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Holt Doctors Limited

Registered number: 06832618
Annual report and
 financial statements
For the year ended 31 May 2018
 
HOLT DOCTORS LIMITED
 
 
COMPANY INFORMATION


Directors
P A Gregory 
T Ward 
N C Learoyd (resigned 1 February 2019)




Company secretary
K McAvan



Registered number
06832618



Registered office
4th Floor
1 Belle Vue Square

Broughton Road

Skipton

North Yorkshire

BD23 1FJ




Independent auditors
Mazars LLP
Chartered Accountants & Statutory Auditor

5th Floor

3 Wellington Place

Leeds

LS1 4AP




Bankers
Natwest
Exchange Services

88 High Street

Skipton

BD23 1JA




 
HOLT DOCTORS LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditors' Report
 
5 - 7
Statement of Comprehensive Income
 
8
Statement of Financial Position
 
9
Statement of Changes in Equity
 
10
Notes to the Financial Statements
 
11 - 27

 
HOLT DOCTORS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2018

The directors present their Strategic report for the year ended 31 May 2018.

Business review
 
The Company has continued to expand its operations through the NHS and also into a number of private sector clients and we have consolidated our position within the managed service market place/
The impact of IR35 legislation change has proved challenging for the whole recruitment market. However now that it is more fully understood by recruiters and doctors the market has stabilised. Continuous efficiency improvement in the NHS has driven increased commercial pressure but we have continued to build strong relationships withour clients.
 
The frameworks require greater compliance. We maintain extremely high standards not just to comply with frameworks but as this is a cornerstone of our business values. 
The Company has continued to meet all it’s liabilities as they fall due. The Directors remain of the opinion that the company is a going concern and is supported by the parent company.

Principal risks and uncertainties
 
Risk is inherent in the Company’s activities but it is managed through a process of ongoing identification, measurement and monitoring. 
The Company is exposed through its operations to the following financial risks: 
• Liquidity risk
• Capital management 
Liquidity risk
Liquidity risk is defined as the risk that the Company will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset.  Exposure to liquidity risk arises because of the possibility that the Company could be required to pay its liabilities earlier than expected.  
Capital management  
The Company’s objectives when managing capital are to safeguard the Company’s ability to continue as a going concern in order to provide returns for shareholders and benefits for all stakeholders.

Financial key performance indicators
 
Turnover has increased by 6% from £23.3m (2017) to £24.7m (2018) and gross profit has increased by 13%  from £3.9m (2017) to £4.4m (2018).
The increase of our client base has driven an increase in staff levels across operational and client services departments. This has resulted in an increase in reported administrative expenses from £3.62m (2017) to £4.42m (2018). This investment in staff will help the Company deliver profitability in future years as operations expand. 
The overall effect on the shareholders fund is an increase of 3% from £3.5m (2017) to £3.7m (2018). The Directors are confident that margin improvement will drive increased profitability throughout the next financial year.



- 1 -
 
HOLT DOCTORS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2018


This report was approved by the board on 26 February 2019 and signed on its behalf.





T Ward
Director

- 2 -
 
HOLT DOCTORS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2018

The directors present their report and the financial statements for the year ended 31 May 2018.

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; and

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 2006They 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 continued to be the recruitment of temporary and permanent medical staff.

Results and dividends

The profit for the year, after taxation, amounted to £107,653  (2017 -  £ 430,170 ) .

Directors

The directors who served during the year were:

P A Gregory 
T Ward 
N C Learoyd (resigned 1 February 2019)

Disclosure of information to auditors

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 auditors are 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 auditors are aware of that information.

- 3 -
 
HOLT DOCTORS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2018

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsMazars LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 26 February 2019 and signed on its behalf.
 





T Ward
Director

- 4 -
 
HOLT DOCTORS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOLT DOCTORS LIMITED
 

Opinion

We have audited the financial statements of Holt Doctors Limited (the ‘Company’) for the year ended 31 May 2018 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and notes to the financial statements, 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 FRS 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 31 May 2018 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.

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 UK, including the FRC’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.

