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REGISTERED NUMBER: 04511252 (England and Wales)



UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

WOODFORD MEDICAL LIMITED

WOODFORD MEDICAL LIMITED (REGISTERED NUMBER: 04511252)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WOODFORD MEDICAL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2024







DIRECTORS: Dr H F Allan MBBS DCH MRCGP
Dr M Patterson MBBS DCH





SECRETARY: Dr H F Allan MBBS DCH MRCGP





REGISTERED OFFICE: The Old Forge
141 Main Road
Danbury
Chelmsford
Essex
CM3 4AA





REGISTERED NUMBER: 04511252 (England and Wales)





ACCOUNTANTS: Lucentum Business Services Ltd
Beckwith Barn
Warren Estate
Lordship Road
Chelmsford
Essex
CM1 3WT

WOODFORD MEDICAL LIMITED (REGISTERED NUMBER: 04511252)

BALANCE SHEET
30 SEPTEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 355,463 174,233
Investments 7 100 100
355,563 174,333

CURRENT ASSETS
Stocks 8 42,897 25,000
Debtors 9 100,018 103,300
Cash at bank and in hand 10 638,573 781,749
781,488 910,049
CREDITORS
Amounts falling due within one year 11 264,078 241,145
NET CURRENT ASSETS 517,410 668,904
TOTAL ASSETS LESS CURRENT
LIABILITIES

872,973

843,237

CREDITORS
Amounts falling due after more than one
year

12

(174,146

)

(78,580

)

PROVISIONS FOR LIABILITIES 15 (84,928 ) (37,927 )
NET ASSETS 613,899 726,730

CAPITAL AND RESERVES
Called up share capital 16 1,000 1,000
Retained earnings 612,899 725,730
SHAREHOLDERS' FUNDS 613,899 726,730

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

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.

WOODFORD MEDICAL LIMITED (REGISTERED NUMBER: 04511252)

BALANCE SHEET - continued
30 SEPTEMBER 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 February 2025 and were signed on its behalf by:




Dr H F Allan MBBS DCH MRCGP - Director



Dr M Patterson MBBS DCH - Director


WOODFORD MEDICAL LIMITED (REGISTERED NUMBER: 04511252)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1. STATUTORY INFORMATION

Woodford Medical Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


Amounts in these financial statements are rounded to the nearest Pound Sterling (£).

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Related party exemption
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.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

There were no judgment or material estimation uncertainties affecting the reported financial performance in the current or prior year.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met.

Turnover represents invoiced sales of medical services. Turnover is recognised when the goods are transferred to the customer and the date the service is performed.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2002, together with an additional clinic in 2003, has been written off evenly over its estimated useful life of 10 years.

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.

WOODFORD MEDICAL LIMITED (REGISTERED NUMBER: 04511252)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - Over the period of the lease
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 10% on reducing balance
Computer equipment - 33% on cost

Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses. Depreciation of a tangible fixed asset begins when it is in the location and condition necessary available for the use intended.

Tangible fixed asset depreciation is included in administrative expenses in the Income Statement.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.


WOODFORD MEDICAL LIMITED (REGISTERED NUMBER: 04511252)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3. ACCOUNTING POLICIES - continued
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase
Assets obtained under hire purchase contracts are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimate useful lives.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Leasing commitments
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Income Statement when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Investments
Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each Balance Sheet date.Gains and losses on remeasurement are recognised in the Income Statement for the period.

WOODFORD MEDICAL LIMITED (REGISTERED NUMBER: 04511252)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3. ACCOUNTING POLICIES - continued

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like intangible assets and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

Stocks are also assessed for impairment at each reporting date. The carrying amount of each item of inventory, or group of similar items, is compared with its selling price less costs to complete and sell. If an item of inventory or group of similar items is impaired, its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2023 - 16 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 October 2023
and 30 September 2024 115,200
AMORTISATION
At 1 October 2023
and 30 September 2024 115,200
NET BOOK VALUE
At 30 September 2024 -
At 30 September 2023 -

WOODFORD MEDICAL LIMITED (REGISTERED NUMBER: 04511252)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

6. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Computer
leasehold machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 October 2023 213,893 908,552 32,082 61,160 1,215,687
Additions - 246,959 2,345 13,030 262,334
At 30 September 2024 213,893 1,155,511 34,427 74,190 1,478,021
DEPRECIATION
At 1 October 2023 193,037 766,648 23,960 57,809 1,041,454
Charge for year 6,956 69,735 851 3,562 81,104
At 30 September 2024 199,993 836,383 24,811 61,371 1,122,558
NET BOOK VALUE
At 30 September 2024 13,900 319,128 9,616 12,819 355,463
At 30 September 2023 20,856 141,904 8,122 3,351 174,233

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 October 2023 115,246
Additions 184,226
At 30 September 2024 299,472
DEPRECIATION
At 1 October 2023 11,525
Charge for year 57,589
At 30 September 2024 69,114
NET BOOK VALUE
At 30 September 2024 230,358
At 30 September 2023 103,721

7. FIXED ASSET INVESTMENTS
Shares in
group
undertaking
£   
COST
At 1 October 2023
and 30 September 2024 100
NET BOOK VALUE
At 30 September 2024 100
At 30 September 2023 100

WOODFORD MEDICAL LIMITED (REGISTERED NUMBER: 04511252)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

8. STOCKS
2024 2023
£    £   
Stocks 42,897 25,000

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 14,919 1,500
Amounts owed by related parties - 12,773
Other debtors 85,099 89,027
100,018 103,300

10. CASH AT BANK AND IN HAND
2024 2023
£    £   
Deposit account 490,581 607,582
Current account 147,968 174,056
Cash in hand 24 111
638,573 781,749

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 13) 53,309 18,769
Trade creditors 65,857 55,870
Amounts owed to related parties 109,965 -
Taxation and social security 18,859 153,232
Other creditors 16,088 13,274
264,078 241,145

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts (see note 13) 174,146 78,580

13. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 53,309 18,769
Between one and five years 174,146 78,580
227,455 97,349

WOODFORD MEDICAL LIMITED (REGISTERED NUMBER: 04511252)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

13. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2024 2023
£    £   
Within one year 64,476 74,972
Between one and five years 89,600 144,076
In more than five years - 10,000
154,076 229,048

14. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 227,455 97,349

Net obligations under hire purchase contracts are secured by charges on the assets concerned.

15. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 84,928 37,927

Deferred
tax
£   
Balance at 1 October 2023 37,927
Provided during year 47,001
Balance at 30 September 2024 84,928

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,000 Ordinary £1 1,000 1,000

WOODFORD MEDICAL LIMITED (REGISTERED NUMBER: 04511252)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

17. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separate from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund. Contributions payable to the fund at the year end by the company and included in other creditors are £1,509 (2023: £1,544).

20242023
££

Contributions payable by the company for the year18,18316,584

18. RELATED PARTY DISCLOSURES

Other related parties

2024 2023
£ £
Sales to a related party 11,215 68,857
Purchases from a related party 259,262 130,743
Management charge from a related party 80,000 -
Net amount due from/(to) related party (109,965 ) 12,773

The amounts shown above concern transactions with another company in which Dr H F Allan and Dr M Patterson are directors and have a controlling interest.

19. ULTIMATE CONTROLLING PARTY

The company is under the control of the directors.