Company registration number 12886045 (England and Wales)
HALLAM MEDICAL HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
HALLAM MEDICAL HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mrs DL McCain
Mr AJ Munro
Company number
12886045
Registered office
2nd Floor Westfield House
60 Charter Row
Sheffield
S1 3FZ
Auditor
BHP LLP
2 Rutland Park
Sheffield
S10 2PD
HALLAM MEDICAL HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 28
HALLAM MEDICAL HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2023
- 1 -

The directors present the strategic report for the year ended 30 April 2023. These financial statements represent the accounts of Hallam Medical Holdings Limited.

Review of the business

Hallam Medical Holdings Limited is the holding company of a specialist group supplying temporary clinical professionals to the healthcare sector.

 

Turnover for the year was £19.8m and EBITDA was £785k.

 

Following the management buyout in Autumn 2020 the Company has been able to react positively to market developments and new trading opportunities. The Company remains the UK market leader in the provision of temporary Advanced Practitioners and its services remain impactful across the primary care sector including urgent and emergency care services nationwide for both NHS and Private service providers. The development of the Community and 111 services continues to move forward positively with significant growth in the group’s database to facilitate the upward trend in demand.

 

The balance of its turnover derived from the NHS is 25% and 75% from Private service providers. The Company is appointed to 2 national framework agreements for the supply of temporary healthcare staff and its increasing investment in its compliance function has resulted in the Company meeting or exceeding the service levels dictated by each of the frameworks.

Development and performance

The business significantly invested in its business growth and plan during 2022/23 to ensure we have a solid structure to deliver our ambitious business plan of growth in all our specialty sectors.

 

Trading volumes have recovered fully with identified further growth and opportunity within Urgent, Primary, Community and 111 services. The directors have confidence that the Company will see increasing opportunities. It is particularly pleasing to see the Company’s database of compliant Advanced Practitioners and other specialist healthcare workers significantly increasing month on month, providing the Company with the increased resource it needs to meet growing demand from clients.

Key performance indicators

The Company operates sophisticated business systems in order to meet its statutory financial reporting obligations as well as provide detailed high quality management information to its management team and to comply with the framework requirements.

 

Key Performance Indicators used include the following measures:

 

 

HALLAM MEDICAL HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 2 -

On behalf of the board

Mrs DL McCain
Director
9 November 2023
HALLAM MEDICAL HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2023
- 3 -

The directors present their annual report and financial statements for the year ended 30 April 2023.

Principal activities

Hallam Medical Holdings Limited is the holding company of a specialist group supplying professionals to the healthcare sector. Recruits are predominantly advanced clinical practitioners, community nurses and 111 clinical advisors.

 

Hallam Medical Holdings Limited changed its name from WHCO HALMED Limited in the prior period.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mrs DL McCain
Mr AJ Munro
Mr J Wright
(Resigned 26 April 2023)
Auditor

The auditor, BHP LLP are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

HALLAM MEDICAL HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 4 -
On behalf of the board
Mrs DL McCain
Director
9 November 2023
HALLAM MEDICAL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HALLAM MEDICAL HOLDINGS LIMITED
- 5 -
Opinion

We have audited the financial statements of Hallam Medical Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

HALLAM MEDICAL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HALLAM MEDICAL HOLDINGS LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

 

We focused on laws and regulations, relevant to the company, which could give rise to a material misstatement in the financial statements. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and review of legal expenses. There are inherent limitations in the audit procedures described and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

 

As part of our audit, we addressed the risk of management override of internal controls, including testing of journals and review of the nominal ledger. We evaluated whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

