REGISTERED NUMBER: 06555203 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements for the Year Ended 30th April 2024 |
for |
RADIANT MEDICARE LIMITED |
REGISTERED NUMBER: 06555203 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements for the Year Ended 30th April 2024 |
for |
RADIANT MEDICARE LIMITED |
RADIANT MEDICARE LIMITED (REGISTERED NUMBER: 06555203) |
Contents of the Consolidated Financial Statements |
for the year ended 30th April 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Income Statement | 10 |
Consolidated Other Comprehensive Income | 11 |
Consolidated Balance Sheet | 12 |
Company Balance Sheet | 13 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Financial Statements | 18 |
RADIANT MEDICARE LIMITED |
Company Information |
for the year ended 30th April 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
2 Burton House |
Repton Place |
White Lion Road |
Amersham |
Buckinghamshire |
HP7 9LP |
RADIANT MEDICARE LIMITED (REGISTERED NUMBER: 06555203) |
Group Strategic Report |
for the year ended 30th April 2024 |
The directors present their strategic report of the company and the group for the year ended 30th April 2024. |
REVIEW OF BUSINESS |
Despite continuing challenges faced by the industry and the wider business environment, the business trading saw strong levels of trade for the period with sales growth. This was partly due to the acquisition of a new branches part way through the financial period and additional services provided at existing sites. We have also expanded our service offering, in line with greater opportunities for impacting patient health at a local level. |
We continue to develop our systems which will allow us a more efficient operation and support for the growth of the business with an ongoing focus on continuous improvement and adaptability to future operational needs. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The principal risks and uncertainties faced by the business are considered by the Directors to be as follows. |
Staffing Risk |
The sector continues to face the challenge of recruitment and retention of staff, particularly with other structural challenges to the labour market. The directors place a great emphasis on the welfare and development of all our staff as well as rewarding their valuable contribution. We continue to believe we have a sector-leading employee proposition, and that this will support our recruitment and retention efforts going forward. |
Consumer Risk |
The current state of the economy and general consumer sentiment and uncertainty continue to have an influence on discretionary spending. The directors believe that their focus on our core service and diverse customer base helps to mitigate this risk. |
Supplier and Price Risk |
As a business we are reliant on supplies from a diverse geographical supplier chain, and the amounts that we pay for these supplies can fluctuate due to a number of factors. Price increases as a result of these factors could negatively impact our margins. The directors believe that our pro-active purchasing strategy and long-term relationships with our main suppliers provides the flexibility to mitigate this risk, with no over-reliance on a particular source of product. |
RADIANT MEDICARE LIMITED (REGISTERED NUMBER: 06555203) |
Group Strategic Report |
for the year ended 30th April 2024 |
FINANCIAL KEY PERFORMANCE INDICATORS |
The directors measure the group's performance using a number of key performance indicators. |
2024 | 2023 |
Sales | 17,732,817 | 15,872,801 |
EBITDA (adjusted) | 1,830,147 | 2,185,819 |
Other key performance indicators |
Non financial KPls are monitored on a regular basis and include staff turnover levels, customer feedback, and liaison with medical services providers. These are reviewed by the management and appropriate action is taken if required. The management is satisfied with the performance of these KPls during the year. |
ON BEHALF OF THE BOARD: |
RADIANT MEDICARE LIMITED (REGISTERED NUMBER: 06555203) |
Report of the Directors |
for the year ended 30th April 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 30th April 2024. |
DIVIDENDS |
