Company registration number 02446392 (England and Wales)
MOBILE DOCTORS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
MOBILE DOCTORS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 1 -
The director presents the strategic report for the year ended 31 December 2021.
Fair review of the business
The statement of financial position shows the company's financial position at the year end. The company's turnover for the year was £6,672,429 (31 December 2020: £10,407,248), the reduction in instructions from a key customer prior to the acquisition by Kuro Health Limited in March 2021. The net assets as at 31 December 2021 were £804,551 (31 December 2020: £21,288,870).
The COVID-19 pandemic started to impact the company in March 2020 and the lockdown caused a fall in road traffic accidents and company activity. The company has mitigated the impact by implementing video assessments, however, because of these factors the results are not easily comparable to the preceding year.
Key performance indicators are disclosed below.
Principal risks and uncertainties
Legislative risk
The industry in which the group operates has been affected by uncertainty caused by the Chancellors announcement in the 2015 Autumn Statement that they will abolish general damages for 'minor' soft tissue claims
which was proposed to include whiplash injuries. The reforms have been implemented in May 2021 and present both a risk and an opportunity to future volumes.
Credit and cashflow risk
The company gives long credit terms to many of its customers. This is abrogated by reconciling regularly and issuing any credit notes promptly. The company monitors its short and middle term cash requirements and makes sure it has adequate funds to pay liabilities as they fall due.
Development and performance
The industry in which the company operates is expected to change following the introduction of the Official Injury Claims Portal. There has been a reduction in the total number of cases following implementation of the portal, although this has not had a significant negative impact on the performance of the company. There is currently uncertainty on the impact the portal will have on collection profiles, and this has an impact on company’s cash flows. The Directors remain of the opinion that any change in collection profile in the short term will reverse in the long term as the services provided support access to justice for individual claimants.
The company intends to consolidate its position in core markets to successfully manage any uncertainty caused by
the reforms discussed, whilst exploring growth opportunities in adjacent markets.
Other performance indicators
Key performance indicators used by the company were as follows:
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before tax
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Subsequent Events
On 26 January 2022 the company issued an additional 992,668 £1 ordinary shares to the holding company, Kuro Health Limited.
MOBILE DOCTORS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
Mrs R E Reid
Director
28 December 2022
MOBILE DOCTORS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
The director presents her annual report and financial statements for the year ended 31 December 2021.
Principal activities
The principal activity of the company continued to be that of the provision of medical services, in particular independent expert medical evidence, to the insurance industry and legal fraternity, together with the provision of occupational health services to industry in general. The company is incorporated and domiciled in England and Wales.
Results and dividends
The results for the year are set out on page 9.
The director records payment of a final dividend amounting to £20,345,141.
Director
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
A L Wilford
(Resigned 8 March 2021)
D J L Whitmore
(Resigned 8 March 2021)
Mr N R Ross
(Appointed 8 March 2021 and resigned 20 August 2021)
Mr J Warner
(Appointed 20 August 2021 and resigned 20 September 2021)
Mrs R E Reid
(Appointed 20 September 2021)
Future developments
The industry in which the company operates is expected to change following the introduction of the Official Injury Claims Portal. There has been a reduction in the total number of cases following implementation of the portal, although this has not had a significant negative impact on the performance of the company. There is currently uncertainty on the impact the portal will have on collection profiles, and this has an impact on company’s cash flows. The Directors remain of the opinion that any change in collection profile in the short term will reverse in the long term as the services provided support access to justice for individual claimants.
The company intends to consolidate its position in core markets to successfully manage any uncertainty caused by
the reforms discussed, whilst exploring growth opportunities in adjacent markets.
Corporate governance
The auditor, Price Bailey LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s
auditor
is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s
auditor
is aware of that information.
MOBILE DOCTORS LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 4 -
On behalf of the board
Mrs R E Reid
Director
28 December 2022
MOBILE DOCTORS LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 5 -
The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is 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 director is 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 enable them to ensure that the financial statements comply with the Companies Act 2006. She is 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.
MOBILE DOCTORS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF MOBILE DOCTORS LIMITED
- 6 -
Opinion
We have audited the financial statements of Mobile Doctors Limited (the 'Company') for the year ended 31 December 2021, which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows 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).
In our opinion the financial statements:
-
give a true and fair view of the state of the Company's affairs as at 31 December 2021 and of its profit or loss 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.
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.
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 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.
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s 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.
MOBILE DOCTORS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF MOBILE DOCTORS LIMITED
- 7 -
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 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.
