Registered number: 03136437
(A Company Limited by Guarantee)
FOR THE YEAR ENDED 31 MARCH 2025
THE SHROPSHIRE DOCTORS' CO-OPERATIVE LIMITED
(A Company Limited by Guarantee)
COMPANY INFORMATION
THE SHROPSHIRE DOCTORS' CO-OPERATIVE LIMITED
(A Company Limited by Guarantee)
CONTENTS
THE SHROPSHIRE DOCTORS' CO-OPERATIVE LIMITED
(A Company Limited by Guarantee)
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The Directors present their Strategic Report on Shropshire Doctors Cooperative Ltd ("Shropdoc") for the year to 31st March 2025.
Shropdoc is committed to providing high-quality, efficient urgent primary healthcare services to the NHS in England and Wales. We specialise in urgent care services and practice services, operating within the Integrated Care Systems (ICS) of Shropshire, Telford & Wrekin, and the Health & Care system of Powys, Mid-Wales. This strategic focus allows us to deliver targeted services that meet the needs of our specific communities.
We leverage a predominantly local workforce, ensuring deep understanding of patient needs and the local health economy. This local knowledge translates into efficient service delivery and improved patient care. We prioritise providing safe, resilient, reliable, and cost-effective services for the NHS. This "value for money" approach ensures the sustainability of our services and the NHS budget.
Our goal is to achieve annual surpluses that support continued operations and facilitate the development of future healthcare services. This financial stability allows us to invest in our infrastructure and workforce, enhancing service delivery for the long term. We foster a culture of engagement and commitment among our staff. This translates into a robust service delivery model that offers economies of scale and seamless integration, available 24/7.
By focusing on these core principles, Shropdoc is well-positioned to deliver high-quality services and contribute to a resilient and sustainable healthcare system in the communities we serve.
Our Corporate Strategy
Shropdoc operates as a Not-for-Profit Social Enterprise, with a clear mission: "To keep patients at the heart of all that we do." This mission is reflected in our core values, which guide our interactions with patients, staff, partners, and the broader organisation.
Our Corporate Strategy
Shropdoc operates as a Not-for-Profit Social Enterprise, with a clear mission: "To keep patients at the heart of all that we do." This mission is reflected in our core values, which guide our interactions with patients, staff, partners, and the broader organisation.
We prioritise providing high-quality healthcare services for the benefit of the communities we serve. We operate solely within the NHS framework, delivering essential primary healthcare services on a 24/7 round-the-clock basis. Our mission statement underlines our unwavering commitment to placing patients at the center of everything we do. Our core values - encompassing patients, people, organisation, and partners - shape our decision-making and guide our behaviours at all levels.
Shropdoc benefits from a Board of Directors and leadership team with extensive expertise in the NHS and primary care, combined with strong commercial, technical, and financial acumen. This focus on innovation ensures sustainable growth for the organisation.
We actively seek to be a trusted partner within the NHS Integrated Care System. This collaborative approach fosters positive relationships and strengthens the overall healthcare ecosystem.
Our position as an NHS Business Partner allows us to seamlessly operate within the NHS infrastructure. This ensures patients receive services free at the point of contact and allows our staff to access the NHS Pension scheme, aligning them with their NHS counterparts.
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THE SHROPSHIRE DOCTORS' CO-OPERATIVE LIMITED
(A Company Limited by Guarantee)
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Turnover in the year to 31 March 2025 totalled £14.2m and the company's overall trading results over the past five years have been as follows:
Strategic Report
This year, Shropdoc has continued its unwavering commitment to delivering exceptional patient care and building a resilient, sustainable future within the dynamic healthcare landscape. While navigating a significant strategic repositioning, we've remained focused on our core mission and have laid a strong foundation for continued success and growth.
Core Urgent Care Services
This year, the Shropshire, Telford & Wrekin Integrated Care Board (ST&W ICB) concluded a tender process for the STW Integrated Urgent Care (IUC) contract. While Shropdoc demonstrated its long-standing commitment and high-quality service, the ST&W ICB has indicated its intention to award this contract to an alternative provider. As a result, we are proactively transitioning our operations and strategic focus to a future without this specific contract. This transition will lead to a realignment of our revenue streams, and we have developed a comprehensive financial strategy to manage this shift. We recognise the impact this period of change has had on our dedicated staff, and we have implemented enhanced support and engagement initiatives to ensure their continued well-being and retention.
