REGISTERED NUMBER: 03160204 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
SOUTH DOC SERVICES LIMITED |
REGISTERED NUMBER: 03160204 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
SOUTH DOC SERVICES LIMITED |
SOUTH DOC SERVICES LIMITED (REGISTERED NUMBER: 03160204) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 5 |
Consolidated Income Statement | 9 |
Consolidated Other Comprehensive Income | 10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Financial Statements | 17 |
SOUTH DOC SERVICES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditor |
Corner Oak |
1 Homer Road |
Solihull |
B91 3QG |
SOUTH DOC SERVICES LIMITED (REGISTERED NUMBER: 03160204) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2024 |
The directors present their strategic report of the company and the group for the year ended 31 March 2023. |
South Doc Services Limited (SDS) is a GP Co-operative based in South Birmingham providing primary, community services. The organisation works with a non for profit mandate ensuring all surpluses are used to improve infrastructure and services for patients in the Birmingham area. |
All of the services are based at local GP Practices or recognised Health and Community centres allowing patients ease of access. The organisation works with a number of the 'NHS family', Third Sector and Private provider partners in order to give patients a broader choice of services at different locations with seamlessly integrated pathways. Providers include member and non-member GP Practices, Birmingham Community Healthcare Trust and local Secondary Care hospitals. |
All of the services we provide are NHS Services free at the point of care to patients and delivered by local staff ensuring knowledge of local service criteria, systems and processes. |
SDS' continued to deliver its portfolio of services in the year which includes Urgent Treatment Centre Services, Medical Cover for Intermediate and Community beds and Specialist Services such as Anti Coagulation Clinics. SDS is also a Training Hub for the Birmingham and Solihull STP area, providing education for medical professionals, supporting new specialist workers joining the traditional workforce. |
SDS supports the local urgent care system which includes operating the South Birmingham Urgent Treatment Centre. The service is GP led and delivered and provides circa 85,000 consultations per annum. The centre is open 8am-8pm all year round and 75% of all patients are seen within 1 hour and over 95% seen with 2 hours. The centre is integrated with NHS 111 and the Ambulance diversion system amongst others. |
South Doc Services My Healthcare Limited (SDSMH) is a local GP federation covering over 60 practices GP practices and a third of Birmingham's population, which continues to increase. The company began trading in March 2017. The results for SDSMH are consolidated into the accounts. SDSMH is a 52% subsidiary of SDS. SDSMH aims to help practices achieve 'primary care at scale', transforming services and bringing them closer to the patients home. The federation also creates opportunity for practices to seek investment for large scale innovation projects. |
Although the organisation continued most of substantial contracts the year has been a particularly difficult trading year for SDS. With the City Council placed into financial special measures and the local NHS Integrated Commissioning Board tasked with managing its huge overspend, contracts have been made tighter and the special projects and innovation funding SDS applies for has not been available. Some contracts that were planned for were not granted and some services such as MSK were decommissioned. |
The key risks to the group have been upgraded to recognise innovation funding and SDS ability to attract NHS contracts are now not only more reliant on the different Integrated Care System processes and new partnerships through localities etc but now altogether unlikely to materialise at all due to the financial situation of the Birmingham and Solihull System. |
The mood of the nation suggested that there would be a change in Government and that eventually occurred which also creates a period of inertia and understanding what manifesto pledges will materialise into. At the time of writing the NHS 10 Year plan has still not been released to ascertain whether South Docs Vision remains appropriate or whether strategic changes will be required. The organisation remains ready and willing to be agile and flexible to the new announcements. |