Matters on which we are required to report by exception
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.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the 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 director
As explained more fully in the Directors' Responsibilities Statement, 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 is 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 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 Company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 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:
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of the company not complying with the applicable laws and regulations including fraud in particular those that could have a material impact on the financial statements. This included those regulations directly related to the financial statements, including financial reporting, tax legislation and distributable profits. In relation to the industry this included consideration of the Company’s Medco status, employment law and health & safety. The risks were discussed with the audit team and we remained alert to any indications of non-compliance throughout the audit.
MOBILE DOCTORS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF MOBILE DOCTORS LIMITED
- 8 -
We carried out specific procedures to address the risks identified. These included the following:
-
Reviewing legal fees incurred;
-
Reviewing minutes of meetings of those charged with governance;
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Enquiring of management including those responsible for the key regulations;
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Reviewing the latest Medco Report with consideration of the policies and procedures in place to ensure the company is compliant with Medco and the response from management in implementing recommendations and guidance highlighted by Medco in the most recent review.
-
Reviewing the key accounting policies and estimates
-
Agreeing the financial statement disclosures to underlying supporting documentation;
To address the risk of management override of controls, we carried out testing of journal entries and other adjustments for appropriateness. We reviewed systems and procedures to identify potential areas of management override risk. In particular, we carried out testing of journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions to identify large or unusual transactions.
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, 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 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, as a body, for our audit work, for this report, or for the opinions we have formed.
Darren Amott (Senior Statutory Auditor)
For and on behalf of Price Bailey LLP
28 December 2022
Chartered Accountants
Statutory Auditors
3rd Floor, 24 Old Bond Street
London
W1S 4AP
MOBILE DOCTORS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 9 -
2021
2020
Notes
£
£
Turnover
3
6,672,429
10,407,248
Cost of sales
(4,429,521)
(6,889,154)
Gross profit
2,242,908
3,518,094
Administrative expenses
(2,378,960)
(2,636,551)
Operating (loss)/profit
4
(136,052)
881,543
Interest payable and similar expenses
7
(18,039)
(Loss)/profit before taxation
(154,091)
881,543
Tax on (loss)/profit
8
14,913
110,226
(Loss)/profit for the financial year
(139,178)
991,769
The profit and loss account has been prepared on the basis that all operations are continuing operations.
MOBILE DOCTORS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2021
- 10 -
2021
2020
£
£
(Loss)/profit for the year
(139,178)
991,769
Other comprehensive income
-
-
Total comprehensive income for the year
(139,178)
991,769
MOBILE DOCTORS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 11 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
10
995
995
Tangible assets
11
19,547
3,333
Investments
12
100
20,542
4,428
Current assets
Debtors - deferred tax
17
23,846
39,386
Debtors - other
13
7,985,754
42,797,039
Cash at bank and in hand
483,892
899,515
8,493,492
43,735,940
Creditors: amounts falling due within one year
14
(7,592,983)
(22,334,998)
Net current assets
900,509
21,400,942
Total assets less current liabilities
921,051
21,405,370
Provisions for liabilities
Provisions
16
116,500
116,500
(116,500)
(116,500)
Net assets
804,551
21,288,870
Capital and reserves
Called up share capital
19
7,332
7,332
Capital redemption reserve
20
2,668
2,668
Profit and loss reserves
794,551
21,278,870
Total equity
804,551
21,288,870
The financial statements were approved by the board of directors and authorised for issue on 28 December 2022 and are signed on its behalf by:
Mrs R E Reid
Director
Company Registration No. 02446392
MOBILE DOCTORS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
- 12 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2020
7,332
2,668
20,287,101
20,297,101
Year ended 31 December 2020:
Profit and total comprehensive income for the year
-
-
991,769
991,769
Balance at 31 December 2020
7,332
2,668
21,278,870
21,288,870
Year ended 31 December 2021:
Loss and total comprehensive income for the year
-
-
(139,178)
(139,178)
Dividends
9
-
-
(20,345,141)
(20,345,141)
Balance at 31 December 2021
7,332
2,668
794,551
804,551
MOBILE DOCTORS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 13 -
2021
2020
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
26
18,679,589
(104,014)
Interest paid
(18,039)
Dividends paid
(20,345,141)
Income taxes refunded
30,453
98,727
Net cash outflow from operating activities
(1,653,138)
(5,287)
Investing activities
Purchase of tangible fixed assets
(23,752)
Proceeds from disposal of subsidiaries
100
Net cash used in investing activities
(23,652)
-
Net decrease in cash and cash equivalents
(1,676,790)
(5,287)
Cash and cash equivalents at beginning of year
899,515
904,802
Cash and cash equivalents at end of year
(777,275)
899,515
Relating to:
Cash at bank and in hand
483,892
899,515
Bank overdrafts included in creditors payable within one year
(1,261,167)
MOBILE DOCTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 14 -
1
Accounting policies
Company information
Mobile Doctors Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
4 The Courtyard, Calvin Street, Bolton, BL1 8PB.
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.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
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.