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.
- 5 -
 
HOLT DOCTORS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOLT DOCTORS LIMITED
 

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.

Opinions 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 year 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 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.

- 6 -
 
HOLT DOCTORS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOLT DOCTORS LIMITED
 

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 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 the audit 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.




Ian Wrightson (Senior statutory auditor)

  
for and on behalf of

Mazars LLP
Chartered Accountants and Statutory Auditor 
5th Floor
3 Wellington Place
Leeds
LS1 4AP

27 February 2019
- 7 -
 
HOLT DOCTORS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2018

2018
2017
Note
£
£

  

Turnover
 4 
24,680,856
23,343,381

Cost of sales
  
(20,271,204)
(19,433,328)

Gross profit
  
4,409,652
3,910,053

Administrative expenses
  
(4,417,355)
(3,616,118)

Other operating income
 5 
6,900
7,295

Operating (loss)/profit
 6 
(803)
301,230

Interest receivable and similar income
 10 
191,352
176,548

Interest payable and expenses
 11 
(40,171)
(459)

Profit before tax
  
150,378
477,319

Tax on profit
 12 
(42,725)
(47,149)

Profit for the financial year
  
107,653
430,170

There were no recognised gains and losses for 2018 or 2017 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2018 (2017:£NIL).

The notes on pages 11 to 27 form part of these financial statements.

- 8 -
 
HOLT DOCTORS LIMITED
REGISTERED NUMBER: 06832618

STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2018

2018
2017
Note
£
£

Fixed assets
  

Tangible assets
 14 
87,002
186,299

Investments
 15 
1
1

  
87,003
186,300

Current assets
  

Debtors
 16 
8,561,922
8,632,699

Cash at bank and in hand
 17 
477,919
439,549

  
9,039,841
9,072,248

Creditors: amounts falling due within one year
 18 
(5,306,744)
(5,259,827)

Net current assets
  
 
 
3,733,097
 
 
3,812,421

Total assets less current liabilities
  
3,820,100
3,998,721

Creditors: amounts falling due after more than one year
 19 
(160,000)
(246,545)

Provisions for liabilities
  

Deferred tax
 22 
(8,147)
(17,876)

Other provisions
 23 
-
(190,000)

  
 
 
(8,147)
 
 
(207,876)

Net assets
  
3,651,953
3,544,300


Capital and reserves
  

Called up share capital 
 24 
200
200

Profit and loss account
 25 
3,651,753
3,544,100

  
3,651,953
3,544,300


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 February 2019.




T Ward
Director

The notes on pages 11 to 27 form part of these financial statements.

- 9 -
 
HOLT DOCTORS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2018


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 June 2016
200
3,123,930
3,124,130


Comprehensive income for the year

Profit for the year
-
430,170
430,170

Dividends: Equity capital
-
(10,000)
(10,000)


Total transactions with owners
-
(10,000)
(10,000)


At 1 June 2017
200
3,544,100
3,544,300


Comprehensive income for the year

Profit for the year
-
107,653
107,653


Contributions by and distributions to owners


At 31 May 2018
200
3,651,753
3,651,953

The notes on pages 11 to 27 form part of these financial statements.

- 10 -
 
HOLT DOCTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2018

1.


General information

Holt Doctors Limited ("the Company") is a limited company incorporated in the United Kingdom. The address of its registered office and principal place of business is 4th Floor, 1 Belle Vue Square, Broughton Road, Skipton, North Yorkshire, BD23 1FJ.

The financial statements have been prepared in Pound Sterling as this is the currency of the primary economic environment in which the Company operates.

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 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 4 Statement of Financial Position paragraph 4.12(a)(iv);
        the requirements of Section 7 Statement of Cash Flows;
        the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); and
        the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Pettra Limited as at 31 May 2017 and these financial statements may be obtained from 4th Floor, 1 Belle Vue Square, Broughton Road, Skipton, North Yorkshire, BD23 1FJ.
 
