Medical 24 Limited - Limited company accounts 11.7

REGISTERED NUMBER: 08705888 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30 September 2015

for

Medical 24 Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Profit and Loss Account

6

Balance Sheet

7

Cash Flow Statement

8

Notes to the Cash Flow Statement

9

Notes to the Financial Statements

10

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:

08705888 (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 that the profit achieved on ordinary activities before taxation to be extremely satisfactory. The

directors are particularly pleased that a large increase in turnover has been achieved.

2015 2014

Turnover £ 8,012,542 £2,212,165

Turnover growth £5,800,377 £2,212,165

Gross profit margin 30% 30%

Profit before tax 16% 16%

PRINCIPAL RISKS AND UNCERTAINTIES

Medical 24 Limited had an excellent year considering it is only the second period of trading. The company mainly

provide staff to the healthcare sector and there is a strong demand in this area, despite the current economic

conditions.The directors are aware of the need to monitor costs and have put strategies in place to achieve continued

growth and maintain profitability. Adequate finance is in place to take advantage of business opportunities as they arise.

ON BEHALF OF THE BOARD:

D Harrington - Director

5 April 2016

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

DIVIDENDS

No interim dividends were paid during the year ended 30 September 2015.

The directors recommend final dividends per share as follows:

Ordinary £1 shares

£3,669

A Ordinary £1 shares

NIL

The total distribution of dividends for the year ended 30 September 2015 will be £ 366,869 .

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

5 April 2016

We have audited the financial statements of Medical 24 Limited for the year ended 30 September 2015 on pages six to

fourteen. 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.

Ms Anna Clarke (Senior Statutory Auditor)

for and on behalf of SHERIDAN CLARKE LTD

STATUTORY AUDITORS

BRIDGE HOUSE

25-27 THE BRIDGE

HARROW

HA3 5AB

5 April 2016

TURNOVER

8,012,542

2,212,165

Cost of sales

5,624,916

1,550,868

GROSS PROFIT

2,387,626

661,297

Administrative expenses

1,062,346

291,749

OPERATING PROFIT and

PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION

3

1,325,280

369,548

Tax on profit on ordinary activities

4

272,277

81,097

PROFIT FOR THE FINANCIAL YEAR

1,053,003

288,451

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

6

4,364

5,815

CURRENT ASSETS

Debtors

7

753,279

552,533

Cash at bank

690,315

55,293

1,443,594

607,826

CREDITORS

Amounts falling due within one year

8

473,233

325,090

NET CURRENT ASSETS

970,361

282,736

TOTAL ASSETS LESS CURRENT LIABILITIES

974,725

288,551

CAPITAL AND RESERVES

Called up share capital

10

140

100

Profit and loss account

11

974,585

288,451

SHAREHOLDERS' FUNDS

13

974,725

288,551

The financial statements were approved by the Board of Directors on 5 April 2016 and were signed on its behalf by:

D Harrington - Director

Net cash inflow/(outflow)

from operating activities

1

1,179,205

(33,311

)

Taxation

(81,097

)

-

Capital expenditure

2

-

(7,753

)

Equity dividends paid

(366,869

)

-

731,239

(41,064

)

Financing

2

40

100

Increase/(decrease) in cash in the period

731,279

(40,964

)

Reconciliation of net cash flow

to movement in net debt

3

Increase/(decrease) in cash in the period

731,279

(40,964

)

Change in net debt resulting

from cash flows

731,279

(40,964

)

Movement in net debt in the period

731,279

(40,964

)

Net debt at 1 October

(40,964

)

-

Net funds/(debt) at 30 September

690,315

(40,964

)

1.	RECONCILIATION OF OPERATING PROFIT TO NET CASH INFLOW/(OUTFLOW) FROM OPERATING ACTIVITIES

Period

25.9.13

Year Ended

to

30.9.15

30.9.14

£

£

Operating profit

1,325,280

369,548

Depreciation charges

1,451

1,938

Increase in debtors

(200,746

)

(552,533

)

Increase in creditors

53,220

147,736

Net cash inflow/(outflow) from operating activities

1,179,205

(33,311

)

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

Period

25.9.13

Year Ended

to

30.9.15

30.9.14

£

£

Capital expenditure

Purchase of tangible fixed assets

-

(7,753

)

Net cash outflow for capital expenditure

-

(7,753

)

Financing

Share issue

40

100

Net cash inflow from financing

40

100

3.	ANALYSIS OF CHANGES IN NET DEBT

At

At

1.10.14

Cash flow

30.9.15

£

£

£

Net cash:

Cash at bank

55,293

635,022

690,315

Bank overdraft

(96,257

)

96,257

-

(40,964

)

731,279

690,315

Total

(40,964

)

731,279

690,315

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.

