Medical 24 Limited - Limited company accounts 20.1

REGISTERED NUMBER: 08705888 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30 September 2019

for

Medical 24 Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

7

Other Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

13

DIRECTORS:

C Coyle

N Poturicich

Ms A L Cooper

SECRETARY:

C Coyle

REGISTERED OFFICE:

Hygeia House

66-68 College Road

Harrow

Middlesex

HA1 1BE

REGISTERED NUMBER:

08705888 (England and Wales)

AUDITORS:

SHERIDAN CLARKE LTD

STATUTORY AUDITORS

BRIDGE HOUSE

25-27 THE BRIDGE

HARROW

HA3 5AB

The directors present their strategic report for the year ended 30 September 2019.

REVIEW OF BUSINESS

The Directors consider that the profit achieved on ordinary activities before taxation to be satisfactory.

2019 2018 2017

Turnover £5,667,861 £5,598,395 £3,402,933

Turnover movement £69,466 £2,195,462 £88,917

Gross profit margin 21% 20% 14%

Profit before tax 7% 10% 8%

PRINCIPAL RISKS AND UNCERTAINTIES

Medical 24 Limited had a satisfactory year despite the slight decrease in the profit margin before tax.

The Directors continue to put strategies in place to ensure that the business is not adversely affected by changes in their

core sectors. They also continue to monitor costs and cash flow carefully, to maintain both stability and profitability.The

Directors have reviewed and considered how Brexit could affect their business and have concluded that the resolution of

Brexit should not have a material impact on their business. There are however some other factors such as the

Coronavirus which may impact the business as providers of healthcare within the NHS and the private sector. The

Directors will keep monitoring the position going forward and will take any action required in the future, should the

need arise. They will also be reviewing all business contracts to ensure that they meet the updated IR 35 legislation, thus

ensuring compliance with the changes.

It is not considered necessary for an understanding of the development, performance or position of the company's

business to comment here on environmental matters, the entity's employees or social, community and human rights

issues. However, the company is very much aware and respectful of such matters and takes them in to account when

planning and implementing business policy and procedures.

ON BEHALF OF THE BOARD:

C Coyle - Director

31 December 2019

The directors present their report with the financial statements of the company for the year ended 30 September 2019.

DIVIDENDS

No interim dividends were paid during the year ended 30 September 2019.

The directors recommend final dividends per share as follows:

Ordinary £1 shares

4434

A Ordinary £1 shares

NIL

The total distribution of dividends for the year ended 30 September 2019 will be £ 443,361 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 October 2018 to the date of this

report.

C Coyle

N Poturicich

Ms A L Cooper

Other changes in directors holding office are as follows:

K Coyle - resigned 5 August 2019

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the 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 United Kingdom Generally Accepted Accounting

Practice (United Kingdom Accounting Standards and applicable law). 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors

are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company 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

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 hence for taking reasonable steps for the prevention and detection of fraud

and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act

2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have

taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the

company's auditors are aware of that information.

AUDITORS

The auditors, SHERIDAN CLARKE LTD, will be proposed for re-appointment at the forthcoming Annual General

Meeting.

ON BEHALF OF THE BOARD:

C Coyle - Director

31 December 2019

Opinion

We have audited the financial statements of Medical 24 Limited (the 'company') for the year ended 30 September 2019

which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity,

Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, 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 30 September 2019 and of its profit 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.

Basis for opinion

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 UK, including the FRC'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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to

you where:

-	the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

-

the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic

Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors

thereon.

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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or

apparent material misstatements, we are required to determine whether there is a material misstatement in the financial

statements or a material misstatement of the other information. 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.

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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors 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 Report of the Directors.

We have nothing to report in respect of the following matters where 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 directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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.

Auditors' 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 a Report of the Auditors 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.

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 Report of the Auditors.

Use of our 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 a Report of the Auditors 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.