The total distribution of dividends for the year ended 30th April 2024 will be £396,667 (2023: £1,764,250).. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1st May 2023 to the date of this report. |
POLITICAL DONATIONS AND EXPENDITURE |
During the period the group made donations of £4,790 (2023: £2,884) to non-political charitable organisations. |
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 he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
RADIANT MEDICARE LIMITED (REGISTERED NUMBER: 06555203) |
Report of the Directors |
for the year ended 30th April 2024 |
AUDITORS |
The auditors, Jacquards Limited, 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 |
Radiant Medicare Limited |
Opinion |
We have audited the financial statements of Radiant Medicare Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30th April 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 30th April 2024 and of the group's 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 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 |
Radiant Medicare 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 |
Radiant Medicare 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. |
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following: |
enquiring of management and the directors, including obtaining and reviewing supporting documentation, concerning the group's policies and procedures relating to: |
- identifying, evaluating and complying with laws and regulations and whether they were aware of any |
instances of non-compliance; |
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and |
- assessing the internal controls established by the group to mitigate risks related to fraud or non-compliance with laws and regulations. |
In addition to the above, our procedures to respond to risks identified included the following: |
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations noted above; |
- enquiring of management, the directors and legal counsel concerning actual and potential litigation and claims; |
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and |
- reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC. |
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. |
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 |
Radiant Medicare 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 |
2 Burton House |
Repton Place |
White Lion Road |
Amersham |
Buckinghamshire |
HP7 9LP |
Jacquards Limited - Statutory Auditors |
RADIANT MEDICARE LIMITED (REGISTERED NUMBER: 06555203) |
Consolidated |
Income Statement |
for the year ended 30th April 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
TURNOVER | 17,732,817 | 15,872,801 |
Cost of sales | 11,518,185 | 9,725,329 |
GROSS PROFIT | 6,214,632 | 6,147,472 |
Administrative expenses | 5,224,914 | 4,558,082 |
OPERATING PROFIT | 4 | 989,718 | 1,589,390 |
Income from interest in associated undertakings |
16,950 |
37,000 |
Interest receivable and similar income | 49,469 | 29,439 |
66,419 | 66,439 |
1,056,137 | 1,655,829 |
Interest payable and similar expenses | 5 | 356,853 | 205,590 |
PROFIT BEFORE TAXATION | 699,284 | 1,450,239 |
Tax on profit | 6 | 352,085 | 416,203 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 347,199 | 1,034,036 |
RADIANT MEDICARE LIMITED (REGISTERED NUMBER: 06555203) |
Consolidated |
Other Comprehensive Income |
for the year ended 30th April 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 347,199 | 1,034,036 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
347,199 |
1,034,036 |
Total comprehensive income attributable to: |
Owners of the parent | 347,199 | 1,034,036 |
RADIANT MEDICARE LIMITED (REGISTERED NUMBER: 06555203) |
Consolidated Balance Sheet |
30th April 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 | 7,157,752 | 5,375,783 |
Tangible assets | 10 | 1,020,527 | 507,960 |
Investments | 11 |
Interest in associate | 213 | 213 |
Other investments | 49,712 | - |
8,228,204 | 5,883,956 |
CURRENT ASSETS |
Stocks | 12 | 914,242 | 749,218 |
Debtors | 13 | 7,395,775 | 6,753,844 |
Cash at bank and in hand | 1,451,808 | 2,563,927 |
9,761,825 | 10,066,989 |
CREDITORS |
Amounts falling due within one year | 14 | 5,558,390 | 5,357,445 |
NET CURRENT ASSETS | 4,203,435 | 4,709,544 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
12,431,639 |
10,593,500 |
