Porterhouse_Medical_Group - Accounts

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

Porterhouse Medical Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4 Windsor Square, Silver Street, Reading, Berkshire, RG1 2TH.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of IMC Topco Limited. These consolidated financial statements are available from its registered office, 6th Floor St Clare House, 30-33 Minories, London, E3N 1DD.

Comparative amounts are not entirely comparable since they are for the year ended 30 September 2019 whereas the corresponding amounts in the financial statements of the current period are for the 15 month period ended 31 December 2020. The accounting reference date of the entity was aligned to those of related group undertakings.

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

The average monthly number of persons (including directors) employed by the company during the period was:

Details of the company's subsidiaries at 31 December 2020 are as follows:

Virtus Global Insights was formerly known as Porterhouse Insights Limited. On 30 July, 300 B shares in Virtus Global Insights were transferred to Porterhouse Medical Group, increasing its shareholding in the company to 100%.

During the year, the company issued an A ordinary, B ordinary and C ordinary share, each with a par value of £0.01.

There are no special rights attached to Ordinary shares. The shares rank pari passu in all respects including as regards voting and rights to participate in dividends or any other distribution, whether of income or capital.

The A ordinary shares shall not entitle the holders thereof to receive notice of, to attend or to vote at meeting of the members of the company. In the event of a sale of the entire issued share capital of the company, the holders of the A ordinary shares shall be entitled to receive from the proceeds thereof such sum as is equal to 30% of the value attributable to the shares in capital of Porterhouse Insights Limited (now known as Virtus Global Insights Limited) and to settle in cash at and following the date of such sale. The holders of the A ordinary shares shall be entitled to receive by way of dividend such sum as is equal to 30% of the amount of any dividend paid to the company by Porterhouse Insights Limited.

The B ordinary shares shall not entitle the holders thereof to receive notice of, to attend or to vote at meeting of the members of the company. In the event of a sale of the entire issued share capital of the company, the holders of the A ordinary shares shall be entitled to receive from the proceeds thereof such sum as is equal to 20% of the value attributable to the shares in capital of Porterhouse Medical Inc. The holders of the B ordinary shares shall be entitled to receive by way of dividend such sum as is equal in aggregate to 30% of the amount of any dividend paid to the company by Porterhouse Insights Limited.

The C ordinary shares shall not entitle the holders thereof to receive notice of, to attend or to vote at meeting of the members of the company. In the event of a sale of the entire issued share capital of the company, the holders of the A ordinary shares shall be entitled to receive from the proceeds thereof such sum as is equal to 30% of the value attributable to the shares in capital of Porterhouse Insights Limited (now known as Virtus Global Insights Limited) and to the issue of consideration loan notes at the date of such sale. The holders of the C ordinary shares shall be entitled to receive by way of dividend such sum as is equal to 30% of the amount of any dividend paid to the company by Porterhouse House Insights Limited.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The parent company of Porterhouse Medical Group Limited is IMC Bidco Limited and its registered office is 6th Floor Clare House, 30-33 Minories, London, EC3N 1DD.

The ultimate parent is IMC Topco Limited, into which the company is consolidated. Consolidated financial statements are available at the registered office as detailed in note 1.1.