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Registered number: 07305206










PROCURE HEALTH LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2023

 
PROCURE HEALTH LIMITED
REGISTERED NUMBER: 07305206

BALANCE SHEET
AS AT 31 JANUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
33,237
36,055

Tangible assets
 5 
83,534
81,217

  
116,771
117,272

Current assets
  

Stocks
 6 
423,187
384,746

Debtors: amounts falling due within one year
 7 
904,391
658,804

Cash at bank and in hand
 8 
129,762
118,446

  
1,457,340
1,161,996

Current liabilities
  

Creditors: amounts falling due within one year
 9 
(1,440,988)
(1,154,161)

Net current assets
  
 
 
16,352
 
 
7,835

Total assets less current liabilities
  
133,123
125,107

Provisions for liabilities
  

Deferred tax
 10 
(20,884)
(21,021)

Net assets
  
112,239
104,086


Capital and reserves
  

Called up share capital 
 11 
104
103

Share premium account
  
37,878
25,385

Profit and loss account
  
74,257
78,598

  
112,239
104,086


Page 1

 
PROCURE HEALTH LIMITED
REGISTERED NUMBER: 07305206

BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




L Wilcox
Director

Date: 25 October 2023

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
PROCURE HEALTH LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

1.


General information

ProCure Health Limited is a private company, limited by shares, registered in England and Wales, registration number. The registered office and principal place of business is Unit 5, Farmbrough Close, Aylesbury, Buckinghamshire, HP20 1DQ

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Pensions

Defined contribution pension plan

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 profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 
PROCURE HEALTH LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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 balance sheet 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 balance sheet 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 balance sheet date.

 
2.5

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.6

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.

Depreciation is provided on the following basis:

Fixtures, fittings and equipment
-
10% reducing balance and 25% straight line
Motor vehicles
-
25% straight line

Page 4

 
PROCURE HEALTH LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.8

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.

 
2.9

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.

 
2.10

Creditors

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

 
2.11

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, loans to related parties and investments in ordinary shares.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 20 (2022 - 20).

Page 5

 
PROCURE HEALTH LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

4.


Intangible assets




Computer software

£



Cost


At 1 February 2022
38,245


Additions
2,550



At 31 January 2023

40,795



Amortisation


At 1 February 2022
2,190


Charge for the year on owned assets
5,368



At 31 January 2023

7,558



Net book value



At 31 January 2023
33,237



At 31 January 2022
36,055



Page 6

 
PROCURE HEALTH LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

5.


Tangible fixed assets





Fixtures, fittings and equipment
Motor vehicles
Total

£
£
£



Cost or valuation


At 1 February 2022
95,146
54,791
149,937


Additions
14,741
21,873
36,614


Disposals
(2,323)
(15,674)
(17,997)



At 31 January 2023

107,564
60,990
168,554



Depreciation


At 1 February 2022
43,117
25,603
68,720


Charge for the year on owned assets
19,524
14,773
34,297


Disposals
(2,323)
(15,674)
(17,997)



At 31 January 2023

60,318
24,702
85,020



Net book value



At 31 January 2023
47,246
36,288
83,534



At 31 January 2022
52,029
29,188
81,217


6.


Stocks

2023
2022
£
£

Raw materials and consumables
423,187
384,746



7.


Debtors

2023
2022
£
£


Trade debtors
832,420
606,345

Other debtors
3,000
12,507

Prepayments and accrued income
68,971
39,952

904,391
658,804


Page 7

 
PROCURE HEALTH LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

7.Debtors (continued)

Included within trade debtors is an amount of £837,420 (2022: £606,345), which is subject to invoice discounting.


8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
129,762
118,446



9.


Creditors: amounts falling due within one year

2023
2022
£
£

Trade creditors
913,987
673,329

Corporation tax
38,703
28,124

Other taxation and social security
29,750
47,456

Other creditors
449,806
401,083

Accruals and deferred income
8,742
4,169

1,440,988
1,154,161


Other creditors include £446,116 (2022: £397,756) of factored debts.  The liability is secured against the assets of the company.


10.


Deferred taxation




2023
2022


£

£






At beginning of year
(21,021)
(10,296)


Charged to profit or loss
137
(10,725)



At end of year
(20,884)
(21,021)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(20,884)
(21,021)

Page 8

 
PROCURE HEALTH LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2,777 (2022 - 1,515) Ordinary A shares of £0.001 each
3
1
1,554 (2022 - 1,554) Ordinary B shares of £0.001 each
1
2
35,000 (2022 - 35,000) Ordinary C shares of £0.001 each
35
35
15,000 (2022 - 15,000) Ordinary D shares of £0.001 each
15
15
35,000 (2022 - 35,000) Ordinary E shares of £0.001 each
35
35
15,000 (2022 - 15,000) Ordinary F shares of £0.001 each
15
15

104

103

During the year, 1,262 Ordinary A shares with a nominal value of £0.001 each, were issued for the total consideration of £12,494.




12.


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 £61,728 (2022: £29,489). Contributions totalling £3,690 (2022: £3,327) were payable to the fund at the balance sheet date and are included in creditors.


13.


Commitments under operating leases

At 31 January 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
76,172
76,172

Later than 1 year and not later than 5 years
120,606
161,231

196,778
237,403


Page 9