Express Medicals Limited - Accounts to registrar (filleted) - small 18.2
Express Medicals Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 30 June 2019 |
| for |
| Express Medicals Limited |
| Express Medicals Limited (Registered number: 03211156) |
| Contents of the Financial Statements |
| for the Year Ended 30 June 2019 |
| Page |
| Company Information | 1 |
| Chairman's Report | 2 |
| Balance Sheet | 3 |
| Notes to the Financial Statements | 4 |
| Express Medicals Limited |
| Company Information |
| for the Year Ended 30 June 2019 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: |
| INDEPENDENT AUDITORS: |
| Accountants and Statutory Auditors |
| 115c Milton Road |
| Cambridge |
| Cambridgeshire |
| CB4 1XE |
| Express Medicals Limited (Registered number: 03211156) |
| Chairman's Report |
| for the Year Ended 30 June 2019 |
| I am delighted to report on what has been another very good year for Express Medicals. The company implemented a |
| successful restructure in November 2018. The restructure has had a positive impact upon the bottom line, resulting in a |
| healthy return. It has also benefited our working culture and colleague engagement. Members of the senior management |
| team have worked extremely well together and the quality of our company's services has been reflected in our SEQOHS |
| re-accreditation by the Faculty of Occupational Medicine. |
| I am also delighted to report that we have seen several large clients return to Express Medicals, appreciative of our |
| excellent service and value-for-money proposition when compared to our major competitors. |
| There was a highly publicised cyber attack on one of our major suppliers immediately before our year-end. Whilst this |
| resulted in that supplier not operating for several weeks, I am very proud to report that, aside from a short-term |
| inconvenience to us, our business continuity planning enabled us to service our clients without any major interruptions. |
| With strong management and clinical teams in place, I am confident that our company will perform strongly during the |
| forthcoming year. |
| Dr Dan Hegarty MA MBBS DCH DRCOG MRCGP DOccMed |
| CEO. |
| Express Medicals Limited (Registered number: 03211156) |
| Balance Sheet |
| 30 June 2019 |
| 2019 | 2018 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Prepayments and accrued income |
| Cash in hand |
| CREDITORS |
| Amounts falling due within one year | 6 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Capital redemption reserve |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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 on |
| Express Medicals Limited (Registered number: 03211156) |
| Notes to the Financial Statements |
| for the Year Ended 30 June 2019 |
| 1. | STATUTORY INFORMATION |
| Express Medicals Limited is a |
| company's registered number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going Concern |
| The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is |
| well placed to manage its business risks successfully. Accordingly they have a reasonable expectation that the |
| company has adequate resources to continue in operational existence for the foreseeable future. Thus they |
| continue to adopt the going concern basis of accounting in preparing the financial statements. |
| Revenue recognition |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
| value added tax and other sales taxes. |
| Revenue is measured at the fair value of the consideration received or receivable. Revenue is reduced for |
| estimated customer returns, rebates and other similar allowances. |
| Revenue from the sale of goods is recognised when goods are delivered and legal title has passed. |
| Revenue is adjusted for deferred income arising on subscription services paid in advance. |
| Tangible assets |
| Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and |
| accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of fixed assets, |
| less their estimated residual value, over their expected useful lives on a straight line basis at rates of 10-20% per |
| annum. |
| At each balance sheet date, the company reviews the carrying amount of its tangible assets to determine whether |
| there is any indication that any items have suffered an impairment loss. If any such indication exists, the |
| recoverable amount of an 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 the asset, the company estimates the recoverable |
| amount of the cash-generating unit to which the asset belongs. |
| Stocks |
| Stocks are stated at the lower of cost and estimated selling price less costs to sell (net realisable value). Costs are |
| at purchase price. When stocks are sold, the carrying amount of those stocks is recognised as an expense in the |
| period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable |
| value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. |
| 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. |
| Express Medicals Limited (Registered number: 03211156) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 June 2019 |
| 2. | 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. |
| Research and development |
| Expenditure on research and development is written off in the year in which it is incurred. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
| scheme are charged to profit or loss in the period to which they relate. |
| Operating leases |
| Rentals under operating leases are charged on a straight line basis over the lease term' |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST |
| At 1 July 2018 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 30 June 2019 |
| DEPRECIATION |
| At 1 July 2018 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 30 June 2019 |
| NET BOOK VALUE |
| At 30 June 2019 |
| At 30 June 2018 |
| Express Medicals Limited (Registered number: 03211156) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 June 2019 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Bank loans |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more than 5 years |
| by instalments | 106,563 | 200,051 |
| 106,563 | 200,051 |
| 8. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2019 | 2018 |
| £ | £ |
| Bank loans |
| Bank Loans are secured by a first legal charge over leasehold properties at City Business Centre and a debenture, |
| comprising a fixed charge and first floating charge. |
| 9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 10. | OTHER FINANCIAL COMMITMENTS |
| At 30 June 2019 the company had total commitments under non-cancellable operating leases over the remaining |
| life of those leases of £ 799,284 (2018 £ 626,888). |
| Express Medicals Limited (Registered number: 03211156) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 June 2019 |
| 11. | ULTIMATE CONTROLLING PARTY |
| Throughout the financial year the company was under the control of its director Dr D Hegarty |