REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 May 2023 |
for |
Healthcare Evaluation Associates Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 May 2023 |
for |
Healthcare Evaluation Associates Limited |
Healthcare Evaluation Associates Limited (Registered number: 13072391) |
Contents of the Financial Statements |
for the Year Ended 31 May 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Healthcare Evaluation Associates Limited |
Company Information |
for the Year Ended 31 May 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Statutory Auditors |
110 Whitchurch Road |
Cardiff |
CF14 3LY |
Healthcare Evaluation Associates Limited (Registered number: 13072391) |
Balance Sheet |
31 May 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Debtors | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
6 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Healthcare Evaluation Associates Limited (Registered number: 13072391) |
Notes to the Financial Statements |
for the Year Ended 31 May 2023 |
1. | STATUTORY INFORMATION |
Healthcare Evaluation Associates Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared on a going concern basis and make no provision for any additional costs or liabilities that might arise if this were found to be inappropriate. The company is reliant upon its subsidiary to repay the debt due to enable the company to meet it's obligations as they fall due. |
The financial statements of the subsidiary company which disclose a loss for the year and an excess of liabilities over assets, have been prepared on a going concern basis. The director has reviewed future trading forecasts and the company has the support of its major creditor, it's holding company, such that he is confident the company will be able to meet it's obligations as they fall due and that the going concern concept is entirely appropriate. |
On this basis the directors are of the view that the going concern basis is entirely appropriate. |
Preparation of consolidated financial statements |
The financial statements contain information about Healthcare Evaluation Associates Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Healthcare Evaluation Associates Limited (Registered number: 13072391) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2023 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 June 2022 |
and 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
Fixed asset investments comprises 100,000 shares of £0.01 each in Pharmatelligence Limited which comprises 100% of the share capital of that company. |
5. | DEBTORS |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Other creditors |
Other creditors relates to a drawdown loan from Cardiff City Council made available on commercial interest terms and repayable in full on the third anniversary of the signing of the loan agreement in 2022. |
The loan is secured by a fixed charge over the assets of the group. |
Healthcare Evaluation Associates Limited (Registered number: 13072391) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2023 |
7. | RELATED PARTY DISCLOSURES |
Included in Other Debtors falling due after more than year is an amount of £2,000,000 due from the subsidiary company in respect of which no security has been provided, no interest arrangements have been agreed and there are no repayment terms. |
Other debtors also includes an amount of £1,260,000 due from the subsidiary company and which is subject to commercial interest terms, the loan is repayable on the third anniversary of signing of a loan agreement in 2022. |
The company is a holding company only and costs of operations including legal & professional and accountancy costs are met by the subsidiary. The interest obligations associated with the liabilities included in other creditors are met by the subsidiary company and accounted for on a substance over form basis in the accounts of the subsidiary. |
8. | ULTIMATE CONTROLLING PARTY |
The controlling party is Professor C J Currie. |