Registered number:
FOR THE YEAR ENDED 30 JUNE 2024
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MEDICAL AND PROFESSIONAL SERVICES LIMITED
COMPANY INFORMATION
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MEDICAL AND PROFESSIONAL SERVICES LIMITED
CONTENTS
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MEDICAL AND PROFESSIONAL SERVICES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
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.
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.
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.
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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.
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.
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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.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
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 2006. They 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.
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).
The directors who served during the year were:
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.
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MEDICAL AND PROFESSIONAL SERVICES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
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.
The auditors, Barnes Roffe LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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MEDICAL AND PROFESSIONAL SERVICES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MEDICAL AND PROFESSIONAL SERVICES LIMITED
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 policies. The 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).
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.
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.
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MEDICAL AND PROFESSIONAL SERVICES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MEDICAL AND PROFESSIONAL SERVICES LIMITED (CONTINUED)
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 Report. Our 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.
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.
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.
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MEDICAL AND PROFESSIONAL SERVICES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MEDICAL AND PROFESSIONAL SERVICES LIMITED (CONTINUED)
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.
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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.
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 2006. Our 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.
for and on behalf of
Chartered Accountants & Statutory Auditor
1st Floor
73-81 Southwark Bridge Road
SE1 0NQ
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MEDICAL AND PROFESSIONAL SERVICES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
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MEDICAL AND PROFESSIONAL SERVICES LIMITED
REGISTERED NUMBER: 03594950
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 13 to 24 form part of these financial statements.
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MEDICAL AND PROFESSIONAL SERVICES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
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MEDICAL AND PROFESSIONAL SERVICES LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
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MEDICAL AND PROFESSIONAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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
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:
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.
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MEDICAL AND PROFESSIONAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
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.
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MEDICAL AND PROFESSIONAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
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:
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.
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MEDICAL AND PROFESSIONAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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.
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MEDICAL AND PROFESSIONAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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.
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MEDICAL AND PROFESSIONAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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MEDICAL AND PROFESSIONAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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MEDICAL AND PROFESSIONAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
There were no factors that may affect future tax charges.
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MEDICAL AND PROFESSIONAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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MEDICAL AND PROFESSIONAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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MEDICAL AND PROFESSIONAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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MEDICAL AND PROFESSIONAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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.
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.
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