Purpose Built Health and Medical Centre
The directors of a large consortium of GP practices consortium had approached our office and were in need of arranging a bank loan for construction of a new health centre. We would also need to monitor the day to day running of the practice during and after the construction phase, prepare financial accounts and advise them on ways to cut costs and operate in a tax efficient manner.
How we helped
During the pre-construction phase, we prepared a detailed business plan for the practice and assisted our client in acquiring a loan in excess of £10 million in order to initiate construction of the health centre. We reviewed expenditure on a monthly basis during construction to ensure that the business was controlling costs. We were constantly in contact with directors if they required any further assistance from our office such as consultancy or accountancy matters.
After construction, we were appointed accountants and auditors for the new company. We work with the financial controller throughout the year, providing ad-hoc advice. At the year-end we plan our audit timetable with the Financial Controller, and perform the audit as per statutory requirements in line with ICAEW guidelines. In some years, for added assurance we have also had third party firms review our working papers, receiving exemplary results
With our assistance, the business was able to complete construction and has been fully operational in its day to day running. The Practice was able to expand its property size and has been able to obtain additional rental income from other GP practices along with a pharmacy at the premises.
The lenders and other third parties have been satisfied with our audited financial statements, All staff at the health centre and directors have been pleased with our flexible approach to preparing and auditing their financial accounts, with our re-appointment over the last 4 years, a testament to this fact.