Ms Anna Clarke (Senior Statutory Auditor)

for and on behalf of SHERIDAN CLARKE LTD

STATUTORY AUDITORS

BRIDGE HOUSE

25-27 THE BRIDGE

HARROW

HA3 5AB

31 December 2019

TURNOVER

5,667,861

5,598,395

Cost of sales

4,499,302

4,460,739

GROSS PROFIT

1,168,559

1,137,656

Administrative expenses

789,547

575,472

OPERATING PROFIT

4

379,012

562,184

Interest receivable and similar income

12,064

85

PROFIT BEFORE TAXATION

391,076

562,269

Tax on profit

5

74,273

107,383

PROFIT FOR THE FINANCIAL YEAR

316,803

454,886

PROFIT FOR THE YEAR

316,803

454,886

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

316,803

454,886

FIXED ASSETS

Tangible assets

7

6,675

6,961

CURRENT ASSETS

Debtors

8

1,026,923

1,041,713

Investments

9

-

250,000

Prepayments and accrued income

18,000

19,999

Cash at bank

254,464

90,890

1,299,387

1,402,602

CREDITORS

Amounts falling due within one year

10

416,245

393,188

NET CURRENT ASSETS

883,142

1,009,414

TOTAL ASSETS LESS CURRENT LIABILITIES

889,817

1,016,375

CAPITAL AND RESERVES

Called up share capital

11

136

136

Retained earnings

12

889,681

1,016,239

SHAREHOLDERS' FUNDS

889,817

1,016,375

The financial statements were approved by the Board of Directors on 31 December 2019 and were signed on its behalf by:

C Coyle - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 October 2017

140

736,492

736,632

Changes in equity

Issue of share capital

(4

)

-

(4

)

Dividends

-

(175,139

)

(175,139

)

Total comprehensive income

-

454,886

454,886

Balance at 30 September 2018

136

1,016,239

1,016,375

Changes in equity

Dividends

-

(443,361

)

(443,361

)

Total comprehensive income

-

316,803

316,803

Balance at 30 September 2019

136

889,681

889,817

Cash flows from operating activities

Cash generated from operations

1

454,192

671,991

Tax paid

(107,383

)

(46,360

)

Net cash from operating activities

346,809

625,631

Cash flows from investing activities

Purchase of tangible fixed assets

(1,938

)

(6,825

)

Purchase of investments

-

(250,000

)

Sale of fixed asset investments

250,000

-

Interest received

12,064

85

Net cash from investing activities

260,126

(256,740

)

Cash flows from financing activities

Share issue

-

(4

)

Equity dividends paid

(443,361

)

(175,139

)

Net cash from financing activities

(443,361

)

(175,143

)

Increase in cash and cash equivalents

163,574

193,748

Cash and cash equivalents at beginning of year

2

90,890

(102,858

)

Cash and cash equivalents at end of year

2

254,464

90,890

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

30.9.19

30.9.18

£

£

Profit before taxation

391,076

562,269

Depreciation charges

2,224

2,319

Finance income

(12,064

)

(85

)

381,236

564,503

Decrease in trade and other debtors

16,789

85,793

Increase in trade and other creditors

56,167

21,695

Cash generated from operations

454,192

671,991

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these

Balance Sheet amounts:

Year ended 30 September 2019

30.9.19

1.10.18

£

£

Cash and cash equivalents

254,464

90,890

Year ended 30 September 2018

30.9.18

1.10.17

£

£

Cash and cash equivalents

90,890

25,251

Bank overdrafts

-

(128,109

)

90,890

(102,858

)

1.	STATUTORY INFORMATION

Medical 24 Limited is a private company, limited by shares , registered in England and Wales. The 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

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover comprises the invoiced value of services supplied by the company, all revenue is recognised in the

Financial Statements as soon as the service has been supplied.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Taxation

Current tax, including UK Corporation tax is provided at amounts expected to be paid using the tax rates and

laws enacted by the Balance Sheet date.

Deferred tax is only provided for when material. The Director's have decided that deferred tax is not material this

year, as was the case last year.

