Registration number:
S. Padley Limited
for the Year Ended 31 May 2024
S. Padley Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
S. Padley Limited
Company Information
Directors |
Dr C Hogg Dr S Padley |
Registered office |
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Accountants |
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S. Padley Limited
(Registration number: 07249450)
Balance Sheet as at 31 May 2024
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2024 |
2023 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investment property |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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S. Padley Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in Pound Sterling, which is the functional currency of the company.
Revenue recognition
Turnover shown in the profit and loss represents amounts invoiced during the year.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
S. Padley Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
Depreciation
Depreciation is charged so as to write off the cost of assets, less its estimated residual value over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures, Fittings & Equipment |
25% Straight Line Method |
Investment property
Goodwill
Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods of events or changes in circumstances indicate that the carrying value may not be recoverable.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
Over 20 years |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Other investments are valued at cost less impairment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
S. Padley Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 June 2023 |
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At 31 May 2024 |
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Amortisation |
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At 1 June 2023 |
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Amortisation charge |
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At 31 May 2024 |
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Carrying amount |
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At 31 May 2024 |
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At 31 May 2023 |
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Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 June 2023 |
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Additions |
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Disposals |
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At 31 May 2024 |
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Depreciation |
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At 1 June 2023 |
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Charge for the year |
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Eliminated on disposal |
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( |
At 31 May 2024 |
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Carrying amount |
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At 31 May 2024 |
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At 31 May 2023 |
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S. Padley Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
Investment properties |
2024 |
2023 |
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At 1 June |
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Additions |
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At 31 May |
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The directors are of the opinion that the cost of the property including the improvements costs incurred represents the fair value of the property as at 31 May 2024.
There has been no valuation of investment property by an independent valuer during the year ended 31 May 2024.
The historical cost of the investment including improvements is £1,981,979 The depreciation on this historical cost is £Nil.
Investments |
2024 |
2023 |
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Investments in subsidiaries |
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Investment in participating interest |
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Other investments |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 June 2023 |
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Carrying amount |
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At 31 May 2024 |
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At 31 May 2023 |
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Investment in participating interest |
£ |
Cost |
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At 1 June 2023 |
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Carrying amount |
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At 31 May 2024 |
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At 31 May 2023 |
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S. Padley Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
The company is one of the members in ASI London E Clinician LLP and ASI London G Clinician LLP. The above investment represents the company's interest in both these LLPs.
Other investments |
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Cost |
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At 1 June 2023 |
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Reanalysis |
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Carrying amount |
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At 31 May 2024 |
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At 31 May 2023 |
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Debtors |
Note |
2024 |
2023 |
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Amounts owed by related parties |
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Other debtors |
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Accrued income |
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Income tax asset |
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Less non-current portion |
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Details of non-current trade and other debtors
£225,000 (2023 -£75,000) of Other debtors is classified as non current. This consists of loans provided by the company with interest receivable varying between 1% and 9% per annum and with varying repayment terms;
£9,978 (2023 -£12,472) of Other debtors is classified as non current. This relates to a loan to ASI London G Clinician LLP in which the company is one of the members. Interest is receivable on the loan.
£40,878 (2023 -£55,096) of Other debtors is classified as non current. This relates to a loan to ASI London E Clinician LLP in which the company is one of the members. Interest is receivable on the loan.
S. Padley Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
( |
( |
Accruals and deferred income |
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Other creditors |
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( |
Corporation tax |
112,587 |
98,557 |
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Related party transactions |
Other transactions with directors |
Dr S Padley and Dr C Hogg
(Directors and Shareholders)
Dividends paid to the directors during the year was £2,000 (2023 - £4,000).
At the balance sheet date the amount due from Dr S Padley and Dr C Hogg was £183,658 (2023 - £184,115).
The amount due from the diectors are repayable on demand. Interest at the HMRC official rate of interst is charged on the running balance due from the directors.
Summary of transactions with subsidiaries
(50% subsidiary undertaking)
At the balance sheet date the amount due from Radiology Reporting (London) Limited was £356,419 (2023 - £355,819). The loan is interest free and repayable on demand.