Cognisant of the above, this year, our organisation has deepened its integration with the wider health and care system, proactively responding to the rapidly changing landscape through robust engagement with collaborative partners and stakeholders (particularly in Powys). Our strategic focus has led to significant improvement, enhancement, and development of local service provision, underpinned by proactive investment and continuous development of our multidisciplinary workforce.
We've taken on additional responsibilities, including providing medical cover across Out-of-Hours Rehabilitation and Recovery Units and increasing activity through the GP Out-of-Hours contract in response to changes in the NHS 111 Directory of Services. All these combined efforts are directly aligned with broader system objectives, most notably reducing Emergency Department admissions and ambulance conveyances, demonstrating our commitment to a more efficient and integrated healthcare pathway for our communities.
We also continued to advance our technology and data analysis capabilities, allowing us to enhance the services we deliver to Shropshire and Powys residents. Investments in Cloud Infrastructure continued as we completed our migration to a fully hosted infrastructure platform. Data-driven insights allowed us to identify areas for service optimisation, leading to marked improvement in overall efficiency and performance.
Strategic Report
This year, Shropdoc has continued its unwavering commitment to delivering exceptional patient care and building a resilient, sustainable future within the dynamic healthcare landscape. While navigating a significant strategic repositioning, we've remained focused on our core mission and have laid a strong foundation for continued success and growth.
Core Urgent Care Services
This year, the Shropshire, Telford & Wrekin Integrated Care Board (ST&W ICB) concluded a tender process for the STW Integrated Urgent Care (IUC) contract. While Shropdoc demonstrated its long-standing commitment and high-quality service, the ST&W ICB has indicated its intention to award this contract to an alternative provider. As a result, we are proactively transitioning our operations and strategic focus to a future without this specific contract. This transition will lead to a realignment of our revenue streams, and we have developed a comprehensive financial strategy to manage this shift. We recognise the impact this period of change has had on our dedicated staff, and we have implemented enhanced support and engagement initiatives to ensure their continued well-being and retention.
Cognisant of the above, this year, our organisation has deepened its integration with the wider health and care system, proactively responding to the rapidly changing landscape through robust engagement with collaborative partners and stakeholders (particularly in Powys). Our strategic focus has led to significant improvement, enhancement, and development of local service provision, underpinned by proactive investment and continuous development of our multidisciplinary workforce.
We've taken on additional responsibilities, including providing medical cover across Out-of-Hours Rehabilitation and Recovery Units and increasing activity through the GP Out-of-Hours contract in response to changes in the NHS 111 Directory of Services. All these combined efforts are directly aligned with broader system objectives, most notably reducing Emergency Department admissions and ambulance conveyances, demonstrating our commitment to a more efficient and integrated healthcare pathway for our communities.
We also continued to advance our technology and data analysis capabilities, allowing us to enhance the services we deliver to Shropshire and Powys residents. Investments in Cloud Infrastructure continued as we completed our migration to a fully hosted infrastructure platform. Data-driven insights allowed us to identify areas for service optimisation, leading to marked improvement in overall efficiency and performance.
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THE SHROPSHIRE DOCTORS' CO-OPERATIVE LIMITED
(A Company Limited by Guarantee)
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Our continued focus on staff training and development programs fosters a highly skilled and motivated workforce, ensuring exceptional patient care. These combined efforts have laid a strong foundation for a sustainable future, allowing us to continuously improve and deliver exceptional service to the Shropshire and Powys communities.
The Board remains highly confident in our robust strategic plan to navigate this transition. Shropdoc is fully committed to serving our remaining commissioners and their patients with the same exceptional standards of care and efficiency that have defined our 28-year history. Our clear strategic vision for rebuilding and growth is firmly in place, ensuring our continued sustainable position within the healthcare landscape. More detailed financial and operational strategies are outlined in the Going Concern section of this report.