The company has taken advantage of the exemption under section 400 of the
Companies Act 2006 not to prepare consolidated accounts. The
financial statements
present information about the company as an individual entity and not about its group
.
Mobile Doctors Limited is a wholly owned subsidiary of Kuro Health Limited and t
he financial statements of the company are consolidated in the financial statements of
Kuro Health Limited
These consolidated financial statements are available from its registered office,
4th Floor, Park Gate, 161-163 Preston Road, Brighton, East Sussex, BN1 6AF.
MOBILE DOCTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 15 -
1.2
Going concern
The financial statements have been prepared on a going concern basis. Forecasts have been prepared that show the Company and the wider Group will have sufficient liquidity to meet its financial obligations for a period of at least 12 months from the date of this financial report.
true
This assessment undertaken by the Directors has been predominantly considered from a cash-flow perspective. The losses made during and since the year were in part due to change in customer base prior to acquisition by Kuro Health. The company has a devised a business plan to return to profit. The Directors have considered the implications of the Coronavirus Pandemic within the going concern assumption along with current rates of inflation and wider market conditions. The Directors have continued to monitor and assess the legacy impact on the business resulting from varying travel restrictions and national lockdowns over the last two years. New ways of processing cases have been developed to ensure continuation of service to customers. To ensure the Business continues to operate as a going concern, the Company continually monitor the longer-term impacts of the pandemic on key stakeholders caused by issues such as court delays and availability of medical experts, which have extended case life cycles.
The Directors have also considered the impact of the new Official Injury Claims portal, implemented on the 31
st
May 2021. The Directors monitor both internal and external key performance indicators for the work generated via the new portal, including volume of cases, instructions received and case cycle times. However, there is currently uncertainty on the impact the portal will have on collection profiles, and this has an impact on Company’s cash flows. The Directors remain of the opinion that any change in collection profile in the short term will reverse in the long term as the services provided support access to justice for individual claimants. However, there remains a level of uncertainty around collections, due to limited number of cases that have settled during the 18 months of operation for the new portal.
The Directors are reviewing and implementing a number of strategies to mitigate the impact of the change in collection profiles discussed above. These strategies include a review of all commercial arrangements, operational processes and associated costs and have the aim to reduce the working capital requirements of the Company in both short term and long term.
The Company along with the wider Group, have a long-term and close working relationship with its bankers. The Group’s facilities have been renegotiated post year-end with a temporary increase invoice discounting facility from £14 million to £15.275 million until August 2023, as well as drawing on other short-term finance that has been made available. The Group and the shareholders have confirmed they will continue to support the working capital requirements as necessary via loans and personal guarantees.
The Directors have prepared forecasts for a period of more than 12 months from the date of approval of these financial statements and are confident that the sources of funding available, together with the mitigation strategies that are in place, will provide sufficient liquidity until the issues with the Official Injury Claims Portal are resolved. The Company and Group is well funded and capitalised, and despite the uncertainty above, the Directors believe that it is appropriate to prepare the accounts on a going concern basis.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
The company provides medical reporting services and where r
evenue
is recognised on delivery of service. Revenue can be reliably estimated based on agreed charges with customers or instructing parties. Where services are delivered by external parties costs can be reliably estimated based on contractual charges agreed with those suppliers.
MOBILE DOCTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 16 -
At the statement of financial position date, the Company recognises 100% of the revenue on the receipt of the medical report. A provision is recognised to reflect the fact that the full amounts due are not always recovered. The basis of this revenue recognition policy is that the receipt of the medical report represents the significant act.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Software and licences
3 to 5 years
1.5
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:
Fixtures and fittings
5 years straight line
Plant and equipment
3-5 years straight line
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 profit or loss
.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
MOBILE DOCTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 17 -
1.7
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible 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.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
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.
1.9
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.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method 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.
Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in
profit
or
loss
, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
MOBILE DOCTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 18 -
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
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.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of 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 deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts,
are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are
s
ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in
profit
or
loss
in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as
being measured at
fair value th
r
ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
MOBILE DOCTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 19 -
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.10
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.
1.11
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.
1.12
Provisions
Provisions are recognised when the
company
has a legal or constructive present obligation as a result of a past event, it is probable that the
company
will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.
Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i
s
measured at present value
,
the unwinding of the discount is recognised as a finance cost in
profit
or
loss
in the period
in which
it arises.