CREDITORS |
Amounts falling due after more than one year |
15 |
(5,374,714 |
) |
(3,624,865 |
) |
PROVISIONS FOR LIABILITIES | 19 | (247,619 | ) | (109,861 | ) |
NET ASSETS | 6,809,306 | 6,858,774 |
CAPITAL AND RESERVES |
Called up share capital | 20 | 2 | 2 |
Retained earnings | 21 | 6,809,304 | 6,858,772 |
SHAREHOLDERS' FUNDS | 6,809,306 | 6,858,774 |
The financial statements were approved by the Board of Directors and authorised for issue on 26th April 2025 and were signed on its behalf by: |
N Radia - Director |
RADIANT MEDICARE LIMITED (REGISTERED NUMBER: 06555203) |
Company Balance Sheet |
30th April 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
15 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 19 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 1,126,573 | 1,245,775 |
The financial statements were approved by the Board of Directors and authorised for issue on |
RADIANT MEDICARE LIMITED (REGISTERED NUMBER: 06555203) |
Consolidated Statement of Changes in Equity |
for the year ended 30th April 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1st May 2022 | 2 | 7,588,986 | 7,588,988 |
Changes in equity |
Dividends | - | (1,764,250 | ) | (1,764,250 | ) |
Total comprehensive income | - | 1,034,036 | 1,034,036 |
Balance at 30th April 2023 | 2 | 6,858,772 | 6,858,774 |
Changes in equity |
Dividends | - | (396,667 | ) | (396,667 | ) |
Total comprehensive income | - | 347,199 | 347,199 |
Balance at 30th April 2024 | 2 | 6,809,304 | 6,809,306 |
RADIANT MEDICARE LIMITED (REGISTERED NUMBER: 06555203) |
Company Statement of Changes in Equity |
for the year ended 30th April 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1st May 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30th April 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30th April 2024 |
RADIANT MEDICARE LIMITED (REGISTERED NUMBER: 06555203) |
Consolidated Cash Flow Statement |
for the year ended 30th April 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,920,735 | 1,914,101 |
Interest paid | (356,853 | ) | (205,590 | ) |
Tax paid | (380,293 | ) | (357,505 | ) |
Net cash from operating activities | 1,183,589 | 1,351,006 |
Cash flows from investing activities |
Purchase of intangible fixed assets | (2,416,230 | ) | (2,736,630 | ) |
Purchase of tangible fixed assets | (636,720 | ) | (253,793 | ) |
Purchase of fixed asset investments | (49,712 | ) | (60 | ) |
Sale of intangible fixed assets | - | 2,411,418 |
Sale of tangible fixed assets | (1,956 | ) | 94,116 |
Interest received | 49,469 | 29,439 |
Dividends received | 16,950 | 37,000 |
Net cash from investing activities | (3,038,199 | ) | (418,510 | ) |
Cash flows from financing activities |
New loans in year | 2,393,700 | 275,000 |
Loan repayments in year | (895,773 | ) | (577,117 | ) |
Amount introduced by directors | 15,069 | 12,318 |
Amount withdrawn by directors | (12,418 | ) | (72,444 | ) |
Movements in inter-company balances | (361,420 | ) | (152,548 | ) |
Equity dividends paid | (396,667 | ) | (1,764,250 | ) |
Net cash from financing activities | 742,491 | (2,279,041 | ) |
Decrease in cash and cash equivalents | (1,112,119 | ) | (1,346,545 | ) |
Cash and cash equivalents at beginning of year |
2 |
2,563,927 |
3,910,472 |
Cash and cash equivalents at end of year |
2 |
1,451,808 |
2,563,927 |
RADIANT MEDICARE LIMITED (REGISTERED NUMBER: 06555203) |
Notes to the Consolidated Cash Flow Statement |
for the year ended 30th April 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation | 699,284 | 1,450,239 |
Depreciation charges | 774,010 | 716,399 |
Profit on disposal of fixed assets | - | (186,409 | ) |
Finance costs | 356,853 | 205,590 |
Finance income | (66,419 | ) | (66,439 | ) |
1,763,728 | 2,119,380 |
Increase in stocks | (165,024 | ) | (24,169 | ) |
Increase in trade and other debtors | (236,121 | ) | (316,811 | ) |
Increase in trade and other creditors | 558,152 | 135,701 |
Cash generated from operations | 1,920,735 | 1,914,101 |
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 30th April 2024 |
30/4/24 | 1/5/23 |
£ | £ |
Cash and cash equivalents | 1,451,808 | 2,563,927 |
Year ended 30th April 2023 |
30/4/23 | 1/5/22 |
£ | £ |
