ACCOUNTS - Final Accounts

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

Period ended

28 February

Year ended

31 August

Caseware UK (AP4) 2020.0.247 2020.0.247 2021-02-282021-02-28210truetruetruetruetruetrue1512019-09-01falsetruefalse 04322086 2019-09-01 2021-02-28 04322086 2018-09-01 2019-08-31 04322086 2021-02-28 04322086 2019-08-31 04322086 2018-09-01 04322086 1 2018-09-01 2019-08-31 04322086 d:Exceptional 2019-09-01 2021-02-28 04322086 d:Exceptional 2018-09-01 2019-08-31 04322086 e:Director1 2019-09-01 2021-02-28 04322086 e:Director2 2019-09-01 2021-02-28 04322086 e:Director2 2021-02-28 04322086 e:Director3 2019-09-01 2021-02-28 04322086 e:Director3 2021-02-28 04322086 e:Director4 2019-09-01 2021-02-28 04322086 e:Director4 2021-02-28 04322086 e:Director5 2019-09-01 2021-02-28 04322086 e:RegisteredOffice 2019-09-01 2021-02-28 04322086 d:Buildings d:LongLeaseholdAssets 2019-09-01 2021-02-28 04322086 d:FurnitureFittings 2019-09-01 2021-02-28 04322086 d:FurnitureFittings 2021-02-28 04322086 d:FurnitureFittings 2019-08-31 04322086 d:FurnitureFittings d:OwnedOrFreeholdAssets 2019-09-01 2021-02-28 04322086 d:ComputerEquipment 2019-09-01 2021-02-28 04322086 d:ComputerEquipment 2021-02-28 04322086 d:ComputerEquipment 2019-08-31 04322086 d:ComputerEquipment d:OwnedOrFreeholdAssets 2019-09-01 2021-02-28 04322086 d:OtherPropertyPlantEquipment 2019-09-01 2021-02-28 04322086 d:OtherPropertyPlantEquipment 2021-02-28 04322086 d:OtherPropertyPlantEquipment 2019-08-31 04322086 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2019-09-01 2021-02-28 04322086 d:OwnedOrFreeholdAssets 2019-09-01 2021-02-28 04322086 d:ComputerSoftware 2021-02-28 04322086 d:ComputerSoftware 2019-08-31 04322086 d:OtherResidualIntangibleAssets 2019-09-01 2021-02-28 04322086 d:CurrentFinancialInstruments 2021-02-28 04322086 d:CurrentFinancialInstruments 2019-08-31 04322086 d:CurrentFinancialInstruments 1 2021-02-28 04322086 d:CurrentFinancialInstruments 1 2019-08-31 04322086 d:CurrentFinancialInstruments d:WithinOneYear 2021-02-28 04322086 d:CurrentFinancialInstruments d:WithinOneYear 2019-08-31 04322086 d:ReportableOperatingSegment1 2019-09-01 2021-02-28 04322086 d:ReportableOperatingSegment1 2018-09-01 2019-08-31 04322086 f:UnitedKingdom 2019-09-01 2021-02-28 04322086 f:UnitedKingdom 2018-09-01 2019-08-31 04322086 d:ShareCapital 2021-02-28 04322086 d:ShareCapital 2019-08-31 04322086 d:ShareCapital 2018-09-01 04322086 d:OtherMiscellaneousReserve 2019-09-01 2021-02-28 04322086 d:OtherMiscellaneousReserve 2021-02-28 04322086 d:OtherMiscellaneousReserve 2018-09-01 2019-08-31 04322086 d:OtherMiscellaneousReserve 2019-08-31 04322086 d:OtherMiscellaneousReserve 2018-09-01 04322086 d:OtherMiscellaneousReserve 1 2018-09-01 2019-08-31 04322086 d:RetainedEarningsAccumulatedLosses 2019-09-01 2021-02-28 04322086 d:RetainedEarningsAccumulatedLosses 2021-02-28 04322086 d:RetainedEarningsAccumulatedLosses 2018-09-01 2019-08-31 04322086 d:RetainedEarningsAccumulatedLosses 2019-08-31 04322086 d:RetainedEarningsAccumulatedLosses 2018-09-01 04322086 d:AcceleratedTaxDepreciationDeferredTax 2021-02-28 04322086 d:AcceleratedTaxDepreciationDeferredTax 2019-08-31 04322086 d:TaxLossesCarry-forwardsDeferredTax 2021-02-28 04322086 d:TaxLossesCarry-forwardsDeferredTax 2019-08-31 04322086 e:OrdinaryShareClass1 2019-09-01 2021-02-28 04322086 e:OrdinaryShareClass1 2021-02-28 04322086 e:OrdinaryShareClass1 2019-08-31 04322086 e:FRS102 2019-09-01 2021-02-28 04322086 e:Audited 2019-09-01 2021-02-28 04322086 e:FullAccounts 2019-09-01 2021-02-28 04322086 e:PrivateLimitedCompanyLtd 2019-09-01 2021-02-28 04322086 d:Subsidiary1 2019-09-01 2021-02-28 04322086 d:Subsidiary1 1 2019-09-01 2021-02-28 04322086 d:Subsidiary2 2019-09-01 2021-02-28 04322086 d:Subsidiary2 1 2019-09-01 2021-02-28 04322086 d:WithinOneYear 2021-02-28 04322086 d:WithinOneYear 2019-08-31 04322086 d:BetweenOneFiveYears 2021-02-28 04322086 d:BetweenOneFiveYears 2019-08-31 04322086 d:MoreThanFiveYears 2021-02-28 04322086 d:MoreThanFiveYears 2019-08-31 04322086 4 2019-09-01 2021-02-28 04322086 6 2019-09-01 2021-02-28 04322086 d:ComputerSoftware d:OwnedIntangibleAssets 2019-09-01 2021-02-28 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 04322086

