Priory Medical Group Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06689241 (England and Wales)

Financial Statements for the Year Ended 31 December 2019

for

Priory Medical Group Limited

Page

Company Information

1

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

M A Eades

Dr J L R Godfrey

Dr S Muhammed

DR P I Anderson

Dr K A Bill

Dr E L Fraser

Dr E Olandj

Dr J D Hewitson

Dr J D Maloney

Dr V J Middleton

Dr E Broughton

Dr C J R Bennett

Dr R C F Thompson

Dr R H Fisher

Dr S H Billsborough

Dr S B Gilleghan

SECRETARY:

M A Eades

REGISTERED OFFICE:

Priory Medical Centre

Cornlands Road

Acomb

York

North Yorkshire

YO24 3WX

REGISTERED NUMBER:

06689241 (England and Wales)

ACCOUNTANTS:

Richard Smedley Limited

Chartered Accountants & Registered Auditors

2nd Floor, Woodside House

261 Low Lane

Horsforth

Leeds

West Yorkshire

LS18 5NY

FIXED ASSETS

Tangible assets

4

36,836

38,228

CURRENT ASSETS

Stocks

131,797

149,622

Debtors

5

223,849

194,981

Cash at bank and in hand

120,476

209,593

476,122

554,196

CREDITORS

Amounts falling due within one year

6

361,380

322,913

NET CURRENT ASSETS

114,742

231,283

TOTAL ASSETS LESS CURRENT LIABILITIES

151,578

269,511

CREDITORS

Amounts falling due after more than one year

7

28,735

51,219

NET ASSETS

122,843

218,292

CAPITAL AND RESERVES

Called up share capital

14,284

14,284

Retained earnings

108,559

204,008

SHAREHOLDERS' FUNDS

122,843

218,292

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 21 December 2020 and were signed on its behalf by:

M A Eades - Director

1.	STATUTORY INFORMATION

Priory Medical Group 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover comprises the value of sales (excluding VAT, similar taxes and trade discounts) of goods and services provided in the normal course of business. Counter sales and prescriptions are recognised when the goods are dispensed.

Tangible fixed assets

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

Leasehold property

-

2% on cost

Fixtures and fittings

-

20% on cost

Computer equipment

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete items.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

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.

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.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2018 - 15 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Leasehold

and

Computer

property

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2019

and 31 December 2019

46,099

60,526

5,091

111,716

DEPRECIATION

At 1 January 2019

8,809

59,853

4,826

73,488

Charge for year

922

338

132

1,392

At 31 December 2019

9,731

60,191

4,958

74,880

NET BOOK VALUE

At 31 December 2019

36,368

335

133

36,836

At 31 December 2018

37,290

673

265

38,228

5.

DEBTORS

31.12.19

31.12.18

£

£

Amounts falling due within one year:

Trade debtors

138,095

164,176

Other debtors

84,591

29,642

222,686

193,818

Amounts falling due after more than one year:

Other debtors

1,163

1,163

Aggregate amounts

223,849

194,981

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Bank loans and overdrafts

21,456

19,993

Trade creditors

317,807

284,090

Taxation and social security

15,148

11,038

Other creditors

6,969

7,792

361,380

322,913

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.19

31.12.18

£

£

Bank loans

28,735

51,219

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.19

31.12.18

£

£

Within one year

40,064

40,064

Between one and five years

41,085

81,148

81,149

121,212

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.19

31.12.18

£

£

Bank loans

50,191

71,212

Santander UK plc hold a debenture over the assets of the company and legal charge over the leasehold land at the Priory Medical Centre, Acomb, York.