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Registered number: 06499375
| Doctor Michael Frain Limited Financial statements Information for filing with the registrar 31 March 2025 |
Doctor Michael Frain Limited
Balance sheet At 31 March 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 515,469 |  | 546,809
Investments | 5 |  | 100 |  | 100
|  |  | 515,569 |  | 546,909
Current assets |  |  |  |  |
Stocks |  | 62,955 |  | 62,955 |
Debtors: amounts falling due after more than one year | 6 | 528,450 |  | - |
Debtors | 6 | 551,047 |  | 343,525 |
Cash at bank and in hand |  | 339,294 |  | 792,728 |
|  | 1,481,746 |  | 1,199,208 |
Creditors: amounts falling due within one year | 7 | (1,429,192) |  | (1,284,189) |
Net current assets/(liabilities) |  |  | 52,554 |  | (84,981)
Total assets less current liabilities |  |  | 568,123 |  | 461,928
Creditors: amounts falling due after more than one year | 8 |  | (1,300,454) |  | (1,062,257)
Provisions for liabilities |  |  |  |  |
Deferred tax |  | (114,112) |  | (98,708) |
|  |  | (114,112) |  | (98,708)
Net liabilities |  |  | (846,443) |  | (699,037)
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 6 |  | 6
Profit and loss account |  |  | (846,449) |  | (699,043)
Shareholders' funds / (deficit) |  |  | (846,443) |  | (699,037)
1
Doctor Michael Frain Limited
Balance sheet (continued) At 31 March 2025 The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 October 2025.
Keith Howard Garber | Andrew Marshall Halmer
Director | Director
Registered number: 06499375 The notes on pages 3 to 9 form part of these financial statements. 2
Doctor Michael Frain Limited
Notes to the financial statements for the year ended 31 March 2025
1. | General information
Doctor Michael Frain Limited ("the company") is a private company limited by shares, incorporated in the United Kingdom and registered in England. The address of the registered office is Second Floor Citygate, St James Boulevard, Newcastle Upon Tyne, NE1 4JE, United Kingdom. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared in accordance with Section 1A of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland' (FRS 102) and the Companies Act 2006.
| 2.2 | Going concern
The directors believe that the company will be able to continue to trade within its working capital facilities for the foreseeable future and with the continued support of the directors and shareholders. They choose to prepare the accounts on a going concern basis.
| 2.3 | Revenue
The turnover shown in the profit and loss account represents NHS contract income, private fees and capitation schemes income receivable during the period.
| 2.4 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.5 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.6 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred. 3
Doctor Michael Frain Limited
Notes to the financial statements for the year ended 31 March 2025 2.Accounting policies (continued)
| 2.7 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.8 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Long-term leasehold property | - | 20% | reducing balance
|  |  |  | Short-term leasehold property | - | 20% | reducing balance
|  |  |  | Plant and machinery | - | 20% | reducing balance
|  |  |  | Motor vehicles | - | 25% | reducing balance
|  |  |  | Fixtures and fittings | - | 15% | reducing balance
|  |  |  | Computer equipment | - | 20% | reducing balance
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. 4
Doctor Michael Frain Limited
Notes to the financial statements for the year ended 31 March 2025 2.Accounting policies (continued)
| 2.9 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.10 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
3. | Employees
| The average monthly number of employees, including directors, during the year was 66 (2024 - 63).
5
Doctor Michael Frain Limited
Notes to the financial statements for the year ended 31 March 2025
4. | Tangible fixed assets
|  | Short-term leasehold property | Plant and machinery | Motor vehicles | Fixtures and fittings | Computer equipment | Total
|  | £ | £ | £ | £ | £ | £
| Cost |  |  |  |  |  |
| At 1 April 2024 | 98,868 | 1,569,917 | 1,368 | 42,252 | 18,980 | 1,731,385
| Additions | 10,115 | 56,455 | - | 11,945 | 7,445 | 85,960
| At 31 March 2025 | 108,983 | 1,626,372 | 1,368 | 54,197 | 26,425 | 1,817,345
| Depreciation |  |  |  |  |  |
| At 1 April 2024 | 40,964 | 1,129,503 | 631 | 6,270 | 7,207 | 1,184,575
| Charge for the year | 12,837 | 95,143 | 184 | 6,305 | 2,832 | 117,301
| At 31 March 2025 | 53,801 | 1,224,646 | 815 | 12,575 | 10,039 | 1,301,876
| Net book value |  |  |  |  |  |
| At 31 March 2025 | 55,182 | 401,726 | 553 | 41,622 | 16,386 | 515,469
6
Doctor Michael Frain Limited
Notes to the financial statements for the year ended 31 March 2025
5. | Fixed asset investments
|  | Investments in associates
|  | £
| Cost |
| At 1 April 2024 | 100
| At 31 March 2025 | 100
7
Doctor Michael Frain Limited
Notes to the financial statements for the year ended 31 March 2025
6. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due after more than one year |  |
| Other debtors | 528,450 | -
|  | 528,450 | -
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due within one year |  |
| Trade debtors | 501,110 | 280,203
| Amounts owed by group undertakings | 34,008 | 45,017
| Other debtors | 12,348 | 18,305
| Prepayments and accrued income | 3,581 | -
|  | 551,047 | 343,525
7. | Creditors: amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank overdrafts | - | 39,992
| Bank loans | 101,837 | 99,065
| Trade creditors | 45,468 | 46,356
| Other taxation and social security | 136,939 | 72,255
| Obligations under finance lease and hire purchase contracts | 19,990 | 39,527
| Other creditors | 916,480 | 778,679
| Accruals and deferred income | 208,478 | 208,315
|  | 1,429,192 | 1,284,189
8
Doctor Michael Frain Limited
Notes to the financial statements for the year ended 31 March 2025
8. | Creditors: amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 832,657 | 941,022
| Net obligations under finance leases and hire purchase contracts | 13,087 | 33,077
| Other creditors | 454,710 | 88,158
|  | 1,300,454 | 1,062,257
9. | Related party transactions
| During the year rent of £101,184 (2024: £101,183) was paid to two of the directors for use of the properties. During the year the company operated an intercompany account with Garmer Holdings Ltd to record amounts due and from the holding company. At 31 March 2025 the company was owed £34,108 (2024: £45,117) by Garmer Holdings Ltd. During the year the company operated an intercompany account with The Regency Practice Melksham Ltd to record amounts due and from the holding company. At 31 March 2025 the company owed £100 (2024: £100) to The Regency Practice Melksham Ltd.
9