HALLAM MEDICAL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HALLAM MEDICAL HOLDINGS LIMITED
- 7 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Lisa Leighton (Senior Statutory Auditor)
For and on behalf of BHP LLP
10 November 2023
Chartered Accountants
Statutory Auditor
2 Rutland Park
Sheffield
S10 2PD
HALLAM MEDICAL HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
19,800,920
16,963,228
Cost of sales
(15,640,284)
(13,449,588)
Gross profit
4,160,636
3,513,640
Administrative expenses
(3,786,585)
(3,242,182)
Exceptional item
4
(89,412)
-
0
Operating profit
5
284,639
271,458
Interest payable and similar expenses
9
(140,368)
(122,664)
Profit before taxation
144,271
148,794
Tax on profit
10
(103,136)
(110,161)
Profit for the financial year
41,135
38,633
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
HALLAM MEDICAL HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT 30 APRIL 2023
30 April 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
11
1,616,873
1,975,895
Tangible assets
12
304,881
47,688
1,921,754
2,023,583
Current assets
Debtors
15
3,097,517
2,714,316
Cash at bank and in hand
129,787
149,850
3,227,304
2,864,166
Creditors: amounts falling due within one year
16
(3,560,441)
(3,303,281)
Net current liabilities
(333,137)
(439,115)
Total assets less current liabilities
1,588,617
1,584,468
Creditors: amounts falling due after more than one year
17
(1,262,545)
(1,436,943)
Provisions for liabilities
Deferred tax liability
19
48,000
-
0
(48,000)
-
Net assets
278,072
147,525
Capital and reserves
Called up share capital
22
2,009
2,009
Share based payment reserve
89,412
-
0
Capital redemption reserve
189
189
Profit and loss reserves
186,462
145,327
Total equity
278,072
147,525
The financial statements were approved by the board of directors and authorised for issue on 9 November 2023 and are signed on its behalf by:
09 November 2023
Mrs DL McCain
Director
Company registration number 12886045 (England and Wales)
HALLAM MEDICAL HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 APRIL 2023
30 April 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
11
1,616,873
1,975,895
Investments
13
1,143,002
1,053,590
2,759,875
3,029,485
Current assets
Debtors
15
125,000
-
0
Creditors: amounts falling due within one year
16
(4,183,217)
(4,001,562)
Net current liabilities
(4,058,217)
(4,001,562)
Total assets less current liabilities
(1,298,342)
(972,077)
Creditors: amounts falling due after more than one year
17
(912,679)
(968,193)
Net liabilities
(2,211,021)
(1,940,270)
Capital and reserves
Called up share capital
22
2,009
2,009
Share based payment reserve
89,412
-
0
Capital redemption reserve
189
189
Profit and loss reserves
(2,302,631)
(1,942,468)
Total equity
(2,211,021)
(1,940,270)

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the period was £360,163 (2022 - £357,746 loss).

These financial statements have been prepared 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 9 November 2023 and are signed on its behalf by:
09 November 2023
Mrs DL McCain
Director
Company registration number 12886045 (England and Wales)
HALLAM MEDICAL HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023
- 11 -
Share capital
Share based payment reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 May 2021
2,168
-
0
-
0
106,883
109,051
Year ended 30 April 2022:
Profit and total comprehensive income
-
-
-
38,633
38,633
Own shares acquired
-
-
-
(189)
(189)
Redemption of shares
22
(189)
-
189
-
-
0
Other movements
30
-
-
-
30
Balance at 30 April 2022
2,009
-
0
189
145,327
147,525
Year ended 30 April 2023:
Profit and total comprehensive income
-
-
-
41,135
41,135
Share based payment expense
-
89,412
-
-
89,412
Balance at 30 April 2023
2,009
89,412
189
186,462
278,072
HALLAM MEDICAL HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023
- 12 -
Share capital
Share based payment reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 May 2021
2,198
-
0
-
0
(1,584,533)
(1,582,335)
Year ended 30 April 2022:
Loss and total comprehensive income for the year
-
-
-
(357,746)
(357,746)
Own shares acquired
-
-
-
(189)
(189)
Redemption of shares
22
(189)
-
189
-
-
0
Balance at 30 April 2022
2,009
-
0
189
(1,942,468)
(1,940,270)
Year ended 30 April 2023:
Profit and total comprehensive income
-
-
-
(360,163)
(360,163)
Share based payment expense
-
89,412
-
-
89,412
Balance at 30 April 2023
2,009
89,412
189
(2,302,631)
(2,211,021)
HALLAM MEDICAL HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
516,216
19,251
Interest paid
(140,368)
(122,634)
Income taxes paid
(136,968)
(82,358)
Net cash inflow/(outflow) from operating activities
238,880
(185,741)
Investing activities
Purchase of tangible fixed assets
(5,254)
(25,334)
Advance of loans
(125,000)
-
Net cash used in investing activities
(130,254)
(25,334)
Financing activities
Purchase of own shares
-
0
(189)
Repayment of preference shares
(55,514)
(83,586)
Invoice discounting advances
261,790
698,061
Repayment of bank loans
(312,500)
(312,500)
Payment of hire purchase obligations
(22,465)
-
Net cash (used in)/generated from financing activities
(128,689)
301,786
Net (decrease)/increase in cash and cash equivalents
(20,063)
90,711
Cash and cash equivalents at beginning of year
149,850
59,139
Cash and cash equivalents at end of year
129,787
149,850
HALLAM MEDICAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 14 -
1
Accounting policies
Company information

