Caseware UK (AP4) 2024.0.164 2024.0.164 2024-06-302024-06-30false622023-07-01Business support service activities59falsefalsefalse 03594950 2023-07-01 2024-06-30 03594950 2022-07-01 2023-06-30 03594950 2024-06-30 03594950 2023-06-30 03594950 2022-07-01 03594950 5 2023-07-01 2024-06-30 03594950 5 2022-07-01 2023-06-30 03594950 d:CompanySecretary1 2023-07-01 2024-06-30 03594950 d:Director1 2023-07-01 2024-06-30 03594950 d:Director2 2023-07-01 2024-06-30 03594950 d:RegisteredOffice 2023-07-01 2024-06-30 03594950 e:PlantMachinery 2023-07-01 2024-06-30 03594950 e:PlantMachinery 2024-06-30 03594950 e:PlantMachinery 2023-06-30 03594950 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 03594950 e:FurnitureFittings 2023-07-01 2024-06-30 03594950 e:FurnitureFittings 2024-06-30 03594950 e:FurnitureFittings 2023-06-30 03594950 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 03594950 e:OfficeEquipment 2023-07-01 2024-06-30 03594950 e:OfficeEquipment 2024-06-30 03594950 e:OfficeEquipment 2023-06-30 03594950 e:OfficeEquipment e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 03594950 e:OtherPropertyPlantEquipment 2023-07-01 2024-06-30 03594950 e:OtherPropertyPlantEquipment 2024-06-30 03594950 e:OtherPropertyPlantEquipment 2023-06-30 03594950 e:OtherPropertyPlantEquipment e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 03594950 e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 03594950 e:CurrentFinancialInstruments 2024-06-30 03594950 e:CurrentFinancialInstruments 2023-06-30 03594950 e:Non-currentFinancialInstruments 2024-06-30 03594950 e:Non-currentFinancialInstruments 2023-06-30 03594950 e:CurrentFinancialInstruments e:WithinOneYear 2024-06-30 03594950 e:CurrentFinancialInstruments e:WithinOneYear 2023-06-30 03594950 e:Non-currentFinancialInstruments e:AfterOneYear 2024-06-30 03594950 e:Non-currentFinancialInstruments e:AfterOneYear 2023-06-30 03594950 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2024-06-30 03594950 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2023-06-30 03594950 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2024-06-30 03594950 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2023-06-30 03594950 e:UKTax 2023-07-01 2024-06-30 03594950 e:UKTax 2022-07-01 2023-06-30 03594950 e:ShareCapital 2024-06-30 03594950 e:ShareCapital 2023-06-30 03594950 e:ShareCapital 2022-07-01 03594950 e:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 03594950 e:RetainedEarningsAccumulatedLosses 2024-06-30 03594950 e:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 03594950 e:RetainedEarningsAccumulatedLosses 2023-06-30 03594950 e:RetainedEarningsAccumulatedLosses 2022-07-01 03594950 e:AcceleratedTaxDepreciationDeferredTax 2024-06-30 03594950 e:AcceleratedTaxDepreciationDeferredTax 2023-06-30 03594950 d:OrdinaryShareClass1 2023-07-01 2024-06-30 03594950 d:OrdinaryShareClass1 2024-06-30 03594950 d:OrdinaryShareClass1 2023-06-30 03594950 d:FRS102 2023-07-01 2024-06-30 03594950 d:Audited 2023-07-01 2024-06-30 03594950 d:FullAccounts 2023-07-01 2024-06-30 03594950 d:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 03594950 e:WithinOneYear 2024-06-30 03594950 e:WithinOneYear 2023-06-30 03594950 e:BetweenOneFiveYears 2024-06-30 03594950 e:BetweenOneFiveYears 2023-06-30 03594950 e:PlantEquipmentOtherAssetsUnderOperatingLeases 2024-06-30 03594950 e:PlantEquipmentOtherAssetsUnderOperatingLeases 2023-06-30 03594950 e:PlantEquipmentOtherAssetsUnderOperatingLeases e:WithinOneYear 2024-06-30 03594950 e:PlantEquipmentOtherAssetsUnderOperatingLeases e:WithinOneYear 2023-06-30 03594950 e:PlantEquipmentOtherAssetsUnderOperatingLeases e:BetweenOneFiveYears 2024-06-30 03594950 e:PlantEquipmentOtherAssetsUnderOperatingLeases e:BetweenOneFiveYears 2023-06-30 03594950 2 2023-07-01 2024-06-30 03594950 f:PoundSterling 2023-07-01 2024-06-30 xbrli:pure iso4217:GBP xbrli:shares