MEDICSPRO LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 FEBRUARY 2021

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
	Leytonstone House
	London
	E11 1GA

MEDICSPRO LIMITED

CONTENTS

	Page
Strategic report	1 - 2
Directors' report	3 - 4
Independent auditor's report	5 - 7
Statement of comprehensive income	8
Balance sheet	9
Statement of changes in equity	10
Notes to the financial statements	11 - 28

MEDICSPRO LIMITED

STRATEGIC REPORT

FOR THE PERIOD ENDED 28 FEBRUARY 2021

Introduction

The director presents the strategic report for the period ended 28 February 2021.

Business review

We aim to present a balanced and comprehensive review of the development and performance of our business during the eighteen month period 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.
During the eighteen-month period the Company's level of business was adversely affected by the Covid-19 pandemic resulting in a drop in turnover pro-rated, when compared to prior year. However, the GP margin rate was maintained at 14.8% (2019: 15.4%) bringing in a Company Gross Profit figure of £8.60m for the period (2019: £7.61m for the year). The fall in business brought about an extensive internal review on all costs across the Company. This in turn, has resulted in a reduction in headcount and consequently made the organisation much more streamlined and efficient.

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
Following on from the rapid roll out of the Covid-19 vaccination programme in the UK, the NHS has seen a significant fall in the number of people being hospitalised due to Covid-19. As a result, the NHS has been able to open up its services to other areas of medical requirements and spend less resources on controlling the pandemic. This has meant that the previously cancelled operations are starting to be carried out as the NHS seeks to return to pre-COVID activities. This has had a positive impact on the group’s turnover and weekly gross profit margins have shown considerable improvement since June 2021.

Financial key performance indicators

The group consider the following to be its key performance indicators:
Net Turnover:
The Company achieved net Turnover of £58.195m for the period, a pro-rated decrease of 22% compared to prior year (2019: £49.503m) due to the dramatic drop in demand across the NHS for various healthcare disciplines.

Gross Profit
The Company achieved gross profit of £8.60m for the period, a pro-rated decrease of 25% compared to prior year (2019: £7.610m), in line with the fall in turnover.
Direct customer and account related KPI’s are completed throughout the business and are monitored monthly by the management accounts team.