Hallam Medical Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 2nd Floor Westfield House, 60 Charter Row, Sheffield, S1 3FZ.

 

The group consists of Hallam Medical Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

 

The financial statements for the Group are drawn up to the nearest Sunday to 30 April, which this year is 30 April 2023.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Hallam Medical Holdings Limited together with all entities controlled by the parent company (its subsidiaries).

 

All financial statements are made up to 30 April 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

HALLAM MEDICAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 15 -
1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue is recognised on the submission of timesheets by candidates and the dates of shifts worked thereon.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 7 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
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 and office equipment
33% straight line
Office equipment
33% straight line
Marketing assets
33% 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 recognised in the profit and loss account.

1.8
Fixed asset investments

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

HALLAM MEDICAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 16 -
1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Cash and cash equivalents

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.

1.11
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

HALLAM MEDICAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 17 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group 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 group.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

HALLAM MEDICAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 18 -
Current tax

The tax currently payable is based on taxable profit for the period. 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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
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.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Share-based payments

Where the Group has entered into arrangements that are equity-settled share-based payments with certain employees, these are measured at fair value at the date of grant, which is then recognised in the profit and loss account on a straight-line basis over the estimated exit period, based on the Group's best estimate. Fair value is measured by use of an appropriate model. The charge is adjusted at each balance sheet date to reflect the actual number of shares expected to vest based on non-market performance conditions such as service and employment service conditions where appropriate. The movement in cumulative charges since the previous balance sheet is recognised in the profit and loss account, with a corresponding entry in equity.

1.17
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

HALLAM MEDICAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 19 -

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover
2023
2022
£
£
Turnover analysed by class of business
Supply of medical practitioners
19,800,920
16,963,228
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
19,800,920
16,963,228
4
Exceptional item
2023
2022
£
£
Expenditure
Share based payment expense
89,412
-
5
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
52,271
47,472
Loss on disposal of tangible fixed assets
8,221
-
Amortisation of intangible assets
359,022
357,746
Operating lease charges
170,382
114,825
HALLAM MEDICAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 20 -
6
Auditor's remuneration
2023
2022
Fees payable to the company's auditor:
£
£
For audit services
Audit of the financial statements of the group and company
4,400
4,000
Audit of the financial statements of the company's subsidiaries
25,700
22,000
30,100
26,000
For other services
Taxation advisory services
6,250
3,000
7
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Sales Staff
37
37
-
-
Administrative Staff
24
18
3
4
Total
61
55
3
4

