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REGISTERED NUMBER: 04522585 (England and Wales)



















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MAY 2024

FOR

MEDSOL GROUP LTD

MEDSOL GROUP LTD (REGISTERED NUMBER: 04522585)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Notes to the Financial Statements 14


MEDSOL GROUP LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MAY 2024







DIRECTORS: J P Brown
I Oxley
Mrs P E Jarvis
D S Simpkin



REGISTERED OFFICE: Amlin House
90-96 Victoria Road
Chelmsford
Essex
CM11QU



REGISTERED NUMBER: 04522585 (England and Wales)



AUDITORS: ESW Limited
Chartered Accountants
& Registered Auditors
162-164 High Street
Rayleigh
Essex
SS6 7BS



BANKERS: HSBC Bank PLC
Coventry DSC
Harry Weston Road
Binley
Coventry
CV3 2TQ

MEDSOL GROUP LTD (REGISTERED NUMBER: 04522585)

STRATEGIC REPORT
FOR THE YEAR ENDED 31ST MAY 2024

The directors present their strategic report for the year ended 31st May 2024.

Medsol Group Ltd continues to operate as a specialist provider of medical recruitment services, supplying temporary and permanent healthcare professionals to both private and NHS healthcare facilities across the United Kingdom. Our services play a vital role in addressing critical staffing challenges within the healthcare sector.

REVIEW OF BUSINESS
The financial results for the year show:
- Revenue decreased by 5.8% to £28.4m (2023: £26.8m)
- Gross profit decreased to £3.8m (2023: £4.2m)
- Operating profit decreased to £331k (2023: £989k)
- Gross margin reduced to 13.5% (2023: 15.6%)

The reduction in financial performance reflects challenging market conditions, including:
- Increased competition in the healthcare recruitment sector
- Pricing pressures from framework agreements
- Rising operational costs, particularly in compliance and technology infrastructure
- Impact of broader economic conditions on healthcare spending

STRATEGIC DEVELOPMENTS
In response to these challenges, management has implemented several strategic initiatives:

1. Digital Transformation
- Investment in new computer systems and infrastructure (£13.9k invested in 2024)
- Implementation of AI-driven analytic tools to improve operational efficiencies
- Enhanced automation of recruitment processes

2. Framework Position Strengthening
- Maintained key positions on Health Trust Europe and Crown Commercial Service frameworks
- Enhanced relationships with private healthcare providers through PSL arrangements
- Focus on quality metrics to maintain preferred supplier status

3. Cost Management
- Implementation of stringent cost control measures
- Review and optimisation of internal processes
- Investment in automation to reduce administrative costs

4. Service Diversification
- Expansion into new medical specialities
- Geographic expansion of service coverage

FUTURE OUTLOOK
Despite the challenging year, the Board remains confident about the future prospects of the business, based on:
- Strong fundamental demand for healthcare staffing services
- Implemented efficiency improvements beginning to show results
- Robust pipeline of opportunities through framework agreements
- Strategic investments in technology and infrastructure


MEDSOL GROUP LTD (REGISTERED NUMBER: 04522585)

STRATEGIC REPORT
FOR THE YEAR ENDED 31ST MAY 2024

PRINCIPAL RISKS AND UNCERTAINTIES
Principle Risks and uncertainties
In the UK, the medical recruitment businesses, like any other businesses, face certain risks and uncertainties. The Company acknowledges the below risks as well as ensuring they take steps to reduce these:

Regulatory Compliance: The healthcare industry is subject to strict regulations and compliance requirements. The medical recruitment business must ensure adherence to laws and regulations related to healthcare staffing, data protection, patient privacy, and licensing. Failure to comply with these regulations can result in legal and financial consequences. To reduce this risk the group ensures to:

- Stay updated with healthcare regulations and guidelines, ensuring ongoing compliance.
- Establish robust internal policies and procedures to ensure adherence to regulatory requirements.
- Conduct regular audits and train employees on compliance protocols.
- Engage legal and regulatory experts to provide guidance and support.

Talent Acquisition and Retention: Recruiting and retaining qualified healthcare professionals can be challenging. The demand for skilled healthcare personnel, such as physicians, nurses, and therapists, often exceeds supply. These businesses must navigate competitive markets, implement effective recruitment strategies, and provide attractive compensation and career development opportunities to attract and retain top talent. To reduce this risk the group ensures that:
- Develop comprehensive recruitment strategies to attract qualified healthcare professionals.
- Enhance employee benefits, incentives, and career development opportunities.
- Foster a positive work culture and invest in employee engagement initiatives.
- Implement retention programs, such as mentorship, ongoing training, and performance recognition.

