ACCOUNTS - Final Accounts

An analysis of turnover by class of business is as follows:

12 months ended
28 February 2022

18 months ended
28 February 2021

Caseware UK (AP4) 2021.0.152 2021.0.152 2022-02-282022-02-28truetruetruetruetruetrue151false2021-03-01false192true 04322086 2021-03-01 2022-02-28 04322086 2019-09-01 2021-02-28 04322086 2022-02-28 04322086 2021-02-28 04322086 2019-09-01 04322086 c:Director1 2021-03-01 2022-02-28 04322086 c:Director2 2021-03-01 2022-02-28 04322086 c:Director2 2022-02-28 04322086 c:RegisteredOffice 2021-03-01 2022-02-28 04322086 d:Buildings d:LongLeaseholdAssets 2021-03-01 2022-02-28 04322086 d:FurnitureFittings 2021-03-01 2022-02-28 04322086 d:FurnitureFittings 2022-02-28 04322086 d:FurnitureFittings 2021-02-28 04322086 d:FurnitureFittings d:OwnedOrFreeholdAssets 2021-03-01 2022-02-28 04322086 d:ComputerEquipment 2021-03-01 2022-02-28 04322086 d:ComputerEquipment 2022-02-28 04322086 d:ComputerEquipment 2021-02-28 04322086 d:ComputerEquipment d:OwnedOrFreeholdAssets 2021-03-01 2022-02-28 04322086 d:OtherPropertyPlantEquipment 2021-03-01 2022-02-28 04322086 d:OtherPropertyPlantEquipment 2022-02-28 04322086 d:OtherPropertyPlantEquipment 2021-02-28 04322086 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2021-03-01 2022-02-28 04322086 d:OwnedOrFreeholdAssets 2021-03-01 2022-02-28 04322086 d:ComputerSoftware 2022-02-28 04322086 d:ComputerSoftware 2021-02-28 04322086 d:OtherResidualIntangibleAssets 2021-03-01 2022-02-28 04322086 d:CurrentFinancialInstruments 2022-02-28 04322086 d:CurrentFinancialInstruments 2021-02-28 04322086 d:CurrentFinancialInstruments 1 2022-02-28 04322086 d:CurrentFinancialInstruments 1 2021-02-28 04322086 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 04322086 d:CurrentFinancialInstruments d:WithinOneYear 2021-02-28 04322086 d:ReportableOperatingSegment1 2021-03-01 2022-02-28 04322086 d:ReportableOperatingSegment1 2019-09-01 2021-02-28 04322086 f:UnitedKingdom 2021-03-01 2022-02-28 04322086 f:UnitedKingdom 2019-09-01 2021-02-28 04322086 d:UKTax 2021-03-01 2022-02-28 04322086 d:UKTax 2019-09-01 2021-02-28 04322086 d:ShareCapital 2022-02-28 04322086 d:ShareCapital 2021-02-28 04322086 d:ShareCapital 2019-09-01 04322086 d:OtherMiscellaneousReserve 2021-03-01 2022-02-28 04322086 d:OtherMiscellaneousReserve 2022-02-28 04322086 d:OtherMiscellaneousReserve 2019-09-01 2021-02-28 04322086 d:OtherMiscellaneousReserve 2021-02-28 04322086 d:OtherMiscellaneousReserve 2019-09-01 04322086 d:RetainedEarningsAccumulatedLosses 2021-03-01 2022-02-28 04322086 d:RetainedEarningsAccumulatedLosses 2022-02-28 04322086 d:RetainedEarningsAccumulatedLosses 2019-09-01 2021-02-28 04322086 d:RetainedEarningsAccumulatedLosses 2021-02-28 04322086 d:RetainedEarningsAccumulatedLosses 2019-09-01 04322086 d:AcceleratedTaxDepreciationDeferredTax 2022-02-28 04322086 d:AcceleratedTaxDepreciationDeferredTax 2021-02-28 04322086 d:TaxLossesCarry-forwardsDeferredTax 2022-02-28 04322086 d:TaxLossesCarry-forwardsDeferredTax 2021-02-28 04322086 c:OrdinaryShareClass1 2021-03-01 2022-02-28 04322086 c:OrdinaryShareClass1 2022-02-28 04322086 c:OrdinaryShareClass1 2021-02-28 04322086 c:FRS102 2021-03-01 2022-02-28 04322086 c:Audited 2021-03-01 2022-02-28 04322086 c:FullAccounts 2021-03-01 2022-02-28 04322086 c:PrivateLimitedCompanyLtd 2021-03-01 2022-02-28 04322086 d:Subsidiary1 2021-03-01 2022-02-28 04322086 d:Subsidiary1 1 2021-03-01 2022-02-28 04322086 d:Subsidiary2 2021-03-01 2022-02-28 04322086 d:Subsidiary2 1 2021-03-01 2022-02-28 04322086 d:WithinOneYear 2022-02-28 04322086 d:WithinOneYear 2021-02-28 04322086 d:BetweenOneFiveYears 2022-02-28 04322086 d:BetweenOneFiveYears 2021-02-28 04322086 d:MoreThanFiveYears 2022-02-28 04322086 d:MoreThanFiveYears 2021-02-28 04322086 6 2021-03-01 2022-02-28 04322086 d:ComputerSoftware d:OwnedIntangibleAssets 2021-03-01 2022-02-28 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 04322086

