Registered number:
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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ONE STOP PRIVATE DOCTORS LIMITED
COMPANY INFORMATION
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ONE STOP PRIVATE DOCTORS LIMITED
CONTENTS
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ONE STOP PRIVATE DOCTORS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2022
The directors present their report and the financial statements for the year ended 30 September 2022.
The principal activity of the Group is the operation of private medical facilities providing patients with access to a number of services, including access to Diagnostics (MRI, CT, X-ray, Ultrasound, Blood Tests & Mammography), GP and Nursing Clinics, Surgeries, Dental and Physiotherapy.
The Group has continued to grow with Turnover up 16% to £5.87m in 2022 (vs £5.06m – 2021) and losses before tax have stayed consistent at £6.70m for the financial year (vs £6.86m – 2021). We expect this growth to continue in 2023, through the ongoing promotion of services to the local community, increasing our reach within the Private Medical Insurance (PMI) market and working with local NHS Trust’s for outsourced procedures.
The Group has a robust and systematic review of the risks that we believe could affect the Group’s performance, future prospects, reputation or its ability to deliver against its priorities, the key risks are set out below:
Regulatory Risk The Group operates in the Healthcare sector and it is subject to external inspection by the Care Quality Commission (CQC) and other authorities with reports being publicly available. The Group closely monitors all areas of the business and has a Governance structure in place to ensure that we meet our regulatory requirements at all times. Medical Malpractice Risk The Group may be subject to the risk of litigation as the result of medical malpractice claims, this risk is managed by taking out insurance policies which the Directors are of a view adequately covers this risk for the Group. Liquidity Risk The Group works closely with its Shareholders to ensure that it has sufficient cash resources to meet its obligations as they fall due. Cyber Security Risk The Group could be affected if the information systems fail or are breached as part of a Cyber Security attack. The Group continually assess, update and test our Information Technology plans to ensure that we mitigate this risk to the Group.
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ONE STOP PRIVATE DOCTORS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
At the year end the Group's position was sound, having sufficient resources to fulfil its needs. Shareholders funds at 30 September 2022 were £14,816,769 (2021 - £7,521,166).
This report was approved by the board and signed on its behalf.
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ONE STOP PRIVATE DOCTORS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2022
The directors present their report and the financial statements for the year ended 30 September 2022.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group'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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £6,704,397 (2021 - loss £6,738,413).
There were no dividends distributed for the year ended 30 September 2022 or 2021.
The directors who served during the year were:
The directors believe that the prospects for private healthcare in the UK healthcare market are good. COVID-19 has further exacerbated NHS waiting lists which are now at an all-time high. We believe capacity constraints will continue in the medium to long-term and this in turn will influence more patients to elect to have medical treatment performed privately.
We expect our growth to continue in 2023, through the ongoing promotion of services to the local community, increasing our reach within the Private Medical Insurance (PMI) market and working with local NHS Trust’s for outsourced procedures.
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ONE STOP PRIVATE DOCTORS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
Information relating to Companies Act 2006 requirements can be found within the business review in the strategic report.
There have been no significant events affecting the Group since the year end.
The auditors, Hillier Hopkins LLP, 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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ONE STOP PRIVATE DOCTORS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ONE STOP PRIVATE DOCTORS LIMITED
We have audited the financial statements of One Stop Private Doctors Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 September 2022, which comprise the Consolidated Statement of Income and Retained Earnings, the Consolidated and Company Statements of Financial Position, the Consolidated 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).
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 Group 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 Group's or the parent 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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ONE STOP PRIVATE DOCTORS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ONE STOP PRIVATE DOCTORS 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 Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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ONE STOP PRIVATE DOCTORS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ONE STOP PRIVATE DOCTORS 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 Group 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 nature of the industry and sector, control environment and business performance including the remuneration incentives and pressures of key management;
∙the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. We consider the results of our enquiries of management about their own identification and assessment of the risks of irregularities;
∙any matters we identified having obtained and reviewed the Group’s documentation of their policies and procedures relating to:
°identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
°detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
°the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
∙the matters discussed among the audit engagement team, regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
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ONE STOP PRIVATE DOCTORS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ONE STOP PRIVATE DOCTORS LIMITED (CONTINUED)
We also obtained an understanding of the legal and regulatory frameworks that the Company / Group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and relevant tax legislation.