Economic and Financial Factors: Economic fluctuations, funding cuts, and changes in healthcare policies can impact the financial stability and viability of medical recruitment and insourcing businesses. Economic downturns or reductions in healthcare budgets may lead to decreased demand for services or increased pricing pressure, affecting revenue and profitability. To reduce this risk we:
- Diversify service offerings to reduce dependency on a single revenue stream.
- Establish financial contingency plans to mitigate economic downturns.
- Monitor and analyse market trends and adjust pricing strategies accordingly.
- Develop partnerships or collaborations to enhance financial stability.

Legislative and Policy Changes: Changes in healthcare legislation, government policies, or reimbursement models can significantly impact the operations and financial viability of these businesses. It is crucial to monitor and adapt to any regulatory or policy shifts, ensuring compliance and adjusting business strategies accordingly. The group ensures to:
- Monitor relevant government websites and industry associations for updates on legislation and policies.
- Engage with legal and compliance professionals to ensure proactive compliance.
- Conduct regular reviews of internal processes and adapt to new regulations promptly.
- Participate in industry discussions and advocate for favourable policies through industry associations.

Reputation and Patient Safety: Patient safety and the reputation of the medical recruitment business are paramount. Any negative incidents, such as malpractice claims, breaches of data privacy, or lapses in quality control, can severely damage the reputation of these businesses. Maintaining rigorous quality standards, robust risk management practices, and strong governance frameworks are essential to safeguarding patient safety and maintaining a positive reputation. The company takes this very seriously and ensures to:
- Implement robust quality control processes and adhere to recognized industry standards.
- Invest in continuous professional development for employees to maintain high-quality service delivery.
- Establish strong risk management frameworks to identify and mitigate potential risks.

Liquidity risk: Reducing liquidity risk is crucial for the company to ensure their financial stability and ability to meet short-term obligation as well as showing financial health, stability, and the ability to navigate unforeseen circumstances, enhancing the company's reputation and credibility. To reduce this risk the Group:
- Develop robust cash flow forecasting models to project inflows and outflows accurately as well as monitoring cash flow patterns regularly to identify potential shortfalls or surpluses. Where possible the company will always Implement effective cash flow management practices, such as optimising payment terms, negotiating favourable terms with suppliers, and managing working capital efficiently.

MEDSOL GROUP LTD (REGISTERED NUMBER: 04522585)

STRATEGIC REPORT
FOR THE YEAR ENDED 31ST MAY 2024

- Monitor and Manage debt levels by Regularly reviewing and manage the company's debt levels to ensure it remains within manageable limits as well as evaluate the cost and terms of existing debt and explore opportunities to refinance or renegotiate debt agreements to improve liquidity and reduce interest expenses.

ENVIRONMENTAL AND SOCIAL RESPONSIBILITY
The company remains committed to:
- Reducing environmental impact through digitalisation
- Supporting local healthcare communities
- Promoting diversity and inclusion in healthcare staffing
- Investment in staff development and training

ON BEHALF OF THE BOARD:





Mrs P E Jarvis - Director


4th February 2025

MEDSOL GROUP LTD (REGISTERED NUMBER: 04522585)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST MAY 2024

The directors present their report with the financial statements of the company for the year ended 31st May 2024.

PRINCIPAL ACTIVITY
Medsol Group Ltd continues to operate as a specialist provider of medical recruitment services, supplying temporary and permanent healthcare professionals to both private and NHS healthcare facilities across the United Kingdom. Our services play a vital role in addressing critical staffing challenges within the healthcare sector.

DIVIDENDS
During the period total interim dividends of £6,311 per share were paid. The directors recommend that no final
dividend be paid.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st June 2023 to the date of this report.

J P Brown
I Oxley
Mrs P E Jarvis
D S Simpkin

FINANCIAL INSTRUMENTS
Financial risk management
The group's operations expose it to a variety of financial risks that include the effect of changes in liquidity risk and
interest rate risk. The group has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the group by monitoring levels of debt finance and the related finance costs.

Given the size of the group, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board of directors are implemented by the group's finance department.

Liquidity risk
The group actively maintains a mixture of long-term and short-term debt finance that is designed to ensure the group has sufficient available funds for operations and planned extensions.

Interest rate cash flow risk
The group only has interest bearing liabilities.