MEDICSPRO LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2022

MEDICSPRO LIMITED

COMPANY INFORMATION

Directors	R Prince
	P Johnson


Registered number	04322086


Registered office	111-115 North Street
	Romford
	England
	RM1 1ES


Independent auditor	Barnes Roffe LLP
	Chartered Accountants Statutory Auditor
	Leytonstone House Leytonstone
	London
	E11 1GA

MEDICSPRO LIMITED

CONTENTS

	Page
Strategic report	1 - 2
Directors' report	3 - 4
Independent auditor's report	5 - 8
Statement of comprehensive income	9
Balance sheet	10
Statement of changes in equity	11
Notes to the financial statements	12 - 29

MEDICSPRO LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 28 FEBRUARY 2022

Introduction

The director presents the strategic report for the period ended 28 February 2022.

Business review

We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the period end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.
The business has performed very well during the year, showing strong growth and recovery from prior period. The main reason for the growth is due to the NHS catching up on delayed and cancelled procedures which occurred during the pandemic. The Company has seen a significant increase in demand in certain areas that we specialise in (such as imaging and theatres) and with long NHS waiting lists, this high level of demand is expected to continue into the foreseeable future. We are a primary supplier of temporary staff to some major NHS hospitals, as well as private sector organisations, in these areas of speciality helping to support our current growth as a business.
During the Covid-19 pandemic, the Company’s business levels reduced, due to the NHS focusing on controlling the virus. As a consequence of the downturn in business, the Company carried out an extensive internal review on all expenditure and has been successful in reducing both direct and indirect costs. Headcount has decreased, as a result of these cost controls, and now the Company is coming out of the pandemic as a much more efficient organisation.
Due to the lower cost base and growing gross profit levels, the Company achieved Operating profits of £1.22m (2021: £58k loss for 18 months).

Principal risks and uncertainties

The market is heavily regulated and dependant on effective compliance and auditing is a key condition of the frameworks which we operate on. The Group has a Compliance team and is well placed to manage this risk with effective management controls in place. We have established a Governance and Audit team to ensure all policies and procedures are adhered to, and that any legislative changes are reflected in our terms of business and contracts.
Economic risk
The improved business levels in the current financial year show that the Company has fully recovered from the negative impact of the pandemic, as Turnover reached £47.5m (a 22.5% growth from prior period). Despite a slight drop in GP margin rate to 13.6% (2021: 14.8%), Gross Profit also grew by 12.8%, when pro-rated, to £6.47m (2021: £8.6m for 18 months). This level of growth has helped to mitigate cashflow pressures and risks.
The company seeks to manage and minimise financial risk by ensuring that sufficient funding is available at all times to meet foreseeable needs.