 
2.3

Revenue

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
        the amount of revenue can be measured reliably;
•         it is probable that the Company will receive the consideration due under the contract;
•         the stage of completion of the contract at the end of the reporting period can be measured
        reliably; and
        the costs incurred and the costs to complete the contract can be measured reliably.

- 11 -
 
HOLT DOCTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2018

2. Accounting policies (continued)

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.
The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard of 1st September 2014 to continue to be charged over the period to the first market rent review rather than the term of the lease.

 
2.5

Leased assets: the Company as lessee

Assets obtained under hire purchase contract and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of Comprehensive Income so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.6

Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to the Statement of Comprehensive Income 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.

 
2.8

Borrowing costs

All borrowing costs are recognised in the Statement of Comprehensive Income in the year in which they are incurred.

 
2.9

Pensions

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 the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

- 12 -
 
HOLT DOCTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2018

2. Accounting policies (continued)

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 reporting 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 Statement of Financial Position 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 reporting date.

 
2.11

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements
-
10%
straight line
Motor vehicles
-
20%
straight line
Office equipment
-
25%
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 the Statement of Comprehensive Income.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

- 13 -
 
HOLT DOCTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2018

2. Accounting policies (continued)

 
2.13

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

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 the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position 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 Statement of Financial Position.

- 14 -
 
HOLT DOCTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2018

2. Accounting policies (continued)

 
2.17

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 and loans to related parties.

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 payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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.

- 15 -
 
HOLT DOCTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2018

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Critical judgements in applying the Company's accounting policies
The critical judgements that the Directors have made in the process of applying the Company's accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below.
(i) Assessing indicators of impairment
In assessing whether there have been any indicators of impairment of assets, the Directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability. There have been no indicators of impairments identified during the current financial year.
Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
(i) Recoverability of receivables
The Company establishes a provision for receivables that are estimated not to be recoverable. When assessing recoverability the directors have considered factors such as the aging of the receivables, past experience of recoverability, the credit profile of individual or groups of customers and the results of any attemps to recover overdue receivables.
(ii) Determining residual values and useful economic lives of tangible assets
The Company depreciates tangible assets over their estimated useful lives. The estimation of the useful lives of tangible assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied.


4.


Turnover

The whole of turnover is attributable to the recruitment of temporary and permanent medical staff.

All turnover arose within the United Kingdom.


5.


Other operating income

2018
2017
£
£

Net rents receivable
6,900
7,295


- 16 -
 
HOLT DOCTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2018

6.


Operating (loss)/profit

The operating (loss)/profit is stated after charging:

2018
2017
£
£

Depreciation of tangible fixed assets
78,108
70,893

Fees payable to the Company's auditor and its associates for the audit of the Company's annual financial statements
13,400
17,250

Operating lease rental cost
87,840
154,645

Defined contribution pension cost
28,905
37,943


7.


Auditors' remuneration

2018
2017
£
£


Fees payable to the Company's auditor and its associates for the audit of the Company's annual accounts
13,400
17,250


The Company has taken advantage of the exemption not to disclose amounts paid for non audit services as these are disclosed in the group accounts of the parent Company.


8.


Employees

Staff costs, including directors' remuneration, were as follows:


2018
2017
£
£

Wages and salaries
2,889,997
2,479,531

Social security costs
283,945
253,804

Cost of defined contribution scheme
28,905
37,943

3,202,847
2,771,278


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


        2018
        2017
            No.
            No.







Production
75
51



Administration
13
24



Directors
2
3

90
78

- 17 -
 
HOLT DOCTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2018

9.


Directors' remuneration

2018
2017
£
£

Directors' emoluments
152,862
89,529

Company contributions to defined contribution pension schemes
1,683
750

154,545
90,279


During the year retirement benefits were accruing to 2 directors  (2017 -  3 )  in respect of defined contribution pension schemes.


10.


Interest receivable

2018
2017
£
£


Interest receivable from group companies
145,213
137,813

Other interest receivable
46,139
38,735

191,352
176,548


11.