Page 1

MEDICSPRO LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE PERIOD ENDED 28 FEBRUARY 2021

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. These forecasts have been based on certain assumptions which have been detailed further in the Going Concern accounting policy. The key assumption is that there will be no further situation resulting in significant changes to NHS procedures which would lead to routine operations being cancelled as the directors consider the likelihood of this occurring to be low.
Post period end, the monthly management accounts have shown positive signs that business levels have improved, and this has filtered through to show better profitable trends from March 2021 to January 2022. The gross margin has remained strong throughout this period. As turnover increases, and the business returns to pre-COVID levels, 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 28 February 2022 and signed on its behalf.

R Prince

Director

Page 2

MEDICSPRO LIMITED

DIRECTORS' REPORT

FOR THE PERIOD ENDED 28 FEBRUARY 2021

The directors present their report and the financial statements for the period ended 28 February 2021.

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 period, after taxation, amounted to £243,256 (2019 - £60,497).

Ordinary dividends were paid amounting to £380,000 (2019 - £525,000). The directors do not recommend payment of a final dividend.

Directors

The directors who served during the period were:

R Prince

R Shulton (resigned 30 September 2020)

C Reynolds (resigned 18 February 2020)

H T Smith (resigned 18 February 2020)

P Johnson was appointed as a director post year end on 16 August 2021.

Page 3

MEDICSPRO LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE PERIOD ENDED 28 FEBRUARY 2021

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 28 February 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 period ended 28 February 2021, 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 2021 and of its profit for the period 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

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.

Page 5

MEDICSPRO LIMITED

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

Other information

The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's report 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.

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 period 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.

Page 6

MEDICSPRO LIMITED

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

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.

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.

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.

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

Leytonstone House

London

E11 1GA

28 February 2022

Page 7

MEDICSPRO LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 28 FEBRUARY 2021

	Period ended 28 February	Year ended 31 August
	2021	2019
Note	£	£


Turnover	4	58,195,171	49,503,459
Cost of sales		(49,594,361)	(41,893,058)
Gross profit		8,600,810	7,610,401
Administrative expenses		(8,840,905)	(7,125,506)
Exceptional administrative expenses	6	-	(200,000)
Other operating income	5	182,307	1,000
Operating (loss)/profit	7	(57,788)	285,895
Income from shares in group undertakings	10	380,000	-
Interest payable and similar expenses	11	(56,611)	(96,983)
Profit before tax		265,601	188,912
Tax on profit	12	(22,345)	(128,415)
Profit for the financial period		243,256	60,497

There was no other comprehensive income for 2021 (2019:£NIL).

The notes on pages 11 to 28 form part of these financial statements.

Page 8

MEDICSPRO LIMITED

REGISTERED NUMBER: 04322086

BALANCE SHEET

AS AT 28 FEBRUARY 2021

	28 February	31 August
	2021	2019
Note	£	£

Fixed assets
Intangible assets	14		81,581		112,174
Tangible assets	15		366,205		492,849
Investments	16		596,495		596,495
			1,044,281		1,201,518
Current assets
Debtors: amounts falling due within one year	17	4,748,088		5,065,007
Cash at bank and in hand		20,420		25,143
		4,768,508		5,090,150
Creditors: amounts falling due within one year	18	(5,286,774)		(5,635,858)
Net current liabilities			(518,266)		(545,708)
Total assets less current liabilities			526,015		655,810
Deferred tax	19		(63,543)		(56,594)
Net assets			462,472		599,216

Capital and reserves
Called up share capital	20	250,000	250,000
Other reserves	21	-	124,785
Profit and loss account	21	212,472	224,431
		462,472	599,216

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 February 2022.

R Prince

Director

The notes on pages 11 to 28 form part of these financial statements.

Page 9

MEDICSPRO LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 28 FEBRUARY 2021

	Called up share capital	Other reserves	Profit and loss account	Total equity
	£	£	£	£
At 1 September 2018	250,000	103,032	680,270	1,033,302
Year ended 31 August 2019:
Profit and total comprehensive income for the year	-	-	60,497	60,497
Dividends	-	-	(525,000)	(525,000)
Transfers	-	(8,664)	8,664	-
Share based payment	-	30,417	-	30,417

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: Equity capital	-	-	(380,000)	(380,000)
Transfer between reserves	-	(124,785)	124,785	-
At 28 February 2021	250,000	-	212,472	462,472

The notes on pages 11 to 28 form part of these financial statements.

