Mayday Direct 24 Plc - Limited company accounts 11.7

REGISTERED NUMBER: 08741677 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30 September 2015

for

Mayday Direct 24 Plc

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Profit and Loss Account

5

Balance Sheet

6

Cash Flow Statement

7

Notes to the Cash Flow Statement

8

Notes to the Financial Statements

9

DIRECTORS:

K Coyle

C Coyle

D Harrington

N Poturicich

C Safapour

SECRETARY:

C Coyle

REGISTERED OFFICE:

Hygeia House

66-68 College Road

Harrow

Middlesex

HA1 1BE

REGISTERED NUMBER:

08741677 (England and Wales)

AUDITORS:

SHERIDAN CLARKE LTD

STATUTORY AUDITORS

BRIDGE HOUSE

25-27 THE BRIDGE

HARROW

HA3 5AB

The directors present their strategic report for the year ended 30 September 2015.

REVIEW OF BUSINESS

The Directors consider the profit on ordinary activities before taxation to be very satisfactory with increases in turnover,

gross and net profit margins on the prior year.

The key financial highlights for the period are as follows:

2015 2014

Turnover £2,075,028 £558,978

Gross profit margin 37% 36%

Profit before tax 23% 6%

PRINCIPAL RISKS AND UNCERTAINTIES

Mayday Direct 24 Plc has made very satisfactory progress in this second period of trading. The company focuses on the

domiciliary care sector and there is a strong market in this area. The Directors continue to monitor closely cash flow and

cost levels to ensure that a satisfactory level of profit is maintained. Adequate finance is in place to take advantage of

any future business opportunities.

ON BEHALF OF THE BOARD:

D Harrington - Director

21 March 2016

The directors present their report with the financial statements of the company for the year ended 30 September 2015.

DIVIDENDS

No dividends will be distributed for the year ended 30 September 2015.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 October 2014 to the date of this

report.

K Coyle

C Coyle

D Harrington

N Poturicich

C Safapour

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors 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 United Kingdom Generally Accepted Accounting

Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	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

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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act

2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken

as a director in order to make himself aware of any relevant audit information and to establish that the company's

auditors are aware of that information.

AUDITORS

The auditors, SHERIDAN CLARKE LTD, will be proposed for re-appointment at the forthcoming Annual General

Meeting.

ON BEHALF OF THE BOARD:

D Harrington - Director

21 March 2016

We have audited the financial statements of Mayday Direct 24 Plc for the year ended 30 September 2015 on pages five

to twelve. The financial reporting framework that has been applied in their preparation is applicable law and United

Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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 a Report of the Auditors 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.

Respective responsibilities of directors and auditors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.

Scope of the audit of the financial statements

An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give

reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error.

This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances and

have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by

the directors; and the overall presentation of the financial statements. In addition, we read all the financial and

non-financial information in the Strategic Report and the Report of the Directors to identify material inconsistencies with

the audited financial statements and to identify any information that is apparently materially incorrect based on, or

materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of

any apparent material misstatements or inconsistencies we consider the implications for our report.

Opinion on financial statements

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 30 September 2015 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.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion the information given in the Strategic Report and the Report of the Directors for the financial year for

which the financial statements are prepared is consistent with the financial statements.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where 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.

Anna Clarke (Senior Statutory Auditor)

for and on behalf of SHERIDAN CLARKE LTD

STATUTORY AUDITORS

BRIDGE HOUSE

25-27 THE BRIDGE

HARROW

HA3 5AB

21 March 2016

TURNOVER

2,075,028

558,978

Cost of sales

1,296,579

359,495

GROSS PROFIT

778,449

199,483

Administrative expenses

298,314

165,845

OPERATING PROFIT and

PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION

3

480,135

33,638

Tax on profit on ordinary activities

4

98,596

6,247

PROFIT FOR THE FINANCIAL YEAR

381,539

27,391

CONTINUING OPERATIONS

None of the company's activities were acquired or discontinued during the current year or previous period.

TOTAL RECOGNISED GAINS AND LOSSES

The company has no recognised gains or losses other than the profits for the current year or previous period.

FIXED ASSETS

Tangible assets

5

1,876

2,501

CURRENT ASSETS

Debtors

6

232,919

90,638

Prepayments and accrued income

219

173

Cash at bank

455,175

124,701

688,313

215,512

CREDITORS

Amounts falling due within one year

7

181,259

90,622

NET CURRENT ASSETS

507,054

124,890

TOTAL ASSETS LESS CURRENT LIABILITIES

508,930

127,391

CAPITAL AND RESERVES

Called up share capital

8

100,000

100,000

Profit and loss account

9

408,930

27,391

SHAREHOLDERS' FUNDS

11

508,930

127,391

The financial statements were approved by the Board of Directors on 21 March 2016 and were signed on its behalf by:

D Harrington - Director

Net cash inflow

from operating activities

1

336,721

28,036

Taxation

(6,247

)

-

Capital expenditure

2

-

(3,335

)

