Havering Health Ltd
Unaudited Financial Statements
For the year ended 31 March 2023
Pages for Filing with Registrar
Company Registration No. 09160780 (England and Wales)
Havering Health Ltd
Company Information
Directors
Dr O A Derby
Dr M Kalathara
Dr R Crowley
Dr N Tariq
Dr O Olajide
(Appointed 6 October 2022)
Company number
09160780
Registered office
170 Rush Green Road
Romford
Essex
RM7 0JU
Accountants
Moore Kingston Smith LLP
Orbital House
20 Eastern Road
Romford
Essex
RM1 3PJ
Havering Health Ltd
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Havering Health Ltd
Balance Sheet
As at 31 March 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
16,485
12,012
Current assets
Debtors
4
1,297,868
533,033
Cash at bank and in hand
3,079,865
2,244,306
4,377,733
2,777,339
Creditors: amounts falling due within one year
5
(3,745,997)
(2,161,713)
Net current assets
631,736
615,626
Net assets
648,221
627,638
Capital and reserves
Called up share capital
6
77,540
77,540
Profit and loss reserves
570,681
550,098
Total equity
648,221
627,638
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 13 November 2023 and are signed on its behalf by:
Dr O A Derby
Director
Company Registration No. 09160780
Havering Health Ltd
Notes to the Financial Statements
For the year ended 31 March 2023
Page 2
1
Accounting policies
Company information
Havering Health Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 170 Rush Green Road, Romford, Essex, RM7 0JU.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for the provision of healthcare and associated services.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
3 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The Company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Havering Health Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
Page 3
1.8
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Havering Health Limited operates two pensions schemes - NHS pension scheme, which is a defined benefit scheme and stakeholder, which is a defined contribution scheme. All employers contributions on behalf of staff from both schemes are charged to Profit and Loss account as pensions costs.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
125
73
Havering Health Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
Page 4
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022
41,841
Additions
10,965
At 31 March 2023
52,806
Depreciation and impairment
At 1 April 2022
29,829
Depreciation charged in the year
6,492
At 31 March 2023
36,321
Carrying amount
At 31 March 2023
16,485
At 31 March 2022
12,012
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,145,086
400,807
Other debtors
3,222
3,222
Prepayments and accrued income
149,560
129,004
1,297,868
533,033
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
357,139
163,470
Corporation tax
20,946
9,939
Other creditors
2,569,469
1,824,353
Accruals and deferred income
798,443
163,951
3,745,997
2,161,713
Havering Health Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
Page 5
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
77,540
77,540
77,540
77,540
7
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
Within one year
6,500
13,000
Between two and five years
6,500
13,000
8
Related party transactions
Included in other creditors at the period end is £nil (2022: £28,350) loaned by BHR GP Solutions Limited. In respect of a joint venture with two other local GP federations.