Registered number: 03594950









MEDICAL AND PROFESSIONAL SERVICES LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
MEDICAL AND PROFESSIONAL SERVICES LIMITED
 
 
COMPANY INFORMATION


Directors
D I Stothard 
G D Roberts 




Company secretary
Hexagon TDS Limited



Registered number
03594950



Registered office
5th Floor,
10 Finsbury Square

London

EC2A 1AF




Trading Address
5th Floor,
333 Edgware Road

London

NW9 6TD






Independent auditors
Barnes Roffe LLP
Chartered Accountants & Statutory Auditor

1st Floor

73-81 Southwark Bridge Road

London

SE1 0NQ





 
MEDICAL AND PROFESSIONAL SERVICES LIMITED
 

CONTENTS



Page
Strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditors' report
 
5 - 8
Statement of comprehensive income
 
9
Statement of financial position
 
10
Statement of changes in equity
 
11
Statement of cash flows
 
12
Notes to the financial statements
 
13 - 24


 
MEDICAL AND PROFESSIONAL SERVICES LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

Introduction
 
The directors present their strategic report for the year ended 30 June 2024.
Principal activity
The company is an expert witness service whose principal activity is the provision of independent medico-legal expert witness evidence and reporting services to the personal injury and clinical negligence sectors of the legal profession.

Business review
 
The directors are satisfied with the performance of the Company for the year ended 30 June 2024 and with the balance sheet position at that date.
Compared to the prior year, the Company's sales have increased by 15.3% to £21.2m. Gross profit has also increased by 12.9% over the same period. Overhead has been consistent compared to the prior year.
These results indicate that the Company has been able to sustain performance in challenging market conditions through consistency and stability in the way it operates.
 
Based on the above the accounts have been prepared on the going concern basis.
A provision of £119,602 (2023: £131,002) was made for continuing distributions to charities as defined in the Trust deed of the owners, MAPS Benevolent Trust.

Principal risks and uncertainties
 
Liquidity risk
The Company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash safely and profitably. Short term flexibility is achieved through an overdraft facility. Medium term needs are met by the medium-term bank loan (RCF) and a Coronavirus Business Interruption Loan Scheme (CBILS) loan. The management of working capital in the context of re-aligning customer payment terms remains a significant area of risk and therefore the focus of management time and resource.
Interest rate risk
The Company finances its operations through a mixture of retained profits and bank borrowings. The interest-bearing liability of the company is the overdraft at a floating rate and the RCF loan also at floating rates. 
Key customer
The Company has a key customer. The management of the relationship with that customer is given a high priority by management, to ensure that the relationship remains strong, is maintained and the working capital associated with the customer is appropriately balanced. At the same time, the directors have further diversified the customer base.
 
