Company registration number SC671613 (Scotland)
DJM MEDICAL CLINICS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
DJM MEDICAL CLINICS LTD
CONTENTS
Page
Company information
1
Balance sheet
2
Notes to the financial statements
3 - 8
DJM MEDICAL CLINICS LTD
COMPANY INFORMATION
- 1 -
Director
Dr D McKeown
Company number
SC671613
Registered office
167 Bath Street
Glasgow
Scotland
G2 4SQ
Accountants
Consilium Chartered Accountants
169 West George Street
Glasgow
Scotland
G2 2LB
DJM MEDICAL CLINICS LTD
BALANCE SHEET
AS AT 31 AUGUST 2024
31 August 2024
- 2 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,232,929
764,225
Current assets
Stocks
30,000
30,000
Debtors
4
720,635
772,117
Cash at bank and in hand
76,813
188,073
827,448
990,190
Creditors: amounts falling due within one year
5
(610,701)
(669,862)
Net current assets
216,747
320,328
Total assets less current liabilities
1,449,676
1,084,553
Provisions for liabilities
6
(150,402)
(71,670)
Net assets
1,299,274
1,012,883
Capital and reserves
Called up share capital
8
3
3
Profit and loss reserves
1,299,271
1,012,880
Total equity
1,299,274
1,012,883
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 28 August 2025
Dr D McKeown
Director
Company Registration No. SC671613
DJM MEDICAL CLINICS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
1
Accounting policies
Company information
DJM Medical Clinics Ltd is a private company limited by shares incorporated in Scotland. The registered office is 167 Bath Street, Glasgow, Scotland, G2 4SQ. The company's registration number is SC671613.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is stated net of VAT and trade discounts. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to the considerations and is recorded at the value of the considerations due. Where a contract has only been partially completed at the balance sheet date turnover represents the value of the services provided to date based on a proportion of the total contract value. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one yea
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
5% straight line from date asset brought into use
Plant and equipment
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit and loss account.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
DJM MEDICAL CLINICS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 4 -
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the profit and loss account. Reversals of impairment losses are also recognised in the profit and loss account.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
DJM MEDICAL CLINICS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 5 -
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value, and are depreciated in accordance with the above depreciation policies.
Future instalments payable under such agreements, net of finance charges, are included within creditors. Rentals payable are apportioned between the capital element, which reduces the outstanding obligation included within creditors, and the finance element, which is charged to the profit and loss account on a straight line basis.
Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Total
12
11
DJM MEDICAL CLINICS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 -
3
Tangible fixed assets
Leasehold improvements
Plant and equipment
Total
£
£
£
Cost
At 1 September 2023
555,551
400,584
956,135
Additions
493,558
32,222
525,780
At 31 August 2024
1,049,109
432,806
1,481,915
Depreciation and impairment
At 1 September 2023
191,910
191,910
Depreciation charged in the year
57,076
57,076
At 31 August 2024
248,986
248,986
Carrying amount
At 31 August 2024
1,049,109
183,820
1,232,929
At 31 August 2023
555,551
208,674
764,225
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
39,943
167,457
Other debtors
680,692
604,660
720,635
772,117
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
102,038
126,479
Corporation tax
274,935
265,995
Other taxation and social security
135,388
254,890
Other creditors
98,340
22,498
610,701
669,862
6
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
7
150,402
71,670
DJM MEDICAL CLINICS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 7 -
7
Deferred taxation
The following are the major deferred tax liabilities recognised by the company and movements thereon:
2024
2023
Balances:
£
£
Accelerated capital allowances
150,402
71,670
2024
Movements in the year:
£
Liability at 1 September 2023
71,670
Charge to profit or loss
78,732
Liability at 31 August 2024
150,402
8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
3 Ordinary shares of £1
3
3
DJM MEDICAL CLINICS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 8 -
9
Prior period adjustment
Reconciliation of changes in equity
1 September
31 August
2022
2023
£
£
Adjustments to prior year
Reduction in depreciation charge
95,181
155,741
Provision of deferred tax charge
-
(71,670)
Corporation tax charge adjustment
-
19,500
Total adjustments
95,181
103,571
Equity as previously reported
-
909,312
Equity as adjusted
95,181
1,012,883
Analysis of the effect upon equity
Profit and loss reserves
95,181
103,571
Reconciliation of changes in profit for the previous financial period
2023
£
Adjustments to prior year
Reduction in depreciation charge
155,741
Provision of deferred tax charge
(71,670)
Corporation tax charge adjustment
19,500
Total adjustments
103,571
Profit as previously reported
332,149
Profit as adjusted
435,720
Notes to reconciliation
Included within fixed assets was a property with a cost of £556,339 which was owned by a sister company, the previously reported figures have been adjusted to remove this from the fixed asset value.