REGISTERED NUMBER:
|
|
|
|
UNAUDITED FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 30 SEPTEMBER 2022 |
|
FOR |
|
WOODFORD MEDICAL LIMITED |
REGISTERED NUMBER:
|
|
|
|
UNAUDITED FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 30 SEPTEMBER 2022 |
|
FOR |
|
WOODFORD MEDICAL LIMITED |
WOODFORD MEDICAL LIMITED (REGISTERED NUMBER: 04511252) |
|
|
|
|
|
|
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2022 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 4 |
|
WOODFORD MEDICAL LIMITED |
|
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 SEPTEMBER 2022 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
SECRETARY: |
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
ACCOUNTANTS: |
|
Kingfisher House |
11 Hoffmanns Way |
Chelmsford |
Essex |
CM1 1GU |
WOODFORD MEDICAL LIMITED (REGISTERED NUMBER: 04511252) |
|
BALANCE SHEET |
30 SEPTEMBER 2022 |
|
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
|
|
Tangible assets | 6 |
|
|
Investments | 7 |
|
|
|
|
|
CURRENT ASSETS |
Stocks | 8 |
|
|
Debtors | 9 |
|
|
Cash at bank and in hand | 10 |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 11 |
|
|
NET CURRENT ASSETS |
|
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
PROVISIONS FOR LIABILITIES | 13 |
|
|
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital | 14 |
|
|
Retained earnings |
|
|
SHAREHOLDERS' FUNDS |
|
|
|
|
|
|
|
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
WOODFORD MEDICAL LIMITED (REGISTERED NUMBER: 04511252) |
|
BALANCE SHEET - continued |
30 SEPTEMBER 2022 |
|
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
|
The financial statements were approved by the Board of Directors and authorised for issue on
|
|
|
|
|
|
|
|
|
|
|
WOODFORD MEDICAL LIMITED (REGISTERED NUMBER: 04511252) |
|
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2022 |
|
1. | STATUTORY INFORMATION |
|
Woodford Medical Limited is a
|
|
The presentation currency of the financial statements is the Pound Sterling (£). |
|
|
Amounts in these financial statements are rounded to the nearest Pound Sterling (£). |
|
2. | STATEMENT OF COMPLIANCE |
|
|
|
3. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
|
Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
|
There were no judgment or material estimation uncertainties affecting the reported financial performance in the current or prior year. |
|
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
|
Turnover is recognised when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met. |
|
Turnover represents invoiced sales of medical services. Turnover is recognised when the goods are transferred to the customer and the date the service is performed. |
|
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business in 2002, together with an additional clinic in 2003, has been written off evenly over its estimated useful life of 10 years. |
|
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
WOODFORD MEDICAL LIMITED (REGISTERED NUMBER: 04511252) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2022 |
|
3. | ACCOUNTING POLICIES - continued |
|
Tangible fixed assets |
|
Short leasehold | - |
|
Plant and machinery | - |
|
Fixtures and fittings | - |
|
Computer equipment | - |
|
|
Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses. Depreciation of a tangible fixed asset begins when it is in the location and condition necessary available for the use intended. |
|
Tangible fixed asset depreciation is included in administrative expenses in the Income Statement. |
|
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted 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 the Income Statement. |
|
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
|
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
|
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement. |
|
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. |
|
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
|
Current or deferred taxation assets and liabilities are not discounted. |
|
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
|
WOODFORD MEDICAL LIMITED (REGISTERED NUMBER: 04511252) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2022 |
|
3. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
|
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
|
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
|
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
|
Leasing commitments |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
|