Page 1

 
MEDICAL AND PROFESSIONAL SERVICES LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Industry risk
Government data shows that the number of injury claims continues to fall, particularly because of the reducing number of road traffic accident claims, despite RTA incidents having returned to pre-pandemic levels. Fixed recoverable costs for civil claims valued between £25,000 and £100,000 were introduced from 1st October 2023 as part of the new Intermediate Track in the Civil Procedure Rules. Fixed costs now apply across the Fast and Intermediate Tracks and to claims for noise induced hearing loss, limiting the value of legal charges recoverable from a paying party. The legal sector dealing with such cases continues to shrink and consolidate. Disbursements for medical expert evidence are fixed in low value road traffic accident cases involving a soft tissue injury or claim for whiplash. The limiting of legal costs and fixing of some disbursement charges has resulted in increased pressure to reduce the cost of disbursements for medico-legal evidence. There have also been legal challenges to the basis of charging for providing such evidence. No binding legal authority has been issued on these matters and the Civil Procedure Rules Committee agreed at their meeting on 10th May 2024 to refer certain relevant points for consideration by the Ministry of Justice (MOJ) in their stocktake of Fixed Recoverable Costs regime, scheduled for early 2025. The MOJ is still to report on the outcome of their consultation on ‘Revisions to the Medical Reporting Process for Road Traffic Accident Claims’ which closed on 10th October 2023, and which included possible increases to the fixed disbursement amounts referred to earlier. The further fixed recoverable costs regime for clinical negligence cases valued up to £25,000, has not been implemented to date. Each of these factors affect the market in which we operate, although the repercussions take time to become apparent. Careful monitoring is undertaken to enable mitigating actions to be planned.
Competitive risk
The industry in which the Company operates is subject to strong competitive pressure both for sales and on terms of business. This has been amplified by the implementation of the changes in the Civil Liability Act (2018) for road traffic accident cases, which came into effect on 31st May 2021 and have continued to have an impact on the market during the financial year. This risk is managed by maintaining strong relationships with customers, providing excellent service levels helped by enhanced IT and maintaining the quality and range of the panel of expert witnesses. 

Financial key performance indicators
 
Given the straightforward nature of the business the directors are of the opinion that analysis using KPI's is not necessary for an understanding of the development, performance or position of the business.


This report was approved by the board on 11 December 2024 and signed on its behalf.



D I Stothard
Director

Page 2

 
MEDICAL AND PROFESSIONAL SERVICES LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their report and the financial statements for the year ended 30 June 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments 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 transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £2,040,436 (2023 - £1,521,337).

Dividends were paid during the year of £Nil (2023: £Nil). 

Directors

The directors who served during the year were:

D I Stothard 
G D Roberts 

Future developments

The Company continues to trade profitably and to pursue opportunities to improve its performance and financial position. The focus for the next financial year is on managing resources and maintaining income levels.

Page 3

 
MEDICAL AND PROFESSIONAL SERVICES LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.
Going concern
The Company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Director's report and the Strategic report. 
The Company partly meets its day-to-day working capital requirements through an overdraft facility, a medium-term revolving credit facility and bank loans. 
The other significant components of the Company's working capital balances comprise of trade debtors and creditors. Regarding the former, the Company's long-standing principal customer has confirmed that it will make payments in accordance with agreed terms such that the Company is able to operate within its agreed overdraft facility for the foreseeable future. 
The Company's forecasts and projections, taking account of reasonable changes in trading performance, show the Company should be able to operate within the level of its current facilities for the foreseeable future (being no less than 12 months from the approval of these financial statements).
The directors consequently have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting for preparing the annual financial statements.
 

Auditors

The auditorsBarnes Roffe LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 11 December 2024 and signed on its behalf.
 





D I Stothard
Director

Page 4

 
MEDICAL AND PROFESSIONAL SERVICES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MEDICAL AND PROFESSIONAL SERVICES LIMITED
 

Opinion


We have audited the financial statements of Medical and Professional Services Limited (the 'Company') for the year ended 30 June 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 Company's affairs as at 30 June 2024 and of its 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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 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.


Page 5

 
MEDICAL AND PROFESSIONAL SERVICES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MEDICAL AND PROFESSIONAL SERVICES LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the 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 Directors' responsibilities statement set out on page 3, 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 is 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 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 Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
MEDICAL AND PROFESSIONAL SERVICES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MEDICAL AND PROFESSIONAL SERVICES LIMITED (CONTINUED)


