contract.
1.4
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:
Equipment
15% reducing balance
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.
1.5
Stocks
Stocks are stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.6
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
BLOOMFIELD MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.7
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.
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 when the company has 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.
1.8
Employee benefits
The company makes contributions to the NHS Pension scheme which is a defined benefit pension scheme.
This scheme is an unfunded public sector scheme and contributions are accounted for as they fall due.
2
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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 85 (2023 - 78).
BLOOMFIELD MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
47,982
Additions
8,570
At 31 March 2024
56,552
Depreciation and impairment
At 1 April 2023
22,277
Depreciation charged in the year
5,141
At 31 March 2024
27,418
Carrying amount
At 31 March 2024
29,134
At 31 March 2023
25,705
5
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
962,500
Amortisation and impairment
At 1 April 2023 and 31 March 2024
962,500
Carrying amount
At 31 March 2024
At 31 March 2023
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
46,286
212,114
Corporation tax recoverable
235,517
231,320
Amounts owed by group undertakings
160,000
Other debtors
626,141
805,764
Prepayments and accrued income
4,024
3,554
911,968
1,412,752
BLOOMFIELD MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
355,120
332,210
Corporation tax
149,803
189,032
Other creditors
45,904
45,904
550,827
567,146
8
Directors' transactions
Four of the directors had directors loan accounts that were overdrawn.
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Director A
2.25
154,344
515
3,545
-
158,404
Director C
2.25
109,920
2,492
2,568
-
114,980
Director E
2.25
151,494
-
3,467
(154)
154,807
Director F
2.25
151,946
-
3,332
(7,226)
148,052
567,704
3,007
12,912
(7,380)
576,243