Fixtures and fittings

-

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 Director's have decided that deferred tax is not material this

year, as was the case last year.

2.	STAFF COSTS

Period

25.9.13

Year Ended

to

30.9.15

30.9.14

£

£

Wages and salaries

801,709

192,628

Social security costs

94,551

20,639

896,260

213,267

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

Period

25.9.13

Year Ended

to

30.9.15

30.9.14

Administration

3

1

Sales

10

7

13

8

3.	OPERATING PROFIT

The operating profit is stated after charging:

Period

25.9.13

Year Ended

to

30.9.15

30.9.14

£

£

Depreciation - owned assets

1,451

1,938

Auditors' remuneration

5,000

-

Directors' remuneration

261,880

50,041

Information regarding the highest paid director for the year ended 30 September 2015 is as follows:

Year Ended

30.9.15

£

Emoluments etc

128,565

4.

TAXATION

Analysis of the tax charge

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

Period

25.9.13

Year Ended

to

30.9.15

30.9.14

£

£

Current tax:

UK corporation tax

272,277

81,097

Tax on profit on ordinary activities

272,277

81,097

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

25.9.13

Year Ended

to

30.9.15

30.9.14

£

£

Profit on ordinary activities before tax

1,325,280

369,548

Profit on ordinary activities

multiplied by the standard rate of corporation tax

in the UK of 20.500% (2014 - 22%)

271,682

81,301

Effects of:

Expenses not deductible for tax purposes

315

6

Capital allowances in excess of depreciation

-

(210

)

Depreciation in excess of capital allowances

280

-

Current tax charge

272,277

81,097

5.

DIVIDENDS

Period

25.9.13

Year Ended

to

30.9.15

30.9.14

£

£

Ordinary shares of £1 each

Final

366,869

-

6.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 October 2014

and 30 September 2015

7,753

DEPRECIATION

At 1 October 2014

1,938

Charge for year

1,451

At 30 September 2015

3,389

NET BOOK VALUE

At 30 September 2015

4,364

At 30 September 2014

5,815

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.15

30.9.14

£

£

Trade debtors

753,139

552,433

Other debtors

140

100

753,279

552,533

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.15

30.9.14

£

£

Bank loans and overdrafts (see note 9)

-

96,257

Trade creditors

4,857

7,633

Tax

272,277

81,097

Social security and other taxes

24,923

24,212

Other creditors

159,134

113,367

Accrued expenses

12,042

2,524

473,233

325,090

See note 12 for details regarding Related Parties in other creditors.

9.

LOANS

An analysis of the maturity of loans is given below:

30.9.15

30.9.14

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

-

96,257

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.15

30.9.14

value:

£

£

40

A Ordinary

£1

40

-

Allotted and issued:

Number:

Class:

Nominal

30.9.15

30.9.14

value:

£

£

100

Share capital 1

£1

100

100

40 A Ordinary shares of £1 each were allotted and fully paid for cash at par during the year.

11.

RESERVES

Profit

and loss

account

£

At 1 October 2014

288,451

Profit for the year

1,053,003

Dividends

(366,869

)

At 30 September 2015

974,585

12.	RELATED PARTY DISCLOSURES

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

Mayday Direct 24 Plc, Plan B Healthcare Plc, VIP Nursing Limited and Pro Health 24 Limited. Further, K.

Coyle and D. Harrington are also Directors of Coyle Personnel Plc. At the year end, the company owed Coyle

Personnel Plc £1,042, 2014 £ 24 and Mayday Healthcare Plc £577, 2014 £ 12,529 for services supplied, these

amounts have now been paid.

No trading has been carried out between any of the Related Parties. Kevin Coyle holds the controlling interest in

the company by virtue of ownership of 80% of the shares, his son Christopher owns the remaining 20%. All

dividends were paid to shareholder Directors.

13.	RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

30.9.15

30.9.14

£

£

Profit for the financial year

1,053,003

288,451

Dividends

(366,869

)

-

New share capital subscribed

40

100

Net addition to shareholders' funds

686,174

288,551

Opening shareholders' funds

288,551

-

Closing shareholders' funds

974,725

288,551