In the current year the Group turnover increased showing its ever-increasing contract workload but margins were stripped in contract negotiations. Difficult decisions on continuing contracts were made hoping for better contract discussions in the future and the ability for SDS to use surpluses to support the NHS however this may not be possible in future years. Further large cost increases in staffing and operating costs which were mandated by the NHS to certain staff but applied by the organisation to all for equality were not matched by the similar increase in contract values. This included the 6% uplift and another notable rise to the National Living Wage. These surpluses will continue to be reinvested in the respective services and infrastructure to demonstrate the primary care sector is willing and able to take on further challenges of the local NHS system. |
SOUTH DOC SERVICES LIMITED (REGISTERED NUMBER: 03160204) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2024 |
SDS and SDSMH will continue to be a responsive organisation being proactive in designing and delivering patient services to the residents of Birmingham. |
ON BEHALF OF THE BOARD: |
SOUTH DOC SERVICES LIMITED (REGISTERED NUMBER: 03160204) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024. |
DIVIDENDS |
Dividends of £Nil (2023: £Nil) were paid during the year. |
DIRECTORS |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Prime, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SOUTH DOC SERVICES LIMITED |
Opinion |
We have audited the financial statements of South Doc Services Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, 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). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2024 and of the group's loss 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 group's and the parent 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. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SOUTH DOC SERVICES LIMITED |
Opinions 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company 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 Statement of Directors' Responsibilities set out on page four, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SOUTH DOC SERVICES LIMITED |
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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
- 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 discussions with directors and other management, and from our commercial knowledge and experience of the industry sector; |
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation; |
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; |
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we: |
- performed analytical procedures to identify any unusual or unexpected relationships; |
- tested journal entries to identify unusual transactions; |
- assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and |
- investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- agreeing financial statement disclosures to underlying supporting documentation; |
- enquiring of management as to actual and potential litigation and claims; and |
- reviewing correspondence with HMRC and other relevant parties. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
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 Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SOUTH DOC SERVICES LIMITED |
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 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 a Report of the Auditors 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 |
Corner Oak |
1 Homer Road |
Solihull |
B91 3QG |
SOUTH DOC SERVICES LIMITED (REGISTERED NUMBER: 03160204) |
CONSOLIDATED INCOME STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
TURNOVER | 21,562,299 | 17,711,786 |
Distribution costs | 86,106 | 111,255 |
Administrative expenses | 22,148,175 | 16,764,872 |
22,234,281 | 16,876,127 |
(671,982 | ) | 835,659 |
Other operating income | 84,820 | 70,787 |
OPERATING (LOSS)/PROFIT | 3 | (587,162 | ) | 906,446 |
Interest receivable and similar income | 31,192 | 8,829 |
(LOSS)/PROFIT BEFORE TAXATION | (555,970 | ) | 915,275 |
Tax on (loss)/profit | 4 | (105,959 | ) | 175,601 |
(LOSS)/PROFIT FOR THE FINANCIAL YEAR |
( |
) |
(Loss)/profit attributable to: |
Owners of the parent | (493,176 | ) | 608,273 |
Non-controlling interests | 43,165 | 131,401 |
(450,011 | ) | 739,674 |
SOUTH DOC SERVICES LIMITED (REGISTERED NUMBER: 03160204) |
CONSOLIDATED OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
(LOSS)/PROFIT FOR THE YEAR | (450,011 | ) | 739,674 |
OTHER COMPREHENSIVE INCOME |
Share repurchase | (143,808 | ) | - |
Income tax relating to other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
(143,808 |
) |
- |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
(593,819 |
) |
739,674 |