Cash and cash equivalents | 2,563,927 | 3,910,472 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1/5/23 | Cash flow | At 30/4/24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 2,563,927 | (1,112,119 | ) | 1,451,808 |
2,563,927 | (1,112,119 | ) | 1,451,808 |
Debt |
Debts falling due within 1 year | (852,219 | ) | 251,922 | (600,297 | ) |
Debts falling due after 1 year | (3,624,865 | ) | (1,749,849 | ) | (5,374,714 | ) |
(4,477,084 | ) | (1,497,927 | ) | (5,975,011 | ) |
Total | (1,913,157 | ) | (2,610,046 | ) | (4,523,203 | ) |
RADIANT MEDICARE LIMITED (REGISTERED NUMBER: 06555203) |
Notes to the Consolidated Financial Statements |
for the year ended 30th April 2024 |
1. | STATUTORY INFORMATION |
Radiant Medicare Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The consolidated financial statements include the financial statements of the company and its subsidiary undertakings drawn up to 30 April 2022. |
The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control over the operating and financial decisions is obtained and cease to be consolidated from the date on which power is transferred out of the group. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. |
All subsidiaries have a period end of 30 April 2022. All intercompany balances and transactions, including recognised gains arising from inter-group transactions, have been eliminated in full. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over |
the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. |
Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is |
amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of |
goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Fixtures and fittings | - |
RADIANT MEDICARE LIMITED (REGISTERED NUMBER: 06555203) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30th April 2024 |
2. | ACCOUNTING POLICIES - continued |
Investments in associates |
Investments in associate undertakings are recognised at cost. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
3. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 2,294,958 | 1,989,856 |
Other pension costs | 1,114 | 3,985 |
2,296,072 | 1,993,841 |
RADIANT MEDICARE LIMITED (REGISTERED NUMBER: 06555203) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30th April 2024 |
3. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
2024 | 2023 |
Operational staff | 99 | 87 |
Directors | 3 | 3 |
2024 | 2023 |
£ | £ |
Directors' remuneration | 37,548 | 36,099 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Hire of plant and machinery | - | 365 |
Other operating leases | 414,245 | 400,170 |
Depreciation - owned assets | 139,749 | 141,020 |
Profit on disposal of fixed assets | - | (186,409 | ) |
Goodwill amortisation | 634,261 | 575,319 |
Auditors' remuneration | 12,000 | 17,000 |
Auditors' remuneration for non audit work | 50,796 | 51,215 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank loan interest | 356,853 | 205,590 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax | 241,418 | 384,271 |
Adjustment for previous period | (13,451 | ) | - |
Total current tax | 227,967 | 384,271 |
Deferred tax | 124,118 | 31,932 |
Tax on profit | 352,085 | 416,203 |
UK corporation tax has been charged at 25 % . |
RADIANT MEDICARE LIMITED (REGISTERED NUMBER: 06555203) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30th April 2024 |
7. | 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. |
8. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary shares of £0.01 each |
Interim | 396,667 | 1,764,250 |
9. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1st May 2023 | 10,711,225 |
Additions | 2,416,230 |
At 30th April 2024 | 13,127,455 |
AMORTISATION |
At 1st May 2023 | 5,335,442 |
Amortisation for year | 634,261 |
At 30th April 2024 | 5,969,703 |
NET BOOK VALUE |
At 30th April 2024 | 7,157,752 |
At 30th April 2023 | 5,375,783 |
RADIANT MEDICARE LIMITED (REGISTERED NUMBER: 06555203) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30th April 2024 |
9. | INTANGIBLE FIXED ASSETS - continued |
Company |
Goodwill |
£ |
COST |
At 1st May 2023 |
Additions |
Reclassification/transfer |
At 30th April 2024 |
AMORTISATION |
At 1st May 2023 |
Amortisation for year |
At 30th April 2024 |
NET BOOK VALUE |
At 30th April 2024 |
At 30th April 2023 |