Page 1

MEDICSPRO LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 28 FEBRUARY 2022

Financial key performance indicators

The group consider the following to be its key performance indicators:
Net Turnover:
The Company achieved net Turnover of £47.5m, a 22.5% increase pro-rated from prior period (2021: £58.2m for 18 months).

Gross Profit
The Company achieved gross profit of £6.47m, a 12.8% increase pro-rated from prior period (2021: £8.6m for 18 months).
Direct customer and account related KPI’s are completed throughout the business and are monitored monthly by the management accounts team.

Going concern

As discussed in the going concern accounting policy, the Directors consider that the group remains a going concern. Financial forecasts have been prepared by management and demonstrate that the group is expected to have sufficient cash to enable it to meet its liabilities as they become due.
Post period end, the monthly management accounts have continued to show positive results with the gross margin remaining strong throughout this period. As turnover continues to increase, cash-flow restrictions ease. Cash-flow projections for the 12 months post period-end do not indicate any further support will be needed from the group’s banking partners, or any cash injections from the directors will be required.

Future developments

The directors do not believe that the business will change significantly in the foreseeable future.

This report was approved by the board on 23 August 2022 and signed on its behalf.

R Prince

Director

Page 2

MEDICSPRO LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 28 FEBRUARY 2022

The directors present their report and the financial statements for the year ended 28 February 2022.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report 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 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 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 for the Company'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 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the company continued to be that of the recruitment and placement of staff in the medical sector

Results and dividends

The profit for the year, after taxation, amounted to £1,482,744 (2021 - £243,256).

Ordinary dividends were paid amounting to £820,000 (2021 - £380,000). The directors do not recommend payment of a final dividend.

Directors

The directors who served during the year were:

R Prince

P Johnson (appointed 16 August 2021)

Page 3

MEDICSPRO LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 28 FEBRUARY 2022

Strategic report
Future developments are not disclosed within the Directors' Report as they are instead included within the Strategic Report on page 1 under s414c(11) of the Companies Act 2006.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Auditor

The auditor, Barnes Roffe LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 23 August 2022 and signed on its behalf.

R Prince

Director

Page 4

MEDICSPRO LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MEDICSPRO LIMITED

Opinion

We have audited the financial statements of Medicspro Limited (the 'Company') for the year ended 28 February 2022, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity 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).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 28 February 2022 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 Auditor's 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 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.

Conclusions relating to going concern

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 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.

Page 5

MEDICSPRO LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MEDICSPRO LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's 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.

Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic report and the Directors' report 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 Directors' report.

We have nothing to report in respect of the following matters in relation to which 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 Directors' responsibilities statement set out on page 3, 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 is 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.

Page 6

MEDICSPRO LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MEDICSPRO LIMITED (CONTINUED)

Auditor's 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 an Auditor's 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 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:

∙ensuring that the engagement team collectively had the appropriate competence, capabilities and skills to identify non-compliance with applicable laws and regulations;

∙we identified the laws and regulations applicable to the Company through discussions with directors, and from our commercial knowledge and experience of the relevant sector, including Companies Act 2006;

∙we assessed the extent of the compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

∙laws and regulations were communicated within the audit team at the planning meeting, and the audit team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the Company's financial statements to material misstatement, including obtaining understanding of how fraud might occur, by:

∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;

∙reviewing the financial statements and testing the disclosures against supporting documentation;

∙performing analytical procedures to identify any unusual or unexpected trends or anomalies;

∙inspecting and testing journal entries to identify unusual or unexpected transactions; and

∙assessing whether judgement and assumptions made in determining significant accounting estimates were indicative of management bias.