330,474

24,701

Financing

2

-

100,000

Increase in cash in the period

330,474

124,701

Reconciliation of net cash flow

to movement in net funds

3

Increase in cash in the period

330,474

124,701

Change in net funds resulting

from cash flows

330,474

124,701

Movement in net funds in the period

330,474

124,701

Net funds at 1 October

124,701

-

Net funds at 30 September

455,175

124,701

1.	RECONCILIATION OF OPERATING PROFIT TO NET CASH INFLOW FROM OPERATING ACTIVITIES

Period

21.10.13

Year Ended

to

30.9.15

30.9.14

£

£

Operating profit

480,135

33,638

Depreciation charges

625

834

Increase in debtors

(142,327

)

(90,811

)

(Decrease)/increase in creditors

(1,712

)

84,375

Net cash inflow from operating activities

336,721

28,036

2.	ANALYSIS OF CASH FLOWS FOR HEADINGS NETTED IN THE CASH FLOW STATEMENT

Period

21.10.13

Year Ended

to

30.9.15

30.9.14

£

£

Capital expenditure

Purchase of tangible fixed assets

-

(3,335

)

Net cash outflow for capital expenditure

-

(3,335

)

Financing

Share issue

-

100,000

Net cash inflow from financing

-

100,000

3.	ANALYSIS OF CHANGES IN NET FUNDS

At

At

1.10.14

Cash flow

30.9.15

£

£

£

Net cash:

Cash at bank

124,701

330,474

455,175

124,701

330,474

455,175

Total

124,701

330,474

455,175

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and are in accordance with

applicable accounting standards.

Turnover

Turnover comprises the invoiced value of services supplied by the company, all revenue is recognised in the

Financial Statements as soon as the service has been supplied.

Tangible fixed assets

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

Computer equipment

-

25% on reducing balance

Taxation

Current tax, including UK Corporation tax is provided at amounts expected to be paid using the tax rates and

laws enacted by the Balance Sheet date.

Deferred tax is only provided for when material. The Directors have decided that deferred tax is once again not

material this year.

2.	STAFF COSTS

Period

21.10.13

Year Ended

to

30.9.15

30.9.14

£

£

Wages and salaries

206,144

77,129

Social security costs

26,982

8,771

233,126

85,900

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

Period

21.10.13

Year Ended

to

30.9.15

30.9.14

Sales

6

3

Admin

1

1

7

4

3.	OPERATING PROFIT

The operating profit is stated after charging:

Period

21.10.13

Year Ended

to

30.9.15

30.9.14

£

£

Depreciation - owned assets

625

834

Auditors' remuneration

2,400

2,400

Directors' remuneration

-

-

4.

TAXATION

Analysis of the tax charge

The tax charge on the profit on ordinary activities for the year was as follows:

Period

21.10.13

Year Ended

to

30.9.15

30.9.14

£

£

Current tax:

UK corporation tax

98,596

6,247

Tax on profit on ordinary activities

98,596

6,247

Factors affecting the tax charge

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is

explained below:

Period

21.10.13

Year Ended

to

30.9.15

30.9.14

£

£

Profit on ordinary activities before tax

480,135

33,638

Profit on ordinary activities

multiplied by the standard rate of corporation tax

in the UK of 20.500% (2014 - 20%)

98,428

6,728

Effects of:

Expenses not deductible for tax purposes

168

20

Capital allowances in excess of depreciation

-

(501

)

Current tax charge

98,596

6,247

5.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 October 2014

and 30 September 2015

3,335

DEPRECIATION

At 1 October 2014

834

Charge for year

625

At 30 September 2015

1,459

NET BOOK VALUE

At 30 September 2015

1,876

At 30 September 2014

2,501

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.15

30.9.14

£

£

Trade debtors

232,919

90,638

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.15

30.9.14

£

£

Trade creditors

2,021

4,204

Tax

98,596

6,247

Social security and other taxes

15,893

7,452

Other creditors

41,803

68,819

Payment on account

17,333

-

Accrued expenses

5,613

3,900

181,259

90,622

For details of the Related Parties creditors within Other Creditors above, see Note 10.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.15

30.9.14

value:

£

£

100,000

Ordinary

£1

100,000

100,000

9.

RESERVES

Profit

and loss

account

£

At 1 October 2014

27,391

Profit for the year

381,539

At 30 September 2015

408,930

10.	RELATED PARTY DISCLOSURES

K. Coyle, C. Coyle, D. Harrington, N. Poturicich and C. Safapour are also Directors of Mayday Healthcare Plc,

£1,040, 2014 £ nil, was owing to Mayday Healthcare Plc at the year end relating to expenses paid on behalf of

the company.

K. Coyle and D. Harrington are also Directors of Coyle Personnel Plc, £255, 2014, £44 was owing to Coyle

Personnel Plc at the year end relating to expenses paid on behalf of the company.

No trading took place between any of the related parties and no one shareholder holds a controlling interest in

the company.

11.	RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

30.9.15

30.9.14

£

£

Profit for the financial year

381,539

27,391

New share capital subscribed

-

100,000

Net addition to shareholders' funds

381,539

127,391

Opening shareholders' funds

127,391

-

Closing shareholders' funds

508,930

127,391