General Practice Services
In line with our vision to expand primary care at scale and build a resilient, sustainable future, we are delighted that the Presteigne Medical Practice in Mid Wales has continued to thrive this year, now fully integrated into the Shropdoc ways of working.
This strategic partnership allows us to extend our reach and expertise to a familiar geographical area, everaging our over 20 years of experience providing the GP Out of Hours Contract in Powys. We are directly contributing to improved access to high-quality urgent primary care for patients in Mid Wales. This collaboration exemplifies our commitment to working with partners across the primary care landscape and paves the way for further strategic alliances that will strengthen the overall primary care infrastructure in Mid Wales.
Building on the success of Presteigne, we are currently exploring options for further expansion of our primary care offering, particularly in the Powys region, where we can leverage our existing strengths to provide the best care to the people of Powys.
Workforce
As a not-for-profit social enterprise, Shropdoc's core values underpin our paramount commitment to our people and the communities we serve. Our strategic investment in a local, multidisciplinary workforce not only cultivates an empowered and engaged environment but also safeguards and enhances the invaluable local knowledge and expertise critical to high-quality patient care. This dedication translates into exceptional service delivery, strengthening our organisational resilience, and importantly, contributing significantly to the local economy through sustainable employment and community focus.
Corporate Social Responsibility
Our commitment to Corporate Social Responsibility (CSR) extends beyond financial performance, aligning with our fundamental role in the health and well-being of the communities we serve across England and Wales. We actively foster stronger communities by partnering with established charities, ensuring our initiatives directly benefit public health and align with our core healthcare expertise. This commitment is deeply embedded within our organisation, with staff actively encouraged to volunteer their time and skills in health and well-being-related activities, cultivating a collective sense of purpose and social responsibility. Furthermore, this year saw the implementation of new environmental corporate initiatives, reflecting our dedication to operating efficiently and sustainably, with plans for further expansion in the coming year. Through these integrated efforts, we are proud to contribute positively to the social and environmental fabric of the regions where we operate.
Principal Risks and Uncertainties
Directors continually monitor and assess the dynamic risks and uncertainties facing Shropdoc. We are confident that we have robust policies and procedures in place to effectively identify, assess, and mitigate known eventualities, ensuring a proactive approach to risk management across the organisation.
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THE SHROPSHIRE DOCTORS' CO-OPERATIVE LIMITED
(A Company Limited by Guarantee)
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Financial Risk Overview and Mitigation Strategies
Shropdoc operates in a dynamic healthcare landscape with inherent financial risks. We are committed to proactive risk management and have established comprehensive policies and procedures to address these challenges.
The NHS's focus on achieving significant cost savings may impact future contract negotiations. We are actively monitoring the ongoing NHS strategy and adapting our operational and financial models to ensure continued viability and effective service delivery within this evolving landscape. The increasing demand for clinical staff, coupled with limited supply, is placing upward pressure on our staffing costs. We are exploring strategies to mitigate these costs, such as upskilling existing staff and exploring alternative recruitment strategies that everage our strong organisational culture.
HMRC IR35 Compliance
Shropdoc acknowledges the ongoing regulatory scrutiny by HMRC regarding the engagement of independent contractors within the healthcare sector. We confirm that our engagement model, supported by robust governance structures and transparent contractual agreements, is designed to fully comply with R35 regulations, thereby ensuring both legal adherence and the continuity of high-quality clinical services. We are proactively engaged in industry-wide collaborations, including through UHUK, to navigate this complex landscape.
Resource Risk
Shropdoc acknowledges the sector-wide challenges in securing and retaining qualified clinical staff, which pose a significant risk to the sustainability and quality of healthcare provision. Despite this dynamic andscape, we maintain a strategic and optimistic outlook. Through proactive engagement, significant investment in workforce development, and the cultivation of an enviable work environment that fosters a multi-skilled team (including Doctors and Nurses working in parallel), we are effectively managing this risk.
Our commitment to innovative models of care delivery and strategic partnerships enables us to play a crucial role in supporting the wider NHS, providing alternative access points for patients, and contributing to a robust and sustainable future for primary care within the communities we serve.