Credit risk
The group has implemented policies that require appropriate credit checks on potential customers in the private sector before sales are made. The amount of exposure to individual customers is subject to a limit, which is reassessed regularly by the board.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.


MEDSOL GROUP LTD (REGISTERED NUMBER: 04522585)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST MAY 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, ESW Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mrs P E Jarvis - Director


4th February 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MEDSOL GROUP LTD

Opinion
We have audited the financial statements of Medsol Group Ltd (the 'company') for the year ended 31st May 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31st May 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MEDSOL GROUP LTD


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on pages five and six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The company is subject to numerous laws and regulations that could reasonably be expected to have a material effect on the financial statements. From our general commercial experience and discussion with management, we identified the following laws and regulations; healthcare provider regulations, employment and agency workers laws and regulations, health and safety, employment taxes, financial reporting and distributable profits.

Our audit procedures to address potential fraud and non-compliance with laws and regulations included:

- Enquiry of management and staff
- Review of legal documentation and correspondence
- Analytical review to identify unexpected account movements and investigation of variances
- Assessment of potential management override by review of journals and unusual accounting entries
- Identification and review of transactions with related parties
- Review of year end cut-off and after date transactions
- Reconciliation of intercompany balances

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MEDSOL GROUP LTD


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Stephen Cracknell FCA (Senior Statutory Auditor)
for and on behalf of ESW Limited
Chartered Accountants
& Registered Auditors
162-164 High Street
Rayleigh
Essex
SS6 7BS

4th February 2025

MEDSOL GROUP LTD (REGISTERED NUMBER: 04522585)

INCOME STATEMENT
FOR THE YEAR ENDED 31ST MAY 2024

2024 2023
Notes £    £   

TURNOVER 3 28,362,225 26,822,286

Cost of sales (24,542,308 ) (22,645,177 )
GROSS PROFIT 3,819,917 4,177,109

Administrative expenses (3,489,029 ) (3,187,828 )
OPERATING PROFIT 5 330,888 989,281


Interest payable and similar expenses 6 (48,108 ) (14,631 )
PROFIT BEFORE TAXATION 282,780 974,650

Tax on profit 7 (70,455 ) (194,973 )
PROFIT FOR THE FINANCIAL YEAR 212,325 779,677

MEDSOL GROUP LTD (REGISTERED NUMBER: 04522585)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31ST MAY 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 212,325 779,677


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

212,325

779,677

MEDSOL GROUP LTD (REGISTERED NUMBER: 04522585)

BALANCE SHEET
31ST MAY 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 9 1,392 2,320
Tangible assets 10 50,334 49,814
51,726 52,134

CURRENT ASSETS
Debtors 11 3,717,680 6,075,005
Cash at bank 22,790 184,877
3,740,470 6,259,882
CREDITORS
Amounts falling due within one year 12 (3,597,898 ) (5,699,714 )
NET CURRENT ASSETS 142,572 560,168
TOTAL ASSETS LESS CURRENT
LIABILITIES

194,298

612,302

PROVISIONS FOR LIABILITIES 15 (5,957 ) (5,197 )
NET ASSETS 188,341 607,105

CAPITAL AND RESERVES
Called up share capital 16 100 100
Capital redemption reserve 17 - 533,425
Retained earnings 17 188,241 73,580
SHAREHOLDERS' FUNDS 188,341 607,105

The financial statements were approved by the Board of Directors and authorised for issue on 4th February 2025 and were signed on its behalf by:





Mrs P E Jarvis - Director


MEDSOL GROUP LTD (REGISTERED NUMBER: 04522585)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31ST MAY 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1st June 2022 100 (161,941 ) 533,425 371,584

Changes in equity
Dividends - (544,156 ) - (544,156 )
Total comprehensive income - 779,677 - 779,677
Balance at 31st May 2023 100 73,580 533,425 607,105

Changes in equity
Dividends - (631,089 ) - (631,089 )
Total comprehensive income - 745,750 (533,425 ) 212,325
Balance at 31st May 2024 100 188,241 - 188,341

MEDSOL GROUP LTD (REGISTERED NUMBER: 04522585)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2024

1. STATUTORY INFORMATION

Medsol Group 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

- Section 4 'Statement of Financial Position' - Reconciliation of the opening and closing number of shares;

- Section 7 'Statement of Cash Flows' - Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues' - Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 33 'Related Party Disclosures' - Compensation for key management personnel.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and trade discounts.

Turnover from the rendering of services is recognised in the period in which the service has been completed.

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.

Other intangible assets are being amortised evenly over their estimated useful life of 10 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
Computer equipment - 33% on reducing balance

Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the group estimates the recoverable amount of the cash-generating unit to which the asset belongs.

MEDSOL GROUP LTD (REGISTERED NUMBER: 04522585)

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

2. ACCOUNTING POLICIES - continued

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 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 trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method.

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 trade and other creditors and bank loans, are initially recognised at
transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is
measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of 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.

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.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Rendering of services 28,362,225 26,822,286
28,362,225 26,822,286

MEDSOL GROUP LTD (REGISTERED NUMBER: 04522585)

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

3. TURNOVER - continued

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 28,362,225 26,822,286
28,362,225 26,822,286

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 26,698,187 24,738,060

The average number of employees during the year was as follows:
2024 2023

Agency workers 37 62
Management 4 9
Administration 15 8
Sales 40 24
96 103

2024 2023
£    £   
Directors' remuneration 53,987 72,632

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 14,087 13,863
Other intangible assets amortisation 928 927
Auditors' remuneration 11,000 12,065

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
HMRC fines and interest 48,108 14,631

MEDSOL GROUP LTD (REGISTERED NUMBER: 04522585)

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

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 69,694 195,290

Deferred tax 761 (317 )
Tax on profit 70,455 194,973

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 282,780 974,650
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 25%)

70,695

243,663

Effects of:
Capital allowances in excess of depreciation (1,000 ) -
Depreciation in excess of capital allowances - 417
Deferred tax 760 (317 )
Change in tax rates - (48,790 )
Total tax charge 70,455 194,973

8. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 631,089 544,156

MEDSOL GROUP LTD (REGISTERED NUMBER: 04522585)

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

9. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1st June 2023
and 31st May 2024 4,639
AMORTISATION
At 1st June 2023 2,319
Amortisation for year 928
At 31st May 2024 3,247
NET BOOK VALUE
At 31st May 2024 1,392
At 31st May 2023 2,320

10. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1st June 2023 42,347 44,112 86,459
Additions 683 13,924 14,607
At 31st May 2024 43,030 58,036 101,066
DEPRECIATION
At 1st June 2023 13,800 22,845 36,645
Charge for year 4,360 9,727 14,087
At 31st May 2024 18,160 32,572 50,732
NET BOOK VALUE
At 31st May 2024 24,870 25,464 50,334
At 31st May 2023 28,547 21,267 49,814

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 3,192,825 5,061,650
Amounts owed by group undertakings 152,230 328,840
Prepayments and accrued income 372,625 684,515
3,717,680 6,075,005

MEDSOL GROUP LTD (REGISTERED NUMBER: 04522585)

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

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 237,571 115,367
Amounts owed to group undertakings 324,099 596,077
Social security and other taxes 1,036,517 1,280,093
Other creditors 20,925 448,377
Factor advance 1,794,398 3,029,195
Accruals and deferred income 184,388 230,605
3,597,898 5,699,714

13. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 84,480 84,480
Between one and five years 84,480 126,720
168,960 211,200

14. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Factor advance 1,794,398 3,029,195

The factor advance is secured by a fixed and floating charge dated 24 August 2017 over the company's assets.

Company overdraft facilities are secured by a fixed and floating charge dated 15 June 2020 over the company's assets, and cross guarantees given by all of the group members.

15. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 5,957 5,197

Deferred
tax
£   
Balance at 1st June 2023 5,197
Provided during year 760
Balance at 31st May 2024 5,957

MEDSOL GROUP LTD (REGISTERED NUMBER: 04522585)

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

16. CALLED UP SHARE CAPITAL

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

17. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1st June 2023 73,580 533,425 607,005
Profit for the year 212,325 212,325
Dividends (631,089 ) (631,089 )
Movement in period 533,425 (533,425 ) -
At 31st May 2024 188,241 - 188,241

18. CONTINGENT LIABILITIES

The company has given a guarantee against the bank overdraft facilities to other group members.

19. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

20. PARENT COMPANY

The company's immediate and ultimate parent undertaking is GPS Medsol Holdings Limited, a company incorporated in England and Wales which is the smallest and largest group for which consolidated accounts including Medsol Group Limited are prepared. The consolidated accounts of GPS Medsol Holdings Limited are available from its registered office, Amlin House, 90-96 Victoria Road, Chelmsford, CM1 1QU