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 Auditor's report.

Page 7

MEDICSPRO LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MEDICSPRO LIMITED (CONTINUED)

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 an Auditor's 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.

Andrew May (Senior statutory auditor)

for and on behalf of

Barnes Roffe LLP

Chartered Accountants
Statutory Auditor

Leytonstone House
Leytonstone

London

E11 1GA

5 September 2022

Page 8

MEDICSPRO LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 28 FEBRUARY 2022

	12 months ended 28 February 2022	18 months ended 28 February 2021
Note	£	£


Turnover	4	47,529,261	58,195,171
Cost of sales		(41,059,010)	(49,594,361)
Gross profit		6,470,251	8,600,810
Administrative expenses		(5,274,727)	(8,840,905)
Other operating income	5	28,237	182,307
Operating profit/(loss)	6	1,223,761	(57,788)
Income from fixed asset investments	9	600,000	380,000
Interest payable and similar expenses	10	(208,617)	(56,611)
Profit before tax		1,615,144	265,601
Tax on profit	11	(132,400)	(22,345)
Profit for the financial year		1,482,744	243,256

There was no other comprehensive income for 2022 (2021:£NIL).

The notes on pages 12 to 29 form part of these financial statements.

Page 9

MEDICSPRO LIMITED

REGISTERED NUMBER: 04322086

BALANCE SHEET

AS AT 28 FEBRUARY 2022

		2022		2021
Note		£		£

Fixed assets
Intangible assets	13		61,186		81,581
Tangible assets	14		293,154		366,205
Investments	15		596,495		596,495
			950,835		1,044,281
Current assets
Debtors: amounts falling due within one year	16	6,574,463		4,748,088
Cash at bank and in hand		258,338		20,420
		6,832,801		4,768,508
Creditors: amounts falling due within one year	17	(6,621,588)		(5,286,774)
Net current assets/(liabilities)			211,213		(518,266)
Total assets less current liabilities			1,162,048		526,015
Deferred tax	18		(36,832)		(63,543)
Net assets			1,125,216		462,472

Capital and reserves
Called up share capital	19	250,000	250,000
Profit and loss account	20	875,216	212,472
		1,125,216	462,472

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 August 2022.

R Prince

Director

The notes on pages 12 to 29 form part of these financial statements.

Page 10

MEDICSPRO LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 28 FEBRUARY 2022

	Called up share capital	Other reserves	Profit and loss account	Total equity
	£	£	£	£
At 1 September 2019	250,000	124,785	224,431	599,216
Comprehensive income for the period
Profit and total comprehensive income for the period	-	-	243,256	243,256
Dividends	-	-	(380,000)	(380,000)
Transfers	-	(124,785)	124,785	-

At 1 March 2021	250,000	-	212,472	462,472
Comprehensive income for the year
Profit and total comprehensive income for the year	-	-	1,482,744	1,482,744
Dividends: Equity capital	-	-	(820,000)	(820,000)
At 28 February 2022	250,000	-	875,216	1,125,216

The notes on pages 12 to 29 form part of these financial statements.

Page 11

MEDICSPRO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2022

1.	General information

Medicspro Limited ("the Company") is a private company limited by shares and is registered and incorporated in England and Wales. The registered office is 111-115 North Street, Romford, Essex, RM1 1ES.
The Company's principal activities and nature of its operations are disclosed in the Director's report.

2.Accounting policies

2.1

Basis of preparation of financial statements

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 management to exercise judgment in applying the Company's accounting policies (see note 3).

The financial statements are prepared in sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £.

The following principal accounting policies have been applied:

2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;

∙the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Urban Recruitment Group Limited as at 28 February 2022 and these financial statements may be obtained from 111-115 North Street, Romford, Essex, RM1 1ES.