Total comprehensive income attributable to: |
Owners of the parent | (636,984 | ) | 608,274 |
Non-controlling interests | 43,165 | 131,400 |
(593,819 | ) | 739,674 |
SOUTH DOC SERVICES LIMITED (REGISTERED NUMBER: 03160204) |
CONSOLIDATED BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 6 | 858,375 | 875,008 |
Investments | 7 | - | - |
Investment property | 8 | 95,000 | 220,000 |
953,375 | 1,095,008 |
CURRENT ASSETS |
Debtors | 9 | 4,990,369 | 4,537,552 |
Cash at bank and in hand | 12,233,285 | 14,123,960 |
17,223,654 | 18,661,512 |
CREDITORS |
Amounts falling due within one year | 10 | 5,821,379 | 6,795,383 |
NET CURRENT ASSETS | 11,402,275 | 11,866,129 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
12,355,650 |
12,961,137 |
PROVISIONS FOR LIABILITIES | 11 | - | 11,476 |
NET ASSETS | 12,355,650 | 12,949,661 |
CAPITAL AND RESERVES |
Called up share capital | 12 | 728 | 920 |
Share premium | 13 | 572,620 | 572,620 |
Capital redemption reserve | 13 | 204 | 12 |
Retained earnings | 13 | 10,412,710 | 11,049,886 |
SHAREHOLDERS' FUNDS | 10,986,262 | 11,623,438 |
NON-CONTROLLING INTERESTS | 14 | 1,369,388 | 1,326,223 |
TOTAL EQUITY | 12,355,650 | 12,949,661 |
The financial statements were approved by the Board of Directors and authorised for issue on 25 March 2025 and were signed on its behalf by: |
Dr N C Chauhan - Director |
SOUTH DOC SERVICES LIMITED (REGISTERED NUMBER: 03160204) |
COMPANY BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 6 |
Investments | 7 |
Investment property | 8 |
CURRENT ASSETS |
Debtors | 9 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 10 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 11 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Share premium | 13 |
Capital redemption reserve | 13 |
Retained earnings | 13 |
SHAREHOLDERS' FUNDS |
Company's (loss)/profit for the financial year |
(461,332 |
) |
517,216 |
The financial statements were approved by the Board of Directors and authorised for issue on |
SOUTH DOC SERVICES LIMITED (REGISTERED NUMBER: 03160204) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2024 |
Called up |
share | Retained | Share |
capital | earnings | premium |
£ | £ | £ |
Balance at 1 April 2022 | 920 | 10,441,613 | 572,620 |
Changes in equity |
Total comprehensive income | - | 608,273 | - |
Balance at 31 March 2023 | 920 | 11,049,886 | 572,620 |
Changes in equity |
Issue of share capital | (192 | ) | - | - |
Total comprehensive income | - | (637,176 | ) | - |
Balance at 31 March 2024 | 728 | 10,412,710 | 572,620 |
Capital |
redemption | Non-controlling | Total |
reserve | Total | interests | equity |
£ | £ | £ | £ |
Balance at 1 April 2022 | 12 | 11,015,165 | 1,194,823 | 12,209,988 |
Changes in equity |
Total comprehensive income | - | 608,273 | 131,400 | 739,673 |
Balance at 31 March 2023 | 12 | 11,623,438 | 1,326,223 | 12,949,661 |
Changes in equity |
Issue of share capital | - | (192 | ) | - | (192 | ) |
Total comprehensive income | 192 | (636,984 | ) | 43,165 | (593,819 | ) |
Balance at 31 March 2024 | 204 | 10,986,262 | 1,369,388 | 12,355,650 |
SOUTH DOC SERVICES LIMITED (REGISTERED NUMBER: 03160204) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2024 |
Called up | Capital |
share | Retained | Share | redemption | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 April 2022 |
Changes in equity |
Total comprehensive income | - | - |
Balance at 31 March 2023 |
Changes in equity |
Issue of share capital | ( |
) | - | - | ( |
) |
Total comprehensive income | - | ( |
) | - | ( |
) |
Balance at 31 March 2024 |
SOUTH DOC SERVICES LIMITED (REGISTERED NUMBER: 03160204) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | (1,176,367 | ) | 397,862 |
Tax paid | (600,000 | ) | (600,000 | ) |
Net cash from operating activities | (1,776,367 | ) | (202,138 | ) |
Cash flows from investing activities |
Purchase of tangible fixed assets | (1,500 | ) | (49,320 | ) |
Interest received | 31,192 | 8,829 |
Net cash from investing activities | 29,692 | (40,491 | ) |
Cash flows from financing activities |
Share repurchase | (144,000 | ) | - |
Net cash from financing activities | (144,000 | ) | - |
Decrease in cash and cash equivalents | (1,890,675 | ) | (242,629 | ) |
Cash and cash equivalents at beginning of year |
2 |
14,123,960 |
14,366,589 |
Cash and cash equivalents at end of year |
2 |
12,233,285 |
14,123,960 |
SOUTH DOC SERVICES LIMITED (REGISTERED NUMBER: 03160204) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
(Loss)/profit before taxation | (555,970 | ) | 915,275 |
Depreciation charges | 18,133 | 20,022 |
Impairment of investment property | 125,000 | - |
Finance income | (31,192 | ) | (8,829 | ) |
(444,029 | ) | 926,468 |