MOBILE DOCTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 20 -
1.13
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.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
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 lease
s
asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant
effect on amounts recognised in the financial statements.
Credit note provisions
Revenue from services are recognised in accordance with the policy set out at 1.3 on the expectation that the case will be successfully concluded. Cases on average complete within two years however there are instances where cases are unsuccessful, and fees are not recoverable.
As a consequence, an element of judgement is required to account for potential fluctuations in income. A provision for credit notes is utilised to estimate the potential impact of such changes to case profiles and the respective incomes. The provision is calculated based on historical experience, current trends, industry knowledge and other relevant factors. The judgements used to calculate the provision, are material to the results of the company. A small change in those judgements could have a significant impact on the accounts. Therefore, the results of the company are sensitive to movements in this provision if assumptions and trends change.
The senior management team have adequate controls and KPIs in place to monitor and assess the suitability of the provision to ensure income is fairly stated in the financial statements.
MOBILE DOCTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 21 -
3
Turnover and other revenue
2021
2020
£
£
Turnover analysed by class of business
Medical reporting services
6,672,429
10,407,248
2021
2020
£
£
Turnover analysed by geographical market
United Kingdom
6,672,429
10,407,248
4
Operating (loss)/profit
2021
2020
Operating (loss)/profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
22,670
40,000
Depreciation of owned tangible fixed assets
7,538
2,518
Operating lease charges
80,061
67,950
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
56
78
Their aggregate remuneration comprised:
2021
2020
£
£
Wages and salaries
1,508,162
1,952,626
Social security costs
141,316
170,785
Pension costs
50,396
35,115
1,699,874
2,158,526
MOBILE DOCTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 22 -
6
Director's remuneration
2021
2020
£
£
Remuneration for qualifying services
148,528
Company pension contributions to defined contribution schemes
5,055
153,583
7
Interest payable and similar expenses
2021
2020
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
10,733
Other finance costs:
Interest on finance leases and hire purchase contracts
7,306
18,039
8
Taxation
2021
2020
£
£
Current tax
Adjustments in respect of prior periods
(98,727)
Group tax relief
(30,453)
Total current tax
(30,453)
(98,727)
Deferred tax
Origination and reversal of timing differences
14,371
(11,499)
Adjustment in respect of prior periods
1,169
Total deferred tax
15,540
(11,499)
Total tax credit
(14,913)
(110,226)
MOBILE DOCTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
8
Taxation
(Continued)
- 23 -
The actual credit for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:
2021
2020
£
£
(Loss)/profit before taxation
(154,091)
881,543
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 19.00% (2020: 19.00%)
(29,277)
167,493
Tax effect of expenses that are not deductible in determining taxable profit
547
Unutilised tax losses carried forward
14,549
Change in unrecognised deferred tax assets
3,311
Adjustments in respect of prior years
(98,727)
Group relief
(182,850)
Permanent capital allowances in excess of depreciation
(6,945)
Other permanent differences
(8,780)
Deferred tax adjustments
15,540
Taxation credit for the year
(14,913)
(110,226)
9
Dividends
2021
2020
2021
2020
Per share
Per share
Total
Total
£
£
£
£
Ordinary
Final paid
2,813.21
20,345,141
10
Intangible fixed assets
Software and licences
£
Cost
At 1 January 2021 and 31 December 2021
324,893
Amortisation and impairment
At 1 January 2021 and 31 December 2021
323,898
Carrying amount
At 31 December 2021
995
At 31 December 2020
995
MOBILE DOCTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 24 -
11
Tangible fixed assets
Fixtures and fittings
Plant and equipment
Total
£
£
£
Cost
At 1 January 2021
16,726
497,590
514,316
Additions
3,573
20,179
23,752
At 31 December 2021
20,299
517,769
538,068
Depreciation and impairment
At 1 January 2021
13,393
497,590
510,983
Depreciation charged in the year
2,738
4,800
7,538
At 31 December 2021
16,131
502,390
518,521
Carrying amount
At 31 December 2021
4,168
15,379
19,547
At 31 December 2020
3,333
3,333
12
Fixed asset investments
2021
2020
Notes
£
£
Investments in subsidiaries
100
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2021
100
Disposals
(100)
At 31 December 2021
-
Carrying amount
At 31 December 2021
-
At 31 December 2020
100
MOBILE DOCTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 25 -
13
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
7,606,921
6,299,347
Amounts owed by group undertakings
36,192,943
Other debtors
136,338
Prepayments and accrued income
242,495
304,749
7,985,754
42,797,039
2021
2020
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 17)
23,846
39,386
Total debtors
8,009,600
42,836,425
14
Creditors: amounts falling due within one year
2021
2020
Notes
£
£
Bank loans and overdrafts
15
1,261,167
Trade creditors
3,167,752
7,586,473
Amounts owed to group undertakings
986,172
10,663,051
Taxation and social security
1,988,622
3,763,338
Other creditors
43,223
Accruals and deferred income
146,047
322,136
7,592,983
22,334,998
15
Loans and overdrafts
2021
2020
£
£
Bank overdrafts
1,261,167
Payable within one year
1,261,167
MOBILE DOCTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
15
Loans and overdrafts
(Continued)
- 26 -
The company's finance facilities are provided by Barclays Bank PLC.
