REGISTERED NUMBER: 09860707 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
AUDITED |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MAY 2024 |
FOR |
GPS MEDSOL HOLDINGS LIMITED |
REGISTERED NUMBER: 09860707 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
AUDITED |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MAY 2024 |
FOR |
GPS MEDSOL HOLDINGS LIMITED |
GPS MEDSOL HOLDINGS LIMITED (REGISTERED NUMBER: 09860707) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MAY 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 5 |
Report of the Independent Auditors | 7 |
Consolidated Income Statement | 10 |
Consolidated Other Comprehensive Income | 11 |
Consolidated Balance Sheet | 12 |
Company Balance Sheet | 13 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Financial Statements | 18 |
GPS MEDSOL HOLDINGS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST MAY 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
GPS MEDSOL HOLDINGS LIMITED (REGISTERED NUMBER: 09860707) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31ST MAY 2024 |
The directors present their strategic report of the company and the group for the year ended 31st May 2024. |
The Group's principal activities continue to be the provision of medical recruitment services and medical insourcing solutions to both private and NHS healthcare providers. Our medical recruitment division specialises in placing qualified healthcare professionals across various settings, while our insourcing division provides specialised medical services through dedicated weekend clinics. |
REVIEW OF BUSINESS |
The Group's financial performance for the year ended 31st May 2024 reflected challenging market conditions: |
- Turnover remained relatively stable at £38.5m (2023: £39.0m). |
- Gross profit decreased to £6.5m (2023: £7.3m), representing a gross margin of 17% (2023: 18.8%). |
- Operating profit reduced to £1.6m (2023: £2.9m). |
- Profit before taxation was £1.5m (2023: £2.9m). |
The decline in profitability despite maintained turnover levels primarily reflects: |
- Increased cost pressures in the healthcare staffing market. |
- Higher administrative expenses, rising to £5.0m (2023: £4.4m). |
- Investment in operational infrastructure and business development initiatives. |
Operational Highlights |
During the year, the Group: |
- Successfully expanded its insourcing division to include dermatology services alongside existing endoscopy and ophthalmology operations. |
- Maintained its position on key frameworks including Health Trust Europe, Crown Commercial Service (CCS), NHS Shared Business Services (SBS), and Workforce Alliance. |
- Enhanced its marketing and branding capabilities through dedicated internal resources and external expertise. |
STRATEGY AND FUTURE DEVELOPMENTS |
The Group has implemented several strategic initiatives to address current challenges and position itself for future growth: |
1. Service Diversification |
- Continuing expansion into additional medical specialities within the insourcing division, post year end the group won it's first ENT services contract. |
- Focus on areas with significant patient waiting lists and demand and put in the foundation relationships required to win a greater share of these markets. |
2. Operational Excellence |
- Investment in AI-driven analytic tools to improve operational efficiencies. |
- Enhancement of quality assurance systems. |
- Optimization of resource allocation and scheduling. |
3. Technology Infrastructure |
- Implementation of new systems to streamline operations. |
- Development of improved data analytic capabilities. |
- Investment in automation of key processes. |
GPS MEDSOL HOLDINGS LIMITED (REGISTERED NUMBER: 09860707) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31ST MAY 2024 |
PRINCIPAL RISKS AND UNCERTAINTIES |
In the UK, the medical recruitment and medical insourcing businesses, like any other businesses, face certain risks and uncertainties. The group 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. Both medical recruitment and insourcing businesses 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 medical recruitment and insourcing businesses 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 Group 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. |
- Prioritise patient safety and confidentiality and respond promptly and effectively to any incidents. |
Liquidity risk: Reducing liquidity risk is crucial for the group of companies 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 group'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 group will always Implement effective cash flow management practices, such as optimising payment terms, negotiating favourable terms with suppliers, and managing working capital efficiently. |
GPS MEDSOL HOLDINGS LIMITED (REGISTERED NUMBER: 09860707) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31ST MAY 2024 |
- Monitor and Manage debt levels by Regularly review and manage the group'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. |
OUTLOOK |
While the financial year 2024 presented challenges, the Board remains confident in the Group's future prospects. The implemented strategic initiatives, combined with our strong market position and continued diversification of the groups service offering, provide a solid foundation for future growth. The healthcare sector's ongoing demand for flexible staffing solutions and specialized clinical services continues to present opportunities for expansion. |