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
2,063,703
1,828,576
-
0
-
0
Social security costs
180,863
164,082
-
-
Pension costs
45,212
53,804
-
0
-
0
2,289,778
2,046,462
-
0
-
0
8
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
352,431
450,450
Company pension contributions to defined contribution schemes
13,896
23,350
366,327
473,800
HALLAM MEDICAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
8
Directors' remuneration
(Continued)
- 21 -
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
226,045
233,253
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on invoice finance arrangements
139,515
52,079
Other interest on financial liabilities
853
70,585
140,368
122,664
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
52,346
112,284
Adjustments in respect of prior periods
(9,312)
(2,774)
UK income tax
1,102
-
Total current tax
44,136
109,510
Deferred tax
Origination and reversal of timing differences
59,000
651
Total tax charge
103,136
110,161
HALLAM MEDICAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
10
Taxation
(Continued)
- 22 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
144,271
148,794
Expected tax charge based on the standard rate of corporation tax in the UK of 19.49% (2022: 19.00%)
28,118
28,271
Tax effect of expenses that are not deductible in determining taxable profit
5,129
13,781
Tax effect of income not taxable in determining taxable profit
(7,797)
-
0
Change in unrecognised deferred tax assets
487
60
Adjustments in respect of prior years
(9,312)
(2,774)
Permanent capital allowances in excess of depreciation
(14,906)
(1,525)
Amortisation on assets not qualifying for tax allowances
69,980
67,972
2020 CT payable on behalf of group companies
1,103
7,030
Change in tax rate
12,889
(2,654)
Share based payment expense
17,445
-
Taxation charge
103,136
110,161
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 May 2022 and 30 April 2023
2,513,151
Amortisation and impairment
At 1 May 2022
537,256
Amortisation charged for the year
359,022
At 30 April 2023
896,278
Carrying amount
At 30 April 2023
1,616,873
At 30 April 2022
1,975,895
HALLAM MEDICAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
11
Intangible fixed assets
(Continued)
- 23 -
Company
Goodwill
£
Cost
At 1 May 2022 and 30 April 2023
2,513,151
Amortisation and impairment
At 1 May 2022
537,256
Amortisation charged for the year
359,022
At 30 April 2023
896,278
Carrying amount
At 30 April 2023
1,616,873
At 30 April 2022
1,975,895
12
Tangible fixed assets
Group
Fixtures, fittings and office equipment
Office equipment
Marketing assets
Total
£
£
£
£
Cost
At 1 May 2022
39,991
73,194
8,524
121,709
Additions
293,444
24,242
-
0
317,686
Disposals
(10,922)
(2,633)
-
0
(13,555)
At 30 April 2023
322,513
94,803
8,524
425,840
Depreciation and impairment
At 1 May 2022
28,489
37,604
7,928
74,021
Depreciation charged in the year
26,848
24,827
596
52,271
Eliminated in respect of disposals
(4,586)
(747)
-
0
(5,333)
At 30 April 2023
50,751
61,684
8,524
120,959
Carrying amount
At 30 April 2023
271,762
33,119
-
0
304,881
At 30 April 2022
11,502
35,590
596
47,688
The company had no tangible fixed assets at 30 April 2023 or 30 April 2022.
HALLAM MEDICAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 24 -
13
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
1,143,002
1,053,590
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 May 2022
1,053,590
Valuation changes
89,412
At 30 April 2023
1,143,002
Carrying amount
At 30 April 2023
1,143,002
At 30 April 2022
1,053,590
14
Subsidiaries

Details of the company's subsidiaries at 30 April 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Hallam Medical Limited
England & Wales
Specialist company supplying professionals to the healthcare sector
Ordinary
100.00
-
Hallam GPS Limited
England & Wales
Dormant company
Ordinary
-
100.00
15
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,798,530
2,550,225
-
0
-
0
Corporation tax recoverable
15,136
-
0
-
0
-
0
Other debtors
125,000
-
125,000
-
0
Prepayments and accrued income
158,851
153,091
-
0
-
0
3,097,517
2,703,316
125,000
-
Deferred tax asset (note 19)
-
0
11,000
-
0
-
0
3,097,517
2,714,316
125,000
-
HALLAM MEDICAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 25 -
16
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
18
312,500
312,500
-
0
-
0
Obligations under finance leases
96,351
-
0
-
0
-
0
Other borrowings
18
1,527,378
1,265,588
-
0
-
0
Trade creditors
105,060
98,414
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
4,183,217
3,917,976
Corporation tax payable
-
0
77,697
-
0
-
0
Other taxation and social security
674,306
779,287
-
-
Other creditors
46,000
111,257
-
0
83,586
Accruals and deferred income
798,846
658,538
-
0
-
0
3,560,441
3,303,281
4,183,217
4,001,562

Other Creditors includes a balance of £1,527,378 (2022: £1,265,588) in relation to an invoice discounting facility. The invoice discounting facility is secured by way of a debenture and cross guarantee over the assets of the Company and the Group.

 

Obligations under finance leases detailed above are secured on the assets which were purchased under the agreements.