2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

Page 12

MEDICSPRO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2022

2.Accounting policies (continued)

2.4

Going concern

The financial statements have been prepared on a going concern basis as the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future.
In arriving at this conclusion, the Directors have taken into consideration the results for the year ended 28 February 2022 together with the current results and cashflow forecasts for 12 months from the date of signing of the financial statements.
Based on the forecasts prepared the directors are satisfied that the Group is in a position to meet its liabilities as they fall due over the next 12 months from the date of signing of these financial statements.

2.5

Foreign currency translation

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date.
All translation differences are taken to profit or loss.

2.6

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts.
Income relating to temporary staff is recognised in the period to which it relates when billed for each month.
Income relating to placement of permanent candidates is recognised at the point candidates commence their placements.

2.7

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2.8

Government grants

Grants are accounted under the accruals model as permitted by FRS 102.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

Page 13

MEDICSPRO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2022

2.Accounting policies (continued)

2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.10

Pensions

Defined contribution pension plan

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 profit or loss 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.

2.11

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits

2.12

Share based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.
Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

Page 14

MEDICSPRO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2022

2.Accounting policies (continued)

2.13

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.14

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.

The estimated useful lives range as follows:

Software

5 and a half years

2.15

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 15

MEDICSPRO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2022

2.Accounting policies (continued)

2.15

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful live on the following bases:

Leasehold improvements	-	over the life of the lease
Fixtures and fittings	-	20 - 25% straight line
Computers	-	10 - 33% straight line

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.

2.16

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

A subsidiary is an entity controlled by the Company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

2.17

Debtors

Short term debtors are measured at transaction price, less any impairment.

2.18

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

2.19

Creditors

Short term creditors are measured at the transaction price.

2.20

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

Page 16

MEDICSPRO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2022

2.Accounting policies (continued)

2.21

Financial instruments

The Company only enters into basic financial instrument 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 ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

2.22

Invoice discounting

Trade debtors are subject to a financing agreement whereby an advance is received based upon and secured against trade receivables.
Where the company has retained significant benefits and risks relating to the factored debts, separate presentation is adopted whereby the gross debts and a corresponding liability in respect of the advance received are shown separately on the balance sheet. The interest element of the factor's charges is recognised as it accrues and is included in the profit and loss account with other interest charges.

2.23

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 17

MEDICSPRO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2022

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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.
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical judgments in applying the entity's accounting policies
No significant judgments have had to be made by management in preparing these financial statements.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:
Share based payments
The assumptions underpinning the fair value of the share options and likelihood of share options being exercisable are key sources of estimation uncertainty. In particular, these include the valuation of the Company, vesting period, volatility and risk free rate.
Going concern
In preparing forecasts the directors have worked on the assumption that there will not be any future need for the NHS to substantially reduce the level of procedures in order for it to concentrate on COVID patients. This is based on comparing current levels of NHS activity compared to historic ones during the period of the pandemic.

Page 18

MEDICSPRO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2022

Turnover analysed by class of business
Recruitment and placement of staff	47,529,261	58,195,171

Analysis of turnover by country of destination:

					12 months ended 28 February 2022	18 months ended 28 February 2021
					£	£

	United Kingdom	47,529,261	58,195,171

5.	Other operating income
		12 months ended 28 February 2022	18 months ended 28 February 2021
		£	£

	Government grants receivable	28,237	182,307

Page 19

MEDICSPRO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2022

Exchange gains	-	(75)
Operating lease charges	201,179	441,904
Fees payable to the company's auditor for the audit of the Company's financial statements	12,000	12,000
Fees payable to the company's auditor for all other non-audit services of the Company's financial statements	5,000	1,705
Depreciation of owned tangible fixed assets	73,935	153,199
Amortisation of intangible assets	20,395	30,593

Wages and salaries	3,885,279	6,337,938
Social security costs	378,847	587,528
Cost of defined contribution scheme	73,412	107,380
	4,337,538	7,032,846

The average monthly number of employees, including the directors, during the year was as follows:

	2022	2021
	No.	No.