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.
for and on behalf of
Chartered Accountants
Statutory Auditor
249 Silbury Boulevard
Buckinghamshire
MK9 1NA
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ONE STOP PRIVATE DOCTORS LIMITED
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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ONE STOP PRIVATE DOCTORS LIMITED
REGISTERED NUMBER: 08868837
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 29 form part of these financial statements.
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ONE STOP PRIVATE DOCTORS LIMITED
REGISTERED NUMBER: 08868837
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 29 form part of these financial statements.
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ONE STOP PRIVATE DOCTORS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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ONE STOP PRIVATE DOCTORS LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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ONE STOP PRIVATE DOCTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
One Stop Private Doctors Limited and its subsidiaries are companies incorporated in England and Wales and are all companies limited by shares.
The principal activity of the Company is that of property and equipment rental to the Group and the principal activity of the Group is providing healthcare & dental healthcare facilities and treatment. The financial statements are presented in sterling which is the functional currency of the Company and the Group and rounded to the nearest £.
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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Income and Retained Earnings in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Income and Retained Earnings from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 October 2014.
The financial statements have been prepared on a going concern basis notwithstanding the net deficit shown on the P&L reserve and losses during the year. The Group has the full and continuing support from its controlling party, Mr P W Harris.
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ONE STOP PRIVATE DOCTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Consolidated Statement of Income and Retained Earnings in the same period as the related expenditure.
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ONE STOP PRIVATE DOCTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Amortisation is provided on the following basis:
Computer software - 20% straight line
Investment property rented to other group entities and accounted for under the cost model is stated at historical cost less accumulated depreciation and any accumulated impairment losses.
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ONE STOP PRIVATE DOCTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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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ONE STOP PRIVATE DOCTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
2.Accounting policies (continued)
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ONE STOP PRIVATE DOCTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
The whole of the turnover is attributable to main business activity being healthcare & dental healthcare facilities and treatment.
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ONE STOP PRIVATE DOCTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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ONE STOP PRIVATE DOCTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
10.Taxation (continued)
On 3 March 2021 the Chancellor of the Exchequer announced an increase in the main rate of UK corporation tax to 25 per cent for businesses with profits greater than £250,000. Businesses with profits of £50,000 or less will continue to be taxed at 19% with marginal relief for profits up to £250,000. These changes were substantially enacted on 25 May 2021 and will take effect from 1 April 2023.
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ONE STOP PRIVATE DOCTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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ONE STOP PRIVATE DOCTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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ONE STOP PRIVATE DOCTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
12.Tangible fixed assets (continued)
The carrying amount of investment property, which the Company rents to another group entity when it has chosen to account for such properties using the cost model is £8,907,179 (2021 - £8,907,179)
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ONE STOP PRIVATE DOCTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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ONE STOP PRIVATE DOCTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
Indirect subsidiary undertaking (continued)
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ONE STOP PRIVATE DOCTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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ONE STOP PRIVATE DOCTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
19.Share capital (continued)
During the year, 14,000,000 £1 ordinary shares were issued at par.
Profit and loss account
One Stop Doctors Limited operates a defined contribution pension scheme, the assets of which are held in an independently administered fund. The pension cost charges represents contributions payable by the Company and amounted to £104,780 (2021 - £103,333). Contributions totalling £13,116 (2021 - £23,380) were payable at the year end and are included in other creditors.
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ONE STOP PRIVATE DOCTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
The Company is controlled by P W Harris, a director of the Company, by virtue of his majority shareholding.
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