The Company has hived-up certain acquired subsidiaries. The policy is to transfer the trade and net assets of the acquired subsidiaries in question to the Company at book value. The initial cost of the Company's investment in the subsidiary undertaking reflects the underlying fair value of its net assets and goodwill at the time of its acquisition. |
As a result of the transfer, the value of the Company's investment in the subsidiary undertaking falls below the amount at which it is stated in the Company's accounting records. Section 396 of the Companies Act 2006 requires that the investment be written down accordingly and that the amount be charged as a loss in the Company's income statement. However, the directors consider that, as there has been no overall loss to the Company, it would fail to give a true and fair view to charge the diminution to the Company's income statement and it should instead be re-allocated to goodwill and the identifiable net assets transferred, so as to recognise, in the Company's individual statement of financial position, the effective cost to the Company of those net assets and goodwill. The effect on the Company's statement of financial position of this departure is to recognise goodwill at cost of £1,622,043 (2023: £1,622,043), less accumulated amortisation of £322,632 (2023: £215,088). |
Given that the businesses concerned operate in a generally stable market, the directors have concluded that the estimated economic life of the resulting intangible asset is fifteen years at the date that the transfer took place. |
The asset is reviewed annually for impairment and the last review indicated that no impairment had arisen. |
RADIANT MEDICARE LIMITED (REGISTERED NUMBER: 06555203) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30th April 2024 |
10. | TANGIBLE FIXED ASSETS |
Group |
Improvements | Fixtures |
Short | to | and |
leasehold | property | fittings | Totals |
£ | £ | £ | £ |
COST |
At 1st May 2023 | 107,166 | 6,465 | 998,408 | 1,112,039 |
Additions | - | - | 636,720 | 636,720 |
Disposals | - | (6,465 | ) | (63,130 | ) | (69,595 | ) |
Reclassification/transfer | - | - | 59,988 | 59,988 |
At 30th April 2024 | 107,166 | - | 1,631,986 | 1,739,152 |
DEPRECIATION |
At 1st May 2023 | 107,166 | 6,465 | 490,448 | 604,079 |
Charge for year | - | - | 139,749 | 139,749 |
Eliminated on disposal | - | (6,465 | ) | (18,738 | ) | (25,203 | ) |
At 30th April 2024 | 107,166 | - | 611,459 | 718,625 |
NET BOOK VALUE |
At 30th April 2024 | - | - | 1,020,527 | 1,020,527 |
At 30th April 2023 | - | - | 507,960 | 507,960 |
Company |
Fixtures |
Short | and |
leasehold | fittings | Totals |
£ | £ | £ |
COST |
At 1st May 2023 |
Additions |
At 30th April 2024 |
DEPRECIATION |
At 1st May 2023 |
Charge for year |
At 30th April 2024 |
NET BOOK VALUE |
At 30th April 2024 |
At 30th April 2023 |
RADIANT MEDICARE LIMITED (REGISTERED NUMBER: 06555203) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30th April 2024 |
11. | FIXED ASSET INVESTMENTS |
Group |
Interest |
in | Unlisted |
associate | investments | Totals |
£ | £ | £ |
COST |
At 1st May 2023 | 213 | - | 213 |
Additions | - | 49,712 | 49,712 |
At 30th April 2024 | 213 | 49,712 | 49,925 |
NET BOOK VALUE |
At 30th April 2024 | 213 | 49,712 | 49,925 |
At 30th April 2023 | 213 | - | 213 |
Company |
Shares in | Interest |
group | in | Unlisted |
undertakings | associate | investments | Totals |
£ | £ | £ | £ |
COST |
At 1st May 2023 | 2,673 |
Additions | 2,974,449 |
Impairments | ( |
) | (863,393 | ) |
Reclassification/transfer | ( |
) | (60 | ) |
At 30th April 2024 | 2,113,669 |
NET BOOK VALUE |
At 30th April 2024 | 2,113,669 |
At 30th April 2023 | 2,673 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: 2 Burton House, Repton Place, White Lion Road, Amersham HP7 9LP |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 2 Burton House, Repton Place, White Lion Road, Amersham HP7 9LP |
Nature of business: |
% |
Class of shares: | holding |
RADIANT MEDICARE LIMITED (REGISTERED NUMBER: 06555203) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30th April 2024 |
11. | FIXED ASSET INVESTMENTS - continued |