Management	8	5
Administration and sales	106	123
Temporary locums	78	23

	192	151

Page 20

MEDICSPRO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2022

8.	Directors' remuneration
		12 months ended 28 February 2022	18 months ended 28 February 2021
		£	£

	Directors' emoluments	155,070	233,412

	During the year retirement benefits were accruing to no directors (2021 - 1) in respect of defined contribution pension schemes.
	The highest paid director received remuneration of £103,251 (2021 - £151,190).
	The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2021 - £1,424).

9.	Income from fixed asset investments
		12 months ended 28 February 2022	18 months ended 28 February 2021
		£	£

Income from fixed asset investments

600,000

380,000

10.	Interest payable and similar expenses
		12 months ended 28 February 2022	18 months ended 28 February 2021
		£	£

Other interest payable	150,000	-
Interest on invoice finance arrangements	58,617	56,611
	208,617	56,611

Page 21

MEDICSPRO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2022

	Corporation tax
	Current tax on profits for the year	68,854	-

	Deferred tax
	Origination and reversal of timing differences	63,546	22,345


	Taxation on profit on ordinary activities	132,400	22,345

Profit on ordinary activities before tax

1,615,144

265,601

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2021 - 19%)	306,877	50,464
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	3,558	2,668
Movement in deferred tax	63,546	22,345
Other adjustments	13,258	19,068
Non-taxable income	(114,000)	(72,200)
Adjustment in research and development tax credit leading to a decrease in the tax charge	(8,091)	-
Utilisation of brought forward losses	(88,455)	-
Group relief	(44,293)	-
Total tax charge for the year/period	132,400	22,345

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 22

MEDICSPRO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2022

11.Taxation (continued)

12.	Dividends
		12 months ended 28 February 2022	18 months ended 28 February 2021
		£	£

Dividends declared and paid

820,000

380,000

Post year end and prior to the approval of the accounts, dividends of £760,000 were declared.

13.	Intangible fixed assets

		Software
		£
	Cost
	At 1 March 2021	227,947
	At 28 February 2022	227,947
	Amortisation
	At 1 March 2021	146,366
	Charge for the year on owned assets	20,395
	At 28 February 2022	166,761
	Net book value
	At 28 February 2022	61,186
	At 28 February 2021	81,581

Page 23

MEDICSPRO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2022

14.	Tangible fixed assets

	Fixtures and fittings	Computers	Leasehold Improvements	Total
	£	£	£	£
Cost or valuation
At 1 March 2021	280,734	525,403	369,220	1,175,357
Additions	-	884	-	884
At 28 February 2022	280,734	526,287	369,220	1,176,241
Depreciation
At 1 March 2021	173,849	514,949	120,354	809,152
Charge for the year on owned assets	32,689	11,338	29,908	73,935
At 28 February 2022	206,538	526,287	150,262	883,087
Net book value
At 28 February 2022	74,196	-	218,958	293,154
At 28 February 2021	106,885	10,454	248,866	366,205

Page 24

MEDICSPRO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2022

15.	Fixed asset investments

		Shares in group undertakings
		£
	Cost
	At 1 March 2021	796,495
	At 28 February 2022	796,495
	Impairment
	At 1 March 2021	200,000
	At 28 February 2022	200,000
	Net book value
	At 28 February 2022	596,495
	At 28 February 2021	596,495

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Registered office	Principal activity	Class of shares	Holding

	Eshar Limited	1)	Recruitment and placement of medical staff	Ordinary	100%
	Medicspro Healthcare Limited	1)	Recruitment and placement of medical staff	Ordinary	100%

Registered Office address:
1) 111-115 North Street, Romford, Essex, RM1 1ES.

Page 25

MEDICSPRO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2022

16.