3.	EMPLOYEES AND DIRECTORS

30.9.19

30.9.18

£

£

Wages and salaries

509,088

411,220

Social security costs

46,319

38,744

555,407

449,964

The average number of employees during the year was as follows:

30.9.19

30.9.18

Administration

2

2

Sales

7

8

9

10

30.9.19

30.9.18

£

£

Directors' remuneration

122,278

42,881

4.	OPERATING PROFIT

The operating profit is stated after charging:

30.9.19

30.9.18

£

£

Hire of plant and machinery

2,175

-

Depreciation - owned assets

2,224

2,319

Auditors' remuneration

5,500

3,000

5.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

30.9.19

30.9.18

£

£

Current tax:

UK corporation tax

74,273

107,383

Tax on profit

74,273

107,383

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is

explained below:

30.9.19

30.9.18

£

£

Profit before tax

391,076

562,269

Profit multiplied by the standard rate of corporation tax in the UK of 19% (2018 - 19%)

74,304

106,831

Effects of:

Expenses not deductible for tax purposes

-

552

Capital allowances in excess of depreciation

(31

)

-

Total tax charge

74,273

107,383

6.

DIVIDENDS

30.9.19

30.9.18

£

£

Ordinary shares of £1 each

Final

443,361

175,139

7.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 October 2018

14,578

Additions

1,938

At 30 September 2019

16,516

DEPRECIATION

At 1 October 2018

7,617

Charge for year

2,224

At 30 September 2019

9,841

NET BOOK VALUE

At 30 September 2019

6,675

At 30 September 2018

6,961

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.19

30.9.18

£

£

Trade debtors

967,295

1,022,578

Other debtors

59,628

19,135

1,026,923

1,041,713

See note 13 for details regarding Related Parties in Other debtors.

9.	CURRENT ASSET INVESTMENTS

30.9.19

30.9.18

£

£

Unlisted investments

-

250,000

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.19

30.9.18

£

£

Trade creditors

122,278

15,535

Tax

27,913

61,023

Social security and other taxes

93,872

99,539

Other creditors

159,067

177,016

Accrued expenses

13,115

40,075

416,245

393,188

See note 13 for details regarding Related Parties in Other creditors.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.19

30.9.18

value:

£

£

40

A Ordinary

£1

36

36

Allotted and issued:

Number:

Class:

Nominal

30.9.19

30.9.18

value:

£

£

100

Share capital 1

£1

100

100

12.

RESERVES

Retained

earnings

£

At 1 October 2018

1,016,239

Profit for the year

316,803

Dividends

(443,361

)

At 30 September 2019

889,681

13.	RELATED PARTY DISCLOSURES

C. Coyle, N. Poturicich and A. Cooper are also Directors of Mayday Healthcare Limited, Plan B Healthcare

Limited, Direct Healthcare 24 Limited, First Aid Healthcare Limited, Pro Health 24 Limited and Red Group

Personnel Limited. Further, C. Coyle and A. Cooper are also Directors of Coyle Personnel Limited.

At the year end, the company owed Coyle Personnel Limited £ 9,713, 2018 £1,450, Mayday Healthcare Limited

£12,983, 2018 £ 393, Direct Healthcare 24 Limited £3,465, 2018 £nil, First Aid Healthcare Limited £31,149,

2018 £nil and Plan B Healthcare Limited £ 991, 2018 £2,465, for services supplied, these amounts have now

been paid. The company were owed £nil, 2018 £4,420 by Direct Healthcare 24 Limited, £ 15,861 2018 £1,955

by First Aid Healthcare Limited, £271, 2018 £nil by Pro Health 24 Limited and £1,449, 2018 £12,624 by Red

Group Personnel Limited.

No trading has been carried out between any of the Related Parties. The company is owned 100% by TAPA

Holdings Limited, Kevin Coyle holds the controlling interest in the company by virtue of his ownership of 100%

of the shares of TAPA Holdings Limited.