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REGISTERED NUMBER: 13072391 (England and Wales)















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: Dr C Bell
Professor C J Currie
J Peters





REGISTERED OFFICE: 24 Wordsworth Avenue Roath
Cardiff
United Kingdom
United Kingdom
CF24 3FR





REGISTERED NUMBER: 13072391 (England and Wales)





ACCOUNTANTS: DHB Accountants Limited
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 1,000 1,000

CURRENT ASSETS
Debtors 5 3,260,150 2,000,150
NET CURRENT ASSETS 3,260,150 2,000,150
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,261,150

2,001,150

CREDITORS
Amounts falling due after more than one
year

6

1,260,000

-
NET ASSETS 2,001,150 2,001,150

CAPITAL AND RESERVES
Called up share capital 1,380 1,380
Share premium 1,999,770 1,999,770
2,001,150 2,001,150

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

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.

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

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 4 October 2023 and were signed on its behalf by:





Professor C J Currie - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 1,000
NET BOOK VALUE
At 31 May 2023 1,000
At 31 May 2022 1,000

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 150 150

Amounts falling due after more than one year:
Other debtors 3,260,000 2,000,000

Aggregate amounts 3,260,150 2,000,150

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other creditors 1,260,000 -

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.