Interest payable and similar expenses

2018
2017
£
£


Loan interest payable
34,981
-

Finance leases and hire purchase contracts
5,190
459

40,171
459

- 18 -
 
HOLT DOCTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2018

12.


Taxation


2018
2017
£
£

Corporation tax


Current tax on profits for the year
42,651
65,536

Adjustments in respect of previous periods
9,803
(21,457)


52,454
44,079


Total current tax
52,454
44,079

Deferred tax


Origination and reversal of timing differences
(9,729)
3,877

Changes to tax rates
-
(824)

Adjustments in respect of previous periods
-
17

Total deferred tax
(9,729)
3,070


Taxation on profit on ordinary activities
42,725
47,149
- 19 -
 
HOLT DOCTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2018
 
12. Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than  (2017 - lower than)  the standard rate of corporation tax in the UK of 19%  (2017 -  19.83 %) . The differences are explained below:

2018
2017
£
£


Profit on ordinary activities before tax
150,378
477,319


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2017 - 19.83%)
28,572
94,652

Effects of:


Expenses not deductible for tax purposes
5,008
783

Utilisation of tax losses
-
1,960

Adjustments to corporation tax charge in respect of prior periods
9,803
(21,457)

Adjustments to deferred tax charge in respect of prior periods
-
17

Other differences leading to an increase/(decrease) in the tax charge
2,545
(1,455)

Group relief
(3,203)
(27,351)

Total tax charge for the year
42,725
47,149


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


13.


Dividends

2018
2017
£
£


Dividends declared and paid on ordinary shares
-
10,000

- 20 -
 
HOLT DOCTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2018

14.


Tangible fixed assets





Motor vehicles
Office equipment
Leasehold improvements
Total

£
£
£
£



Cost or valuation


At 1 June 2017
119,156
195,988
69,135
384,279


Additions
-
11,003
-
11,003


Disposals
(80,480)
-
-
(80,480)



At 31 May 2018

38,676
206,991
69,135
314,802



Depreciation


At 1 June 2017
43,254
125,425
29,301
197,980


Charge for the year on owned assets
-
50,046
6,914
56,960


Charge for the year on financed assets
21,148
-
-
21,148


Disposals
(48,288)
-
-
(48,288)



At 31 May 2018

16,114
175,471
36,215
227,800



Net book value



At 31 May 2018
22,562
31,520
32,920
87,002



At 31 May 2017
75,902
70,563
39,834
186,299

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2018
2017
£
£



Motor vehicles
22,562
75,902

- 21 -
 
HOLT DOCTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2018

15.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 June 2017
1



At 31 May 2018
1






Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Class of shares

Holding

The Anaesthetists Agency Limited
Ordinary
100%

The registered office of The Anaesthetists Agency Limited is 4th Floor, 1 Belle Vue Square, Broughton Road, Skipton, North Yorkshire, BD23 1FJ.


16.


Debtors

2018
2017
£
£

Due after more than one year

Amounts owed by group undertakings
2,992,470
2,884,169

Other debtors
998,096
844,544

3,990,566
3,728,713

Due within one year

Trade debtors
2,522,734
2,923,075

Amounts owed by group undertakings
357,491
190,197

Other debtors
679,683
430,657

Prepayments and accrued income
1,011,448
1,360,057

8,561,922
8,632,699



- 22 -
 
HOLT DOCTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2018

17.


Cash and cash equivalents

2018
2017
£
£

Cash at bank and in hand
477,919
439,549

Less: invoice discounting
(2,571,442)
(2,603,604)

(2,093,523)
(2,164,055)



18.


Creditors: Amounts falling due within one year

2018
2017
£
£

Invoice discounting
2,571,442
2,603,604

Other loans
52,500
28,225

Trade creditors
246,895
250,423

Amounts owed to group undertakings
-
66,439

Corporation tax
42,651
36,003

Other taxation and social security
605,604
559,005

Obligations under finance lease and hire purchase contracts
25,719
73,332

Other creditors
955,466
584,830

Accruals and deferred income
806,467
1,057,968

5,306,744
5,259,829


The invoice discounting creditor is secured by a fixed and floating charge over all assets of the Company and a charge over the receivables balance held by Pettra Limited, the parent company.
The hire purchase liabilities are secured on the assets to which they relate.


