Priory Medical Group Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 06689241 (England and Wales)

Financial Statements

for the Period 1 January 2022 to 30 September 2022

for

Priory Medical Group Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A D Cohen

Mrs N L Cohen

REGISTERED OFFICE:

23 Oakwood Grove

Leeds

LS8 2PA

REGISTERED NUMBER:

06689241 (England and Wales)

ACCOUNTANTS:

Richard Smedley Limited

Chartered Accountants & Registered Auditors

Richmond House

Lawnswood Business Park

Redvers Close

Leeds

West Yorkshire

LS16 6QY

FIXED ASSETS

Tangible assets

4

43,466

36,718

CURRENT ASSETS

Stocks

109,653

121,126

Debtors

5

427,549

307,623

Cash at bank

85,595

259,986

622,797

688,735

CREDITORS

Amounts falling due within one year

6

374,412

427,029

NET CURRENT ASSETS

248,385

261,706

TOTAL ASSETS LESS CURRENT LIABILITIES

291,851

298,424

CREDITORS

Amounts falling due after more than one year

7

(37,038

)

(41,204

)

PROVISIONS FOR LIABILITIES

-

(204

)

NET ASSETS

254,813

257,016

CAPITAL AND RESERVES

Called up share capital

14,284

14,284

Retained earnings

240,529

242,732

SHAREHOLDERS' FUNDS

254,813

257,016

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 September 2022.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 September 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 May 2023 and were signed on its behalf by:

A D Cohen - Director

1.	STATUTORY INFORMATION

Priory Medical Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

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

Tangible fixed assets

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

Leasehold property

-

2% on cost

Fixtures and fittings

-

20% on cost

Computer equipment

-

25% on cost

Stocks

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

Financial instruments

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

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 20 (2021 - 20 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Leasehold

and

Computer

property

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2022

46,099

58,616

9,039

113,754

Additions

-

-

10,135

10,135

At 30 September 2022

46,099

58,616

19,174

123,889

DEPRECIATION

At 1 January 2022

11,575

58,396

7,065

77,036

Charge for period

691

56

2,640

3,387

At 30 September 2022

12,266

58,452

9,705

80,423

NET BOOK VALUE

At 30 September 2022

33,833

164

9,469

43,466

At 31 December 2021

34,524

220

1,974

36,718

5.

DEBTORS

30.9.22

31.12.21

£

£

Amounts falling due within one year:

Trade debtors

245,176

232,840

Other debtors

181,210

73,620

426,386

306,460

Amounts falling due after more than one year:

Other debtors

1,163

1,163

Aggregate amounts

427,549

307,623

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.22

31.12.21

£

£

Bank loans and overdrafts

5,555

11,869

Trade creditors

357,472

341,180

Taxation and social security

6,631

22,577

Other creditors

4,754

51,403

374,412

427,029

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.22

31.12.21

£

£

Bank loans

37,038

41,204

8.	LEASING AGREEMENTS

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

30.9.22

31.12.21

£

£

Within one year

26,841

8,948

Between one and five years

107,366

-

In more than five years

268,417

-

402,624

8,948

9.	SECURED DEBTS

On 30 August 2022 Unity Trust Bank plc registered a fixed and floating charge over all the property and undertakings of the company. Also contains a negative pledge.

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 30 September 2022 and the year ended 31 December 2021:

30.9.22

31.12.21

£

£

A D Cohen

Balance outstanding at start of period

-

-

Amounts advanced

4,650

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of period

4,650

-