Contractual Risk
Shropdoc is proactively managing the potential strategic transition of the Shropshire, Telford & Wrekin Integrated Urgent Care (IUC) contract. Following notification in February 2025 of the ST&W ICB's intention to award the contract to an alternative provider, we are now actively preparing for the conclusion of our current contract, anticipated in September 2025. This structured transition allows us to focus resources on our evolving strategic priorities and ensures continuity of high-quality care across our remaining and expanding service portfolio.
Powys GP Out of Hours Contract
Shropdoc continues to build on its established success in Wales, having secured an extension of our GP Out of Hours contract with Powys Teaching Health Board (PTHB). We are actively engaged with PTHB to secure a longer-term extension, which is central to our strategy for future collaboration and sustained growth within the Welsh health and care system.
Shropdoc operates in a dynamic healthcare landscape with inherent financial risks. We are committed to proactive risk management and have established comprehensive policies and procedures to address these challenges.
The NHS's focus on achieving significant cost savings may impact future contract negotiations. We are actively monitoring the ongoing NHS strategy and adapting our operational and financial models to ensure continued viability and effective service delivery within this evolving landscape. The increasing demand for clinical staff, coupled with limited supply, is placing upward pressure on our staffing costs. We are exploring strategies to mitigate these costs, such as upskilling existing staff and exploring alternative recruitment strategies that everage our strong organisational culture.
HMRC IR35 Compliance
Shropdoc acknowledges the ongoing regulatory scrutiny by HMRC regarding the engagement of independent contractors within the healthcare sector. We confirm that our engagement model, supported by robust governance structures and transparent contractual agreements, is designed to fully comply with R35 regulations, thereby ensuring both legal adherence and the continuity of high-quality clinical services. We are proactively engaged in industry-wide collaborations, including through UHUK, to navigate this complex landscape.
Resource Risk
Shropdoc acknowledges the sector-wide challenges in securing and retaining qualified clinical staff, which pose a significant risk to the sustainability and quality of healthcare provision. Despite this dynamic andscape, we maintain a strategic and optimistic outlook. Through proactive engagement, significant investment in workforce development, and the cultivation of an enviable work environment that fosters a multi-skilled team (including Doctors and Nurses working in parallel), we are effectively managing this risk.
Our commitment to innovative models of care delivery and strategic partnerships enables us to play a crucial role in supporting the wider NHS, providing alternative access points for patients, and contributing to a robust and sustainable future for primary care within the communities we serve.
Contractual Risk
Shropdoc is proactively managing the potential strategic transition of the Shropshire, Telford & Wrekin Integrated Urgent Care (IUC) contract. Following notification in February 2025 of the ST&W ICB's intention to award the contract to an alternative provider, we are now actively preparing for the conclusion of our current contract, anticipated in September 2025. This structured transition allows us to focus resources on our evolving strategic priorities and ensures continuity of high-quality care across our remaining and expanding service portfolio.
Powys GP Out of Hours Contract
Shropdoc continues to build on its established success in Wales, having secured an extension of our GP Out of Hours contract with Powys Teaching Health Board (PTHB). We are actively engaged with PTHB to secure a longer-term extension, which is central to our strategy for future collaboration and sustained growth within the Welsh health and care system.
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THE SHROPSHIRE DOCTORS' CO-OPERATIVE LIMITED
(A Company Limited by Guarantee)
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Liquidity Risk Management and Mitigation Strategies
Shropdoc maintains a strong focus on managing liquidity risk, ensuring we have the necessary cash readily available to meet our operational needs.
Liquidity Strengths:
Shropdoc maintains a strong and strategically managed liquidity position, essential for navigating the dynamic healthcare funding landscape. Our healthy retained reserves act as a crucial buffer against unexpected cash flow disruptions. Favourable contract terms with the NHS, requiring prompt monthly payments, create a positive cash flow cycle that minimises liquidity shortfalls. The Board of Directors proactively monitors our financial position, adapting strategies as needed to ensure continued stability and operational confidence, allowing us to consistently deliver high-quality urgent care services.
Going Concern Assessment: A Strong Foundation for Continued Success
Shropdoc's 28th year of operation underscores our proven track record of delivering strong performance in demanding circumstances. We are confident in our ability to continue as a going concern well beyond the next 12 months.