Decrease/(increase) in trade and other debtors | 241,666 | (558,097 | ) |
(Decrease)/increase in trade and other creditors | (974,004 | ) | 29,491 |
Cash generated from operations | (1,176,367 | ) | 397,862 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 March 2024 |
31.3.24 | 1.4.23 |
£ | £ |
Cash and cash equivalents | 12,233,285 | 14,123,960 |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 14,123,960 | 14,366,589 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.4.23 | Cash flow | At 31.3.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 14,123,960 | (1,890,675 | ) | 12,233,285 |
14,123,960 | (1,890,675 | ) | 12,233,285 |
Total | 14,123,960 | (1,890,675 | ) | 12,233,285 |
SOUTH DOC SERVICES LIMITED (REGISTERED NUMBER: 03160204) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The Group consolidated financial statements include the financial statements of the Company and its subsidiary undertaking detailed in note 7. |
Turnover |
Turnover is measured at the fair value of the consideration received and receivable under contracts for the provision of medical services to the company's customers during the year. Where a contract has only been partially completed at the company's year end, turnover represents the fair value of services provided to that date based on a proportion of the total contract value. Profit is recognised on long term contracts if the final outcome can be assessed with reasonable certainty, by including in the statement of income and retained earnings the fair value of turnover and related costs as the contract progresses |
Tangible fixed assets |
Long leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
No depreciation is provided on freehold land. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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. |
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. |
SOUTH DOC SERVICES LIMITED (REGISTERED NUMBER: 03160204) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Government grants |
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the Company will comply with the conditions attaching to them and the grants will be received. |
Government grants are recognised using the accruals model as follows: |
Government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant in intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. |
2. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 5,914,751 | 5,223,446 |
Other pension costs | 582,327 | 497,347 |
6,497,078 | 5,720,793 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Administration |
2024 | 2023 |
£ | £ |
Directors' remuneration | 157,050 | 194,366 |
3. | OPERATING (LOSS)/PROFIT |
The operating loss (2023 - operating profit) is stated after charging: |
2024 | 2023 |
£ | £ |
Depreciation - owned assets | 18,133 | 20,022 |
Auditors' remuneration | 44,952 | 44,326 |
SOUTH DOC SERVICES LIMITED (REGISTERED NUMBER: 03160204) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
4. | TAXATION |
Analysis of the tax (credit)/charge |
The tax (credit)/charge on the loss for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax | 2,964 | 165,427 |
Deferred tax | (108,923 | ) | 10,174 |
Tax on (loss)/profit | (105,959 | ) | 175,601 |
Reconciliation of total tax (credit)/charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
(Loss)/profit before tax | (555,970 | ) | 915,275 |
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of 19 % (2023 - 19 %) |
(105,634 |
) |
173,902 |
Effects of: |
Expenses not deductible for tax purposes | 23,834 | 80 |
Capital allowances in excess of depreciation | - | (8,555 | ) |
Depreciation in excess of capital allowances | 3,015 | - |
Deferred tax | (108,923 | ) | 10,174 |
Losses carried forward | 81,749 | - |
Total tax (credit)/charge | (105,959 | ) | 175,601 |
Tax effects relating to effects of other comprehensive income |
2024 |
Gross | Tax | Net |
£ | £ | £ |
Share repurchase | (143,808 | ) | - | (143,808 | ) |
5. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
SOUTH DOC SERVICES LIMITED (REGISTERED NUMBER: 03160204) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
6. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Long | Plant and | and |
leasehold | machinery | fittings |
£ | £ | £ |
COST |
At 1 April 2023 | 875,000 | 131,835 | 4,123 |
Additions | - | 1,500 | - |
At 31 March 2024 | 875,000 | 133,335 | 4,123 |
DEPRECIATION |
At 1 April 2023 | 53,028 | 83,229 | 2,487 |
Charge for year | 8,838 | 8,040 | 245 |
At 31 March 2024 | 61,866 | 91,269 | 2,732 |
NET BOOK VALUE |
At 31 March 2024 | 813,134 | 42,066 | 1,391 |
At 31 March 2023 | 821,972 | 48,606 | 1,636 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2023 | 22,753 | 6,217 | 1,039,928 |
