S. Padley Limited 07249450 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is provision of medical consultancy services and letting of furnished holiday let property. Digita Accounts Production Advanced 6.30.9574.0 true false 07249450 2023-06-01 2024-05-31 07249450 2024-05-31 07249450 2 2024-05-31 07249450 core:RetainedEarningsAccumulatedLosses 2024-05-31 07249450 core:ShareCapital 2024-05-31 07249450 core:CurrentFinancialInstruments 2024-05-31 07249450 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 07249450 core:Non-currentFinancialInstruments core:AfterOneYear 2024-05-31 07249450 core:Goodwill 2024-05-31 07249450 core:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments 2024-05-31 07249450 core:FurnitureFittingsToolsEquipment 2024-05-31 07249450 bus:SmallEntities 2023-06-01 2024-05-31 07249450 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 07249450 bus:FilletedAccounts 2023-06-01 2024-05-31 07249450 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 07249450 bus:RegisteredOffice 2023-06-01 2024-05-31 07249450 bus:Director1 2023-06-01 2024-05-31 07249450 bus:Director2 2023-06-01 2024-05-31 07249450 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 07249450 core:Goodwill 2023-06-01 2024-05-31 07249450 core:FurnitureFittings 2023-06-01 2024-05-31 07249450 core:FurnitureFittingsToolsEquipment 2023-06-01 2024-05-31 07249450 core:AllSubsidiaries 2023-06-01 2024-05-31 07249450 countries:EnglandWales 2023-06-01 2024-05-31 07249450 2023-05-31 07249450 core:Goodwill 2023-05-31 07249450 core:CostValuation 2023-05-31 07249450 core:FurnitureFittingsToolsEquipment 2023-05-31 07249450 2022-06-01 2023-05-31 07249450 2023-05-31 07249450 2 2023-05-31 07249450 core:RetainedEarningsAccumulatedLosses 2023-05-31 07249450 core:ShareCapital 2023-05-31 07249450 core:CurrentFinancialInstruments 2023-05-31 07249450 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 07249450 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 07249450 core:Goodwill 2023-05-31 07249450 core:FurnitureFittingsToolsEquipment 2023-05-31 07249450 2022-05-31 iso4217:GBP xbrli:pure

Registration number: 07249450

S. Padley Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

S. Padley Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

S. Padley Limited

Company Information

Directors

Dr C Hogg

Dr S Padley

Registered office

76 Canterbury Road
Croydon
Surrey
CR0 3HA

Accountants

Affinity Associates (Flemmings) Limited
(Trading as Flemmings)
Chartered Accountants
76 Canterbury Road
Croydon
Surrey
CR0 3HA

 

S. Padley Limited

(Registration number: 07249450)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

95,100

110,950

Tangible assets

5

6,983

6,995

Investment property

6

1,981,979

1,259,143

Investments

7

462,501

562,501

 

2,546,563

1,939,589

Current assets

 

Debtors

8

1,126,812

797,760

Cash at bank and in hand

 

249,847

848,496

 

1,376,659

1,646,256

Creditors: Amounts falling due within one year

9

(125,785)

(98,151)

Net current assets

 

1,250,874

1,548,105

Total assets less current liabilities

 

3,797,437

3,487,694

Provisions for liabilities

(1,746)

(1,749)

Net assets

 

3,795,691

3,485,945

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

3,795,591

3,485,845

Shareholders' funds

 

3,795,691

3,485,945

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 16 February 2025 and signed on its behalf by:
 

.........................................
Dr S Padley
Director

 

S. Padley Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
76 Canterbury Road
Croydon
Surrey
CR0 3HA
England

2

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

Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

 

S. Padley Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2023

317,000

317,000

At 31 May 2024

317,000

317,000

Amortisation

At 1 June 2023

206,050

206,050

Amortisation charge

15,850

15,850

At 31 May 2024

221,900

221,900

Carrying amount

At 31 May 2024

95,100

95,100

At 31 May 2023

110,950

110,950

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2023

33,603

33,603

Additions

5,334

5,334

Disposals

(1,807)

(1,807)

At 31 May 2024

37,130

37,130

Depreciation

At 1 June 2023

26,607

26,607

Charge for the year

5,194

5,194

Eliminated on disposal

(1,654)

(1,654)

At 31 May 2024

30,147

30,147

Carrying amount

At 31 May 2024

6,983

6,983

At 31 May 2023

6,995

6,995

 

S. Padley Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

6

Investment properties

2024
£

2023
£

At 1 June

1,259,143

981,482

Additions

722,836

277,661

At 31 May

1,981,979

1,259,143

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.


7

Investments

2024
£

2023
£

Investments in subsidiaries

50

50

Investment in participating interest

17,068

17,068

Other investments

445,383

545,383

462,501

562,501

Subsidiaries

£

Cost or valuation

At 1 June 2023

50

Carrying amount

At 31 May 2024

50

At 31 May 2023

50

Investment in participating interest

£

Cost

At 1 June 2023

17,068

Carrying amount

At 31 May 2024

17,068

At 31 May 2023

17,068

 

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

£

Cost

At 1 June 2023

545,383

Reanalysis

100,000

Carrying amount

At 31 May 2024

445,383

At 31 May 2023

545,383

8

Debtors

Note

2024
£

2023
£

Amounts owed by related parties

10

356,419

355,819

Other debtors

 

668,093

326,683

Accrued income

 

43,509

51,970

Income tax asset

58,791

63,288

Less non-current portion

 

(275,856)

(142,568)

 

850,956

655,192

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

9

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

3,600

-

Taxation and social security

(2)

(2)

Accruals and deferred income

9,600

-

Other creditors

-

(404)

Corporation tax

112,587

98,557

125,785

98,151

10

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

Radiology Reporting (London) Limited
(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.