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MALLING PCN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Malling PCN Ltd is a private company limited by shares and registered in England and Wales. The company's registered office address is Victoria Court, 17-21 Ashford, Maidstone, Kent, ME14 5DA.
The financial statements are presented in sterling, which is the functional currency of the company, and rounded to the nearest £1.
2.Accounting policies
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Basis of preparation of financial statements
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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 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reason:
The company is purely a cost sharing arrangement and is unlikely to ever make a profit or loss, and trades only for the benefit of its members. There is a high degree of certainty over the level of income and expenses, and the two will always be equal.
The directors therefore continue to adopt the going concern basis in preparing the annual financial statements.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Cost sharing group:
The PCN Ltd has been formed as a cost sharing group, whose main objective is to employ staff and may incur some other administrative expenses. These amounts are all reimbursed by the primary care netowrk. This constitutes the only income within the company.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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