Additions | - | - | 1,500 |
At 31 March 2024 | 22,753 | 6,217 | 1,041,428 |
DEPRECIATION |
At 1 April 2023 | 21,213 | 4,963 | 164,920 |
Charge for year | 385 | 625 | 18,133 |
At 31 March 2024 | 21,598 | 5,588 | 183,053 |
NET BOOK VALUE |
At 31 March 2024 | 1,155 | 629 | 858,375 |
At 31 March 2023 | 1,540 | 1,254 | 875,008 |
SOUTH DOC SERVICES LIMITED (REGISTERED NUMBER: 03160204) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
6. | TANGIBLE FIXED ASSETS - continued |
Company |
Long | Plant and | Motor |
leasehold | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
7. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Registered office: West Heath Medical Centre, 194-196 West Heath Road, Northfield, Birmingham, B31 3HB |
Nature of business: |
% |
Class of shares: | holding |
SOUTH DOC SERVICES LIMITED (REGISTERED NUMBER: 03160204) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
8. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 April 2023 | 220,000 |
Impairments | (125,000 | ) |
At 31 March 2024 | 95,000 |
NET BOOK VALUE |
At 31 March 2024 | 95,000 |
At 31 March 2023 | 220,000 |
Investment property has been valued at fair value based on the market value at which the property is to be sold. |
Company |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
Impairments | (125,000 | ) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
9. | DEBTORS |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 542,946 | 1,862,408 |
Amounts owed by group undertakings | - | - |
Other debtors | 28,444 | 111,421 |
Tax | 1,124,939 | 527,903 |
Deferred tax asset | 97,447 | - | 97,447 | - |
Prepayments and accrued income | 2,661,039 | 1,948,934 |
4,454,815 | 4,450,666 |
SOUTH DOC SERVICES LIMITED (REGISTERED NUMBER: 03160204) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
9. | DEBTORS - continued |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Amounts falling due after more than one | year: |
Prepayments and accrued income | 535,554 | 86,886 |
Aggregate amounts | 4,990,369 | 4,537,552 |
Deferred tax asset |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Deferred tax | 97,447 | - | 97,447 | - |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade creditors | 3,162,043 | 3,087,441 |
Social security and other taxes | 139,503 | 125,694 |
Other creditors | 81,038 | 70,479 |
Accruals and deferred income | 2,438,795 | 3,511,769 |
5,821,379 | 6,795,383 |
11. | PROVISIONS FOR LIABILITIES |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Deferred tax | - | 11,476 | - | 11,476 |
Group |
Deferred |
tax |
£ |
Balance at 1 April 2023 | 11,476 |
Credit to Income Statement during year | (108,923 | ) |
Balance at 31 March 2024 | (97,447 | ) |
SOUTH DOC SERVICES LIMITED (REGISTERED NUMBER: 03160204) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
11. | PROVISIONS FOR LIABILITIES - continued |
Company |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Credit to Income Statement during year | ( |
) |
Balance at 31 March 2024 | ( |
) |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 728 | 920 |
Ordinary shares have equal voting rights, are entitled to a dividend and are non-redeemable. |
13. | RESERVES |
Group |
Capital |
Retained | Share | redemption |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 April 2023 | 11,049,886 | 572,620 | 12 | 11,622,518 |
Deficit for the year | (493,176 | ) | (493,176 | ) |
Purchase of own shares | (144,000 | ) | - | 192 | (143,808 | ) |
At 31 March 2024 | 10,412,710 | 572,620 | 204 | 10,985,534 |
Company |
Capital |
Retained | Share | redemption |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 April 2023 | 10,485,966 |
Deficit for the year | ( |
) | ( |
) |
Purchase of own shares | (144,000 | ) | - | 192 | (143,808 | ) |
At 31 March 2024 | 9,880,826 |
SOUTH DOC SERVICES LIMITED (REGISTERED NUMBER: 03160204) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
14. | NON-CONTROLLING INTERESTS |
The non-controlling interest is made up of individuals who are shareholders in South Doc Services My Healthcare Limited. During the year the total profit of South Doc Services My Healthcare Limited was £90,398 (2023: £275,012) of which £43,165 (2023: £131,401) was attributed to this non-controlling interest. |
15. | RELATED PARTY DISCLOSURES |
Entities over which the entity has control, joint control or significant influence |
2024 | 2023 |
£ | £ |
Sales | 3,532,245 | 3,405,784 |
Amount due from related party | 941,145 | 2,080,033 |
Other related parties |
2024 | 2023 |
£ | £ |
Sales | 71,220 | 60,202 |
Expenses | 1,474,808 | 1,021,430 |
Amount due from related party | 187,133 | 108,925 |
Amount due to related party | 222,821 | 562,847 |