While the strategic repositioning due to the transition of the ST&W ICB contract, effective from October 2025, presents a period of change for Shropdoc, we have proactively developed a comprehensive Target Operating Model. This model ensures our continued robust support for all remaining contracts, while simultaneously preserving and leveraging our expertise and capacity for strategic growth and the achievement of our long-term objectives.
The report acknowledges the challenging service conditions. However, the emphasis remains on Shropdoc's proven ability to navigate difficulties. The Directors' confidence, combined with the factors mentioned above, provide a compelling case for Shropdoc's continued success as a going concern. Shropdoc's strong foundation positions it well to capitalise on opportunities within the evolving healthcare landscape.
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THE SHROPSHIRE DOCTORS' CO-OPERATIVE LIMITED
(A Company Limited by Guarantee)
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The Company’s key financial and other performance indicators during the year were:
The Company uses a suite of operational performance indicators to monitor and measure performance on
a daily, weekly and monthly basis.
a daily, weekly and monthly basis.
This report was approved by the board and signed on its behalf.
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THE SHROPSHIRE DOCTORS' CO-OPERATIVE LIMITED
(A Company Limited by Guarantee)
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The Directors present their report and the financial statements for the year ended 31 March 2025.
The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.
The profit for the year, after taxation, amounted to £331,321 (2024 - £12,623).
In accordance with the Company’s Articles of Association which does not allow for the distribution of dividends, no dividends have been paid or recommended in the current or prior year.
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THE SHROPSHIRE DOCTORS' CO-OPERATIVE LIMITED
(A Company Limited by Guarantee)
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The Directors who served during the year were:
Future developments have been considered within the Strategic Report.
The auditors, WR Partners, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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THE SHROPSHIRE DOCTORS' CO-OPERATIVE LIMITED
(A Company Limited by Guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE SHROPSHIRE DOCTORS' CO-OPERATIVE LIMITED
We have audited the financial statements of The Shropshire Doctors' Co-Operative Limited (the 'Company') for the year ended 31 March 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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THE SHROPSHIRE DOCTORS' CO-OPERATIVE LIMITED
(A Company Limited by Guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE SHROPSHIRE DOCTORS' CO-OPERATIVE LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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THE SHROPSHIRE DOCTORS' CO-OPERATIVE LIMITED
(A Company Limited by Guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE SHROPSHIRE DOCTORS' CO-OPERATIVE LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS102 and the Companies Act 2006), the relevant tax compliance regulations, employment law, Health and Safety Regulations and the EU General Data Protection Regulation (GDPR), Safeguarding regulations and compliance with the Care Quality Comission.
We understood how the Company is complying with these frameworks by making enquiries of management and those responsible for legal and compliance procedures. We also reviewed board minutes and reviewed correspondance with regulatory bodies where possible to identify any recorded instances of irregularity or non compliance that might have a material impact on the financial statements.
We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by meeting with key management to understand where they considered there wassusceptibility to fraud. Based on our understanding our procedures involved enquiries of management and those charged with governance, manual journal entry testing, cashbook reviews for large and unusual items and the challenge of significant accounting estimates used in preparing the financial statements.
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THE SHROPSHIRE DOCTORS' CO-OPERATIVE LIMITED
(A Company Limited by Guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE SHROPSHIRE DOCTORS' CO-OPERATIVE LIMITED (CONTINUED)
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
This report is made solely to the Company's members 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 directors those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
Belmont House
Shrewsbury Business Park
Shropshire
SY2 6LG
Date:
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THE SHROPSHIRE DOCTORS' CO-OPERATIVE LIMITED
(A Company Limited by Guarantee)
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
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THE SHROPSHIRE DOCTORS' CO-OPERATIVE LIMITED
(A Company Limited by Guarantee)
REGISTERED NUMBER: 03136437
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 31 form part of these financial statements.
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THE SHROPSHIRE DOCTORS' CO-OPERATIVE LIMITED
(A Company Limited by Guarantee)
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
Page 15
THE SHROPSHIRE DOCTORS' CO-OPERATIVE LIMITED
(A Company Limited by Guarantee)
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
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THE SHROPSHIRE DOCTORS' CO-OPERATIVE LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Shropshire Doctors Co-operative Limited is a Company incorporated and domiciled in the UK and has a registered office and principal place of business at Unit A 3 Longbow Close, Harlescott Lane, Shrewsbury, Shropshire, SY1 3GZ.