Page 10

MEDICSPRO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 FEBRUARY 2021

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.
These accounts represent an 18 month period to 28 February 2021. The accounting period was extended to align the period end with that of Group companies and for strategic and commercial purposes.

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 2021 and these financial statements may be obtained from 111-115 North Street, Romford, Essex, RM1 1ES.

Page 11

MEDICSPRO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 FEBRUARY 2021

2.Accounting policies (continued)

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 an EEA state and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

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 period 28 February 2021 together with the current results and cashflow forecasts for 12 months from the date of signing of the financial statements.
The impact of the COVID pandemic had a significant impact on the NHS with the well documented cancelling of procedures as the service struggled to cope with hospitalisations due to COVID. This in turn had an impact on the Group’s business resulting in reduced turnover, however actions were taken to reduce the cost base with the result that the business still generated a profit for the period.
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.

Page 12

MEDICSPRO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 FEBRUARY 2021

2.Accounting policies (continued)

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.

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 13

MEDICSPRO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 FEBRUARY 2021

2.Accounting policies (continued)

2.13

Current and deferred taxation

The tax expense for the period 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

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

2.15

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

Page 14

MEDICSPRO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 FEBRUARY 2021

2.Accounting policies (continued)

2.16

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.

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.

2.17

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.

2.18

Debtors

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

2.19

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.

2.20

Creditors

Short term creditors are measured at the transaction price.

Page 15

MEDICSPRO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 FEBRUARY 2021

2.Accounting policies (continued)

2.21

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.

2.22

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.

2.23

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.

2.24

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 16

MEDICSPRO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 FEBRUARY 2021

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 17

MEDICSPRO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 FEBRUARY 2021

Turnover analysed by class of business
Recruitment and placement of staff	58,195,171	49,503,459

Analysis of turnover by country of destination:

					Period ended 28 February	Year ended 31 August
					2021	2019
					£	£

	United Kingdom	58,195,171	49,503,459

Other operating income	-	1,000
Government grants receivable	182,307	-
	182,307	1,000

Impairment loss

200,000

An impairment review was carried out at 31 August 2019 on the entity's investments. The review concluded that an impairment loss should be recognised in respect of a subsidiary. No impairment was considered necessary in the 2021 accounting period.

Page 18

MEDICSPRO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 FEBRUARY 2021

Exchange (gains)/losses	(75)	388
Operating lease charges	441,904	324,759
Share-based payments	-	30,417
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	1,705	4,075
Depreciation of owned tangible fixed assets	153,199	155,732
Loss on disposal of tangible fixed assets	-	19,251
Amortisation of intangible assets	30,593	56,987

Wages and salaries	6,337,938	5,119,514
Social security costs	587,528	538,389
Cost of defined contribution scheme	107,380	78,216
	7,032,846	5,736,119

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

	2021	2019
	No.	No.

Management	5	5
Administration and sales	123	139
Temporary locums	23	66

	151	210

Page 19

MEDICSPRO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 FEBRUARY 2021

	Remuneration for qualifying services	233,412	224,098

	During the period retirement benefits were accruing to 1 director (2019 - 1) in respect of defined contribution pension schemes.
	The highest paid director received remuneration of £152,614 (2019 - £182,617).
	The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,424 (2019 - £NIL).

10.	Income from fixed asset investments
		Period ended 28 February	Year ended 31 August
		2021	2019
		£	£

Income from fixed asset investments

380,000

Interest on invoice finance arrangements

56,611

96,983

	Deferred tax
	Origination and reversal of timing differences	22,345	128,415


	Taxation on profit on ordinary activities	22,345	128,415

Page 20

MEDICSPRO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 FEBRUARY 2021

12.Taxation (continued)

Profit on ordinary activities before tax

265,601

188,912

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2019 - 19%)	50,464	35,893
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	2,668	1,884
Other permanent differences	-	533
Adjust opening and closing deferred tax rate	-	(8,826)
Movement in deferred tax	22,345	91,575
Other adjustments	19,068	7,356
Non-taxable income	(72,200)	-
Total tax charge for the period/year	22,345	128,415

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Dividends declared and paid

380,000

525,000

Post year end and prior to the approval of the accounts, dividends of £820,000 were declared.