Debtors

					2022	2021
					£	£


Trade debtors	4,634,721	3,449,786
Amounts owed by group undertakings	480,177	40,177
Other debtors	80,162	81,163
Prepayments and accrued income	1,379,403	1,086,705
Deferred taxation (note 18)	-	90,257
	6,574,463	4,748,088

Trade debtors have been pledged as security against amounts due in respect of financed trade receivables (note 17).

17.	Creditors: Amounts falling due within one year
		2022	2021
		£	£

Trade creditors	694,360	709,438
Amounts owed to group undertakings	641,931	569,818
Corporation tax	68,856	2
Other taxation and social security	347,653	985,963
Invoice discounting	3,264,719	1,877,266
Other creditors	34,213	29,047
Accruals and deferred income	1,569,856	1,115,240
	6,621,588	5,286,774

The invoice discounting facilities of £3,264,719 (2021 - £1,877,266) are secured by fixed and floating charges over all assets of the Company, including the trade debtors of the Company (note 16).

Page 26

MEDICSPRO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2022

18.	Deferred taxation

	2022	2021
	£	£

At beginning of year	26,714	49,059
Utilised in year	(63,546)	(22,345)
At end of year	(36,832)	26,714

The deferred tax balance is made up as follows:
	2022	2021
	£	£

Accelerated capital allowances	(36,832)	(63,543)
Tax losses carried forward	-	90,257
	(36,832)	26,714

Comprising:
Deferred tax asset	-	90,257
Deferred tax liability	(36,832)	(63,543)
	(36,832)	26,714

19.	Share capital
		2022	2021
		£	£

Allotted, called up and fully paid

250,000 (2021 - 250,000) Ordinary shares of £1.00 each	250,000	250,000

The Company‘s ordinary shares, which carry no right to fixed income, each carry the right to one vote at general meetings of the Company.

Page 27

MEDICSPRO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2022

20.

Reserves

Other reserves

Other reserves comprises the cumulative share-based payment expense.

Profit and loss account

Cumulative profit and loss net of distributions to owners.

21.

Share based payments

Under the Group plan, share options are granted at the average price of the Group's share at the grant date. The employee is entitled to exercise the share options once they have completed 3 years' service, or for senior management 4 years' service, from the grant date (the "vesting period") subject to objective criteria as determined by the board. If options remain unexercised after a period of 10 years from the date of grant, the options expire. Furthermore, options are forfeited if the employee leaves the Group before they become entitled to exercise the share options.
Group share-based payments
The company participates in a group share based payment plan, and recognises and measures its share based payment expense on the basis of a reasonable allocation of the expense recognised for the group. The allocation is based on the number of employees benefiting from the share based payment plan employed by each group entity.

22.	Contingent liabilities

At the period end date, the Company has provided a guarantee in respect of the liabilities of a subsidiary. It is impractical to estimate the financial effect of this commitment.

23.	Pension commitments

The Company operates a defined contributions pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £73,412 (2021 - £107,380). Contributions totalling £31,708 (2021 - £26,660) were payable to the fund at the balance sheet date and are included within Other creditors.

Page 28

MEDICSPRO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2022

Not later than 1 year	179,935	182,356
Later than 1 year and not later than 5 years	705,408	705,408
Later than 5 years	396,792	573,144
	1,282,135	1,460,908

25.	Related party transactions
	The Company discloses transactions with related parties which are not wholly owned within the same Group. It does not disclose transactions with members of the same group that are wholly owned. Transactions with group companies are not disclosed by virtue of the exemption claimed under FRS102 paragraph 33.1A. The group publishes consolidated accounts.

26.	Ultimate controlling party

The Company's immediate and ultimate parent company is Urban Recruitment Group Limited, a company incorporated in England and Wales.
The smallest and largest group in which the results of the company are consolidated is that headed by Urban Recruitment Group Limited. The consolidated accounts of Urban Recruitment Group Limited are available from its registered office, 111-115 North Street, Romford, Essex, RM1 1ES.

Page 29