The company has access to an invoice discount facility line of £1.5 million. As at 31 December 2021 the
outstanding balance due to Barclays Bank PLC in respect of the facility was £1,261,167 (2020: £nil).
The facilities are secured by a fixed & floating charge over current & future assets of the company.
16
Provisions for liabilities
2021
2020
£
£
Dilapidations on rented property
116,500
116,500
Movements on provisions:
Dilapidations on rented property
£
At 1 January 2021 and 31 December 2021
116,500
The provision for dilapidations are in respect of rent properties by the company and will be utilised on exiting the premises at the end of the lease.
17
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Assets
Assets
2021
2020
Balances:
£
£
Accelerated capital allowances
7,722
16,356
Retirement benefit obligations
1,874
-
Provisions
14,250
23,030
23,846
39,386
MOBILE DOCTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
17
Deferred taxation
(Continued)
- 27 -
2021
Movements in the year:
£
Asset at 1 January 2021
(39,386)
Charge to profit or loss
15,540
Asset at 31 December 2021
(23,846)
The deferred tax asset above in respect of provisions is not expected to reverse within the next 12 months.
18
Retirement benefit schemes
2021
2020
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
50,396
35,115
The company operates a defined contribution pension scheme for all qualifying employees.
The assets of the scheme are held separately from those of the company in an independently administered fund.
19
Share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
7,332
7,332
7,332
7,332
20
Capital redemption reserve
2021
2020
£
£
At the beginning and end of the year
2,668
2,668
21
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2021
2020
£
£
Within one year
53,306
73,800
Between two and five years
105,535
37,500
158,841
111,300
MOBILE DOCTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 28 -
22
Cross guarantee
A cross guarantee was given by the company in favour of Barclays Bank PLC. The cross guarantee is in support of the finance facilities provided by Barclays Bank PLC to the Kuro Health group of entities. The cross guarantee includes the following group companies: Kuro Health Limited, Premier Medical Group Limited, Rehab-Link Limited, South East Specialist Medicals Reports Limited and Mobile Doctors Limited. The balance owed to Barclays Bank PLC at 31 December 2021 was £15,073,106 (31 December 2020: £10,154,499).
23
Events after the reporting date
On 26 January 2022 the company issued an additional 992,668 £1 ordinary shares to the holding company, Kuro Health Limited.
24
Related party transactions
During the year the company entered into the following transactions with related parties:
The company made consultancy payments totalling £1,250 (31 December 2020: £0) to
the son of a director
.
No details are included for transactions with fellow group subsidiaries that are 100% owned as the exemption for such companies is being claimed.
.
25
Ultimate controlling party
From 8 March 2021 the ultimate parent company is Kuro Health Limited, a company registered in England and Wales.
Prior to this date, the ultimate parent undertaking was Slater and Gordon UK Holdings Limited, a company incorporated in England and Wales. Copies of the consolidated accounts of Slater and Gordon UK Holdings can be obtained from 58 Mosley Street, Manchester, England, M2 3HZ.
MOBILE DOCTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 29 -
26
Cash generated from/(absorbed by) operations
2021
2020
£
£
(Loss)/profit for the year after tax
(139,178)
991,769
Adjustments for:
Taxation credited
(14,913)
(110,226)
Finance costs
18,039
Depreciation and impairment of tangible fixed assets
7,538
2,518
Increase in provisions
41,500
Movements in working capital:
Decrease/(increase) in debtors
34,811,285
(3,554,862)
(Decrease)/increase in creditors
(16,003,182)
2,525,287
Cash generated from/(absorbed by) operations
18,679,589
(104,014)
27
Analysis of changes in net funds/(debt)
1 January 2021
Cash flows
31 December 2021
£
£
£
Cash at bank and in hand
899,515
(415,623)
483,892
Bank overdrafts
(1,261,167)
(1,261,167)
899,515
(1,676,790)
(777,275)
2021-12-31
2021-01-01
false
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