The Group's focus on operational efficiency, service quality, and strategic diversification positions it well to respond to market challenges while maintaining its commitment to supporting healthcare providers in delivering excellent patient care. |
ON BEHALF OF THE BOARD: |
Director |
4th February 2025 |
GPS MEDSOL HOLDINGS LIMITED (REGISTERED NUMBER: 09860707) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31ST MAY 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31st May 2024. |
PRINCIPAL ACTIVITY |
The Group's principal activities continue to be the provision of medical recruitment services and medical insourcing solutions to both private and NHS healthcare providers. Our medical recruitment division specialises in placing qualified healthcare professionals across various settings, while our insourcing division provides specialised medical services through dedicated weekend clinics. |
DIVIDENDS |
During the period total interim dividends of £820.79 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. |
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. |
GPS MEDSOL HOLDINGS LIMITED (REGISTERED NUMBER: 09860707) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31ST MAY 2024 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information. |
AUDITORS |
The auditors, ESW Limited, will be proposed for appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
GPS MEDSOL HOLDINGS LIMITED |
Opinion |
We have audited the financial statements of GPS Medsol Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st May 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31st May 2024 and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 Group 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 |
GPS MEDSOL HOLDINGS LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company 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 page 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 group's and the parent 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 group or the parent 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 group 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 providers 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 |
GPS MEDSOL HOLDINGS LIMITED |
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. |
for and on behalf of |
Chartered Accountants |
& Registered Auditors |
162-164 High Street |
Rayleigh |
Essex |
SS6 7BS |
GPS MEDSOL HOLDINGS LIMITED (REGISTERED NUMBER: 09860707) |
CONSOLIDATED |
INCOME STATEMENT |
FOR THE YEAR ENDED 31ST MAY 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 3 | 38,462,196 | 38,996,635 |
Cost of sales | (31,919,631 | ) | (31,656,879 | ) |
GROSS PROFIT | 6,542,565 | 7,339,756 |
Administrative expenses | (4,988,303 | ) | (4,397,135 | ) |
OPERATING PROFIT | 6 | 1,554,262 | 2,942,621 |
Interest payable and similar expenses | 7 | (57,268 | ) | (19,395 | ) |
PROFIT BEFORE TAXATION | 1,496,994 | 2,923,226 |
Tax on profit | 8 | (369,601 | ) | (593,516 | ) |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 1,127,393 | 2,329,710 |
GPS MEDSOL HOLDINGS LIMITED (REGISTERED NUMBER: 09860707) |
CONSOLIDATED |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31ST MAY 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 1,127,393 | 2,329,710 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
1,127,393 |
2,329,710 |
Total comprehensive income attributable to: |
Owners of the parent | 1,127,393 | 2,329,710 |
GPS MEDSOL HOLDINGS LIMITED (REGISTERED NUMBER: 09860707) |
CONSOLIDATED BALANCE SHEET |
31ST MAY 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 11 | 1,392 | 2,320 |
Tangible assets | 12 | 72,486 | 75,875 |
Investments | 13 | - | - |
73,878 | 78,195 |
CURRENT ASSETS |
Debtors | 14 | 4,428,964 | 6,833,996 |
Cash at bank and in hand | 147,487 | 389,366 |
4,576,451 | 7,223,362 |
CREDITORS |
Amounts falling due within one year | 15 | (4,852,848 | ) | (6,989,908 | ) |
NET CURRENT (LIABILITIES)/ASSETS | (276,397 | ) | 233,454 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
(202,519 |
) |
311,649 |
PROVISIONS FOR LIABILITIES | 18 | (10,166 | ) | (10,148 | ) |
NET (LIABILITIES)/ASSETS | (212,685 | ) | 301,501 |
CAPITAL AND RESERVES |
Called up share capital | 19 | 2,000 | 2,000 |
Capital redemption reserve | 20 | - | 533,425 |
Retained earnings | 20 | (214,685 | ) | (233,924 | ) |
(212,685 | ) | 301,501 |
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 |
GPS MEDSOL HOLDINGS LIMITED (REGISTERED NUMBER: 09860707) |
COMPANY BALANCE SHEET |
31ST MAY 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 11 |
Tangible assets | 12 |
Investments | 13 |
CURRENT ASSETS |
Debtors | 14 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 15 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Retained earnings | 20 | ( |
) |
( |
) |
Company's profit for the financial year | 1,652,036 | 2,115,736 |
The financial statements were approved by the Board of Directors and authorised for issue on |
GPS MEDSOL HOLDINGS LIMITED (REGISTERED NUMBER: 09860707) |
CONSOLIDATED 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 | 2,000 | (433,122 | ) | 533,425 | 102,303 |
Changes in equity |
Dividends | - | (2,130,512 | ) | - | (2,130,512 | ) |