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 an Auditors' report 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The engagement partner ensured that the engagement team collectively had the appropriate                                                                                                                                                                        competence, capabilities and skills to identify or recognise non-compliance with applicable laws and    regulations;
• We identified the laws and regulations applicable to the company through discussion with directors and
      other management, and from our commercial knowledge and experience of the relevant sector;
• The specific laws and regulations which we considered may have a direct material effect on the financial   statements or the operations of the company, are as follows:
o Companies Act 2006
o FRS102
o DPA and UK GDPR - due to the company holding medical records
o Employment legislation
o Tax legislation 
• We assessed the extent of compliance with the laws and regulations identified above through making                        enquiries of management, reviewing board minutes and inspecting legal correspondence; 
• Laws and regulations were communicated within the audit team at the planning meeting, and during the    audit as any further laws and regulation were identified. The audit team remained alert to instances of    non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by: 
• Making enquires of management as to where they consider there was susceptibility to fraud and their    knowledge of actual suspected and alleged fraud; 
• Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and    regulations;
• Reviewing the financial statements and testing the disclosures against supporting documentation;
• Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
• Inspecting and testing journal entries to identify unusual or unexpected transactions;
• Assessing whether judgement and assumptions made in determining significant accounting estimates,    most noteably settlement credits, were indicative of management bias; and
• Investigating the rationale behind significant transactions, or transactions that are unusual or outside the    company’s usual course of business.
The areas that we identified as being susceptible to misstatement through fraud were:
• Management bias in the estimates and judgements made;
• Management override of controls; and 
• Posting of unusual journals or transactions.
 
Page 7

 
MEDICAL AND PROFESSIONAL SERVICES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MEDICAL AND PROFESSIONAL SERVICES LIMITED (CONTINUED)


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 Auditors' report.


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 2006Our 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 an Auditors' report 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.





Duncan Stannett (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants & Statutory Auditor
1st Floor
73-81 Southwark Bridge Road
London
SE1 0NQ
 

12 March 2025
Page 8

 
MEDICAL AND PROFESSIONAL SERVICES LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
£
£

Turnover
 4 
21,150,627
18,336,288

Cost of sales
  
(14,776,236)
(12,690,393)

Gross profit
  
6,374,391
5,645,895

Administrative expenses
  
(3,568,415)
(3,598,405)

Operating profit
 5 
2,805,976
2,047,490

Interest receivable and similar income
 9 
9,079
-

Interest payable and similar expenses
 10 
(91,214)
(109,865)

Profit before tax
  
2,723,841
1,937,625

Tax on profit
 11 
(683,405)
(416,288)

Profit for the financial year
  
2,040,436
1,521,337

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 13 to 24 form part of these financial statements.

Page 9

 
MEDICAL AND PROFESSIONAL SERVICES LIMITED
REGISTERED NUMBER: 03594950

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
214,738
174,278

  
214,738
174,278

Current assets
  

Debtors: amounts falling due within one year
 13 
36,664,814
33,467,353

Cash at bank and in hand
 14 
339,298
774,061

  
37,004,112
34,241,414

Creditors: amounts falling due within one year
 15 
(10,399,246)
(9,446,966)

Net current assets
  
 
 
26,604,866
 
 
24,794,448

Total assets less current liabilities
  
26,819,604
24,968,726

Creditors: amounts falling due after more than one year
 16 
(333,335)
(533,334)

Provisions for liabilities
  

Deferred tax
 18 
(52,201)
(41,760)

Net assets
  
26,434,068
24,393,632


Capital and reserves
  

Called up share capital 
 19 
2
2

Profit and loss account
  
26,434,066
24,393,630

  
26,434,068
24,393,632


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 December 2024.




D I Stothard
Director

The notes on pages 13 to 24 form part of these financial statements.

Page 10

 
MEDICAL AND PROFESSIONAL SERVICES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 July 2023
2
24,393,630
24,393,632



Profit for the year
-
2,040,436
2,040,436


At 30 June 2024
2
26,434,066
26,434,068



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 July 2022
2
22,872,293
22,872,295



Profit for the year
-
1,521,337
1,521,337


At 30 June 2023
2
24,393,630
24,393,632


The notes on pages 13 to 24 form part of these financial statements.