17
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
18
156,250
468,750
-
0
-
0
Obligations under finance leases
193,616
-
0
-
0
-
0
Other borrowings
18
912,679
968,193
912,679
968,193
1,262,545
1,436,943
912,679
968,193
18
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
468,750
781,250
-
0
-
0
Preference shares
912,679
968,193
912,679
968,193
Invoice discounting facility
1,527,378
1,265,588
-
0
-
0
2,908,807
3,015,031
912,679
968,193
Payable within one year
1,839,878
1,578,088
-
0
-
0
Payable after one year
1,068,929
1,436,943
912,679
968,193
HALLAM MEDICAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
18
Loans and overdrafts
(Continued)
- 26 -

The invoice discounting facility is secured by way of a debenture and cross guarantee over the assets of the Company and the Group.

The loan is repayable over 48 months from date of commencement and attracts interest at a rate of 3.75% above base rate per annum.

 

The loan is secured by way of a personal guarantee granted by Mr A Munro and Mrs D McCain of £50,000 each and an all asset debenture across the Group.

19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Group
£
£
£
£
Accelerated capital allowances
48,000
12,000
-
-
Tax losses
-
-
-
23,000
48,000
12,000
-
23,000
Group
Company
2023
2023
Movements in the year:
£
£
Asset at 1 May 2022
(11,000)
-
Charge to profit or loss
59,000
-
Liability at 30 April 2023
48,000
-
20
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
45,212
53,804

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

HALLAM MEDICAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 27 -
21
Share-based payment transactions
Group and company

On 17 January 2022 the Company issued an option over 23,961 C ordinary shares to certain employees. Pursuant to the terms set out in the Articles of Association, the pay-outs for these shares are based on a calculation dependent on the enterprise exit value and are subject to meeting certain hurdle values. These shares are treated as equity-settle share based payments, where the grant date fair value is spread over the period between the grant date and the best estimate of the anticipated exit date. 21,522 option remained at 30 April 2023. After the year end, on 19 September 2023, a further 6,852 options were issued.

 

The Monte Carlo option pricing model has been used to determine the fair value at grant date, in conjunction with a third party valuation specialist.

Inputs were as follows:
2023
Expected volatility
45.19%
Expected life
3 years
Risk free rate
0.91%

During the year, the company recognised total share-based payment expenses of £89,412 (2022 - £0) which related to equity settled share based payment transactions.

22
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A ordinary shares of 1p each
200,908
200,908
2,009
2,009
2023
2022
2023
2022
Preference share capital
Number
Number
£
£
Issued and fully paid
Redeemable preference shares of £1 each
912,679
968,193
912,679
968,193
Preference shares classified as liabilities
912,679
968,193

During the year the company entered into an agreement to repurchase 12,522 A ordinary shares for the consideration of £200,000. This transaction had not taken place at year end.

 

55,514 preference shares were redeemed throughout the year.

HALLAM MEDICAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 28 -
23
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
88,485
86,851
-
-
Between two and five years
712,276
18,409
-
-
In over five years
82,192
-
-
-
882,953
105,260
-
-
24
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
41,135
38,633
Adjustments for:
Taxation charged
103,136
110,161
Share based payment expense
89,412
-
Finance costs
140,368
122,664
Loss on disposal of tangible fixed assets
8,221
-
Amortisation and impairment of intangible assets
359,022
357,746
Depreciation and impairment of tangible fixed assets
52,271
47,472
Movements in working capital:
Increase in debtors
(254,065)
(794,854)
(Decrease)/increase in creditors
(23,284)
137,429
Cash generated from operations
516,216
19,251
25
Analysis of changes in net debt - group
1 May 2022
Cash flows
New finance leases
30 April 2023
£
£
£
£
Cash at bank and in hand
149,850
(20,063)
-
129,787
Borrowings excluding overdrafts
(3,015,031)
106,224
-
(2,908,807)
Obligations under finance leases
-
22,465
(312,432)
(289,967)
(2,865,181)
108,626
(312,432)
(3,068,987)
2023-04-302022-05-01falseCCH SoftwareCCH Accounts Production 2023.300Mrs DL McCainMr AJ MunroMr J 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