Page 21

MEDICSPRO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 FEBRUARY 2021

14.	Intangible fixed assets

		Software
		£
	Cost
	At 1 September 2019	227,947
	At 28 February 2021	227,947
	Amortisation
	At 1 September 2019	115,773
	Charge for the period on owned assets	30,593
	At 28 February 2021	146,366
	Net book value
	At 28 February 2021	81,581
	At 31 August 2019	112,174

Page 22

MEDICSPRO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 FEBRUARY 2021

15.	Tangible fixed assets

	Fixtures and fittings	Computers	Leasehold Improvements	Total
	£	£	£	£
Cost or valuation
At 1 September 2019	276,897	512,379	359,526	1,148,802
Additions	4,137	13,024	9,694	26,855
Disposals	(300)	-	-	(300)
At 28 February 2021	280,734	525,403	369,220	1,175,357
Depreciation
At 1 September 2019	120,484	460,046	75,423	655,953
Charge for the period on owned assets	53,365	54,903	44,931	153,199
At 28 February 2021	173,849	514,949	120,354	809,152
Net book value
At 28 February 2021	106,885	10,454	248,866	366,205
At 31 August 2019	156,413	52,333	284,103	492,849

Page 23

MEDICSPRO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 FEBRUARY 2021

16.	Fixed asset investments

		Shares in group undertakings
		£
	Cost
	At 1 September 2019	796,495
	At 28 February 2021	796,495
	Impairment
	At 1 September 2019	200,000
	At 28 February 2021	200,000
	Net book value
	At 28 February 2021	596,495
	At 31 August 2019	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 24

MEDICSPRO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 FEBRUARY 2021

17.

Debtors

					28 February	31 August
					2021	2019
					£	£


Trade debtors	3,449,786	3,680,923
Amounts owed by group undertakings	40,177	103,304
Other debtors	81,163	60,755
Prepayments and accrued income	1,086,705	1,114,372
Deferred taxation (note 19)	90,257	105,653
	4,748,088	5,065,007

Trade debtors have been pledged as security against amounts due in respect of financed trade receivables (note 18).

Trade creditors	709,438	711,959
Amounts owed to group undertakings	569,818	652,768
Corporation tax	2	2
Other taxation and social security	985,963	591,958
Invoice discounting	1,877,266	2,730,209
Other creditors	29,047	17,665
Accruals and deferred income	1,115,240	931,297
	5,286,774	5,635,858

The invoice discounting facilities of £1,877,266 (2019 - £2,730,209) are secured by fixed and floating charges over all assets of the Company, including the trade debtors of the Company (note 17).

Page 25

MEDICSPRO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 FEBRUARY 2021

19.	Deferred taxation

	2021	2019
	£	£

At beginning of year	49,059	177,474
Utilised in year	(22,345)	(128,415)
At end of year	26,714	49,059

Accelerated capital allowances	(63,543)	(56,594)
Tax losses carried forward	90,257	105,653
	26,714	49,059

Comprising:
Deferred tax asset	90,257	105,653
Deferred tax liability	(63,543)	(56,594)
	26,714	49,059

The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period.

Allotted, called up and fully paid

250,000 (2019 - 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 26

MEDICSPRO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 FEBRUARY 2021

21.

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.

22.

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.

23.	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.

24.	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 £107,380 (2019 - £78,216). Contributions totalling £26,660 (2019 - £16,646) were payable to the fund at the balance sheet date and are included within Other creditors.

Page 27

MEDICSPRO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 FEBRUARY 2021

Not later than 1 year	182,356	240,371
Later than 1 year and not later than 5 years	705,408	710,944
Later than 5 years	573,144	837,310
	1,460,908	1,788,625

26.	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.

During the period, the Company entered into the following transactions with related parties:
	Period ended 28 February	Year ended 31 August
	2021	2019
	£	£

	Sales to entities under common control	-	4,666
	Purchases to entities under common control	-	201,329

The following amounts were outstanding at the reporting end date:

		28 February	31 August
		2021	2019
		£	£

	Amounts owed to entities under common control	-	61,436
	Amounts due from entities under common control	-	3,432

27.	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 Gorup Limited are available from its registered office, 111-115 North Street, Romford, Essex, RM1 1ES.

Page 28