REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
HAYDOCK MEDICAL COMPANY LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
HAYDOCK MEDICAL COMPANY LTD |
HAYDOCK MEDICAL COMPANY LTD (REGISTERED NUMBER: 08681289) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 5 |
HAYDOCK MEDICAL COMPANY LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MAY 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Britannia Chambers |
26 George Street |
St Helens |
Merseyside |
WA10 1BZ |
HAYDOCK MEDICAL COMPANY LTD (REGISTERED NUMBER: 08681289) |
BALANCE SHEET |
31 MAY 2024 |
31.5.24 | 31.5.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Other reserves | 10 |
Retained earnings | 10 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
HAYDOCK MEDICAL COMPANY LTD (REGISTERED NUMBER: 08681289) |
BALANCE SHEET - continued |
31 MAY 2024 |
HAYDOCK MEDICAL COMPANY LTD (REGISTERED NUMBER: 08681289) |
BALANCE SHEET - continued |
31 MAY 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
HAYDOCK MEDICAL COMPANY LTD (REGISTERED NUMBER: 08681289) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
1. | STATUTORY INFORMATION |
Haydock Medical Company Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
HAYDOCK MEDICAL COMPANY LTD (REGISTERED NUMBER: 08681289) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 June 2023 |
and 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 June 2023 |
and 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
Fair value at 31 May 2024 is represented by: |
£ |
Valuation in 2018 | 5,500,000 |
Valuation in 2019 | 41,584 |
5,541,584 |
If investment property had not been revalued it would have been included at the following historical cost: |
31.5.24 | 31.5.23 |
£ | £ |
Cost | 4,453,443 | 4,453,443 |
Aggregate depreciation | (702,675 | ) | (601,692 | ) |
Investment property was valued on an open market basis on 31 May 2024 by the directors. . |
The directors consider that the investment property valuation of £5,541,584 is the fair value of the property at the 31st May 2024 Balance Sheet date. |
HAYDOCK MEDICAL COMPANY LTD (REGISTERED NUMBER: 08681289) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Bank loans |
Other creditors |
The company received a lease premium in April 2017 of £368,000. The lease premium is being released to the profit and loss account over the 25 year life of the lease at the rate of £14,720 per annum..The total amount still to be released at the 31st May 2024 date is £261,280 (2023: £276,000) and this is included in Other creditors due in less than one year at £14,720 and more than one year at £246,560. |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.5.24 | 31.5.23 |
£ | £ |
Bank loans |
The Bank Loan is secured by a first legal charge over the freehold land and buildings at Woodside Road, Haydock, St Helens , together with an unlimited debenture from Haydock Medical Company Limited. |
The Bank Loan is also secured by guarantees provided by an individual director shareholder and a corporate shareholder in respect of all monies, up to £645,000 each. |
10. | RESERVES |
Other reserves arise from the Investment Property fair value uplift of £1,088,141 at the 31st May 2024 date less an associated deferred tax provision of £206,747. The net reserve of £881,394 is non distributable. |