Page 11

 
MEDICAL AND PROFESSIONAL SERVICES LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
2,040,436
1,521,337

Adjustments for:

Depreciation of tangible assets
76,540
65,137

Loss on disposal of tangible assets
1,376
-

Interest paid
91,214
109,865

Interest received
(9,079)
-

Taxation charge
683,405
416,288

(Increase) in debtors
(3,197,461)
(806,061)

Increase/(decrease) in creditors
769,774
(716,001)

Corporation tax (paid)
(490,458)
(552,809)

Net cash generated from operating activities

(34,253)
37,756


Cash flows from investing activities

Purchase of tangible fixed assets
(118,376)
(168,275)

Interest received
9,079
-

Net cash from investing activities

(109,297)
(168,275)

Cash flows from financing activities

Repayment of loans
(199,999)
(668,750)

Interest paid
(91,214)
(109,865)

Net cash used in financing activities
(291,213)
(778,615)

Net (decrease) in cash and cash equivalents
(434,763)
(909,134)

Cash and cash equivalents at beginning of year
774,061
1,683,195

Cash and cash equivalents at the end of year
339,298
774,061


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
339,298
774,061

339,298
774,061


The notes on pages 13 to 24 form part of these financial statements.

Page 12

 
MEDICAL AND PROFESSIONAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Medical and Professional Services Limited is a private company limited by shares and incorporated in England and Wales. The address of the registered office is 5th Floor, 10 Finsbury Square, London, EC2A 1AF. The principal activity of the company during the year has been that of the purchase and supply of medical reports to the legal profession, particularly, but not exclusively, in relation to personal injury claims.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Director's report and the Strategic report. 
The company partly meets its day-to-day working capital requirements through an overdraft facility, a medium-term revolving credit facility and bank loans. 
The other significant components of the company's working capital balances comprise of trade debtors and creditors. Regarding the former, the company's long-standing principal customer has confirmed that it will make payments in accordance with agreed terms such that the company is able to operate within its agreed overdraft facility for the foreseeable future. 
The company's forecasts and projections, taking account of reasonable changes in trading performance, show the company should be able to operate within the level of its current facilities for the foreseeable future (being no less than 12 months from the approval of these financial statements).
The directors consequently have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting for preparing the annual financial statements.

Page 13

 
MEDICAL AND PROFESSIONAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

  
2.3

Turnover and settlement credits

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover is recognised on medical reports when the report has been completed and provided to the customer. 
At the point medical reports are supplied to a customer, an estimate of expected credits to be given at the point of settlement is made. The charge for such credits is included within cost of sales and the accumulated amount of such associated credits at the year end is included within other creditors.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

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 profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 14

 
MEDICAL AND PROFESSIONAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer software
-
25% straight line
Fixtures and fittings
-
25% straight line
Office and computer equipment
-
25% straight line
Leasehold improvements
-
25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively 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 profit or loss.

Page 15

 
MEDICAL AND PROFESSIONAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Financial instruments

The company only enters into basic financial instrument 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 ordinary shares.

Page 16

 
MEDICAL AND PROFESSIONAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

a) Critical judgements in applying the company's accounting policies
No significant judgements have been made by management in the preparation of the financial statements. 
b) Key accounting estimates and assumptions
The company has made key assumptions regarding the useful economic life of tangible fixed assets and this is further described in note 2.10 of the accounting policies. 
The company has also made key assumptions regarding settlement credits. An estimate is made for the value of cases at the year end which will result in a credit against the fee charged to the customer. There is a degree of estimation uncertainty when providing for such credits (reflecting the incidence of cancelled cases, customer terms and timing of such credits). The aggregate amount of such credits is included within other creditors.


4.


Turnover

All turnover arose within the United Kingdom and is attributable to the company's principal activity which is stated in note 1. 