Total comprehensive income | - | 2,329,710 | - | 2,329,710 |
Balance at 31st May 2023 | 2,000 | (233,924 | ) | 533,425 | 301,501 |
Changes in equity |
Dividends | - | (1,641,579 | ) | - | (1,641,579 | ) |
Total comprehensive income | - | 1,660,818 | (533,425 | ) | 1,127,393 |
Balance at 31st May 2024 | 2,000 | (214,685 | ) | - | (212,685 | ) |
GPS MEDSOL HOLDINGS LIMITED (REGISTERED NUMBER: 09860707) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31ST MAY 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1st June 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31st May 2023 | ( |
) | ( |
) |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31st May 2024 |
GPS MEDSOL HOLDINGS LIMITED (REGISTERED NUMBER: 09860707) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31ST MAY 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,841,158 | 2,835,637 |
Interest paid | (57,268 | ) | (19,395 | ) |
Tax paid | (369,583 | ) | (348,579 | ) |
Net cash from operating activities | 1,414,307 | 2,467,663 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (14,607 | ) | (8,367 | ) |
Net cash from investing activities | (14,607 | ) | (8,367 | ) |
Cash flows from financing activities |
Equity dividends paid | (1,641,579 | ) | (2,130,512 | ) |
Net cash from financing activities | (1,641,579 | ) | (2,130,512 | ) |
(Decrease)/increase in cash and cash equivalents | (241,879 | ) | 328,784 |
Cash and cash equivalents at beginning of year |
2 |
389,366 |
60,582 |
Cash and cash equivalents at end of year | 2 | 147,487 | 389,366 |
GPS MEDSOL HOLDINGS LIMITED (REGISTERED NUMBER: 09860707) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31ST MAY 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation | 1,496,994 | 2,923,226 |
Depreciation charges | 18,925 | 19,377 |
Finance costs | 57,268 | 19,395 |
1,573,187 | 2,961,998 |
Decrease/(increase) in trade and other debtors | 2,405,031 | (2,191,778 | ) |
(Decrease)/increase in trade and other creditors | (2,137,060 | ) | 2,065,417 |
Cash generated from operations | 1,841,158 | 2,835,637 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31st May 2024 |
31.5.24 | 1.6.23 |
£ | £ |
Cash and cash equivalents | 147,487 | 389,366 |
Year ended 31st May 2023 |
31.5.23 | 1.6.22 |
£ | £ |
Cash and cash equivalents | 389,366 | 60,582 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.6.23 | Cash flow | At 31.5.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 389,366 | (241,879 | ) | 147,487 |
389,366 | (241,879 | ) | 147,487 |
Total | 389,366 | (241,879 | ) | 147,487 |
GPS MEDSOL HOLDINGS LIMITED (REGISTERED NUMBER: 09860707) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MAY 2024 |
1. | STATUTORY INFORMATION |
GPS Medsol Holdings Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. |
Basis of consolidation |
The consolidated financial statements present the results of GPS Medsol Holdings Limited and its subsidiaries ("the group") as if they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. |
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. |
GPS MEDSOL HOLDINGS LIMITED (REGISTERED NUMBER: 09860707) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
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 and loss. |
Impairment of fixed assets |
At each reporting period end date, the group 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. |
GPS MEDSOL HOLDINGS LIMITED (REGISTERED NUMBER: 09860707) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The group 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 group 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. |
Impairment of financial assets |
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. |
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit and loss. |
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated party. |
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 group 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. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when, and only when, the group's contractual obligations are discharged, cancelled, or they expire. |
GPS MEDSOL HOLDINGS LIMITED (REGISTERED NUMBER: 09860707) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2024 |
2. | ACCOUNTING POLICIES - continued |
Equity instruments |
Equity instruments issued by the group 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 group. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
2024 | 2023 |
£ | £ |
Rendering of services | 38,462,196 | 38,996,635 |
38,462,196 | 38,996,635 |
An analysis of turnover by geographical market is given below: |
2024 | 2023 |
£ | £ |
United Kingdom | 38,462,196 | 38,996,635 |
38,462,196 | 38,996,635 |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 35,094,011 | 34,590,246 |
GPS MEDSOL HOLDINGS LIMITED (REGISTERED NUMBER: 09860707) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2024 |
4. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
2024 | 2023 |
Agency workers | 57 | 75 |
Management | 4 | 9 |
Administration | 15 | 8 |
Sales | 40 | 24 |
5. | DIRECTORS' EMOLUMENTS |
2024 | 2023 |
£ | £ |
Directors' remuneration | 72,254 | 119,266 |
6. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
£ | £ |
Depreciation - owned assets | 17,996 | 18,450 |
Other intangible assets amortisation | 928 | 927 |
