Company registration number 05582789 (England and Wales)
MEDICAL CENTRE DEVELOPMENTS (GB) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
MEDICAL CENTRE DEVELOPMENTS (GB) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
MEDICAL CENTRE DEVELOPMENTS (GB) LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
5
29,467,691
29,371,650
Current assets
Debtors
6
8,937
26,697
Cash at bank and in hand
181,279
213,159
190,216
239,856
Creditors: amounts falling due within one year
7
(12,706,334)
(13,047,969)
Net current liabilities
(12,516,118)
(12,808,113)
Total assets less current liabilities
16,951,573
16,563,537
Creditors: amounts falling due after more than one year
8
(6,453,583)
(6,407,600)
Provisions for liabilities
(1,404,736)
(1,574,893)
Net assets
9,093,254
8,581,044
Capital and reserves
Called up share capital
100
100
Revaluation reserve
6,701,105
6,530,948
Profit and loss reserves
2,392,049
2,049,996
Total equity
9,093,254
8,581,044

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 January 2025 and are signed on its behalf by:
C M Hobden
Director
Company registration number 05582789 (England and Wales)
MEDICAL CENTRE DEVELOPMENTS (GB) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
1
Accounting policies
Company information

Medical Centre Developments (GB) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 54 Weymouth Street, London, W1G 6NU.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents rent receivable during the year and proceeds from property sales which are recognised at the point of legal completion.

 

Premiums charged on the lease of investment properties are recognised on a straight line basis over the length of the lease.

1.4
Investment property

Investment properties are carried at fair value determined annually by the directors with reference to external and internal valuers as appropriate 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 the statement of comprehensive income.

 

Investment property under construction is valued as if complete with appropriate deductions for expected cost

to complete and theoretical developer's margin on remaining costs. Borrowing costs incurred during the course of development are capitalised as part of investment property.

1.5
Cash and cash equivalents

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.

MEDICAL CENTRE DEVELOPMENTS (GB) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 3 -
1.6
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 and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. 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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
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.

1.8
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.

MEDICAL CENTRE DEVELOPMENTS (GB) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 4 -
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.

1.9
Retirement benefits

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

1.10

Debtors

Short term debtors are measured at transaction price, less any impairment.

1.11

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.

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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Investment property

Investment properties are valued to fair value annually by the directors with reference to third party valuations where available. The company recognises investment properties at fair value, defined as the estimated amount for which a property should exchange on the date of the valuation between a willing buyer and seller in an arm's length transaction. In considering the valuation, the relevant income streams are reviewed, deducting any non-recoverable costs to be incurred by the landlord to arrive at a net income. The income is then capitalised at a market yield which is derived from comparable transactions of similar properties observable in the market. Any refurbishment costs or other capital items are then deducted along with purchaser's costs to arrive at the fair value. The directors of the company asses the carrying value at each reporting date to ensure that the carrying value is adjusted to fair value.

MEDICAL CENTRE DEVELOPMENTS (GB) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 5 -
3
Employees

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

2024
2023
Number
Number
Total
-
0
-
0
4
Directors' remuneration

During the year directors received remuneration of £70,899 (2023: £96,076).

5
Investment property
2024
£
Fair value
At 1 November 2023
29,371,650
Additions
96,041
At 31 October 2024
29,467,691

The historical cost of investment properties at the balance sheet date is £21,361,850 (2023: £21,265,809). Included within this are capitalised interest and finance charges incurred during the course of development of £117,517 (2023: £117,517).

 

Included within investment properties are properties under construction totalling £178,347 (2023: £105,151), held for capital appreciation and future rental income. The historical cost of these properties is £178,347 (2023: £105,151).

 

The investment properties were valued on the basis of fair value at 31 October 2024 by directors of the company with reference to third party valuations where available.

6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
8,937
26,697
MEDICAL CENTRE DEVELOPMENTS (GB) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 6 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
234,200
221,548
Trade creditors
102,000
101,981
Amounts owed to group undertakings
11,948,071
11,847,612
Corporation tax
-
0
34,049
Other taxation and social security
62,473
63,074
Other creditors
359,590
779,705
12,706,334
13,047,969

There are no formal arrangements in place for the repayment of amounts owed to group undertakings.

8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
4,897,301
5,131,501
Other creditors
1,556,282
1,276,099
6,453,583
6,407,600

Secured loans

A fixed charge is held over the freehold property owned by the company in respect of the bank loans with interest charged between 5 and 5.9% per annum.

 

Included within creditors: amounts falling due after more than one year is an amount of £3,818,840 (2023: £4,111,331) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

9
Contignencies

The company acts as a guarantor for mortgages provided to Medical Centre Developments Limited and Medical Centre Holdings Limited in relation to mortgages over their investment properties. Each mortgage is guaranteed from the date of the mortgage, and at present the maximum liability is £40,067,154 (2023: £42,450,833). The directors do not currently consider that any liability will arise.

10
Controlling party

The immediate parent company is Medical Centre Holdings Limited. The parent of the smallest group for which consolidated financial statements are drawn up is Hobden Capital Limited, a company registered in England and Wales. The registered address of Hobden Capital Limited is 54 Weymouth Street, London, W1G 6NU.

 

The ultimate controlling party is C M Hobden and E M Hobden.

MEDICAL CENTRE DEVELOPMENTS (GB) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 7 -
11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

Senior Statutory Auditor:
Giuseppe Scozzaro
Statutory Auditor:
Goodman Jones LLP
Date of audit report:
24 January 2025
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