Pension costs and other post-retirement benefits |
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. |
|
The contributions are recognised as an expense in the Income Statement when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds. |
|
Investments |
Investments in subsidiaries are measured at cost less accumulated impairment. |
|
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. |
|
Investments in listed company shares are remeasured to market value at each Balance Sheet date.Gains and losses on remeasurement are recognised in the Income Statement for the period. |
WOODFORD MEDICAL LIMITED (REGISTERED NUMBER: 04511252) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2022 |
|
3. | ACCOUNTING POLICIES - continued |
|
Impairment of non-financial assets |
At each reporting date non-financial assets not carried at fair value, like intangible assets and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss. |
|
Stocks are also assessed for impairment at each reporting date. The carrying amount of each item of inventory, or group of similar items, is compared with its selling price less costs to complete and sell. If an item of inventory or group of similar items is impaired, its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in profit or loss. |
|
If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss. |
|
4. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
|
5. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 October 2021 |
and 30 September 2022 |
|
AMORTISATION |
At 1 October 2021 |
and 30 September 2022 |
|
NET BOOK VALUE |
At 30 September 2022 |
|
At 30 September 2021 |
|
WOODFORD MEDICAL LIMITED (REGISTERED NUMBER: 04511252) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2022 |
|
6. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | Plant and | and | Computer |
leasehold | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 October 2021 |
|
|
|
|
|
Additions |
|
|
|
|
|
At 30 September 2022 |
|
|
|
|
|
DEPRECIATION |
At 1 October 2021 |
|
|
|
|
|
Charge for year |
|
|
|
|
|
At 30 September 2022 |
|
|
|
|
|
NET BOOK VALUE |
At 30 September 2022 |
|
|
|
|
|
At 30 September 2021 |
|
|
|
|
|
|
7. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertaking |
£ |
COST |
At 1 October 2021 |
and 30 September 2022 |
|
NET BOOK VALUE |
At 30 September 2022 |
|
At 30 September 2021 |
|
|
8. | STOCKS |
2022 | 2021 |
£ | £ |
Stocks |
|
|
|
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Amounts owed by group undertakings |
|
|
Amounts owed by related parties | 7,026 | - |
Other debtors |
|
|
|
|
WOODFORD MEDICAL LIMITED (REGISTERED NUMBER: 04511252) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2022 |
|
10. | CASH AT BANK AND IN HAND |
2022 | 2021 |
£ | £ |
Deposit account | 279,038 | 653,889 |
Current account | 244,829 | 222,836 |
Cash in hand |
|
|
|
|
|
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors |
|
|
Amounts owed to related parties | - | 7,404 |
Taxation and social security |
|
|
Other creditors |
|
|
|
|
|
12. | LEASING AGREEMENTS |
|
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2022 | 2021 |
£ | £ |
Within one year |
|
|
Between one and five years |
|
|
In more than five years |
|
|
|
|
|
13. | PROVISIONS FOR LIABILITIES |
2022 | 2021 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 10,570 | 13,184 |
|
Deferred |
tax |
£ |
Balance at 1 October 2021 |
|
Utilised during year | ( |
) |
Balance at 30 September 2022 |
|
|
14. | CALLED UP SHARE CAPITAL |
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
|
Ordinary | £1 | 1,000 | 1,000 |
WOODFORD MEDICAL LIMITED (REGISTERED NUMBER: 04511252) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2022 |
|
15. | PENSION COMMITMENTS |
|
The company operates a defined contribution pension scheme. The assets of the scheme are held separate from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund. Contributions payable to the fund at the year end by the company and included in other creditors are £1,376 (2021: £1,104). |
|
2022 | 2021 |
£ | £ |
|
Contributions payable by the company for the year | 15,256 | 14,243 |
|
16. | RELATED PARTY DISCLOSURES |
|
Other related parties |
|
2022 | 2021 |
£ | £ |
Sales to a related party |
|
|
Purchases from a related party |
|
|
Net amount due from/(to) related party | 7,026 | (7,404 | ) |
|
The amounts shown above concern transactions with another company in which Dr H F Allan and Dr M Patterson are directors and have a controlling interest. |
|
17. | ULTIMATE CONTROLLING PARTY |
|
|