19.


Creditors: Amounts falling due after more than one year

2018
2017
£
£

Other loans
160,000
221,775

Other creditors
-
24,770

160,000
246,545






- 23 -
 
HOLT DOCTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2018

20.


Loans


Analysis of the maturity of loans is given below:


2018
2017
£
£

Amounts falling due within one year

Other loans
52,500
28,225

Amounts falling due 1-2 years

Other loans
52,500
46,348

Amounts falling due 2-5 years

Other loans
107,500
175,427


212,500
250,000



21.


Financial instruments

2018
2017
£
£

Financial assets


Cash and cash equivalents
477,919
439,549

Financial assets that are debt instruments measured at amortised cost
8,485,151
8,585,257

8,963,070
9,024,806


Financial liabilities


Financial liabilities measured at amortised cost
(4,755,422)
(4,874,035)


Cash and cash equivalents comprise of cash at bank and in hand (note 17).


Financial assets measured at amortised cost comprise of short and long term debtors excluding  prepayments.



Financial liabilities measured at amortised cost comprise short and long term creditors (notes 18 and 19) excluding hire purchase liabilities and taxation and social security payable.

- 24 -
 
HOLT DOCTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2018

22.


Deferred taxation




2018
2017


£

£






At beginning of year
(17,876)
(14,806)


Charged to profit or loss
9,729
(3,070)



At end of year
(8,147)
(17,876)

The provision for deferred taxation is made up as follows:

2018
2017
£
£


Accelerated capital allowances
(9,845)
(17,779)

Short term timing differences
1,698
(97)

(8,147)
(17,876)


23.


Provisions




Provisions

£





At 1 June 2017
190,000


Utilised in year
(190,000)



At 31 May 2018
-

The provision related to an ongoing dispute with HMRC relating to the repayment of VAT on doctors hours invoiced to customers. The final settlement was agreed with HMRC within the year and paid.


24.


Share capital

2018
2017
£
£
Allotted, called up and fully paid



200 Ordinary shares of £1.00 each
200
200


- 25 -
 
HOLT DOCTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2018

25.


Reserves

Profit & loss account

This reserve represents cumulative profits and losses.


26.


Pension commitments

The Company operates a defined contributions pension scheme. 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 £28,905 (2017: £37,943). Contributions totalling £22,144 (2017: £8,164) were payable to the fund at the balance sheet date.


27.


Commitments under operating leases

At 31 May 2018 the Company had future minimum lease payments under non-cancellable operating leases as follows:

2018
2017
£
£


Not later than 1 year
95,914
104,918

Later than 1 year and not later than 5 years
255,881
272,287

351,795
377,205


28.


Related party transactions

The Company has taken advantage of the exemption available in Section 33 of FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" related party disclosure from the requirement to disclose transactions with group companies on the grounds that consolidated financial statements are prepared by the ultimate parent company. The consolidated statements of Pettra Limited can be obtained from Companies House.
T Ward and P A Gregory have director current accounts with the Company, which are unsecured,  interest free and have no fixed repayment dates. As at 31 May 2018, balances payable to the Company from the directors were £34,730 (2017: £24,770 payable to the director) and £80,182 (2018: £31,120) respectively.
During the year the company entered into transactions with companies under common control.
During the year the Company incurred expenses on behalf of such parties of £154,651, advanced amounts totalling £632,000 and received payments totalling £471,000. Purchases of £100,800 were made by the Company from companies under common control, and the Company charged interest on outstanding balances of £40,671. As at the 31 May 2018, outstanding balances due to the Company were £1,373,355 (2017: £1,117,833).



- 26 -
 
HOLT DOCTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2018

29.


Ultimate parent undertaking and controlling party

At the year end, the ultimate parent company was Pettra Limited, a company registered in England and Wales. The controlling party of Pettra Limited is considered to be P Gregory and T Ward by virtue of their equal shareholding.

 
- 27 -

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