Auditors' remuneration | 38,680 | 50,027 |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Interest payable | 57,268 | 19,395 |
8. | 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 | 381,216 | 594,704 |
Over provision prior year | (11,633 | ) | - |
Total current tax | 369,583 | 594,704 |
Deferred tax | 18 | (1,188 | ) |
Tax on profit | 369,601 | 593,516 |
GPS MEDSOL HOLDINGS LIMITED (REGISTERED NUMBER: 09860707) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2024 |
8. | TAXATION - continued |
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 | 1,496,994 | 2,923,226 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 25 %) |
374,249 |
730,807 |
Effects of: |
Capital allowances in excess of depreciation | (23 | ) | - |
Depreciation in excess of capital allowances | - | 1,562 |
Adjustments to tax charge in respect of previous periods | (11,633 | ) | - |
Changes in tax rates | - | (148,574 | ) |
Deferred tax charge/(credit) | 18 | (1,188 | ) |
Marginal tax relief | (245 | ) | - |
Tax losses carried forward | 7,235 | 10,909 |
Total tax charge | 369,601 | 593,516 |
9. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
10. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary shares of £1 each | 1,641,579 | 2,130,512 |
GPS MEDSOL HOLDINGS LIMITED (REGISTERED NUMBER: 09860707) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2024 |
11. | OTHER INTANGIBLE ASSETS |
Group |
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 |
12. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Plant and | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1st June 2023 | 60,919 | 42,347 | 44,112 | 147,378 |
Additions | - | 683 | 13,924 | 14,607 |
At 31st May 2024 | 60,919 | 43,030 | 58,036 | 161,985 |
DEPRECIATION |
At 1st June 2023 | 34,858 | 13,800 | 22,845 | 71,503 |
Charge for year | 3,909 | 4,360 | 9,727 | 17,996 |
At 31st May 2024 | 38,767 | 18,160 | 32,572 | 89,499 |
NET BOOK VALUE |
At 31st May 2024 | 22,152 | 24,870 | 25,464 | 72,486 |
At 31st May 2023 | 26,061 | 28,547 | 21,267 | 75,875 |
GPS MEDSOL HOLDINGS LIMITED (REGISTERED NUMBER: 09860707) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2024 |
13. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1st June 2023 |
and 31st May 2024 |
NET BOOK VALUE |
At 31st May 2024 |
At 31st May 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Amlin House, 90-96 Victoria Road, Chelmsford, Essex, CM1 1QU |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Amlin House, 90-96 Victoria Road, Chelmsford, Essex, CM1 1QU |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Amlin House, 90-96 Victoria Road, Chelmsford, Essex, CM1 1QU |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Amlin House, 90-96 Victoria Road, Chelmsford, Essex, CM1 1QU |
Nature of business: |
% |
Class of shares: | holding |
GPS MEDSOL HOLDINGS LIMITED (REGISTERED NUMBER: 09860707) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2024 |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 3,759,067 | 5,823,351 |
Other debtors | 50,142 | 16,211 |
Prepayments and accrued income | 619,755 | 994,434 |
4,428,964 | 6,833,996 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade creditors | 292,211 | 174,146 |
Amounts owed to group undertakings | - | - |
Social security and other taxes | 1,783,970 | 1,858,280 |
Other creditors | 32,070 | 662,903 |
Factor advance | 2,456,391 | 3,975,030 | - | - |
Accruals and deferred income | 288,206 | 319,549 |
4,852,848 | 6,989,908 |
16. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year | 84,480 | 84,480 |
Between one and five years | 84,480 | 126,720 |
168,960 | 211,200 |
17. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2024 | 2023 |
£ | £ |
Factor advance | 2,456,391 | 3,975,030 |
The factor advance is secured by a fixed and floating charge dated 24 August 2017 over the group's assets. |
The group's overdraft facilities are secured by a fixed and floating charge dated 15 June 2020 over the group's assets. |
GPS MEDSOL HOLDINGS LIMITED (REGISTERED NUMBER: 09860707) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2024 |
18. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2023 |
£ | £ |
Deferred tax | 10,166 | 10,148 |
Group |
Deferred |
tax |
£ |
Balance at 1st June 2023 | 10,148 |
Provided during year | 18 |
Accelerated capital allowances |
Balance at 31st May 2024 | 10,166 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
1,000 | Ordinary | £1 | 1,000 | 1,000 |
110 | Ordinary "B" | £1 | 110 | 110 |
225 | Ordinary "C" | £1 | 225 | 225 |
225 | Ordinary "D" | £1 | 225 | 225 |
225 | Ordinary "E" | £1 | 225 | 225 |
115 | Ordinary "F" | £1 | 115 | 115 |
100 | Ordinary "G" | £1 | 100 | 100 |
2,000 | 2,000 |
20. | RESERVES |
Group |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1st June 2023 | (233,924 | ) | 533,425 | 299,501 |
Profit for the year | 1,127,393 | 1,127,393 |
Dividends | (1,641,579 | ) | (1,641,579 | ) |
Movement in period | 533,425 | (533,425 | ) | - |
At 31st May 2024 | (214,685 | ) | - | (214,685 | ) |
GPS MEDSOL HOLDINGS LIMITED (REGISTERED NUMBER: 09860707) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2024 |
20. | RESERVES - continued |
Company |
Retained |
earnings |
£ |
At 1st June 2023 | ( |
) |
Profit for the year |
Dividends | ( |
) |
At 31st May 2024 |
21. | 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. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |