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Registration number: 07972696

Prepared for the registrar

RP Healthcare Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

RP Healthcare Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

RP Healthcare Ltd

Company Information

Director

R A Patel

Registered office

560 Westthorne Avenue
London
SE9 6DR

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

RP Healthcare Ltd

(Registration number: 07972696)
Balance Sheet as at 31 March 2023

Note

2023
 £

2022
 £

Fixed assets

 

Intangible assets

4

1,552,106

1,648,049

Tangible assets

5

913,103

830,010

Investments

6

984,190

976,408

 

3,449,399

3,454,467

Current assets

 

Stocks

162,323

165,229

Debtors

7

1,052,275

1,277,692

Cash at bank and in hand

 

1,447,389

1,101,173

 

2,661,987

2,544,094

Creditors: Amounts falling due within one year

8

(1,804,510)

(1,543,120)

Net current assets

 

857,477

1,000,974

Total assets less current liabilities

 

4,306,876

4,455,441

Creditors: Amounts falling due after more than one year

8

(1,980,199)

(2,211,691)

Deferred tax liabilities

10

(27,389)

(25,804)

Net assets

 

2,299,288

2,217,946

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

2,299,188

2,217,846

Total equity

 

2,299,288

2,217,946

 

RP Healthcare Ltd

(Registration number: 07972696)
Balance Sheet as at 31 March 2023

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 15 November 2023
 


R A Patel
Director

 

RP Healthcare Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
560 Westthorne Avenue
London
SE9 6DR

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

 

RP Healthcare Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings leasehold

15% Reducing balance basis

Fixtures, fittings and equipment

15% Reducing balance basis

Motor vehicles

20% Straight line basis

Goodwill

Goodwill is amortised over its useful life, estimated by the directors to be 20 years.

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

 

RP Healthcare Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

RP Healthcare Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

 

RP Healthcare Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was as follows:

 

RP Healthcare Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

 

5

Tangible assets

Leasehold
Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 April 2022

646,748

287,995

110,281

1,045,024

Additions

133,134

3,691

7,938

144,763

At 31 March 2023

779,882

291,686

118,219

1,189,787

Depreciation

At 1 April 2022

60,729

104,782

49,503

215,014

Charge for the year

13,689

27,993

19,988

61,670

At 31 March 2023

74,418

132,775

69,491

276,684

Carrying amount

At 31 March 2023

705,464

158,911

48,728

913,103

At 31 March 2022

586,019

183,213

60,778

830,010

 

6

Investments

2023
£

2022
£

Investments in subsidiaries

984,190

976,408

Subsidiaries

£

Cost

At 1 April 2022

976,408

Additions

7,782

At 31 March 2023

984,190

Provision

Carrying amount

At 31 March 2023

984,190

At 31 March 2022

976,408

 

7

Debtors

Note

2023
 £

2022
 £

Trade debtors

 

303,252

243,316

Amounts owed by related parties

11

630,600

930,100

Other debtors

 

61,674

80,756

Prepayments

 

56,749

23,520

   

1,052,275

1,277,692

 

RP Healthcare Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

 

8

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

9

234,882

217,678

Trade creditors

 

472,362

434,649

Amounts due to related parties

11

1,024,653

830,412

Social security and other taxes

 

8,085

6,676

Outstanding defined contribution pension costs

 

779

900

Other creditors

 

57,336

48,698

Accrued expenses

 

6,413

4,107

 

1,804,510

1,543,120

Due after one year

 

Loans and borrowings

9

1,980,199

2,211,691

The bank loans are secured over the assets of the company.

 

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

224,382

207,237

HP and finance lease liabilities

10,500

10,441

234,882

217,678

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

668,497

711,405

HP and finance lease liabilities

5,251

15,870

Other borrowings

1,306,451

1,484,416

1,980,199

2,211,691

Included in the loans and borrowings are the following amounts due after more than five years:

2023
£

2022
£

After more than five years by instalments

1,306,451

1,484,416

-

-

The bank loans are secured over the assets of the company.

 

RP Healthcare Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

 

10

Deferred tax

Deferred tax assets and liabilities

2023

Liability
£

Difference between accumulated amortisation and depreciation and capital allowances

27,389

27,389

2022

Liability
£

Difference between accumulated amortisation and depreciation and capital allowances

25,804

25,804

 

11

Related party transactions

R A Patel
(Director)
As at the balance sheet date, the director owed the company £1,960 (2022 - £7,026). There are no fixed repayment terms and no interest is charged.

Aidwell Limited
(Subsidiary)
As at the year end, the company owed £1,024,653 (2022 - £830,412) to Aidwell Limited. There are no fixed repayment terms and no interest is charged.

RP Real Estate Limited
(Has a common director with RP Healthcare.)
As at the year end, the company was owed £629,500 (2022 - £930,000) from RP Real Estate Limited. There are no fixed repayment terms and no interest is charged.

RP Healthcare (Eltham) Limited
(Has a common director with RP Healthcare.)
As at the year end, the company was owed £1,100 (2022 - £Nil) by RP Healthcare (Eltham) Limited. There are no fixed repayment terms and no interest is charged.

RP11 Limited
(Has a common director with RP Healthcare.)
As at the year end, the company was owed £Nil (2022 - £100) by RP11 Limited. There are no fixed repayment terms and no interest is charged.