Registered office: 2 Burton House, Repton Place, White Lion Road, Amersham HP7 9LP |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 2 Burton House, Repton Place, White Lion Road, Amersham HP7 9LP |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 2 Burton House, Repton Place, White Lion Road, Amersham HP7 9LP |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 2 Burton House, Repton Place, White Lion Road, Amersham HP7 9LP |
Nature of business: |
% |
Class of shares: | holding |
Associated companies |
Registered office: 2 Burton House, Repton Place, White Lion Road, Amersham HP7 9LP |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 2 Burton House, Repton Place, White Lion Road, Amersham HP7 9LP |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 2 Burton House, Repton Place, White Lion Road, Amersham, HP7 9LP |
Nature of business: |
% |
Class of shares: | holding |
RADIANT MEDICARE LIMITED (REGISTERED NUMBER: 06555203) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30th April 2024 |
12. | STOCKS |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Stocks | 914,242 | 749,218 |
13. | DEBTORS |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 3,161,728 | 3,003,671 |
Amounts owed by group undertakings | - | - |
Amounts owed by associates | 3,533,284 | 3,171,864 |
Other debtors | 98,426 | 121,904 |
Corporation tax | 74,089 | 29,699 |
VAT | 392,879 | 334,273 |
Prepayments | 118,181 | 75,495 |
7,378,587 | 6,736,906 |
Amounts falling due after more than one | year: |
Rent deposits | 17,188 | 16,938 | 17,188 | 6,438 |
Aggregate amounts | 7,395,775 | 6,753,844 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 16) | 596,624 | 564,268 |
Other loans (see note 16) | 3,673 | 287,951 |
Trade creditors | 2,716,138 | 2,294,021 |
Corporation tax | 301,876 | 409,812 |
Social security and other taxes | 67,301 | 72,297 |
Other creditors | 80,624 | 156,648 |
Directors' current accounts | 15,069 | 12,418 | 2,044 | 18 |
Accruals and deferred income | 1,777,085 | 1,560,030 |
5,558,390 | 5,357,445 |
RADIANT MEDICARE LIMITED (REGISTERED NUMBER: 06555203) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30th April 2024 |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans (see note 16) | 5,374,714 | 3,624,865 |
16. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 596,624 | 564,268 |
Other loans | 3,673 | 287,951 |
600,297 | 852,219 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 613,096 | 578,368 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 1,522,652 | 1,433,273 |
Amounts falling due in more than five | years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 3,238,966 | 1,613,224 | 2,668,884 | 826,431 |
17. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Non-cancellable | operating leases |
2024 | 2023 |
£ | £ |
Within one year | 468,379 | 373,567 |
Between one and five years | 981,128 | 545,382 |
In more than five years | 1,000,310 | 493,100 |
2,449,817 | 1,412,049 |
RADIANT MEDICARE LIMITED (REGISTERED NUMBER: 06555203) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30th April 2024 |
17. | LEASING AGREEMENTS - continued |
Company |
Non-cancellable | operating leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans | 5,971,338 | 4,189,133 |
The group's bank facilities are secured by a fixed and floating charge over assets of the group. |
19. | PROVISIONS FOR LIABILITIES |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Deferred tax | 247,619 | 109,861 | 233,979 | 89,584 |
Group |
Deferred |
tax |
£ |
Balance at 1st May 2023 | 109,861 |
Charge to Income Statement during year | 137,758 |
Balance at 30th April 2024 | 247,619 |
Company |
Deferred |
tax |
£ |
Balance at 1st May 2023 |
Charge to Income Statement during year |
Balance at 30th April 2024 |
RADIANT MEDICARE LIMITED (REGISTERED NUMBER: 06555203) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 30th April 2024 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £0.01 | 2 | 2 |
21. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1st May 2023 | 6,858,772 |
Profit for the year | 347,199 |
Dividends | (396,667 | ) |
At 30th April 2024 | 6,809,304 |
Company |
Retained |
earnings |
£ |
At 1st May 2023 |
Profit for the year |
Dividends | ( |
) |
At 30th April 2024 |
22. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is the Radia family who own the entire issued share capital of the company. |