Shropshire Doctors Co-operative Ltd (Shropdoc) is a not-for-profit organisation established in 1996. They provide a range of services mainly focusing on urgent primary care. The core function is 24/7 coordination of care via a call centre based model and face to face delivery of clinical care.
Shropshire Doctors Co-operative Ltd (Shropdoc) is a not-for-profit organisation established in 1996. They provide a range of services mainly focusing on urgent primary care. The core function is 24/7 coordination of care via a call centre based model and face to face delivery of clinical care.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
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THE SHROPSHIRE DOCTORS' CO-OPERATIVE LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
The Company participates in an NHS Pension Scheme which is a defined benefit scheme. The NHS Pension Scheme is a multi-employer pension scheme with no underlying assets assigned to employers, therefore, the companies liability is limited to the employer contributions made and as such the pension scheme is treated as a defined contribution scheme with contributions recognised as an expense in the Profit or Loss when they fall due.
The Company also makes contributions to a National Employment Savings Trust (NEST) pension scheme for those employees who are ineligible to join the NHS pension scheme. The Company’s liability is limited to the amount of employers contributions made to the schemes and the liability resides with the scheme, as such the pension scheme is treated as a defined contribution scheme with contributions recognised as an expense in the Profit and Loss Account when they fall due.
The Company also makes contributions to a National Employment Savings Trust (NEST) pension scheme for those employees who are ineligible to join the NHS pension scheme. The Company’s liability is limited to the amount of employers contributions made to the schemes and the liability resides with the scheme, as such the pension scheme is treated as a defined contribution scheme with contributions recognised as an expense in the Profit and Loss Account when they fall due.
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THE SHROPSHIRE DOCTORS' CO-OPERATIVE LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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THE SHROPSHIRE DOCTORS' CO-OPERATIVE LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.
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THE SHROPSHIRE DOCTORS' CO-OPERATIVE LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
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THE SHROPSHIRE DOCTORS' CO-OPERATIVE LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
Page 22
THE SHROPSHIRE DOCTORS' CO-OPERATIVE LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. In the opinon of the Directors there are no estimates or assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
The directors have prepared income and expenditure and cashflow forecasts for the period to 31 March 2027 based on a detailed assessment of the company’s revenue streams, its projected trading and capital expenditure.
On the basis of these forecasts the directors believe that the business will continue to meet its liabilities as they fall due for the foreseeable future and accordingly the accounts are prepared on the going concern basis.
On the basis of these forecasts the directors believe that the business will continue to meet its liabilities as they fall due for the foreseeable future and accordingly the accounts are prepared on the going concern basis.
The whole of the turnover is attributable to services provided in offering urgent primary care via a 24/7 call centre based model and face to face delivery of clinical care.
Page 23
THE SHROPSHIRE DOCTORS' CO-OPERATIVE LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 24
THE SHROPSHIRE DOCTORS' CO-OPERATIVE LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 25
THE SHROPSHIRE DOCTORS' CO-OPERATIVE LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
10.Taxation (continued)
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THE SHROPSHIRE DOCTORS' CO-OPERATIVE LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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THE SHROPSHIRE DOCTORS' CO-OPERATIVE LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 28
THE SHROPSHIRE DOCTORS' CO-OPERATIVE LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Profit and loss account
Page 29
THE SHROPSHIRE DOCTORS' CO-OPERATIVE LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The Company is a private Company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the Company in the event of liquidation.
The Company operates NHS pension schemes and a NEST pension scheme. The assets of the schemes are held separately from those of the Company in independently administrated funds. The pension cost represents contributions payable by the Company to the NHS Pension scheme fund and the NEST pension scheme fund which in total amounted to £577,369 (2024: £541,296) and had amounts payable to the schemes at the year end of £25,374 (2024: £77,108). This is in included within creditors.
Page 30
THE SHROPSHIRE DOCTORS' CO-OPERATIVE LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
There is no overall controlling party.
Page 31