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation
76,540
65,137

Other operating lease rentals
89,140
60,672


6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
15,750
15,750

Fees payable to the company's auditor and its associates in respect of:

All other services
1,250
1,250
Page 17

 
MEDICAL AND PROFESSIONAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
2,116,853
2,060,419

Social security costs
212,661
207,453

Cost of defined contribution scheme
124,691
91,543

2,454,205
2,359,415


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Executive and technical
59
62


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
212,473
247,540

Company contributions to defined contribution pension schemes
36,105
10,000

248,578
257,540


During the year retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £162,473 (2023 - £197,540).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £36,105 (2023 - £10,000).

Page 18

 
MEDICAL AND PROFESSIONAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

9.


Interest receivable

2024
2023
£
£


Other interest receivable
9,079
-

9,079
-


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
91,214
109,865

91,214
109,865

Page 19

 
MEDICAL AND PROFESSIONAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
672,964
386,368

Deferred tax


Origination and reversal of timing differences
10,441
29,920

Tax on profit
 
683,405
 
416,288

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
2,723,841
1,937,625


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19/25%)
680,960
397,133

Effects of:


Expenses not deductible for tax purposes
2,789
17,426

Capital allowances for year in excess of depreciation
(10,785)
(28,191)

Deferred tax
10,441
29,920

Total tax charge for the year
683,405
416,288


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 20

 
MEDICAL AND PROFESSIONAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

12.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Office equipment
Leasehold improvements
Total

£
£
£
£
£



Cost or valuation


At 1 July 2023
260,967
85,456
235,844
97,102
679,369


Additions
109,876
-
8,500
-
118,376


Disposals
-
(2,543)
-
-
(2,543)



At 30 June 2024

370,843
82,913
244,344
97,102
795,202



Depreciation


At 1 July 2023
104,397
83,524
220,068
97,102
505,091


Charge for the year
62,943
556
13,041
-
76,540


Disposals
-
(1,167)
-
-
(1,167)



At 30 June 2024

167,340
82,913
233,109
97,102
580,464



Net book value



At 30 June 2024
203,503
-
11,235
-
214,738



At 30 June 2023
156,570
1,932
15,776
-
174,278


13.


Debtors

2024
2023
£
£


Trade debtors
35,887,863
32,912,593

Other debtors
194
194

Prepayments and accrued income
776,757
554,566

36,664,814
33,467,353


Page 21

 
MEDICAL AND PROFESSIONAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

14.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
339,298
774,061

339,298
774,061



15.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
199,999
199,999

Trade creditors
8,521,504
7,432,042

Corporation tax
299,272
116,766

Other taxation and social security
500,943
558,882

Other creditors
693,049
890,306

Accruals and deferred income
184,479
248,971

10,399,246
9,446,966



16.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
333,335
533,334

333,335
533,334


Bank loans are secured over the leasehold property by way of a floating charge over the assets of the company. 

Page 22

 
MEDICAL AND PROFESSIONAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

17.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
199,999
199,999

Amounts falling due 1-2 years

Bank loans
199,999
199,999

Amounts falling due 2-5 years

Bank loans
133,336
333,335

533,334
733,333



18.


Deferred taxation




2024
2023


£

£






At beginning of year
(41,760)
(11,840)


Charged to profit or loss
(10,441)
(29,920)



At end of year
(52,201)
(41,760)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(52,201)
(41,760)

(52,201)
(41,760)

Page 23

 
MEDICAL AND PROFESSIONAL SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

19.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



200 (2023 - 227) Ordinary shares of £0.01 each
2
2



20.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £124,691 (2023: £91,543). Contributions totalling £14,581 (2023: £13,516) were payable to the fund at the balance sheet date and are included in other creditors due within one year.


21.


Commitments under operating leases

At 30 June 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
82,194
82,194

Later than 1 year and not later than 5 years
130,141
212,335

Property leasing commitment
212,335
294,529

2024
2023

£
£


Not later than 1 year
1,571
2,095

Later than 1 year and not later than 5 years
-
1,571

Equipment leasing commitment
1,571
3,666


22.


Controlling party

The company is controlled by D C Christie, P A Mulhern and G D Roberts by virtue of their joint shareholding, as trustees of the MAPS Benevolent Trust.

 
Page 24